Putnam World Trust

Semi-annual report 31 | 12 | 20

Semi-annual report and unaudited financial statements for the financial period ended 31 December 2020. An Umbrella Unit Trust authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the provisions of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”).

Table of contents

Background to the Trust 2 Notes to the Financial Statements 181

Investment Objectives 3 Schedule of Portfolio Changes Putnam European High Yield Fund 204 Policies 5 Putnam Fixed Income Global Alpha Fund 205 Manager’s Report 7 Putnam Global High Yield Bond Fund 206 Total Expense Ratio (“TER”) 19 Putnam Multi-Asset Absolute Return Fund 207 Schedule of Investments Putnam Securitised Credit Fund 209 Putnam European High Yield Fund 20 Putnam Total Return Fund 210 Putnam Fixed Income Global Alpha Fund 24 Putnam U.S. Large Cap Growth Fund 212 Putnam Global High Yield Bond Fund 63 Putnam Ultra Short Duration Income Fund 214 Putnam Multi-Asset Absolute Return Fund 80 Securities Financing Transactions Regulation 215 Putnam Securitised Credit Fund 104 Important Information for Investors in Germany 231 Putnam Total Return Fund 118 Putnam U.S. Large Cap Growth Fund 146 Remuneration Disclosure 232 Putnam Ultra Short Duration Income Fund 149 Organisation 233

Statement of Comprehensive Income 162

Statement of Financial Position 170

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 178

Statement of Changes in Equity 180

Putnam World Trust 1 Background to the Trust

Putnam World Trust (the “Trust”) is an umbrella Unit Trust authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the provisions of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). The Trust was constituted on 18 February 2000 and commenced operations on 22 February 2000. The Trust has adopted specific policies and procedures in order to comply with its obligations under these Central Bank UCITS Regulations. The Trust comprises 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. Putnam Investments (Ireland) Limited (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. As of 31 December 2020, the following Funds and classes of Units are in issue:

Fund Classes of Units currently in issue Fund's Functional Currency Putnam European High Yield Fund Class E Euro Putnam Fixed Income Global Alpha Fund Classes E and S U.S. Dollar Putnam Global High Yield Bond Fund Classes A, B, C, E, E2, I, S, S2 and S3 U.S. Dollar Putnam Multi-Asset Absolute Return Fund Classes E, E2, I and S U.S. Dollar Putnam Securitised Credit Fund Classes E, E2*, I and S U.S. Dollar Putnam Total Return Fund Classes A, B, C, E, I and M U.S. Dollar Putnam U.S. Large Cap Growth Fund Classes A, E and I** U.S. Dollar Putnam Ultra Short Duration Income Fund Classes A, A2, I and I2 U.S. Dollar

* Class E2 Units of Putnam Securitised Credit Fund launched on 30 October 2020. ** Class I Units of Putnam U.S. Large Cap Growth Fund launched on 30 October 2020.

For Funds with Class E Units, Class E2 Units and Class M Units, unit values of these unit classes are stated in euro (€) throughout this report.

For Funds with Class S Units, Class S2 Units and Class S3 Units, unit values of these unit classes are stated in sterling (£) throughout this report.

Remaining classes as listed in the table are stated in U.S. Dollar throughout the report.

Securities and Exchange Commission (“SEC”) Custody Rule The financial statements have been audited in accordance with International Standards on Auditing (Ireland) and auditing standards generally accepted in the United States of America ("US GAAS"), in order to meet the requirements of Rule 206(4)-2 of the U.S. Investment Advisers Act of 1940, as it relates to the operations of the Investment Advisor.

2 Putnam World Trust Investment Objectives

The assets of each Fund will be invested separately in Putnam Multi-Asset Absolute Return Fund accordance with the investment objectives and policies of the The Fund's objective is to achieve an annual return that exceeds Fund. Each Fund has its own investment goal and strategy for one-month LIBOR by 7% on an annualised basis over a pursuing it. reasonable period of time (generally at least three years or more) regardless of market conditions, gross of fees. The Fund is Putnam European High Yield Fund actively managed in reference to LIBOR. The Fund’s investment objective is to provide high current income. Capital growth is a secondary objective when consistent In pursuing its strategies, the Fund may invest, without limit, in with the objective of high current income. The Fund is actively many different asset classes: U.S., international, and emerging managed and measures its performance against a benchmark, markets equity securities and fixed-income securities (including the ICE BofA European Currency High Yield Constrained Index government and corporate issues); mortgage- and asset-backed which is an unmanaged list of lower-rated, higher-yielding, securities; high yield securities (sometimes referred to as “junk European corporate bonds with all currency exposure hedged bonds”); inflation-protected securities; commodities (indirect back into euro. only); 144A securities, and real estate trusts (“REITs”) (entities that invest primarily in income-producing real estate properties The Fund will primarily invest in non-investment grade debt or real estate related loans, such as mortgages). obligations issued by European based companies or non- European based companies that have a substantial share of their Putnam Securitised Credit Fund revenues or income based in Europe. The Fund may also invest in The Fund’s objective is to achieve an average annual total return, non-European based companies that issue debt securities that gross of fees, that exceeds the 1 Month USD LIBOR (100% hedged are contained in the Fund’s benchmark and are listed or traded to and reported in the relevant currency of the unit class, where on the market organised by the International Capital Market applicable) by 3.0-5.0%, as measured over a full market cycle Association or other Recognised Exchanges. (generally at least three years or more). The Fund is actively managed in reference to LIBOR. Putnam Fixed Income Global Alpha Fund The Fund’s investment objective is to achieve an annual total The Fund’s investments may include securitised debt instruments return that exceeds one-month LIBOR (reported in the relevant such as commercial and residential mortgage-backed securities currency of the unit class, as applicable) by 3.0% or more, as and asset-backed securities, obligations of the U.S. government, measured over rolling three year periods. The Fund is actively its agencies and instrumentalities, which are backed by the full managed in reference to LIBOR. faith and credit of the United States (e.g., U.S. Treasury bonds and Ginnie Mae mortgage-backed bonds) or by only the credit of The Fund seeks to achieve its objective by investing principally a federal agency or government-sponsored entity (e.g., Fannie and at least two-thirds of the Fund’s total assets (after deduction Mae or Freddie Mac mortgage-backed bonds), collateralised of ancillary liquid assets), in listed transferable securities i.e. in mortgage obligations (including interest only (“IO”), principal investment grade and non-investment grade government, only (“PO”), and other prepayment derivatives such as the agency, supranational, corporate and securitised bonds example described in the Fund's Prospectus), collateralised debt (including commercial paper and convertible bonds), obligations, U.S. and non-U.S. corporate debt obligations, to be collateralised mortgage obligations, asset-backed and mortgage- announced securities (“TBAs”) (forward delivery contracts for backed securities, collateralised securities, securitised loan mortgage-backed securities) and taxable municipal debt interests, certificates of deposit and other short-term securities. The Fund may also invest in 144A securities. instruments. The Fund may also invest in 144A securities. The Fund’s investments will be listed or traded on a Recognised There is also no limit on the percentage of the Fund’s assets that Exchange with the exception that up to 10% of the Fund’s net may be invested in any credit rating category or in unrated assets may be invested in fixed-income securities, as set out in categories, and, accordingly, the Fund’s fixed income securities the Prospectus, that are not listed as aforesaid. The Fund may may include investment in high-yielding, lower-rated debt also hold assets, on a temporary basis, in cash or cash securities such as those rated lower than BBB by Standard & equivalents all of which must be rated at least A-1 or P-1 quality, Poor’s (“S&P”) or its equivalent by Moody’s Investor Services at time of purchase, by S&P and Moody’s, or deemed to be of (“Moody’s”) or Fitch Ratings or deemed to be of equivalent equivalent quality by the Investment Advisor and listed or traded quality by the Investment Advisor. on Recognised Exchanges. Putnam Global High Yield Bond Fund For cash management purposes, the Fund may invest, consistent The Fund seeks high current income. Capital growth is a with the requirements of the Regulations and subject to the limits secondary objective when consistent with the objective of high set out under the heading “Investment Restrictions” in the Fund’s current income. The Fund is actively managed in reference to the supplement, in collective investment schemes (including money ICE BofA Global High Yield Investment Grade Country market funds) managed by the Investment Advisor or its Constrained Index, which is an unmanaged, USD-hedged index of affiliates, including other Funds of the Trust. high yield corporate bonds from those countries that issue investment-grade government bonds. The Fund seeks to achieve its objective by investing at least two- thirds of its total assets (after deduction of ancillary liquid assets) in high-yielding, lower-rated debt securities worldwide such as those rated lower than S&P’s BBB or Moody’s Baa and listed or traded on Recognised Exchanges (including unleveraged freely transferable loan participations securitised and traded on a Recognised Exchange, zero-coupon bond and payment-in-kind bonds) constituting a portfolio which the Investment Advisor believes does not involve undue risk to income or principal. The Fund may also invest in 144A securities. Putnam World Trust 3 Investment Objectives cont.

Putnam Total Return Fund The Fund may use derivatives, including futures, forwards, The Fund’s investment objective is to provide positive total options, swaps, and mortgage-related derivatives, for investment return, both relative and absolute, throughout varying market purposes or to hedge against risk. The Fund may also use conditions. The Fund seeks to achieve its objective by investing forward foreign exchange contracts or other currency derivatives its net assets in a diversified multi-asset class portfolio. The Fund for managing and hedging the Fund's exposure to changes in is actively managed in reference to LIBOR. currency exchange rates. The portfolio allocation will draw upon various sources to drive The Fund may use repurchase agreements or reverse repurchase the risk/return target of the Fund, including exposure to equities agreements (the exchange of a security for an agreement to (e.g. U.S., non-U.S. emerging markets, large cap and small cap), repurchase (or resell, if reverse) the security at a fixed future date fixed income (e.g. U.S., non-U.S. high yield and emerging and price) to generate additional income and capital for the Fund markets), currencies and alternative assets classes (e.g. real or for efficient portfolio management purposes. estate investment trusts (“REITS”) or other real estate instruments), treasury inflated protected securities (“TIPS”). The portfolio will also use various overlay techniques (e.g. global asset tactical allocation, currency and index options) in an attempt to add incremental return to the total portfolio. The Fund may also invest in 144A securities. Putnam U.S. Large Cap Growth Fund The investment objective of the Fund is to seek capital appreciation. The Fund seeks to achieve its objective by investing at least two-thirds of its total assets (after deduction of ancillary liquid assets) in equity securities and equity-related securities such as warrants, convertible stocks or preferred stocks issued by large capitalisation U.S. companies which are listed or traded on Recognised Exchanges globally, with a focus on growth stocks. Growth stocks are issued by companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. The Investment Advisor uses fundamental investment research to seek opportunities and may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in the industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. The Fund is actively managed in reference to the Russell 1000 Growth Index. Putnam Ultra Short Duration Income Fund The Fund's investment objective is to seek capital preservation and a rate of current income higher than U.S. Treasury bills by investing in a diversified portfolio composed of short duration, investment-grade money market and other fixed-income securities. The Fund is actively managed in reference to the ICE BofA U.S. Treasury Bill Index. The Fund’s investments may include obligations of the U.S. government, its agencies and instrumentalities, which are backed by the full faith and credit of the United States (e.g., U.S. Treasury bonds and Ginnie Mae mortgage-backed bonds) or by only the credit of a federal agency or government-sponsored entity (e.g., Fannie Mae or Freddie Mac mortgage-backed bonds), U.S. corporate debt obligations, taxable municipal debt securities, securitised debt instruments (such as mortgage and asset- backed securities), certificates of deposit, commercial paper (including asset-backed commercial paper), time deposits, Yankee and Eurodollar securities and other money market instruments. The Fund may also invest in U.S. dollar– denominated foreign securities of this type. The Fund may also invest in 144A securities. Under normal circumstances, the effective duration of the Fund's portfolio will generally not be greater than one year and the dollar-weighted average portfolio maturity of the Fund is not expected to exceed three and one- half years.

4 Putnam World Trust Policies

Distribution Policy Calculation of Net Asset Value* Each of the Funds is certified (with respect to certain classes of The Net Asset Value of each Fund will be expressed in the Units) as a Reporting Fund under Regulation 51 of the Offshore functional currency of the relevant Fund and will be calculated on Funds (Tax) Regulations 2009. each Dealing Day by ascertaining the value of the assets of the Fund on such Dealing Day and deducting, from such value, the Each Fund has its own specific distribution policy. If the Manager liabilities of the Fund on such Dealing Day. The Net Asset Value decides to make a distribution, it will be paid at the Manager’s per Unit is calculated by dividing the Net Asset Value of the discretion as set out in the relevant Prospectus supplement for relevant Fund by the number of Units then outstanding for that the Fund. For certain Funds, the Manager will distribute all net Fund, or the Net Asset Value of the relevant Fund attributable to investment income of a Fund at least annually and sometimes the Class of Unit divided by the number of Units in that Class more frequently as specified in the relevant supplement. then in issue or deemed to be in issue on such Dealing Day and Distributions shall be made to the Unitholders on record on the rounding the result to the nearest unit of currency. date of distribution in accordance with the number of Units held in that particular Fund. The distributions payable to Unitholders The most recently available Net Asset Value per Unit by Class on will be reinvested in Classes of Units of the relevant Fund unless each Dealing Day will be made public at the registered office of otherwise requested by the Unitholder. State Street Fund Services (Ireland) Limited (the "Administrator") and at the following website addresses: Distributions are payable to Unitholders who have elected to www.fundinfo.com for investors in Switzerland or receive distributions in cash by transfer of funds (any charges www.putnam.com/ucits for all other investors and/or in such being at the expense of the Unitholder) unless the amount of other publication that the Manager may from time to time such distribution is USD50 or less or such other amount as determine. Investors should note that the Trust and the Manager determined by the Manager from time to time. Such amount shall are not responsible for any other content (other than Net Asset not be distributed but shall be retained and reinvested. Value) provided on the foregoing non-Putnam websites, and do The Manager does not currently intend to distribute net not guarantee or assume responsibility for their contents. investment income with respect to the following Funds and * Putnam European High Yield Fund is presented in Total Equity method. Classes; not all classes listed below are currently in issue, see the References to Net Assets throughout this report represent Total Equity section entitled “Background to the Trust”. for Putnam European High Yield Fund.

Class M Units and Class S Units of Putnam European High Yield • Calculation of Sales Charges Fund; An initial sales charge of up to 6.25% of the Net Asset Value per • Class I Units, Class NK Units, Class S Units, Class S2 Units, Class Unit may be charged on certain classes or a contingent deferred SK Units and Class Y Units of Putnam Fixed Income Global sales charge (“CDSC”) of up to 4% of the Net Asset Value per Alpha Fund; Unit may be charged at the discretion of the Manager. • Class E2 Units, Class S2 Units and Class S3 Units of Putnam Currently, Class A Units, Class M Units and Class T Units may be Global High Yield Bond Fund; subject to a sales charge of up to 6.25% of the Net Asset Value per Unit except for Class A Units, Class M Units and Class T Units • Class D Units, Class E2 Units, Class I Units, Class NK Units, Class of Putnam Ultra Short Duration Income Fund and Class M Units of S Units, Class SK Units and Class Y Units of Putnam Multi-Asset Putnam European High Yield Fund. Class M Units of Putnam Absolute Return Fund; European High Yield Fund has an initial sales charge of up to 5%. • Class E2 Units of Putnam Securitised Credit Fund; Certain Class A Units, including those of Putnam Ultra Short Duration Income Fund, that are part of a subscription of USD • Class A Units, Class B Units, Class C Units, Class E2 Units, Class I 1 million or more (USD500,000 or more for Putnam Global High Units, Class M Units, Class NK Units, Class SK Units, Class T Yield Bond Fund and Putnam Total Return Fund), may be subject Units and Class Y Units of Putnam Total Return Fund; to a 1.00% CDSC if redeemed within nine months of purchase, • Class A Units, Class E Units, Class I Units, Class M Units and provided, however, that no other initial sales charge has been Class S Units of Putnam U.S. Large Cap Growth Fund; imposed in respect of the Class A Units to which the CDSC is applied. This CDSC will not apply to Units of Putnam Ultra Short • Class A2 Units and Class I2 Units of Putnam Ultra Short Duration Income Fund except where Class A Units that were part Duration Income Fund. of a sufficiently large subscription of a different Fund of the Trust If, in the future, it is determined that these Classes will distribute (and thus had no initial sales charge) are switched for Units of the net investment income, the amount to be distributed to Putnam Ultra Short Duration Income Fund and redeemed within Unitholders will be decided upon by the Manager. nine months of the initial purchase of the different sub-fund. Currently, Class B Units and Class C Units are offered without an initial sales charge at the time of purchase but a higher ongoing management fee is paid out of assets allocated to the relevant Fund and Class. Unitholders who purchase Class B Units may incur a CDSC of up to 4% if Units are redeemed within four years as set out in the Prospectus. Unitholders who purchase Class C Units may incur a 1% CDSC if Units are redeemed within one year of purchase.

Putnam World Trust 5 Policies cont.

Calculation of Sales Charges cont. There are no initial or deferred sales charges with respect to Class D Units, Class E Units, Class E2 Units, Class I Units, Class I2 Units, Class NK Units, Class S Units, Class SK Units, Class S2 Units, Class S3 Units and Class Y Units. In addition, there are no initial or deferred sales charges with respect to Class M Units and Class T Units of Putnam Ultra Short Duration Income Fund. Any initial sales charges are accounted for before monies come into the Fund.

Financial Derivative Instruments The Manager may, on behalf of each Fund, employ techniques and instruments relating to transferable securities and money market instruments under and in accordance with conditions or requirements imposed by the Central Bank. The derivatives used by the Funds may include futures, swaps, swaptions, options, TBA purchases and sales, forward contracts, and contracts for difference, and they may be used for hedging and for investment purposes, including as a substitute for direct investment in securities or to obtain additional exposure beyond that which might be obtained from a traditional securities portfolio, subject always to the restrictions and requirements of the Central Bank. Details of the derivatives that may be used are set out in the derivatives risk management process filed with the Central Bank. The Funds may also use forward foreign exchange contracts and other currency instruments for hedging or to alter the currency exposure characteristics of transferable securities held by the Funds as an alternative currency exposure management strategy. The techniques and instruments that the Manager may use on behalf of the Trust or any Fund are set out in Appendix II of the Prospectus and, if applicable to a particular Fund, the relevant supplement. For the purpose of providing margin or collateral in respect of the application of transactions in techniques and instruments, State Street Custodial Services (Ireland) Limited (the "Depositary") may transfer, mortgage, charge, or encumber any assets or cash forming part of the relevant Fund, on proper instruction from the Investment Advisor.

6 Putnam World Trust Manager's Report

Dear Unitholder: The world welcomed 2021 with high hopes for improvement in the global economy and public health. Although COVID-19 infections have reached new levels, distribution of vaccines is underway, boosting optimism about a return to normal in the not-too-distant future. In the United States, new proposals to rebuild the economy are anticipated from the Biden administration. The stock and bond markets started the year in good shape, indicating that investors are willing to look beyond current challenges and see the potential for renewed economic growth. Putnam continues to employ active strategies that seek superior investment performance for you and your fellow unitholders. Putnam’s experienced investment professionals take a research-intensive approach to investing that includes risk management strategies designed to serve investors through changing markets. In all environments, we believe investors should remain focused on time-tested approaches: maintain a well-diversified portfolio, think about long-term goals and speak regularly with a financial advisor. 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 January 2021

The views expressed here are exclusively those of Putnam as of 31 January 2021. They are not meant as investment advice. Expectations about future market performance are subject to change. There can be no assurance of investment results. Please note that the holdings discussed in this report may not have been held by the relevant Fund for the financial period ended 31 December 2020. 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.

Putnam World Trust 7 Manager's Report cont.

Total Return for the financial period ended 31 December 2020

The total return tables for the Funds are disclosed in each Fund's Manager's Report. Total return is the change in Unit value and assumes reinvestment of all distributions back into the Fund. 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 European High Yield Fund, which is shown in Euro. Performance data represent past results. Past performance may not be a reliable guide to future performance. 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 of investments will fluctuate, and you may have a gain or a loss when you sell your Units. Performance assumes reinvestment of distributions at Net Asset Value 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 rates 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. The Trust is established as an undertaking for collective investment in transferable securities pursuant to the Central Bank UCITS Regulations. 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. Putnam European High Yield Fund, Putnam Fixed Income Global Alpha Fund, Putnam Global High Yield Bond Fund, Putnam Multi-Asset Absolute Return Fund, Putnam Securitised Credit Fund, Putnam Total Return Fund and Putnam Ultra Short Duration Income Fund use ICE Data Indices, LLC (“ICE BofA”), with permission. ICE BofA permits use of the ICE BofA indices and related data on an “as is” basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services. Putnam Total Return Fund uses FTSE Russell indices, with permission. FTSE Russell is the source and owner of the trademarks, service marks, and copyrights related to the FTSE Indexes. FTSE® is a trademark of FTSE Russell. Putnam U.S. Large Cap Growth Fund uses Russell indices, with permission. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

8 Putnam World Trust Manager's Report cont.

Putnam European High Yield Fund For the period ended 31 December 2020, the Fund generated the following returns by unit class. At the sector/industry level, a large overweight allocation to Unit value Class E NAV% service-related industries aided relative performance, as did greater-than-benchmark exposure to cable & satellite and food & 6 months 6.87 beverages. Conversely, an underweight allocation to financials and 1 year 1.77 utilities hampered performance versus the benchmark. Avoiding 5 years the rebounding energy sector, which outperformed the Cumulative 19.55 benchmark, also detracted. Annualised 3.64 In terms of individual holdings, the top relative contributors were 10 years overweight positions in Atalian, a Paris-based provider of facility Cumulative 61.02 services; automaker Fiat Chrysler; and container transportation Annualised 4.88 and shipping company CMA CGM. On the downside, not owning Life of Fund (since 14/07/17)* Mexican state-owned energy company Petroleos Mexicanos Cumulative 223.27 (Pemex) worked against relative performance, as did an Annualised 5.68 overweight in technology services company Versura and an underweight in automaker Ford Motor. * Performance prior to the Fund's inception date reflects that of Putnam As we move into 2021, we have a moderately constructive view New Flag Euro High Yield Fund (launched on 30 September 1999), a overall. Although we expect the ongoing global health crisis to UCITS that merged into the Fund on its inception date and which had a affect the high-yield market, we have a fairly positive virtually identical investment objective and set of investment strategies. intermediate-term outlook for the market’s supply-and-demand Distributions Number Income Capital gain Total (technical) backdrop. We are neutral on fundamentals and neutral-to-positive on valuation. In our view, the market’s Class E 1 €35.0147 - €35.0147 technical dynamics are being supported by bond purchases and other quantitative easing activities by central banks, along with The views expressed here are exclusively those of Putnam as of low global yields. In contrast to the U.S. high-yield and 25 January 2021. They are not meant as investment advice. investment-grade markets, the Euro high-yield market saw limited Expectations about future market performance are subject to issuance in 2020. change. From a fundamental perspective, we are closely watching sectors vulnerable to the disruption caused by the COVID-19 pandemic. We are monitoring the impact on energy, gaming, lodging & leisure, retail and several other cohorts. Within these groups, we are focusing on the health of issuers’ balance sheets and liquidity metrics, as well as the risk of defaults or credit-rating downgrades. As for supply-and-demand dynamics, net new issuance of non- U.S. high-yield debt (net of issuance for refinancing purposes) totalled $100.5 billion in U.S. dollar terms in 2020, a 30% increase from $77.3 billion in 2019. On the demand side, high-yield funds (mutual funds and exchange-traded funds) experienced inflows totalling $44.3 billion in 2020, a substantial increase from the $18.8 billion that entered the asset class in 2019. We believe high-yield funds will continue to attract inflows in 2021, although perhaps not to the degree we saw in 2020. Turning to valuation, although spreads tightened slightly in December, we believe they still look attractive, given prior widening on the heels of COVID-19 uncertainty. Optimism over continued government stimulus and vaccine distribution drove bond prices higher and yields lower. Despite tighter spreads and lower yields, we think the market’s yield and overall total return potential remain attractive in the face of much lower global yields. The main risk to our moderately positive outlook continues to be COVID-19, as cases continued to rise in Europe in December. For the six months ended 31 December 2020, the Fund’s Class E Units gained 6.87%, trailing the 8.28% return of the benchmark, the ICE BofA European Currency High Yield Constrained Index (100% hedged in euros). See page 8 for ICE BofA benchmark disclosure.

Putnam World Trust 9 Manager's Report cont.

Putnam Fixed Income Global Alpha Fund In currencies, as of 31 December, the Fund had neutral exposure to the U.S. dollar. We believe there could be downward For the six months ended 31 December 2020, the Fund’s unit pressure on the dollar due to uncertainty regarding potential classes posted positive returns and outpaced the benchmark in policy shifts under the Biden administration, and the timing and both U.S. dollar and local currency terms. magnitude of any economic recovery from the global pandemic. Meanwhile, we had notable short positions in the Looking at the various strategies within the portfolio, corporate euro, the New Zealand dollar and Hong Kong dollar. credit holdings – high-yield and investment-grade bonds and convertible securities – were the biggest contributor this period. We have a relatively positive medium-term outlook for Early in the period, investors focused on heavy new-issue activity, corporate credit. While acknowledging the ongoing risks better-than-expected corporate earnings and improving associated with COVID-19, we believe there are factors that will prospects for a COVID-19 vaccine. In September and October, be supportive for the U.S. corporate credit market. These sentiment shifted as market uncertainties increased and spreads include demand for comparatively higher yields in the face of widened slightly. Credit markets rebounded in November and much lower yields globally. December amid the conclusion of U.S. elections, positive vaccine In non-U.S. sovereign debt in both developed and emerging news and the passage of $900 billion of additional government markets, we continue to prefer countries that we believe have stimulus. responded effectively to COVID-19. We also like countries with Positions in emerging-market (EM) debt also meaningfully younger populations and those with more-favourable prospects contributed. A strong rally in EM during the last two months of the for economic growth, as well as reasonably effective debt period helped drive performance. Positioning in the Dominican management. Republic along with exposure to Mexico – fuelled by our In prepayment-sensitive areas of the market, we continue to investment in state-owned energy company Petroleos Mexicanos find value in agency interest-only (IO) collateralised mortgage (Pemex) – proved especially beneficial. obligations and inverse IOs backed by jumbo loans and more Strategies targeting prepayment risk also contributed, led by our seasoned collateral. Overall, we view prepayment-related mortgage basis positioning. Our mortgage basis strategy reflects opportunities as attractive sources of diversification for the our view on the yield differential between prevailing mortgage Fund. rates and U.S. Treasuries. The strategy added value as spreads on The Fund’s benchmark, the 1-Month ICE BofA LIBOR Index, government-agency mortgage-backed securities tightened during returned -0.27% in euro terms and 0.03% in sterling terms. See the second half of 2020 (meaning their prices rose relative to page 8 for ICE BofA benchmark disclosure. Treasuries). Holdings of agency credit-risk transfer securities provided a further modest boost to results. For the period ended 31 December 2020, the Fund generated the following returns by unit class. On the downside, the Fund’s interest-rate and yield-curve positioning was the biggest detractor this period, as rising U.S. Unit value Class E NAV% Class S NAV% interest rates and a steepening of the yield curve worked against 6 months 2.82 3.00 our positioning. 1 year (1.83) (1.62) The Fund’s active-currency strategies modestly dampened 5 years performance. The U.S. dollar ended the period weaker versus the Cumulative 4.83 10.18 majority of developed- and emerging-market currencies, mainly Annualised 0.95 1.96 due to a continuation of very easy monetary policy by the U.S. 10 years Federal Reserve (Fed), along with investor preference for riskier Cumulative - 18.89 currencies. Within our strategy, a short position in the British Annualised - 1.75 pound during August was a notable detractor. Life of Fund (since 25/2/08)* Across asset classes, market participants ended 2020 with Cumulative 2.10 33.92 significant optimism for 2021. Investors will remain focused on Annualised 0.38 2.30 vaccine rollouts, corporate earnings, and any change in stance from the Fed to see if that optimism remains justified as we head * With the exception of Class E Units which launched on 17 July 2015. through 2021. We think the potential for additional fiscal stimulus has also brightened investors’ moods. The Fund made no distributions during the period.

We think measures by the Fed and other central banks to shore up marketplace liquidity amid the COVID-19 crisis may keep U.S. interest rates range bound for an extended period of time. As a result, we plan to keep the Fund’s interest-rate sensitivity in the U.S. only slightly positive. As of period-end the Fund’s rate sensitivity was greater in Canada and the United Kingdom, and neutral in Europe.

10 Putnam World Trust Manager's Report cont.

Putnam Fixed Income Global Alpha Fund cont. Global investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves special risks and may result in losses. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses.

The views expressed here are exclusively those of Putnam as of 25 January 2021. They are not meant as investment advice. Expectations about future market performance are subject to change.

Putnam World Trust 11 Manager's Report cont.

Putnam Global High Yield Bond Fund In terms of fund positioning, as of 31 December, the portfolio had greater-than-benchmark exposure to the higher-quality segment For the six months ended 31 December 2020, the Fund’s unit of the market and an underweight allocation in lower-quality classes posted positive returns and mostly outpaced the bonds. From an industry perspective, we favoured cable & benchmark in U.S. dollar and local currency terms. satellite, utilities, housing/building products and broadcasting. At the sector/industry level, greater-than-benchmark exposure The Fund’s benchmark, the ICE BofA Global High Yield to broadcasting, along with favourable overall positioning in Investment Grade Country Constrained Index (100% USD cable & satellite and housing, aided relative performance. On the Hedged), returned 10.73% in U.S. dollar terms, 9.85% in euro downside, a large underweight allocation in financials was the terms, and 10.07% in sterling terms. All index returns were fully biggest relative detractor by far. Lower-than-benchmark hedged. See page 8 for ICE BofA benchmark disclosure. exposure to energy and transportation were more modest For the period ended 31 December 2020, the Fund generated the negatives. following returns by unit class. In terms of individual holdings, the top relative contributors were Class A Class B Class C overweight positions in restaurant, hotel and casino operator Unit value NAV% NAV% CDSC % NAV% CDSC % Landry’s; oil and gas exploration and production company SM 6 months 10.53 10.14 6.14 10.34 9.34 Energy; and Scientific Games, a maker of slot machines and other gaming-related products and services. The biggest individual 1 year 3.75 3.20 (0.79) 3.42 2.42 relative detractors were underweight exposure to Mexican state- 5 years owned energy company Petroleos Mexicanos (Pemex), an Cumulative 37.47 33.89 33.89 34.68 34.68 overweight in oil and gas drilling contractor Nabors Industries, Annualised 6.57 6.01 6.01 6.14 6.14 and not owning index member American Airlines. 10 years As we move into 2021, we have a moderately constructive view Cumulative 68.34 60.24 60.24 61.72 61.72 overall. Although we expect the ongoing global health crisis to Annualised 5.35 4.83 4.83 4.92 4.92 affect the high-yield market, we have a fairly positive Life of Fund (since 18/02/00)* intermediate-term outlook for corporate fundamentals and the Cumulative 190.05 160.67 160.67 169.07 169.07 market’s supply-and-demand backdrop. Also, even though high- Annualised 5.24 4.70 4.70 4.86 4.86 yield spreads retightened following their sizable widening in March, we think valuations remain relatively attractive. (Spreads Class E Class E2 Class I Class S Class S2 Class S3 are the yield advantage high-yield bonds offer over comparable- Unit value NAV% NAV% NAV% NAV% NAV% NAV% maturity U.S. Treasuries.) 6 months 9.69 9.95 11.00 10.71 11.02 10.82 1 year 2.37 2.72 4.63 2.94 3.40 2.94 From a fundamental perspective, we are closely watching 5 years sectors vulnerable to the disruption caused by the pandemic. We are monitoring the impact on energy, gaming, lodging & leisure, Cumulative 28.11 - 43.60 34.15 37.15 - retail and several other cohorts. Within these groups, we are Annualised 5.08 - 7.51 6.05 6.52 - focusing on the health of issuers’ balance sheets and liquidity 10 years metrics, as well as the risk of defaults or credit-rating Cumulative 58.92 - 82.29 70.89 - - downgrades. Annualised 4.74 - 6.19 5.50 - - As for supply-and-demand dynamics, net new issuance of U.S. Life of Fund (since 18/02/00)* high-yield debt (net of issuance for refinancing purposes) Cumulative 178.25 9.40 225.12 182.56 34.00 8.60 totalled $152.7 billion in 2020, up 63% from net issuance of $93.3 Annualised 5.98 3.79 5.81 6.33 5.71 5.22 billion in 2019. Non-U.S. high-yield new issuance totalled $100.5 * With the exception of Class I Units which launched on 8 June 2000, billion in U.S. dollar terms in 2020, a 30% increase from $77.3 Class E Units which launched on 23 May 2003, Class S Units which billion in 2019. On the demand side, high-yield funds (mutual launched on 30 January 2004, Class C Units which launched on 27 funds and exchange-traded funds) experienced inflows totalling February 2004, Class S2 Units which launched on 25 September 2015, $44.3 billion in 2020, a substantial increase from the $18.8 billion Class E2 Units which launched on 31 July 2018 and Class S3 Units which that entered the asset class in 2019. We believe high-yield funds launched on 17 May 2019. Returns shown for Class C Units and Class I will continue to attract inflows in 2021, although perhaps not to Units for the years prior to inception are derived from the historical the degree we saw in 2020. performance of Class A Units adjusted to reflect the lower operating expenses applicable to such Units. From a valuation standpoint, the average spread of the Fund’s benchmark tightened to about 4.4 percentage points over U.S. Treasuries as of period-end, below the long-term average of six percentage points. After tightening from March’s extremely wide level, high-yield spreads compressed further on recent positive COVID-19 vaccine news. The benchmark’s yield was at 4.71% as of 31 December, a record low. Optimism over continued government stimulus and vaccine distribution drove bond prices higher and yields lower. Despite tighter spreads and lower yields, we think the market’s yield and overall total return potential remain attractive in the face of much lower global yields.

12 Putnam World Trust Manager's Report cont.

Putnam Global High Yield Bond Fund cont.

Distributions Number Income Capital gain Total Class A 6 $0.1320 - $0.1320 Class B 6 $0.1080 - $0.1080 Class C 6 $0.1500 - $0.1500 Class E 6 € 0.1380 - € 0.1380 Class E2 - - - - Class I 6 $0.0600 - $0.0600 Class S 6 £0.0970 - £0.0970 Class S2 - - - - Class S3 - - - -

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 Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. The views expressed here are exclusively those of Putnam as of 25 January 2021. They are not meant as investment advice. Expectations about future market performance are subject to change.

Putnam World Trust 13 Manager's Report cont.

Putnam Multi-Asset Absolute Return Fund In fixed income, our outlook for credit is neutral as credit markets have fully retraced the pandemic-induced spread widening that For the six months ended 31 December 2020, the Fund’s unit occurred in March 2020. Lower current yields also support this classes posted negative returns, on both an absolute basis and position. Our outlook for rate-sensitive fixed income is neutral, as relative to the cash benchmark, and in both U.S. dollar and local we believe the distribution of potential outcomes is now roughly currency terms. in line with long-term expectations. The U.S. Federal Reserve continues to support a lower-for-longer short-term policy rate Non-directional strategies weighed on the Fund’s results this and continued bond purchases until there is further progress on period, with declines that could not be fully offset by the positive its employment and inflation goals. Our outlook for commodities outcome of our directional strategies. Specifically, equity is favourable. Near-term headwinds of slack economic activity selection alpha strategies – market-neutral trades designed to have failed to materialise in weaker commodity prices. We perform independently of global stock markets – were the believe that the continued rollout of vaccines, fiscal support and primary detractor. Our long/short strategies in global stocks and easy monetary conditions will stimulate significant global international developed-market equities, as well as a quantitative demand for commodities in 2021. Against this backdrop, we long/short strategy focused on U.S. stocks, worked against continue to look for signs of stabilisation and progress toward performance this period. eliminating COVID-19. On the plus side, an alternative beta strategy contributed to The Fund’s cash benchmark, the ICE BofA U.S. Dollar 1-Month performance, as did a strategy focused on commodity-related LIBOR Index returned 0.08% in U.S. dollar terms, -0.37% in euro securities. (Beta is a measure of a stock’s volatility relative to the terms and -0.08% in sterling terms. See page 8 for ICE BofA market as a whole.) benchmark disclosure. Within directional strategies, the equity portion of the risk- For the period ended 31 December 2020, the Fund generated the balanced portfolio finished positive, while our tactical allocation following returns by unit class. decisions slightly detracted from results. The portfolio was slightly short equity risk during the summer months, which hurt Class E Class E2 Class I Class S performance as markets continued to rally. We moved the Unit value NAV% NAV% NAV% NAV% position to modestly long in the fourth quarter, which helped 6 months (2.71) (2.93) (1.94) (2.09) offset some of the allocation losses from the first half of the 1 year (9.73) (10.14) (8.50) (9.46) period. Overall, the portfolio was net long stock market risk, 5 years resulting in a positive contribution from directional equity Cumulative (10.03) (12.24) (2.34) - exposures. Annualised (2.09) (2.58) (0.47) - The fixed-income component of the risk-balanced portfolio Life of Fund (since 16/11/15)* finished negative, while our tactical allocation decisions aided Cumulative (12.64) (14.00) (4.20) (15.80) results. Our modest short position to interest-rate risk for most of Annualised (2.63) (2.93) (0.83) (5.73) the period benefited performance. We moved the position to neutral in early December. Overall, the portfolio was net long * With the exception of Class E Units and Class E2 Units which launched interest-rate risk, resulting in a slightly negative outcome from on 1 December 2015 and 4 December 2015, respectively, and Class S Units directional rate exposures. which launched on 31 January 2018.

A modest long position in credit risk for most of the period slightly boosted performance, whereas a modest short position Distributions Number Income Capital gain Total in commodity risk during the second half of the period detracted. Class E 1 € 0.2368 - € 0.2368 Class E2 - - - - Global equity markets finished the period at record highs, fuelled by the emergence of COVID-19 vaccines. Investor optimism was Class I - - - - also lifted when Congress approved a $900 billion pandemic Class S - - - - relief package, and the United Kingdom and European Union reached a trade deal. As stocks advanced, coronavirus infections The views expressed here are exclusively those of Putnam as of surged in the U.S. and Europe, leading to new lockdowns and 25 January 2021. They are not meant as investment advice. business restrictions. While rising virus infections could lead to Expectations about future market performance are subject to weaker-than-expected economic activity in the coming months, change. the vaccine progress has reduced the chances of slower growth in 2021, in our view. Looking ahead, we are modestly bullish on equities but tactically wary of overextended sentiment and additional virus-related setbacks.

14 Putnam World Trust Manager's Report cont.

Putnam Securitised Credit Fund Within residential mortgage credit, we think the dislocations that occurred in March 2020 have been mitigated by U.S. monetary For the six months ended 31 December 2020, the Fund’s unit and fiscal policy and by the gradual reopening of the economy. classes posted positive returns and outpaced the benchmark in Against the backdrop of robust home sales and a rebound in both U.S. dollar and local currency terms. mortgage originations, we continue to find value across numerous segments of the residential mortgage-backed market. Mortgage credit holdings added the most value for the period, partly led by our positions in commercial mortgage-backed In prepayment-sensitive areas of the market, we continue to find securities (CMBS). Within CMBS, synthetic exposure via CMBX value in agency interest-only (IO) collateralised mortgage drove positive performance for the Fund in that sector. (CMBX is obligations and inverse IOs backed by jumbo loans and more a group of tradeable indexes that each reference a basket of 25 seasoned collateral. Prepayment speeds on the mortgages CMBS issued in a particular year.) While there continues to be a underlying these securities stabilised after rising during the degree of negative sentiment toward certain property types, summer. This gave investors greater confidence in their ability to most notably hotels and malls, the availability of COVID-19 build models that anticipate speeds going forward, even if they vaccines has sparked optimism that social-distancing measures remain at higher levels. (Mortgage refinancing and early could be meaningfully eased by the middle of 2021. This, in turn, repayment of outstanding mortgages drives prepayment limits the potential magnitude of distress in the CMBS sector, in speeds.) Overall, we view prepayment-related opportunities as our view. attractive sources of diversification for the Fund. Agency credit-risk transfer (CRT) securities, which are part of our The Fund’s benchmark, the ICE BofA U.S. Dollar 1-Month LIBOR residential mortgage-backed allocation, also notably contributed. Index, returned 0.08% in U.S. dollar terms, -0.37% in euro terms CRT spreads tightened substantially in mid-2020, aided by and -0.08% in sterling terms. See page 8 for ICE BofA benchmark housing-related government policy measures in response to disclosure. COVID-19, housing market strength and optimism about the re- For the period ended 31 December 2020, the Fund generated the opening of the economy. The rally in CRT securities enabled the following returns by unit class. subsector to recoup most of the losses incurred during the sharp selloff in March 2020. Agency CRTs also benefited from a Class E Class E2 Class I Class S growing borrower base capitalising on lower mortgage interest Unit value NAV% NAV% NAV% NAV% rates and improved home affordability. 6 months 2.83 - 3.87 3.72 1 year (9.13) -(7.39) (8.35) Strategies targeting prepayment risk provided a further boost to Life of Fund (since 11/07/18)* fund performance, driven by our mortgage-basis positioning. Our mortgage basis strategy reflects our view on the yield differential Cumulative (3.86) 1.80 2.52 (0.74) between prevailing mortgage rates and U.S. Treasuries. The Annualised (1.58) - 1.01 (0.30) strategy added value as spreads on agency mortgage-backed securities tightened during the second half of 2020 (meaning * With the exception of Class E2 Units which launched on 30 October their prices rose relative to Treasuries). Our mortgage basis 2020. positioning also helped to offset the generally negative impact of faster prepayment speeds on other holdings in this part of the Distributions Number Income Capital gain Total portfolio. Class E 1 € 0.0814 - € 0.0814 Class E2 - - - - Across asset classes, market participants ended 2020 with Class I 1 $0.2607 - $0.2607 significant optimism for 2021. Investors will remain focused on vaccine rollouts, corporate earnings, and any change in stance Class S 1 £0.1301 - £0.1301 from the U.S. Federal Reserve to see if that optimism remains justified as we head through 2021. We think the potential for The views expressed here are exclusively those of Putnam as of additional fiscal stimulus has also brightened investors’ moods. 25 January 2021. They are not meant as investment advice. Expectations about future market performance are subject to Within the CMBS market, we believe borrowers with access to change. capital will continue to make investments in properties that were performing well before the pandemic hampered their revenue streams. As a result, we continue to have conviction in the Fund’s CMBX exposure. We believe current valuations fairly compensate investors for existing risk levels and provide an attractive risk premium. Fundamental credit analysis and security selection are particularly important in the current CMBS market environment. While some parts of the CMBS market will likely continue to struggle, there are CMBS backed by what we consider to be strong underlying collateral that have suffered amid widespread fear of the sector. We think many of these bonds represent attractive investment opportunities.

Putnam World Trust 15 Manager's Report cont.

Putnam Total Return Fund For the period ended 31 December 2020, the Fund generated the following returns by unit class. For the six months ended 31 December 2020, the Fund’s unit Class A Class B Class C classes posted positive returns and outpaced the cash Unit value NAV% NAV% CDSC % NAV% CDSC % benchmark in both U.S. dollar and local currency terms. However, 6 months 7.73 7.48 3.48 7.63 6.63 the Fund’s unit classes mostly lagged the global 60/40 1 year (0.25) (0.73) (4.71) (0.43) (1.42) benchmark. 5 years The policy portfolio was positive for the period, driven largely by Cumulative 21.67 18.72 18.72 20.22 20.22 global equity market strength. However, dynamic asset Annualised 4.00 3.49 3.49 3.75 3.75 allocation was negative, hampered by a modest short exposure 10 years to commodity risk. Active execution also detracted from results. Cumulative 36.86 30.15 30.15 33.56 33.56 Within dynamic allocation, a modest short position in commodity Annualised 3.19 2.67 2.67 2.94 2.94 risk was the biggest negative. These losses were partially offset Life of Fund (since 30/6/06)* by a moderate long position in credit risk in the first half of the Cumulative 89.54 59.46 59.46 64.94 64.94 period and a slight underweight allocation to interest-rate risk Annualised 4.51 3.52 3.52 3.78 3.78 relative to the policy portfolio. The interest-rate position was moved to neutral in early December. Equity exposures did not Class E Class I Class M have a significant impact on performance. Unit value NAV% NAV% NAV% Within our active implementation decisions, quantitatively driven 6 months 6.98 8.14 6.32 selection among large-cap U.S. stocks accounted for most of the 1 year (1.86) 0.55 (2.75) weakness. Bond picks in high-yield corporate credit also slightly 5 years detracted. These losses were somewhat counterbalanced by Cumulative 12.24 26.37 7.89 favourable effects from opportunistic fixed-income selection and Annualised 2.34 4.79 1.53 global macro positions. 10 years Global equity markets finished the period at record highs, fuelled Cumulative - - 19.03 by the emergence of COVID-19 vaccines. Investor optimism was Annualised - - 1.76 also lifted when Congress approved a $900 billion pandemic Life of Fund (since 30/6/06)* relief package, and the United Kingdom and European Union Cumulative 18.40 28.90 57.33 reached a trade deal. As stocks advanced, coronavirus infections Annualised 2.01 3.22 3.17 surged in the U.S. and Europe, leading to new lockdowns and business restrictions. While rising virus infections could lead to * With the exception of Class B Units and Class C Units which launched weaker-than-expected economic activity in the coming months, on 10 July 2007, Class E Units which launched on 2 July 2012 and Class I the vaccine progress has reduced the chances of slower growth Units which launched on 28 December 2012. in 2021, in our view. Looking ahead, we are modestly bullish on equities but tactically wary of overextended sentiment and Distributions Number Income Capital gain Total additional virus-related setbacks. Class A - - - - Class B - - - - In fixed income, our outlook for credit is neutral as credit markets have fully retraced the pandemic-induced spread widening that Class C - - - - occurred in March 2020. Lower current yields also support this Class E 1 € 0.2336 - € 0.2336 position. Our outlook for rate-sensitive fixed income is neutral, as Class I - - - - we believe the distribution of potential outcomes is now roughly Class M - - - - in line with long-term expectations. The U.S. Federal Reserve continues to support a lower-for-longer short-term policy rate Global investing involves certain risks, such as currency and continued bond purchases until there is further progress on fluctuations, economic instability, and political developments. its employment and inflation goals. Our outlook for commodities The Fund invests some or all of its assets in small and/or midsize is favourable. Near-term headwinds of slack economic activity companies. Such investments increase the risk of greater price have failed to materialise in weaker commodity prices. We fluctuations. Lower rated bonds may offer higher yields in return believe that the continued rollout of vaccines, fiscal support and for more risk. The Fund may have a significant portion of its easy monetary conditions will stimulate significant global holdings in bonds. The use of derivatives involves special risks demand for commodities in 2021. Against this backdrop, we and may result in losses. Mutual funds that invest in bonds are continue to look for signs of stabilisation and progress toward subject to certain risks including interest rate risk, credit risk, and eliminating COVID-19. inflation risk. As interest rates rise, the prices of bonds fall. Long- term bonds are more exposed to interest rate risk than short- For the period, the cash benchmark, the ICE BofA U.S. Dollar 1- term bonds. Unlike bonds, bond funds have ongoing fees and Month LIBOR Index returned 0.08% in U.S. dollar terms and expenses. Diversification does not assure a profit or protect -0.37% in euro terms. The global benchmark – 60% MSCI World against loss. It is possible to lose money in a diversified portfolio. Index (ND) and 40% FTSE World Government Bond Index – advanced 16.06% in U.S. dollar terms. See page 8 for ICE BofA The views expressed here are exclusively those of Putnam as 25 and FTSE benchmark disclosures. January 2021. They are not meant as investment advice. Expectations about future market performance are subject to change.

16 Putnam World Trust Manager's Report cont.

Putnam U.S. Large Cap Growth Fund The benchmark Russell 1000 Growth Index gained 26.12% in U.S. dollar terms and 24.40% in euro terms. See page 8 for Russell For the six months ended 31 December 2020, the Fund’s unit benchmark disclosure. classes generated positive returns but underperformed versus For the period ended 31 December 2020, the Fund generated the the benchmark. following returns by unit class. At the sector level, stock selection in information technology, Unit value Class A NAV% Class E NAV% Class I NAV% consumer discretionary and health care detracted from relative performance. On the plus side, picks in consumer staples and a 6 months 19.79 18.98 20.49 lower-than-benchmark allocation in that lagging sector aided 1 year 36.90 35.14 38.36 relative results. 5 years Cumulative 153.10 136.64 165.65 The top individual relative contributors included IDEXX Laboratories, a health care manufacturer focused on the Annualised 20.41 18.80 21.58 veterinary market; not owning biotechnology giant and index Life of Fund (since 18/4/12)* member Amgen; and an underweighting in pharmaceutical Cumulative 263.20 133.80 294.76 maker Merck. The biggest detractors versus the benchmark Annualised 15.98 18.22 17.09 included an underweighting in automaker Tesla; an overweighting in biopharmaceutical company Vertex * With the exception of Class E Units which launched on 3 December Pharmaceuticals; and an overweighting in American Tower, 2015 and Class I Units which launched on 30 October 2020. Returns which owns and operates wireless and broadcast shown for Class I Units for the years prior to inception are derived from communications infrastructure. the historical performance of Class A Units adjusted to reflect the lower operating expenses applicable to such Units. Over the past nine months or so, we have seen shifts in the economy and trends that we believe offer long-term, durable The Fund made no distributions during the period. growth opportunities. These include broad themes such as The views expressed here are exclusively those of Putnam as of increased digitization, a growing number of businesses with direct sales channels and more scaled, capital-light business 25 January 2021. They are not meant as investment advice. models. Huge industries such as health care and segments of the Expectations about future market performance are subject to industrial and consumer complex are ripe for technological change. change. We seek to own businesses that are enabling and benefiting from this change. The primary risks from an economic perspective are the potential for rising interest rates, which can dampen equity performance, and ongoing challenges from the COVID-19 pandemic. We view these risks as manageable, particularly given our investment approach, which seeks to avoid valuation extremes and prioritises a narrow range of operational and financial outcomes for the holdings in the portfolio. In terms of risks to our portfolio themes, we believe that there has been a sustainable acceleration in demand behind long-term growth drivers such as e-commerce, digital payments, cloud infrastructure and increased screen time. It will be challenging for many businesses that have benefited from these trends in 2020 to match their results in 2021, but we believe that their growth will continue from these rebased levels. There are new opportunities in the market, many of which we find very exciting. We are finding that approximately 20% of companies in the growth stock universe actually have higher consensus estimates for 2021. We see lasting opportunities from pandemic-induced changes, such as contactless payments, cloud infrastructure, software as a service and telemedicine. We believe the structural changes and acceleration in demand in these areas bring solid long-term growth potential to a number of businesses that we currently own in the portfolio. Changes in the relative positioning of the strategy are primarily a result of our fundamental, bottom-up process of evaluating the opportunity and risk of individual stocks. As of 31 December 2020, the largest new positions in the Fund portfolio included vacation rental online marketplace Airbnb and mass media and entertainment giant Disney.

Putnam World Trust 17 Manager's Report cont.

Putnam Ultra Short Duration Income Fund Furthermore, we continue to structure the portfolio using a barbell approach, emphasizing positions at separate points on For the six months ended 31 December 2020, the Fund’s unit the yield curve: investing in lower-tier investment-grade classes posted positive returns and outpaced the benchmark. securities (BBB or equivalent) maturing in one year or less and in upper-tier investment-grade securities (A or AA rated) maturing For the period, holdings of corporate bonds issued by banks in a range of 1 to 3.5 years. Despite ongoing changes in the added the most value on a relative basis. Within the financials market environment, capital preservation remains the Fund’s sector, securities from brokerage firms, insurers and diversified primary objective. financial companies also modestly contributed. Bonds from several industry groups in the industrials sector provided a The Fund’s benchmark, the ICE BofA U.S. Treasury Bill Index, further boost, including health care, wireline telecommunications gained 0.07% in U.S. dollar terms. See page 8 for ICE BofA and automotive. Bonds issued by electric utilities also added benchmark disclosure. value. Outside of corporate credit, positions in securitised bonds, For the period ended 31 December 2020, the Fund generated the such as non-agency residential mortgage-backed securities and following returns by unit class. asset-backed securities (ABS), were additional contributors to relative performance. We increased the portfolio’s allocation to Class A Class A2 Class I Class I2 AAA-rated credit card and prime auto ABS during the period, Unit value NAV% NAV% NAV% NAV% which proved beneficial. 6 months 0.31 0.28 0.43 0.38 On the downside, not owning U.S. Treasury bills detracted versus 1 year 1.09 1.05 1.34 1.33 the benchmark, but not enough to completely offset strength Life of Fund (since 20/12/16)* elsewhere. Cumulative 6.25 6.217.43 7.36 Annualised 1.52 1.51 1.79 1.78 Across asset classes, market participants ended 2020 with significant optimism for 2021. Investors will remain focused on * With the exception of Class A2 Units and Class I2 Units which launched vaccine rollouts, corporate earnings, and any change in stance on 28 June 2017. Returns shown for Class A2 Units and Class I2 Units for from the U.S. Federal Reserve (Fed) to see if that optimism the period prior to their inception are derived from the historical remains justified as we head through 2021. We think the potential performance of the Class A and I Units, respectively. for additional fiscal stimulus has also brightened investors’ moods. Distributions Number Income Capital gain Total

We believe credit markets, supported by the Fed’s promise to Class A 6 $0.0112 - $0.0112 maintain quantitative easing, will continue to recover. The Fed is Class A2 - - - - committed to aiding the economy by keeping borrowing costs Class I 6 $0.0230 - $0.0230 low, keeping short-term interest rates near zero and buying Class I2 - - - - billions of dollars of bonds. We think bond yields, including

Treasury debt, are likely to remain low across the curve for an The views expressed here are exclusively those of Putnam as of extended period but will remain in positive territory. 25 January 2021. They are not meant as investment advice. From a strategy perspective, we are taking a more conservative Expectations about future market performance are subject to approach, as valuations are less attractive after several months change. of spread tightening. The Fund is targeting a duration of 0.30–

0.40 years, approximately a tenth of a year longer than where it began the fiscal year. We are finding value in floating-rate instruments versus fixed-rate securities, particularly those issued by high-quality banks. Floating-rate securities also can participate in higher rates in the future as the economy recovers from the COVID-19 pandemic. Within securitised sectors, we are finding opportunities in high-quality assets, including credit card and prime auto ABS. Although we limit the Fund’s allocation to securitised sectors to approximately 10% of the portfolio, this smaller position has provided the Fund with diversification benefits and additional incremental yield. Additionally, we are maintaining an allocation in short-maturity commercial paper (CP) for liquidity. Market liquidity is strong among very short- term securities, but it is a challenging environment to put new money to work. CP yields are trading above historical averages, driven by reduced supply as many companies termed out their debt during 2020.

18 Putnam World Trust Total Expense Ratio ("TER")*

The TER for each of the Funds for the financial period from 1 July 2020 to 31 December 2020 is presented below:

Putnam Fixed Putnam Putnam Multi- Putnam Putnam U.S. Putnam Ultra Putnam Income Global High Asset Putnam Total Large Cap Short European High Global Yield Bond Absolute Securitised Return Growth Duration Unit Classes Yield Fund Alpha Fund Fund Return Fund Credit Fund Fund Fund Income Fund A - - 1.56% - - 1.80% 1.82% 0.60% A2 ------0.60% B - - 2.06% - - 2.30% - - C - - 1.96% - - 2.05% - - E 1.17% 0.70% 0.71% 0.45% 0.70% 1.05% 0.85% - E2 - - 0.35% 0.95% 0.70% - - - I - - 0.71% 0.95% 0.70% 1.05% 0.81% 0.35% I2 ------0.35% M - - - - - 1.80% - - S - 0.70% 0.72% 0.95% 0.70% - - - S2 - - 0.35% - - - - - S3 - - 0.71% - - - - -

* The TER is calculated as the total operating expenses for each Unit Class of each Fund in the functional currency of the Fund as a percentage of the average net assets of the Fund for the period in question. Average net assets are calculated using figures based on the Fund’s net assets at each calculation of the Net Asset Value. All Funds are valued on a daily basis. TERs are annualised for 12 months. For a list of all Unit Classes which launched or fully redeemed during the period, please refer to Note 14.

Putnam World Trust 19 Putnam European High Yield Fund

Schedule of Investments 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (85.32%) (30 June 2020: 80.37%) Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Advertising (0.57%) EUR 90,105 Summer BC Holdco A Sarl (Luxembourg) 9.25 31/10/2027 EUR 94,996 0.57 94,996 0.57 Apparel (0.57%) 100,000 Samsonite Finco Sarl (Luxembourg) 3.50 15/05/2026 94,896 0.57 94,896 0.57 Auto Parts and Equipment (5.23%) 100,000 Clarios Global LP (International) 4.38 15/05/2026 103,547 0.62 100,000 Faurecia SE (France) 3.75 15/06/2028 104,875 0.63 115,000 Faurecia SE (France) 2.38 15/06/2027 115,837 0.69 100,000 Faurecia SE (France) 3.13 15/06/2026 102,669 0.62 220,000 Gestamp Automocion SA (Spain) 3.25 30/04/2026 223,012 1.33 100,000 Gestamp Funding Luxembourg SA (Luxembourg) 3.50 15/05/2023 100,245 0.60 125,000 Grupo Antolin-Irausa SA (Spain) 3.25 30/04/2024 123,058 0.74 873,243 5.23 Automotive (6.51%) 100,000 FCE Bank PLC (United Kingdom) 0.87 13/09/2021 99,587 0.60 200,000 Fiat Chrysler Automobiles NV (Netherlands) 4.50 07/07/2028 244,220 1.45 140,000 Fiat Chrysler Automobiles NV (Netherlands) 3.75 29/03/2024 153,308 0.92 200,000 Volkswagen International Finance NV (Netherlands) 3.88 31/12/2099 214,598 1.29 105,000 Volkswagen International Finance NV (Netherlands) 3.75 29/03/2049 105,543 0.63 100,000 Volvo Car AB (Sweden) 2.50 07/10/2027 105,566 0.63 160,000 Volvo Car AB (Sweden) 2.13 02/04/2024 164,696 0.99 1,087,518 6.51 Banking (14.95%) 100,000 Banca Monte dei Paschi di Siena SpA (Italy) 5.38 18/01/2028 86,250 0.52 100,000 Banca Monte dei Paschi di Siena SpA (Italy) 1.88 09/01/2026 98,981 0.59 200,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 8.88 29/12/2049 204,036 1.22 200,000 Banco Santander SA (Spain) 6.75 31/12/2099 211,250 1.27 USD 200,000 BNP Paribas SA (France) 4.50 31/12/2099 165,437 0.99 EUR 215,000 BNP Paribas SA (France) 6.13 29/12/2049 227,715 1.36 220,000 Credit Agricole SA (France) 6.50 29/04/2049 224,604 1.35 USD 200,000 Credit Suisse Group AG (Switzerland) 6.38 31/12/2099 182,335 1.09 200,000 Deutsche Bank AG (Germany) 6.00 31/12/2099 163,713 0.98 200,000 ING Groep NV (Netherlands) 5.75 31/12/2099 177,936 1.07 EUR 267,875 Stichting AK Rabobank Certificaten (Netherlands) 6.50 29/12/2049 354,780 2.12 USD 260,000 UBS Group AG (Switzerland) 7.00 31/12/2099 233,311 1.40 200,000 UBS Group AG (Switzerland) 6.88 29/12/2049 165,238 0.99 2,495,586 14.95 Beverages (1.02%) EUR 165,000 Sunshine Mid BV (Netherlands) 6.50 15/05/2026 170,928 1.02 170,928 1.02 Chemicals (1.24%) 100,000 INEOS Group Holdings SA (Luxembourg) 5.38 01/08/2024 101,075 0.61 100,000 Nouryon Holding BV (Netherlands) 6.50 01/10/2026 105,230 0.63 206,305 1.24 Commercial Services (9.28%) 160,000 Autostrade per l'Italia SpA (Italy) 1.88 26/09/2029 157,885 0.95 100,000 Intertrust Group BV (Netherlands) 3.38 15/11/2025 102,048 0.61 100,000 La Financiere Atalian SASU (France) 5.13 15/05/2025 92,460 0.55 100,000 La Financiere Atalian SASU (France) 4.00 15/05/2024 91,928 0.55 100,000 Loxam SAS (France) 3.75 15/07/2026 101,296 0.61 100,000 Loxam SAS (France) 2.88 15/04/2026 98,239 0.59 335,000 Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00 30/07/2026 350,601 2.10 550,000 Verisure Midholding AB (Sweden) 5.75 01/12/2023 555,368 3.32 1,549,825 9.28 Distribution/Wholesale (0.61%) 100,000 Rexel SA (France) 2.75 15/06/2026 101,869 0.61 101,869 0.61

The accompanying notes form an integral part of these financial statements.

20 Putnam World Trust

Putnam European High Yield Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (85.32%) (30 June 2020: 80.37%) cont. Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Electric Utilities (2.06%) EUR 200,000 Electricite de France SA (France) 5.38 29/01/2049 EUR 229,250 1.37 100,000 Electricite de France SA (France) 5.00 22/01/2049 114,766 0.69 344,016 2.06 Electrical Components & Equipment (0.62%) 100,000 Energizer Gamma Acquisition BV (Netherlands) 4.63 15/07/2026 103,175 0.62 103,175 0.62 Engineering and Construction (0.56%) 100,000 Ellaktor Value PLC (United Kingdom) 6.38 15/12/2024 93,390 0.56 93,390 0.56 Entertainment (1.89%) 100,000 Banijay Group SAS (France) 6.50 01/03/2026 100,229 0.60 120,000 Cirsa Finance International Sarl (Luxembourg) 6.25 20/12/2023 119,254 0.71 100,000 Motion Bondco DAC (Ireland) 4.50 15/11/2027 96,188 0.58 315,671 1.89 Food (4.20%) 200,000 Casino Guichard Perrachon SA (France) 3.58 07/02/2025 179,832 1.08 GBP 175,000 Iceland Bondco PLC (United Kingdom) 4.63 15/03/2025 194,913 1.17 EUR 330,000 Sigma Holdco BV (Netherlands) 5.75 15/05/2026 325,519 1.95 700,264 4.20 Health-Care Services (2.20%) 110,000 Constantin Investissement 3 SASU (France) 5.38 15/04/2025 111,888 0.67 150,000 Synlab Bondco PLC (United Kingdom) 4.75 01/07/2025 152,877 0.92 100,000 Unilabs Subholding AB (Sweden) 5.75 15/05/2025 102,111 0.61 366,876 2.20 Home Builders (0.69%) GBP 100,000 Miller Homes Group Holdings PLC (United Kingdom) 5.50 15/10/2024 114,565 0.69 114,565 0.69 Media (9.95%) EUR 235,000 Altice Finco SA (Luxembourg) 4.75 15/01/2028 227,069 1.36 125,000 Tele Columbus AG (Germany) 3.88 02/05/2025 125,201 0.75 100,000 Telenet Finance Luxembourg Notes Sarl (Luxembourg) 3.50 01/03/2028 103,500 0.62 100,000 Virgin Media Finance PLC (United Kingdom) 3.75 15/07/2030 102,250 0.61 GBP 370,000 Virgin Media Secured Finance PLC (United Kingdom) 4.13 15/08/2030 421,422 2.52 100,000 Virgin Media Secured Finance PLC (United Kingdom) 5.25 15/05/2029 120,531 0.72 EUR 125,000 VZ Vendor Financing II BV (Netherlands) 2.88 15/01/2029 124,393 0.75 435,000 Ziggo Bond Company BV (Netherlands) 3.38 28/02/2030 436,518 2.62 1,660,884 9.95 Mining (2.87%) 470,000 Constellium SE (France) 4.25 15/02/2026 479,189 2.87 479,189 2.87 Packaging and Containers (3.65%) 360,000 ARD Finance SA (Luxembourg) 5.00 30/06/2027 366,365 2.19 135,000 CANPACK SA (International) 2.38 01/11/2027 139,134 0.83 100,000 Smurfit Kappa Treasury ULC (Ireland) 1.50 15/09/2027 104,459 0.63 609,958 3.65 Pharmaceuticals (1.23%) 100,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 6.00 31/01/2025 108,445 0.65 100,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 1.25 31/03/2023 96,466 0.58 204,911 1.23 Real Estate (2.07%) GBP 305,000 Iron Mountain UK PLC (United Kingdom) 3.88 15/11/2025 345,592 2.07 345,592 2.07 Retail (2.66%) EUR 100,000 eG Global Finance PLC (United Kingdom) 6.25 30/10/2025 102,696 0.62 140,000 El Corte Ingles SA (Spain) 3.00 15/03/2024 141,168 0.84 GBP 100,000 Matalan Finance PLC (United Kingdom) 6.75 31/01/2023 86,094 0.52 EUR 108,941 Newco GB SAS (France) 8.00 15/12/2022 106,528 0.63 GBP 225,000 Phosphorus Holdco PLC (United Kingdom) 1.00 01/04/2021 7,556 0.05 444,042 2.66

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 21 Putnam European High Yield Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (85.32%) (30 June 2020: 80.37%) cont. Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Telecommunications (8.79%) EUR 235,000 Altice France Holding SA (Luxembourg) 4.00 15/02/2028 EUR 223,339 1.34 145,000 Altice France Holding SA (Luxembourg) 8.00 15/05/2027 157,316 0.94 120,000 Altice France SA (France) 3.38 15/01/2028 118,540 0.71 100,000 eircom Finance DAC (Ireland) 3.50 15/05/2026 101,873 0.61 155,000 Matterhorn Telecom SA (Luxembourg) 4.00 15/11/2027 158,546 0.95 100,000 Telecom Italia SpA (Italy) 2.75 15/04/2025 104,510 0.63 145,000 Telecom Italia SpA (Italy) 3.63 19/01/2024 154,950 0.93 400,000 Telefonica Europe BV (Netherlands) 5.88 31/03/2049 448,680 2.68 1,467,754 8.79 Transportation (1.90%) 200,000 CMA CGM SA (France) 7.50 15/01/2026 214,000 1.28 100,000 CMA CGM SA (France) 6.50 15/07/2022 103,073 0.62 317,073 1.90 Total Non-U.S. Corporate Bonds and Notes EUR 14,242,526 85.32

U.S. CORPORATE BONDS AND NOTES (10.73%) (30 June 2020: 12.79%) Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Chemicals (0.59%) EUR 100,000 Chemours Company 4.00 15/05/2026 EUR 99,302 0.59 99,302 0.59 Commercial Services (2.40%) 220,000 Refinitiv US Holdings Incorporated 6.88 15/11/2026 238,136 1.42 155,000 Refinitiv US Holdings Incorporated 4.50 15/05/2026 163,127 0.98 401,263 2.40 Electrical Components & Equipment (0.62%) 100,000 Belden Incorporated 4.13 15/10/2026 103,005 0.62 103,005 0.62 Entertainment (1.21%) 100,000 Scientific Games International Incorporated 3.38 15/02/2026 98,886 0.59 100,000 WMG Acquisition Corporation 3.63 15/10/2026 103,282 0.62 202,168 1.21 Food (0.96%) 150,000 Kraft Heinz Foods Company 2.25 25/05/2028 158,360 0.96 158,360 0.96 Health-Care Services (1.24%) 100,000 IQVIA Incorporated 2.25 15/01/2028 100,757 0.60 105,000 IQVIA Incorporated 3.25 15/03/2025 106,085 0.64 206,842 1.24 Internet (2.51%) 160,000 Netflix Incorporated 3.63 15/06/2030 181,413 1.08 105,000 Netflix Incorporated 4.63 15/05/2029 126,906 0.76 100,000 Netflix Incorporated 3.63 15/05/2027 111,250 0.67 419,569 2.51 Packaging and Containers (1.20%) 100,000 Berry Global Incorporated 1.00 15/01/2025 100,687 0.60 100,000 Mauser Packaging Solutions Holding Company 4.75 15/04/2024 99,956 0.60 200,643 1.20 Total U.S. Corporate Bonds and Notes EUR 1,791,152 10.73 Total Value of Investments excluding financial derivative instruments EUR 16,033,678 96.05

The accompanying notes form an integral part of these financial statements.

22 Putnam World Trust

Putnam European High Yield Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.05%) (30 June 2020: 0.15%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date EUR EUR EUR Fund Barclays Bank PLC British Pound Sell 17/03/2021 EUR 229,205 EUR 226,631 EUR (2,574) (0.02) Citibank, N.A. British Pound Sell 17/03/2021 692,423 684,593 (7,830) (0.04) Goldman Sachs International US Dollar Sell 17/03/2021 841,100 845,166 4,066 0.03 JPMorgan Chase Bank, N.A. US Dollar Sell 17/03/2021 37,511 37,693 182 - Morgan Stanley & Co. International PLC British Pound Buy 17/03/2021 17,107 16,968 139 - British Pound Sell 17/03/2021 68,538 67,562 (976) (0.01) US Dollar Sell 17/03/2021 153,150 153,888 738 0.01 NatWest Markets PLC US Dollar Sell 17/03/2021 43,395 43,602 207 - State Street Bank & Trust Company British Pound Sell 17/03/2021 331,397 327,646 (3,751) (0.02) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts EUR 5,332 0.04 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts EUR (15,131) (0.09) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts EUR (9,799) (0.05) Total Financial Assets at Fair Value Through Profit or Loss EUR 16,039,010 96.09 Total Financial Liabilities at Fair Value Through Profit or Loss EUR (15,131) (0.09)

* The exchange currency for all contracts listed is Euro.

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 87.33 Transferable securities dealt on another regulated market 7.82 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.04 OTC financial derivative instruments 0.03 Other assets 4.78 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 23 Putnam Fixed Income Global Alpha Fund

Schedule of Investments 31 December 2020

NON-U.S. EQUITIES (-%) (30 June 2020: -%) Number of Value % of Shares USD Fund Biotechnology (-%) 1,124 Advanz Pharma Corporation Limited (Jersey) USD 4,956 - 4,956 - Oil and Natural Gas Utilities (-%) 6,479 CHC Group LLC (Cayman Islands) 117 - 117 - Total Non-U.S. Equities USD 5,073 -

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (123.98%) (30 June 2020: 85.76%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (121.37%) USD 24,434 Uniform Mortgage Backed Securities Pass-Through Certificates 4.50 01/05/2049 USD 26,997 0.02 22,293 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/05/2049 24,897 0.01 836 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/12/2038 966 - 8,539 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/03/2038 9,852 0.01 1,116 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/02/2038 1,288 - 35,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 12/02/2051 36,311,132 21.22 24,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 12/02/2051 25,245,000 14.75 9,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 1.50 14/01/2051 9,094,219 5.31 43,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 14/01/2051 44,679,688 26.11 47,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/01/2051 49,548,283 28.96 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 14/01/2051 8,382,500 4.90 18,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50 14/01/2051 19,032,188 11.12 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00 14/01/2051 7,475,234 4.37 3,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 5.50 14/01/2051 3,352,969 1.96 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 6.00 14/01/2051 4,493,125 2.63 207,678,338 121.37

U.S. Government Guaranteed Mortgage Obligations (2.61%) 19,493 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 21,429 0.01 22,284 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 24,497 0.01 45,953 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 50,516 0.03 27,878 Government National Mortgage Association Pass-Through Certificates 5.00 20/05/2049 31,477 0.02 56,726 Government National Mortgage Association Pass-Through Certificates 5.00 20/05/2049 64,049 0.04 2,000,000 Government National Mortgage Association Pass-Through Certificates TBA 4.00 21/01/2051 2,132,031 1.25 2,000,000 Government National Mortgage Association Pass-Through Certificates TBA 4.50 21/01/2051 2,146,250 1.25 4,470,249 2.61 Total U.S. Government and Agency Mortgage Obligations USD 212,148,587 123.98

U.S. GOVERNMENT AGENCY OBLIGATIONS (-%) (30 June 2020: 2.11%)

MORTGAGE-BACKED SECURITIES (41.24%) (30 June 2020: 38.40%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (17.07%) USD 447,988 Federal Home Loan Mortgage Corporation (Class AS) 5.89 15/08/2038 USD 9,236 0.01 1,295,711 Federal Home Loan Mortgage Corporation (Class C21) 6.00 15/06/2039 320,688 0.19 4,154,340 Federal Home Loan Mortgage Corporation (Class CI) 4.00 25/11/2050 535,798 0.31 546,145 Federal Home Loan Mortgage Corporation (Class DI) 4.00 15/09/2039 5,710 - 2,213,038 Federal Home Loan Mortgage Corporation (Class ES) 5.85 25/12/2049 306,063 0.18 622,230 Federal Home Loan Mortgage Corporation (Class ES) 6.09 15/11/2042 79,400 0.05 912,805 Federal Home Loan Mortgage Corporation (Class FO) - 15/04/2041 865,740 0.52 1,247,746 Federal Home Loan Mortgage Corporation (Class GI) 3.50 15/11/2045 57,421 0.03 1,671,555 Federal Home Loan Mortgage Corporation (Class GI) 3.00 15/01/2043 64,301 0.04 3,868,590 Federal Home Loan Mortgage Corporation (Class GS) 5.90 25/09/2049 554,654 0.32 634,010 Federal Home Loan Mortgage Corporation (Class IA) 4.00 15/09/2044 69,497 0.04 1,973,953 Federal Home Loan Mortgage Corporation (Class IO) 5.00 15/02/2049 354,858 0.21

The accompanying notes form an integral part of these financial statements.

24 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (41.24%) (30 June 2020: 38.40%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (17.07%) cont. USD 6,946,366 Federal Home Loan Mortgage Corporation (Class IP) 3.00 25/10/2050 USD 820,602 0.49 1,068,648 Federal Home Loan Mortgage Corporation (Class PI) 4.50 15/12/2045 140,984 0.08 1,850,927 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/04/2045 206,419 0.12 1,134,261 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/03/2043 142,228 0.08 1,204,901 Federal Home Loan Mortgage Corporation (Class PI) 3.00 15/12/2041 48,300 0.03 416,091 Federal Home Loan Mortgage Corporation (Class PI) 3.50 15/11/2040 4,638 - 776,915 Federal Home Loan Mortgage Corporation (Class SC) 6.39 15/10/2036 21,578 0.01 749,664 Federal Home Loan Mortgage Corporation (Class TI) 4.00 15/11/2045 79,979 0.05 1,893,585 Federal Home Loan Mortgage Corporation (Class WS) 5.85 25/02/2050 339,603 0.20 14,042 Federal National Mortgage Association (Class 2) 5.50 25/05/2037 2,635 - 62,975 Federal National Mortgage Association (Class 2) 5.00 25/10/2036 11,408 0.01 16,268 Federal National Mortgage Association (Class 2) 6.50 25/07/2036 3,754 - 19,489 Federal National Mortgage Association (Class 2) 6.00 25/06/2036 4,322 - 2,240,938 Federal National Mortgage Association (Class C35) 4.50 25/10/2040 346,520 0.20 6,894,722 Federal National Mortgage Association (Class CI) 3.50 25/10/2050 1,124,700 0.67 165,713 Federal National Mortgage Association (Class HI) 4.50 25/12/2040 6,629 - 1,121,197 Federal National Mortgage Association (Class IP) 4.00 25/03/2044 103,246 0.06 628,670 Federal National Mortgage Association (Class IP) 3.00 25/06/2042 29,001 0.02 871,412 Federal National Mortgage Association (Class JI) 3.50 25/02/2046 34,464 0.02 1,030,502 Federal National Mortgage Association (Class JI) 3.00 25/12/2041 60,812 0.04 3,704,130 Federal National Mortgage Association (Class KI) 3.00 25/10/2050 465,935 0.27 1,844,783 Federal National Mortgage Association (Class KI) 6.00 25/03/2048 402,737 0.24 1,861,061 Federal National Mortgage Association (Class KI) 5.00 25/06/2041 328,710 0.19 5,116,797 Federal National Mortgage Association (Class KS) 5.85 25/01/2050 914,883 0.53 1,905,634 Federal National Mortgage Association (Class LI) 7.00 25/11/2034 435,205 0.25 2,763,633 Federal National Mortgage Association (Class LS) 5.95 25/09/2046 601,522 0.35 1,623,316 Federal National Mortgage Association (Class LS) 5.85 25/09/2042 275,964 0.16 2,286,720 Federal National Mortgage Association (Class PS) 5.90 25/11/2049 434,872 0.25 1,535,633 Federal National Mortgage Association (Class QI) 4.00 25/01/2048 149,002 0.09 2,538,880 Federal National Mortgage Association (Class SA) 5.90 25/10/2049 432,883 0.25 229,935 Federal National Mortgage Association (Class SB) 6.30 25/05/2040 40,617 0.02 2,708,000 Federal National Mortgage Association (Class SC) 5.80 25/07/2050 454,211 0.27 2,967,318 Federal National Mortgage Association (Class SD) 5.90 25/04/2044 542,693 0.32 2,846,391 Federal National Mortgage Association (Class SG) 5.90 25/03/2050 451,580 0.26 5,452,890 Federal National Mortgage Association (Class SK) 5.90 25/03/2050 1,086,107 0.64 3,257,777 Federal National Mortgage Association (Class SL) 6.00 25/01/2048 575,040 0.34 532,343 Federal National Mortgage Association (Class UI) 4.00 25/11/2042 69,381 0.04 1,692,205 Government National Mortgage Association (Class AI) 2.27 20/02/2068 191,959 0.11 2,178,754 Government National Mortgage Association (Class AI) 3.23 20/02/2066 178,242 0.10 4,513,927 Government National Mortgage Association (Class AI) 1.62 20/09/2065 312,364 0.18 2,691,532 Government National Mortgage Association (Class AI) 2.63 20/06/2065 214,761 0.13 2,914,302 Government National Mortgage Association (Class AI) 4.50 16/09/2045 473,458 0.28 917,348 Government National Mortgage Association (Class AI) 4.00 20/06/2045 92,377 0.05 2,314,996 Government National Mortgage Association (Class AI) 3.50 20/10/2039 134,048 0.08 1,764,772 Government National Mortgage Association (Class BI) 2.19 20/01/2067 174,254 0.10 6,653,968 Government National Mortgage Association (Class BI) 1.56 20/05/2065 261,927 0.15 5,085,652 Government National Mortgage Association (Class BI) 3.24 20/02/2065 380,305 0.22 5,353,206 Government National Mortgage Association (Class CI) 1.15 20/01/2070 482,854 0.28 4,071,433 Government National Mortgage Association (Class CI) 1.91 20/10/2065 316,350 0.18 3,578,120 Government National Mortgage Association (Class CI) 1.47 20/03/2064 164,017 0.10 559,202 Government National Mortgage Association (Class CI) 4.00 20/05/2045 56,418 0.03 324,194 Government National Mortgage Association (Class CI) 4.00 20/03/2042 44,664 0.03 359,205 Government National Mortgage Association (Class CS) 5.90 20/02/2050 43,390 0.03 3,623,852 Government National Mortgage Association (Class DI) 1.88 20/10/2065 308,890 0.18 3,547,889 Government National Mortgage Association (Class DI) 3.50 20/08/2045 486,319 0.28 368,509 Government National Mortgage Association (Class DI) 3.50 20/01/2044 2,205 - 5,560,006 Government National Mortgage Association (Class EI) 1.61 20/08/2065 230,740 0.13 1,836,029 Government National Mortgage Association (Class GS) 5.95 20/03/2050 280,941 0.16 2,580,573 Government National Mortgage Association (Class HI) 2.10 20/09/2065 158,447 0.09

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 25

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (41.24%) (30 June 2020: 38.40%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (17.07%) cont. USD 1,553,017 Government National Mortgage Association (Class IA) 4.50 20/09/2047 USD 254,524 0.15 1,304,397 Government National Mortgage Association (Class IA) 3.50 20/04/2040 51,696 0.03 665,552 Government National Mortgage Association (Class IB) 4.00 20/08/2047 83,057 0.05 1,455,412 Government National Mortgage Association (Class IB) 4.50 20/06/2045 123,957 0.07 338,298 Government National Mortgage Association (Class ID) 3.50 20/07/2047 13,484 0.01 1,672,286 Government National Mortgage Association (Class IE) 4.00 16/01/2043 162,038 0.09 3,037,866 Government National Mortgage Association (Class IH) 2.39 20/07/2067 227,582 0.13 1,147,618 Government National Mortgage Association (Class IK) 3.50 20/03/2038 48,774 0.03 1,266,559 Government National Mortgage Association (Class IL) 4.00 20/08/2044 150,358 0.09 392,116 Government National Mortgage Association (Class IM) 3.50 20/11/2047 18,001 0.01 3,163,765 Government National Mortgage Association (Class IO) 1.88 20/10/2066 228,667 0.13 1,096,458 Government National Mortgage Association (Class IO) 4.00 20/05/2046 137,101 0.08 478,623 Government National Mortgage Association (Class IT) 5.00 20/01/2043 84,956 0.05 2,557,756 Government National Mortgage Association (Class JS) 5.95 20/08/2049 358,996 0.21 2,275,903 Government National Mortgage Association (Class JS) 5.95 20/09/2046 445,576 0.26 2,020,679 Government National Mortgage Association (Class KI) 4.00 20/07/2044 210,244 0.12 3,020,073 Government National Mortgage Association (Class KS) 5.90 16/09/2049 740,348 0.44 82,320 Government National Mortgage Association (Class KS) 5.90 20/08/2049 11,623 0.01 2,217,813 Government National Mortgage Association (Class MI) 2.06 20/04/2067 209,805 0.12 3,349,231 Government National Mortgage Association (Class MI) 2.15 20/04/2067 257,556 0.15 2,464,167 Government National Mortgage Association (Class MI) 2.50 20/11/2050 291,856 0.17 2,301,333 Government National Mortgage Association (Class NI) 2.37 20/10/2066 210,802 0.12 1,022,945 Government National Mortgage Association (Class NI) 3.50 20/01/2039 24,960 0.01 1,684 Government National Mortgage Association (Class OD) - 16/07/2036 1,515 - 3,636,967 Government National Mortgage Association (Class PI) 3.50 20/12/2049 422,652 0.25 980,717 Government National Mortgage Association (Class PI) 3.50 20/02/2045 127,493 0.07 3,873,709 Government National Mortgage Association (Class QI) 2.42 20/09/2067 359,647 0.21 935,174 Government National Mortgage Association (Class QI) 5.00 20/01/2044 148,166 0.09 349,842 Government National Mortgage Association (Class QI) 4.50 20/01/2040 53,806 0.03 2,496,108 Government National Mortgage Association (Class SA) 5.95 20/03/2044 516,475 0.30 3,291,226 Government National Mortgage Association (Class SC) 5.90 20/02/2049 467,505 0.27 2,002,294 Government National Mortgage Association (Class SD) 6.50 20/12/2039 392,600 0.23 3,216,694 Government National Mortgage Association (Class SG) 5.85 20/02/2049 607,537 0.36 2,311,922 Government National Mortgage Association (Class SG) 6.00 20/06/2043 446,132 0.26 124,924 Government National Mortgage Association (Class SJ) 5.90 20/06/2049 15,407 0.01 806,718 Government National Mortgage Association (Class SK) 6.45 20/04/2038 199,084 0.12 1,154,559 Government National Mortgage Association (Class SN) 6.54 16/11/2041 269,867 0.16 3,507,742 Government National Mortgage Association (Class SW) 5.95 20/02/2050 562,747 0.33 846,154 Government National Mortgage Association (Class UI) 5.00 20/12/2039 153,899 0.09 2,152,341 Government National Mortgage Association (Class WI) 4.70 20/12/2040 334,625 0.20 3,064,397 Government National Mortgage Association (Class XI) 2.46 20/07/2065 283,150 0.17 1,375,811 Government National Mortgage Association (Class XI) 3.50 20/05/2045 89,428 0.05 29,203,156 17.07 Commercial Mortgage-Backed Securities (16.65%) 336,350 Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14 (Class XW) 0.56 11/12/2038 3,322 - 687,000 Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 (Class AJ) 5.43 12/01/2045 539,295 0.32 160,000 Benchmark 2018-B1 Mortgage Trust (Class C) 4.12 15/01/2051 171,081 0.10 363,000 Citigroup Commercial Mortgage Trust 2012-GC8 (Class B) 4.29 10/09/2045 368,113 0.22 2,304,933 Citigroup Commercial Mortgage Trust 2013-GC17 (Class XA) 1.03 10/11/2046 56,745 0.03 4,100,657 Citigroup Commercial Mortgage Trust 2014-GC21 (Class XA) 1.17 10/05/2047 132,753 0.08 8,022,803 Citigroup Commercial Mortgage Trust 2014-GC23 (Class XA) 0.94 10/07/2047 232,186 0.14 485,000 Citigroup Commercial Mortgage Trust 2015-P1 (Class C) 4.37 15/09/2048 465,737 0.27 890,000 Citigroup Mortgage Loan Trust Incorporated (Class M1) 0.41 25/06/2037 859,639 0.51

The accompanying notes form an integral part of these financial statements.

26 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (41.24%) (30 June 2020: 38.40%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (16.65%) cont. USD 563,000 Commercial 2010-C1 Mortgage Trust (Class D) 5.79 10/07/2046 USD 508,355 0.30 1,000,000 Commercial 2012-CCRE3 Mortgage Trust (Class F) 4.75 15/10/2045 263,690 0.15 23,598,157 Commercial 2013-CCRE11 Mortgage Trust (Class XA) 0.92 10/08/2050 507,809 0.30 275,000 Commercial 2013-CCRE13 Mortgage Trust (Class E) 4.89 10/11/2046 181,386 0.11 272,000 Commercial 2013-CCRE9 Mortgage Trust (Class D) 4.24 10/07/2045 137,636 0.08 5,660,797 Commercial 2013-LC13 Mortgage Trust (Class XA) 1.11 10/08/2046 137,578 0.08 1,399,000 Commercial 2014-CCRE17 Mortgage Trust (Class C) 4.78 10/05/2047 1,401,772 0.82 9,393,895 Commercial 2014-CCRE19 Mortgage Trust (Class XA) 0.98 10/08/2047 262,468 0.15 5,835,546 Commercial 2014-CCRE20 Mortgage Trust (Class XA) 1.02 10/11/2047 184,695 0.11 228,000 Commercial 2014-UBS4 Mortgage Trust (Class C) 4.64 10/08/2047 237,267 0.14 5,730,041 Commercial 2014-UBS4 Mortgage Trust (Class XA) 1.10 10/08/2047 177,557 0.10 167,000 Commercial 2014-UBS6 Mortgage Trust (Class C) 4.45 10/12/2047 162,807 0.10 527,000 Commercial 2015-LC19 Mortgage Trust (Class C) 4.24 10/02/2048 550,922 0.32 387,000 Commercial 2015-LC19 Mortgage Trust (Class D) 2.87 10/02/2048 367,077 0.21 21,501,786 Commercial 2015-LC21 Mortgage Trust (Class XA) 0.69 10/07/2048 550,304 0.32 1,301,998 Credit Suisse Commercial Mortgage Trust Series 2006-C5 (Class AX) 0.90 15/12/2039 13 - 56,581 Credit Suisse Commercial Mortgage Trust Series 2007-C2 (Class B) 5.63 15/01/2049 56,513 0.03 11,354 Credit Suisse Commercial Mortgage Trust Series 2007-C4 (Class C) 5.72 15/09/2039 11,342 0.01 1,099,554 Credit Suisse Commercial Mortgage Trust Series 2008-C1 (Class AJ) 5.80 15/02/2041 601,676 0.35 265,000 CSAIL 2015-C1 Commercial Mortgage Trust (Class C) 4.26 15/04/2050 254,004 0.15 179,000 CSAIL 2015-C1 Commercial Mortgage Trust (Class D) 3.76 15/04/2050 118,500 0.07 9,736,293 CSAIL 2018-CX12 Commercial Mortgage Trust (Class XA) 0.61 15/08/2051 359,649 0.21 251,000 DBUBS 2011-LC2 Mortgage Trust (Class C) 5.49 10/07/2044 251,377 0.15 673,000 DBUBS 2011-LC3 Mortgage Trust (Class D) 5.34 10/08/2044 635,044 0.37 1,952,000 Freddie Mac Multiclass Certificates Series 2015-P001 (Class DX) 1.82 27/09/2028 230,019 0.13 476,000 GS Mortgage Securities Trust 2010-C1 (Class D) 5.98 10/08/2043 71,439 0.04 519,000 GS Mortgage Securities Trust 2012-GC6 (Class D) 5.65 10/01/2045 433,790 0.25 202,000 GS Mortgage Securities Trust 2012-GCJ9 (Class C) 4.45 10/11/2045 206,789 0.12 799,000 GS Mortgage Securities Trust 2014-GC18 (Class C) 4.99 10/01/2047 659,175 0.39 8,230,318 GS Mortgage Securities Trust 2014-GC18 (Class XA) 1.01 10/01/2047 195,059 0.11 251,000 GS Mortgage Securities Trust 2014-GC22 (Class C) 4.69 10/06/2047 245,891 0.14 1,342,000 GS Mortgage Securities Trust 2014-GC24 (Class D) 4.53 10/09/2047 509,960 0.30 197,000 GS Mortgage Securities Trust 2015-GC30 (Class C) 4.08 10/05/2050 209,175 0.12 6,645,719 GS Mortgage Securities Trust 2015-GC30 (Class XA) 0.75 10/05/2050 181,695 0.11 800,000 JP Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC20 (Class E) 6.17 12/02/2051 240,000 0.14 49,578 JP Morgan Chase Commercial Mortgage Securities Trust 2010-C1 (Class C) 6.02 15/06/2043 49,578 0.03 435,000 JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 (Class D) 5.65 15/11/2043 277,526 0.16 578,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 (Class D) 4.67 15/10/2045 486,841 0.28 8,589,953 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 (Class XA) 0.96 15/12/2047 141,734 0.08 1,022,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class E) 3.25 15/04/2046 635,128 0.37 8,132,742 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class XA) 1.25 15/04/2046 187,064 0.11 709,000 JPMBB Commercial Mortgage Securities Trust 2013-C14 (Class D) 4.70 15/08/2046 443,708 0.26 5,359,823 JPMBB Commercial Mortgage Securities Trust 2013-C17 (Class XA) 0.74 15/01/2047 101,002 0.06 1,041,000 JPMBB Commercial Mortgage Securities Trust 2014-C18 (Class D) 4.79 15/02/2047 555,586 0.32 273,000 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class C) 4.55 15/09/2047 235,349 0.14 7,222,638 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class XA) 0.83 15/09/2047 182,896 0.11 11,111,974 JPMBB Commercial Mortgage Securities Trust 2014-C24 (Class XA) 0.92 15/11/2047 251,427 0.15 523,000 JPMBB Commercial Mortgage Securities Trust 2014-C25 (Class D) 3.95 15/11/2047 373,972 0.22 1,254,245 LB-UBS Commercial Mortgage Trust 2006-C6 (Class XCL) 0.69 15/09/2039 4,151 - 216,694 ML-CFC Commercial Mortgage Trust 2006-4 (Class C) 5.32 12/12/2049 130,019 0.08 330,000 Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 (Class E) 4.67 15/08/2045 326,031 0.19 402,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 (Class D) 4.08 15/07/2046 175,930 0.10 2,130,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 (Class E) 4.08 15/07/2046 1,545,687 0.91 692,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 (Class D) 4.76 15/10/2046 463,896 0.27 467,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 (Class D) 4.91 15/04/2047 461,156 0.27 1,606,198 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 (Class XA) 1.08 15/08/2047 41,911 0.02

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 27

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (41.24%) (30 June 2020: 38.40%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (16.65%) cont. USD 5,490,866 Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 (Class XA) 1.05 15/10/2048 USD 211,828 0.12 7,266,541 Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 (Class XA) 0.70 15/12/2049 241,065 0.14 952,369 Morgan Stanley Capital I Trust 2006-HQ10 (Class B) 5.45 12/11/2041 938,001 0.56 11,682 Morgan Stanley Capital I Trust 2007-HQ11 (Class B) 5.54 12/02/2044 11,541 0.01 151,120 Morgan Stanley Capital I Trust 2007-HQ11 (Class C) 5.56 12/02/2044 34,002 0.02 1,410,414 Morgan Stanley Capital I Trust 2012-C4 (Class XA) 2.06 15/03/2045 21,133 0.01 5,502,274 Morgan Stanley Capital I Trust 2016-BNK2 (Class XA) 1.05 15/11/2049 236,044 0.14 498,000 Multifamily Connecticut Avenue Securities Trust 2019-01 (Class M10) 3.40 15/10/2049 463,952 0.27 693,000 UBS-Barclays Commercial Mortgage Trust 2012-C2 (Class E) 4.89 10/05/2063 666,049 0.39 7,239,105 UBS-Barclays Commercial Mortgage Trust 2012-C2 (Class XA) 1.29 10/05/2063 110,548 0.06 14,673,501 UBS-Barclays Commercial Mortgage Trust 2013-C5 (Class XA) 0.94 10/03/2046 213,237 0.12 11,944,365 UBS-Barclays Commercial Mortgage Trust 2013-C6 (Class XA) 1.11 10/04/2046 227,683 0.13 296,000 UBS-Citigroup Commercial Mortgage Trust 2011-C1 (Class D) 6.05 10/01/2045 261,564 0.15 500,000 Wells Fargo Commercial Mortgage Trust 2013-LC12 (Class D) 4.27 15/07/2046 200,000 0.12 522,000 Wells Fargo Commercial Mortgage Trust 2014-LC16 (Class D) 3.94 15/08/2050 193,642 0.11 13,995,582 Wells Fargo Commercial Mortgage Trust 2014-LC16 (Class XA) 1.09 15/08/2050 422,870 0.25 7,276,559 Wells Fargo Commercial Mortgage Trust 2015-C27 (Class XA) 0.89 15/02/2048 208,925 0.12 311,000 Wells Fargo Commercial Mortgage Trust 2015-NXS3 (Class B) 4.50 15/09/2057 343,600 0.20 2,765,411 Wells Fargo Commercial Mortgage Trust 2016-BNK1 (Class XA) 1.74 15/08/2049 218,467 0.13 7,693,000 Wells Fargo Commercial Mortgage Trust 2016-BNK1 (Class XB) 1.33 15/08/2049 494,706 0.29 262,000 WFRBS Commercial Mortgage Trust 2011-C4 (Class C) 5.19 15/06/2044 259,729 0.15 267,750 WFRBS Commercial Mortgage Trust 2011-C5 (Class D) 5.66 15/11/2044 263,578 0.15 1,176,000 WFRBS Commercial Mortgage Trust 2012-C7 (Class F) 4.50 15/06/2045 492,949 0.29 18,323,655 WFRBS Commercial Mortgage Trust 2013-C14 (Class XA) 0.72 15/06/2046 235,858 0.14 884,000 WFRBS Commercial Mortgage Trust 2013-C15 (Class D) 4.49 15/08/2046 366,343 0.21 7,708,150 WFRBS Commercial Mortgage Trust 2013-C15 (Class XA) 0.41 15/08/2046 67,932 0.04 3,869,827 WFRBS Commercial Mortgage Trust 2013-UBS1 (Class XA) 0.96 15/03/2046 90,875 0.05 28,498,017 16.65 Residential Mortgage-Backed Securities (non-agency) (7.52%) 778,483 Alternative Loan Trust 2005-51 (Class 3A3A) 0.78 20/11/2035 667,101 0.39 732,910 Alternative Loan Trust 2006-24CB (Class A19) 0.65 25/08/2036 351,299 0.21 183,339 Alternative Loan Trust 2006-OA10 (Class 4A1) 0.53 25/08/2046 177,061 0.10 1,908,922 Alternative Loan Trust 2006-OA7 (Class 1A2) 1.55 25/06/2046 1,685,878 1.00 230,916 Alternative Loan Trust 2007-OA6 (Class A1A) 0.29 25/06/2037 212,443 0.12 261,274 American Home Mortgage Investment Trust 2007-1 (Class A1C) 0.34 25/05/2047 132,561 0.08 251,000 Bellemeade Re 2019-4 Limited (Class M1C) 2.65 25/10/2029 244,344 0.14 181,283 CHL Mortgage Pass-Through Trust 2005-3 (Class 1A1) 0.77 25/04/2035 156,056 0.09 24,439 Connecticut Avenue Securities Trust 2019-R03 (Class 1M2) 2.30 25/09/2031 24,356 0.01 486,890 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.90 25/10/2028 592,750 0.35 884,518 Fannie Mae Connecticut Avenue Securities (Class 1B) 12.40 25/09/2028 1,073,206 0.63 114,697 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.90 25/08/2028 138,099 0.08 324,109 Fannie Mae Connecticut Avenue Securities (Class 1M2) 3.70 25/07/2029 333,420 0.19 103,634 Fannie Mae Connecticut Avenue Securities (Class 1M2) 4.45 25/02/2025 105,223 0.06 239,769 Fannie Mae Connecticut Avenue Securities (Class 1M2) 5.05 25/11/2024 245,830 0.14 256,293 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.50 25/05/2029 266,024 0.16 461,055 Fannie Mae Connecticut Avenue Securities (Class 2M2) 6.05 25/10/2028 484,637 0.28 58,589 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.70 25/04/2028 61,511 0.04 19,017 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.15 25/07/2025 19,412 0.01 40,784 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.15 25/05/2025 41,390 0.02 81,831 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.05 25/07/2024 81,595 0.05 46,797 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.75 25/05/2024 46,302 0.03 376,436 Fannie Mae Connecticut Avenue Securities (Class M2) 4.55 25/01/2024 378,732 0.22 543,888 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 10.15 25/07/2028 576,601 0.34 676,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2B) 2.65 25/03/2030 674,384 0.39 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.00 25/03/2029 258,663 0.15

The accompanying notes form an integral part of these financial statements.

28 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (41.24%) (30 June 2020: 38.40%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (7.52%) cont. USD 523,978 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.90 25/09/2024 USD 537,342 0.31 160,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 4.80 25/01/2049 163,010 0.10 700,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 3.30 25/09/2050 706,453 0.41 209,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 3.90 25/08/2050 211,874 0.12 100,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 3.15 25/06/2050 100,544 0.06 102,073 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.50 25/02/2049 101,707 0.06 73,500 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.45 25/10/2048 72,231 0.04 679,235 Pretium Mortgage Credit Partners I 2020-RPL1 LLC (Class A1) 3.82 27/05/2060 680,346 0.40 420,000 Seasoned Credit Risk Transfer Trust Series 2017-2 (Class M1) 4.00 25/08/2056 420,000 0.25 235,000 Seasoned Credit Risk Transfer Trust Series 2019-4 (Class M) 4.50 25/02/2059 242,545 0.14 107,000 STACR Trust 2018-DNA2 (Class M2) 2.30 25/12/2030 105,805 0.06 251,560 Structured Asset Mortgage Investments II Trust 2007-AR7 (Class 1A1) 1.00 25/05/2047 196,181 0.11 135,536 WaMu Mortgage Pass-Through Certificates Series 2005-AR14 Trust (Class 1A2) 2.90 25/12/2035 132,827 0.08 169,319 Wells Fargo Mortgage Backed Securities 2006-AR5 Trust (Class 1A1) 3.94 25/04/2036 166,779 0.10 12,866,522 7.52 Total Mortgage-Backed Securities USD 70,567,695 41.24

REPURCHASE AGREEMENTS (4.37%) (30 June 2020: 4.15%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 7,478,000 Repurchase Agreement - Barclays Capital Incorporated* 0.05 04/01/2021 USD 7,478,000 4.37 Total Repurchase Agreements USD 7,478,000 4.37

*Interest in USD50,000,000 bulk repurchase agreement dated 31 December 2020 with Barclays Capital Incorporated due 4 January 2021 - maturity value of USD7,478,042 for an effective yield of 0.050% (collateralised by a U.S. Treasury note with a coupon rate of 2.500% and a due date of 15 February 2046, valued at USD51,015,130).

NON-U.S. CORPORATE BONDS AND NOTES (6.63%) (30 June 2020: 7.58%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Airlines (0.29%) USD 460,000 Delta Air Lines Incorporated (International) 4.75 20/10/2028 USD 502,096 0.29 502,096 0.29 Banking (4.13%) 843,000 Bank of Nova Scotia (Canada) 2.70 07/03/2022 867,183 0.51 1,050,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 1,147,125 0.67 1,215,000 National Australia Bank Limited (Australia) 2.50 12/01/2021 1,215,550 0.71 710,000 Sumitomo Mitsui Trust Bank Limited (Japan) 0.80 12/09/2023 716,427 0.42 998,000 Toronto-Dominion Bank (Canada) 1.90 01/12/2022 1,029,213 0.60 1,210,000 UBS AG (Switzerland) 1.75 21/04/2022 1,231,530 0.71 767,000 UBS Group AG (Switzerland) 6.88 29/12/2049 865,912 0.51 7,072,940 4.13 Chemicals (0.07%) 116,000 Tronox Finance PLC (United Kingdom) 5.75 01/10/2025 120,350 0.07 120,350 0.07 Commercial Services (0.64%) 176,000 IHS Markit Limited (Bermuda) 4.00 01/03/2026 201,080 0.12 785,000 IHS Markit Limited (Bermuda) 4.75 15/02/2025 900,788 0.52 1,101,868 0.64 Computers (0.02%) 35,000 CyberArk Software Limited (Israel) - 15/11/2024 42,460 0.02 42,460 0.02 Leisure Time (0.07%) 42,000 NCL Corporation Limited (Bermuda) 5.38 01/08/2025 71,071 0.04 41,000 Royal Caribbean Cruises Limited (Liberia) 2.88 15/11/2023 48,995 0.03 120,066 0.07

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 29

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (6.63%) (30 June 2020: 7.58%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Media (0.48%) USD 768,000 Videotron Limited (Canada) 5.13 15/04/2027 USD 815,040 0.48 815,040 0.48 Oil and Natural Gas Utilities (0.31%) 260,000 Aker BP ASA (Norway) 5.88 31/03/2025 270,383 0.15 41,000 Petrobras Global Finance BV (Netherlands) 6.00 27/01/2028 47,919 0.03 98,000 Petroleos de Venezuela SA (Venezuela) (In default) 5.38 12/04/2027 3,675 - 1,185,000 Petroleos de Venezuela SA (Venezuela) (In default) 6.00 15/11/2026 44,438 0.03 141,000 Petroleos Mexicanos (Mexico) 6.50 13/03/2027 148,523 0.09 22,000 Transocean Incorporated (Cayman Islands) 0.50 30/01/2023 11,018 0.01 525,956 0.31 Pharmaceuticals (0.35%) 59,000 Jazz Investments I Limited (Bermuda) 1.50 15/08/2024 62,714 0.04 495,000 Teva Pharmaceutical Finance Netherlands III BV (Netherlands) 6.00 15/04/2024 526,556 0.31 589,270 0.35 Retail (0.09%) 145,000 1011778 BC ULC (Canada) 4.00 15/10/2030 146,947 0.09 146,947 0.09 Telecommunications (0.18%) 300,000 Intelsat Jackson Holdings SA (Luxembourg) 8.00 15/02/2024 307,125 0.18 307,125 0.18 Total Non-U.S. Corporate Bonds and Notes USD 11,344,118 6.63

U.S. CORPORATE BONDS AND NOTES (27.90%) (30 June 2020: 29.73%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Aerospace and Defense (0.34%) USD 550,000 TransDigm Incorporated 6.25 15/03/2026 USD 585,750 0.34 585,750 0.34 Airlines (0.09%) 34,000 American Airlines Group Incorporated 6.50 01/07/2025 42,621 0.02 73,000 Southwest Airlines Company 1.25 01/05/2025 106,033 0.07 148,654 0.09 Apparel (0.01%) 10,000 Under Armour Incorporated 1.50 01/06/2024 16,483 0.01 16,483 0.01 Auto Parts and Equipment (0.14%) 224,000 American Axle & Manufacturing Incorporated 6.25 01/04/2025 231,840 0.14 231,840 0.14 Automotive (0.63%) 720,000 BMW US Capital LLC 2.00 11/04/2021 722,176 0.43 320,000 Ford Motor Credit Company LLC 5.13 16/06/2025 347,936 0.20 1,070,112 0.63 Banking (4.70%) 327,000 Bank of America Corporation 6.10 29/12/2049 370,328 0.22 638,000 Bank of America Corporation 6.50 29/10/2049 728,915 0.43 382,000 Bank of America Corporation 3.50 17/05/2022 386,526 0.23 773,000 CIT Group Incorporated 5.25 07/03/2025 877,355 0.51 520,000 Citigroup Incorporated 2.90 08/12/2021 531,238 0.31 420,000 Dresdner Funding Trust I 8.15 30/06/2031 621,600 0.36 476,000 JPMorgan Chase & Company 6.00 31/12/2049 504,560 0.29 221,000 JPMorgan Chase & Company 2.96 13/05/2031 242,347 0.14 1,226,000 JPMorgan Chase & Company 3.38 01/05/2023 1,310,350 0.77 322,000 Morgan Stanley 3.75 25/02/2023 345,239 0.20 705,000 PNC Bank NA 2.03 09/12/2022 715,831 0.42 35,000 Provident Funding Associates LP 6.38 15/06/2025 35,875 0.02 304,000 US Bancorp 2.63 24/01/2022 310,977 0.18 1,055,000 US Bank NA 3.15 26/04/2021 1,062,041 0.62 8,043,182 4.70

The accompanying notes form an integral part of these financial statements.

30 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (27.90%) (30 June 2020: 29.73%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Biotechnology (0.05%) USD 21,000 BioMarin Pharmaceutical Incorporated 1.25 15/05/2027 USD 21,945 0.01 41,000 Exact Sciences Corporation 0.38 15/03/2027 56,738 0.04 78,683 0.05 Building Materials (0.44%) 246,000 BMC East LLC 5.50 01/10/2024 252,765 0.15 495,000 Louisiana-Pacific Corporation 4.88 15/09/2024 507,375 0.29 760,140 0.44 Chemicals (1.45%) 635,000 CF Industries Incorporated 4.50 01/12/2026 752,320 0.44 715,000 CF Industries Incorporated 3.45 01/06/2023 745,388 0.44 235,000 Kraton Polymers LLC 4.25 15/12/2025 239,724 0.14 684,000 WR Grace & Company 5.63 01/10/2024 737,865 0.43 2,475,297 1.45 Commercial Services (0.88%) 475,000 Ashtead Capital Incorporated 4.38 15/08/2027 501,718 0.29 17,000 FTI Consulting Incorporated 2.00 15/08/2023 21,242 0.01 386,000 Global Payments Incorporated 2.90 15/05/2030 420,305 0.25 70,000 Service Corporation International 3.38 15/08/2030 72,815 0.04 380,000 Service Corporation International 4.63 15/12/2027 404,700 0.24 25,000 Shift4 Payments Incorporated 0.01 15/12/2025 30,507 0.02 28,000 Square Incorporated 0.13 01/03/2025 52,990 0.03 1,504,277 0.88 Computers (0.25%) 51,000 Lumentum Holdings Incorporated 0.50 15/12/2026 62,189 0.04 18,000 Rapid7 Incorporated 2.25 01/05/2025 29,213 0.02 315,000 Tempo Acquisition LLC 5.75 01/06/2025 334,687 0.19 426,089 0.25 Distribution/Wholesale (0.19%) 315,000 Univar Solutions USA Incorporated 5.13 01/12/2027 332,719 0.19 332,719 0.19 Diversified Financial Services (0.61%) 75,000 Ally Financial Incorporated 8.00 01/11/2031 110,090 0.06 423,000 American Express Company 2.65 02/12/2022 441,543 0.27 18,000 Encore Capital Group Incorporated 3.25 15/03/2022 19,506 0.01 21,000 JPMorgan Chase Financial Company LLC 0.25 01/05/2023 22,523 0.01 27,000 LendingTree Incorporated 0.50 15/07/2025 26,261 0.02 155,000 LPL Holdings Incorporated 5.75 15/09/2025 160,335 0.09 245,000 PennyMac Financial Services Incorporated 5.38 15/10/2025 259,088 0.15 1,039,346 0.61 Electric Utilities (0.72%) 455,000 Calpine Corporation 4.50 15/02/2028 473,200 0.28 43,000 NRG Energy Incorporated 2.75 01/06/2048 48,861 0.03 680,000 NRG Energy Incorporated 6.63 15/01/2027 718,107 0.41 1,240,168 0.72 Electronics (0.03%) 57,000 Fortive Corporation 0.88 15/02/2022 58,635 0.03 58,635 0.03 Entertainment (0.51%) 250,000 Caesars Resort Collection LLC 5.25 15/10/2025 252,500 0.15 16,000 Cinemark Holdings Incorporated 4.50 15/08/2025 23,352 0.01 370,000 Live Nation Entertainment Incorporated 5.63 15/03/2026 380,174 0.22 8,000 Penn National Gaming Incorporated 2.75 15/05/2026 30,178 0.02 145,000 Six Flags Theme Parks Incorporated 7.00 01/07/2025 156,600 0.09 35,000 Vail Resorts Incorporated 0.01 01/01/2026 35,638 0.02 878,442 0.51

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 31

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (27.90%) (30 June 2020: 29.73%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Food (2.37%) USD 1,000,000 Albertsons Companies Incorporated 4.63 15/01/2027 USD 1,063,750 0.62 1,010,000 Kraft Heinz Foods Company 3.00 01/06/2026 1,054,714 0.62 1,079,000 Lamb Weston Holdings Incorporated 4.88 01/11/2026 1,127,880 0.65 815,000 Nestle Holdings Incorporated 0.38 15/01/2024 815,821 0.48 4,062,165 2.37 Forest Products & Paper (0.03%) 50,000 Mercer International Incorporated 6.50 01/02/2024 50,688 0.03 50,688 0.03 Health-Care Services (0.25%) 150,000 Centene Corporation 3.00 15/10/2030 158,985 0.09 155,000 Global Medical Response Incorporated 6.50 01/10/2025 161,974 0.10 3,000 HCA Incorporated 5.25 15/06/2026 3,551 - 17,000 Teladoc Health Incorporated 1.25 01/06/2027 20,361 0.01 78,000 UnitedHealth Group Incorporated 2.00 15/05/2030 82,734 0.05 427,605 0.25 Home Builders (0.99%) 1,018,000 Lennar Corporation 5.88 15/11/2024 1,175,789 0.69 2,000 PulteGroup Incorporated 7.88 15/06/2032 2,993 - 405,000 PulteGroup Incorporated 5.50 01/03/2026 481,916 0.28 32,000 Winnebago Industries Incorporated 1.50 01/04/2025 37,897 0.02 1,698,595 0.99 Household Products/Wares (0.19%) 39,000 Spectrum Brands Incorporated 5.50 15/07/2030 42,023 0.02 266,000 Spectrum Brands Incorporated 5.00 01/10/2029 285,657 0.17 327,680 0.19 Insurance (1.10%) 35,000 Alliant Holdings Intermediate LLC 4.25 15/10/2027 35,788 0.02 11,000 American International Group Incorporated 8.18 15/05/2058 16,116 0.01 782,000 CNO Financial Group Incorporated 5.25 30/05/2025 907,728 0.53 900,000 Metropolitan Life Global Funding I 1.95 13/01/2023 928,564 0.54 1,888,196 1.10 Internet (1.55%) 242,000 Alphabet Incorporated 3.63 19/05/2021 245,133 0.14 422,000 Amazon.com Incorporated 2.50 29/11/2022 438,253 0.26 59,000 Booking Holdings Incorporated 0.75 01/05/2025 85,716 0.05 26,000 Etsy Incorporated 0.13 01/09/2027 32,164 0.02 20,000 Lyft Incorporated 1.50 15/05/2025 29,629 0.02 31,000 Match Group Financeco 2 Incorporated 0.88 15/06/2026 56,594 0.03 406,000 Match Group Holdings II LLC 4.63 01/06/2028 425,539 0.25 455,000 Netflix Incorporated 5.88 15/11/2028 545,431 0.32 35,000 Okta Incorporated 0.38 15/06/2026 44,862 0.03 144,000 Palo Alto Networks Incorporated 0.38 01/06/2025 189,624 0.11 54,000 Proofpoint Incorporated 0.25 15/08/2024 60,461 0.04 11,000 Q2 Holdings Incorporated 0.75 01/06/2026 16,848 0.01 21,000 Snap Incorporated 0.75 01/08/2026 47,549 0.03 225,000 TripAdvisor Incorporated 7.00 15/07/2025 243,000 0.14 26,000 Twitter Incorporated 1.00 15/09/2021 26,468 0.02 20,000 Uber Technologies Incorporated 0.01 15/12/2025 20,461 0.01 38,000 Zendesk Incorporated 0.63 15/06/2025 55,894 0.03 11,000 Zillow Group Incorporated 1.38 01/09/2026 33,033 0.02 20,000 Zillow Group Incorporated 2.75 15/05/2025 41,575 0.02 2,638,234 1.55 Investment Companies (0.16%) 265,000 Icahn Enterprises LP 6.25 15/05/2026 280,609 0.16 280,609 0.16

The accompanying notes form an integral part of these financial statements.

32 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (27.90%) (30 June 2020: 29.73%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Machinery (0.18%) USD 24,000 Middleby Corporation 1.00 01/09/2025 USD 29,310 0.02 278,000 RBS Global Incorporated 4.88 15/12/2025 283,213 0.16 312,523 0.18 Media (0.93%) 160,000 CCO Holdings LLC 5.38 01/06/2029 175,400 0.10 303,000 CCO Holdings LLC 5.50 01/05/2026 313,984 0.18 19,000 CSC Holdings LLC 5.25 01/06/2024 20,566 0.01 171,000 Discovery Communications LLC 3.63 15/05/2030 195,882 0.11 84,000 DISH Network Corporation 3.38 15/08/2026 80,071 0.05 633,000 Gray Television Incorporated 7.00 15/05/2027 693,135 0.42 42,000 Liberty Broadband Corporation 1.25 30/09/2050 42,399 0.02 24,000 Liberty Media Corporation 2.75 01/12/2049 24,756 0.01 39,000 Liberty Media Corporation-Liberty Formula One 1.00 30/01/2023 49,696 0.03 1,595,889 0.93 Medical Technology (0.08%) 36,000 CONMED Corporation 2.63 01/02/2024 50,322 0.04 22,000 Envista Holdings Corporation 2.38 01/06/2025 38,231 0.02 19,000 Insulet Corporation 0.38 01/09/2026 25,047 0.01 21,000 Tandem Diabetes Care Incorporated 1.50 01/05/2025 24,732 0.01 138,332 0.08 Mining (0.76%) 157,000 Compass Minerals International Incorporated 4.88 15/07/2024 163,280 0.10 160,000 Freeport-McMoRan Incorporated 4.38 01/08/2028 170,000 0.10 905,000 Novelis Corporation 4.75 30/01/2030 975,015 0.56 1,308,295 0.76 Miscellaneous Manufacturer (0.22%) 349,000 Amsted Industries Incorporated 5.63 01/07/2027 370,813 0.22 370,813 0.22 Oil and Natural Gas Utilities (0.66%) 389,000 Endeavor Energy Resources LP 5.75 30/01/2028 419,614 0.25 148,000 Indigo Natural Resources LLC 6.88 15/02/2026 151,330 0.09 460,000 Ovintiv Exploration Incorporated 5.63 01/07/2024 492,200 0.28 55,000 Pioneer Natural Resources Company 0.25 15/05/2025 73,078 0.04 1,136,222 0.66 Packaging and Containers (0.34%) 52,000 Berry Global Incorporated 5.13 15/07/2023 52,650 0.03 305,000 Crown Americas LLC 4.75 01/02/2026 316,437 0.19 169,000 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 205,758 0.12 5,000 Mauser Packaging Solutions Holding Company 5.50 15/04/2024 5,099 - 579,944 0.34 Pharmaceuticals (0.71%) 469,000 Bristol-Myers Squibb Company 3.25 20/02/2023 493,383 0.29 21,000 DexCom Incorporated 0.25 15/11/2025 21,118 0.01 30,000 Ironwood Pharmaceuticals Incorporated 0.75 15/06/2024 33,315 0.02 13,000 Neurocrine Biosciences Incorporated 2.25 15/05/2024 17,937 0.01 25,000 Pacira BioSciences Incorporated 0.75 01/08/2025 28,113 0.02 21,000 Revance Therapeutics Incorporated 1.75 15/02/2027 23,552 0.01 160,000 Viatris Incorporated 2.30 22/06/2027 170,339 0.10 408,000 Zoetis Incorporated 2.00 15/05/2030 422,455 0.25 1,210,212 0.71 Pipelines (1.15%) 120,000 Cheniere Corpus Christi Holdings LLC 5.13 30/06/2027 141,957 0.08 986,000 Cheniere Corpus Christi Holdings LLC 5.88 31/03/2025 1,147,484 0.68 2,000 Energy Transfer Operating LP 6.63 31/12/2099 1,690 - 598,000 Energy Transfer Operating LP 5.88 15/01/2024 672,203 0.39 1,963,334 1.15

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 33

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (27.90%) (30 June 2020: 29.73%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Real Estate (1.61%) USD 42,000 Blackstone Mortgage Trust Incorporated 4.75 15/03/2023 USD 41,811 0.02 140,000 Diversified Healthcare Trust 9.75 15/06/2025 158,993 0.09 140,000 GLP Capital LP 5.38 15/04/2026 160,674 0.09 486,000 GLP Capital LP 5.25 01/06/2025 546,789 0.32 365,000 Howard Hughes Corporation 5.38 15/03/2025 376,406 0.22 37,000 IH Merger Sub LLC 3.50 15/01/2022 49,404 0.03 240,000 iStar Incorporated 4.75 01/10/2024 243,000 0.14 250,000 Ladder Capital Finance Holdings LLLP 5.25 01/10/2025 249,375 0.15 42,000 Redfin Corporation - 15/10/2025 50,196 0.03 365,000 SBA Communications Corporation 4.00 01/10/2022 368,650 0.22 505,000 Starwood Property Trust Incorporated 4.75 15/03/2025 517,625 0.30 2,762,923 1.61 Retail (0.48%) 21,000 Bloomin' Brands Incorporated 5.00 01/05/2025 38,562 0.02 23,000 Burlington Stores Incorporated 2.25 15/04/2025 31,861 0.02 16,000 Dick's Sporting Goods Incorporated 3.25 15/04/2025 28,490 0.02 245,000 Golden Nugget Incorporated 6.75 15/10/2024 243,241 0.14 145,000 L Brands Incorporated 6.63 01/10/2030 161,313 0.09 21,000 National Vision Holdings Incorporated 2.50 15/05/2025 33,863 0.02 250,000 Penske Automotive Group Incorporated 5.50 15/05/2026 259,687 0.16 9,000 RH 0.01 15/09/2024 19,657 0.01 816,674 0.48 Semiconductors (0.09%) 20,000 Inphi Corporation 0.75 15/04/2025 28,061 0.02 16,000 Microchip Technology Incorporated 1.63 15/02/2027 32,362 0.02 18,000 ON Semiconductor Corporation 1.63 15/10/2023 30,159 0.02 30,000 Silicon Laboratories Incorporated 0.63 15/06/2025 37,678 0.02 18,000 Synaptics Incorporated 0.50 15/06/2022 24,820 0.01 153,080 0.09 Software (1.79%) 37,000 1Life Healthcare Incorporated 3.00 15/06/2025 46,395 0.03 40,000 Akamai Technologies Incorporated 0.38 01/09/2027 44,571 0.03 33,000 Akamai Technologies Incorporated 0.13 01/05/2025 40,842 0.02 17,000 Blackline Incorporated 0.13 01/08/2024 31,920 0.02 145,000 Boxer Parent Company Incorporated 7.13 02/10/2025 157,390 0.09 21,000 Cloudflare Incorporated 0.75 15/05/2025 44,810 0.03 16,000 Coupa Software Incorporated 0.38 15/06/2026 21,516 0.01 34,000 Five9 Incorporated 0.50 01/06/2025 49,390 0.03 41,000 Guidewire Software Incorporated 1.25 15/03/2025 52,988 0.03 32,000 HubSpot Incorporated 0.38 01/06/2025 49,383 0.03 36,000 J2 Global Incorporated 1.75 01/11/2026 37,308 0.02 28,000 LivePerson Incorporated - 15/12/2026 30,585 0.02 36,000 New Relic Incorporated 0.50 01/05/2023 35,271 0.02 16,000 Nuance Communications Incorporated 1.25 01/04/2025 36,406 0.02 1,342,000 Oracle Corporation 3.63 15/07/2023 1,454,683 0.85 674,000 Oracle Corporation 2.50 15/05/2022 692,020 0.40 28,000 Pegasystems Incorporated 0.75 01/03/2025 32,868 0.02 22,000 RingCentral Incorporated 0.01 01/03/2025 28,063 0.02 33,000 Sailpoint Technologies Holdings Incorporated 0.13 15/09/2024 64,263 0.04 50,000 Splunk Incorporated 1.13 15/06/2027 51,968 0.03 53,000 Zynga Incorporated 0.01 15/12/2026 55,637 0.03 3,058,277 1.79 Telecommunications (1.01%) 235,000 Frontier Communications Corporation 5.88 15/10/2027 254,094 0.15 495,000 Level 3 Financing Incorporated 5.25 15/03/2026 511,483 0.29 230,000 Sprint Capital Corporation 6.88 15/11/2028 303,250 0.18 150,000 Sprint Corporation 7.88 15/09/2023 173,670 0.10

The accompanying notes form an integral part of these financial statements.

34 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (27.90%) (30 June 2020: 29.73%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Telecommunications (1.01%) cont. USD 375,000 T-Mobile USA Incorporated 4.75 01/02/2028 USD 403,084 0.24 38,000 Viavi Solutions Incorporated 1.00 01/03/2024 48,682 0.03 24,000 Vonage Holdings Corporation 1.75 01/06/2024 25,921 0.02 1,720,184 1.01 Toys/Games/Hobbies (0.19%) 300,000 Mattel Incorporated 6.75 31/12/2025 316,641 0.19 316,641 0.19 Transportation (0.02%) 23,000 Air Transport Services Group Incorporated 1.13 15/10/2024 27,299 0.02 27,299 0.02 Total U.S. Corporate Bonds and Notes USD 47,734,231 27.90

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (5.37%) (30 June 2020: 5.28%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund USD 150,000 Dominican Republic International Bond (Dominican Republic) 6.50 15/02/2048 USD 177,002 0.10 150,000 Dominican Republic International Bond (Dominican Republic) 4.50 30/01/2030 162,564 0.10 141,000 Dominican Republic International Bond (Dominican Republic) 8.63 20/04/2027 178,718 0.10 200,000 Dominican Republic International Bond (Dominican Republic) 6.88 29/01/2026 240,000 0.14 278,000 Egypt Government International Bond (Egypt) 7.60 01/03/2029 319,357 0.19 260,000 Egypt Government International Bond (Egypt) 5.75 29/05/2024 278,125 0.16 634,000 El Salvador Government International Bond (El Salvador) 7.63 01/02/2041 587,248 0.34 310,000 Ghana Government International Bond (Ghana) 8.95 26/03/2051 322,788 0.19 670,000 Indonesia Government International Bond (Indonesia) 3.85 15/10/2030 778,566 0.45 745,000 Indonesia Government International Bond (Indonesia) 3.38 15/04/2023 789,705 0.45 360,000 Ivory Coast Government International Bond (Ivory Coast) 6.13 15/06/2033 405,000 0.24 350,000 Ivory Coast Government International Bond (Ivory Coast) 5.38 23/07/2024 370,125 0.22 187,000 Jamaica Government International Bond (Jamaica) 8.00 15/03/2039 273,020 0.16 200,000 Kazakhstan Government International Bond (Kazakhstan) 4.88 14/10/2044 270,252 0.16 240,000 Kazakhstan Government International Bond (Kazakhstan) 5.13 21/07/2025 283,398 0.17 660,000 Kenya Government International Bond (Kenya) 6.88 24/06/2024 722,699 0.42 564,000 Mexico Government International Bond (Mexico) 2.66 24/05/2031 577,536 0.34 200,000 Mongolia Government International Bond (Mongolia) 5.13 05/12/2022 207,252 0.12 360,000 Paraguay Government International Bond (Paraguay) 4.70 27/03/2027 420,304 0.25 272,000 Peruvian Government International Bond (Peru) 2.39 23/01/2026 290,091 0.17 690,000 Provincia de Cordoba (Argentina) 7.45 01/09/2024 421,935 0.25 340,000 Republic of South Africa Government International Bond (South Africa) 4.85 27/09/2027 367,624 0.21 345,000 Senegal Government International Bond (Senegal) 6.25 23/05/2033 386,831 0.23 EUR 100,000 Senegal Government International Bond (Senegal) 4.75 13/03/2028 130,106 0.08 USD 44,000 Venezuela Government International Bond (Venezuela) (In default) 7.65 21/04/2025 4,180 - 200,000 Vietnam Government International Bond (Vietnam) 4.80 19/11/2024 224,006 0.13 Total Foreign Government and Agency Bonds and Notes USD 9,188,432 5.37

COMMERCIAL PAPER (8.06%) (30 June 2020: 2.44%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 950,000 ABN AMRO Funding USA LLC 0.18 29/01/2021 USD 949,867 0.55 900,000 Atlantic Asset Securitization 0.25 05/02/2021 899,781 0.52 800,000 Australia & New Zealand Banking Group Limited 0.21 17/03/2021 799,650 0.47 850,000 Bank of Montreal 0.17 05/01/2021 849,984 0.50 850,000 Commonwealth Bank of Australia 0.21 18/02/2021 849,768 0.50 850,000 Manhattan Asset Funding Company 0.21 15/01/2021 849,931 0.50 850,000 Mitsubishi UFJ 0.26 19/04/2021 849,350 0.49 850,000 National Bank of Canada 0.21 01/04/2021 849,554 0.49 850,000 Nationwide Building Society 0.23 20/01/2021 849,897 0.50

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 35

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

COMMERCIAL PAPER (8.06%) (30 June 2020: 2.44%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 850,000 Nationwide Building Society 0.22 14/01/2021 USD 849,932 0.50 850,000 NRW. Bank 0.21 28/01/2021 849,866 0.50 900,000 NRW. Bank 0.22 22/01/2021 899,885 0.52 850,000 Skandinaviska Enskilda Banken AB 0.21 01/03/2021 849,714 0.50 900,000 Societe Generale 0.25 01/03/2021 899,631 0.52 850,000 Toronto-Dominion Bank 0.21 22/03/2021 849,603 0.50 850,000 Westpac Banking Corporation 0.21 17/03/2021 849,637 0.50 Total Commercial Paper USD 13,796,050 8.06

U.S. TREASURY OBLIGATIONS (1.64%) (30 June 2020: 8.41%) Principal Maturity Value % of Amount Yield (%) Date USD Fund USD 2,800,000 United States Treasury Bill1 0.09 02/02/2021 USD 2,799,781 1.64 Total U.S. Treasury Obligations USD 2,799,781 1.64

1 Security is partly held as collateral by JP Morgan Chase Bank N.A. (USD 345,230).

PURCHASED CURRENCY OPTIONS OUTSTANDING (0.28%) (30 June 2020: 0.11%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Credit Suisse International EUR/NOK (Put) Mar-21/NOK 10.45 USD 2,123,025 EUR 1,737,834 USD 30,667 0.02 Goldman Sachs International AUD/USD (Call) May-21/USD 0.79 4,226,194 AUD 5,481,800 55,528 0.03 USD/MXN (Put) Apr-21/MXN 20.50 2,381,300 USD 2,381,300 103,232 0.07 HSBC Bank USA, National Association AUD/USD (Call) Mar-21/USD 0.76 3,456,092 AUD 4,482,900 90,636 0.05 EUR/USD (Call) Mar-21/USD 1.24 2,830,685 EUR 2,317,100 24,545 0.01 USD/KRW (Put) Jun-21/KRW 1,050.00 2,035,700 USD 2,035,700 14,926 0.01 USD/SGD (Put) Mar-21/SGD 1.32 1,554,900 1,554,900 14,470 0.01 JPMorgan Chase Bank N.A. USD/MXN (Put) Apr-21/MXN 20.50 1,357,133 1,357,133 58,374 0.03 USD/SGD (Put) Apr-21/SGD 1.32 1,554,900 1,554,900 16,224 0.01 Morgan Stanley & Co. International PLC EUR/SEK (Put) Mar-21/SEK 9.90 1,556,626 EUR 1,274,200 9,155 0.01 USD/MXN (Put) Jun-21/MXN 19.25 1,357,133 USD 1,357,133 20,038 0.01 UBS AG EUR/NOK (Put) Apr-21/NOK 10.45 2,123,024 EUR 1,737,833 35,688 0.02 Total Purchased Currency Options Outstanding USD 473,483 0.28

PURCHASED EQUITY OPTIONS OUTSTANDING (-%) (30 June 2020: 0.01%)

PURCHASED SWAP OPTIONS OUTSTANDING (2.73%) (30 June 2020: 2.49%) Counterparty Notional/ Fixed right % to receive or (pay)/ Expiration Contract Value % of Floating rate index/Maturity date date/strike Amount USD Fund Bank of America, N.A. (1.315)/3 month USD-LIBOR-BBA/Jan-51 Jan-21/1.315 USD 2,250,500 USD 69,811 0.04 (1.185)/3 month USD-LIBOR-BBA/Dec-25 Dec-23/1.185 10,030,100 27,482 0.02 (1.1213)/3 month USD-LIBOR-BBA/Jan-31 Jan-21/1.1213 5,015,000 802 - Citibank, N.A. 1.629/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.629 3,527,000 210,068 0.12 1.996/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.996 3,527,000 94,912 0.06 (1.3175)/3 month USD-LIBOR-BBA/Jan-51 Jan-21/1.3175 2,250,500 68,798 0.04 (1.232)/3 month USD-LIBOR-BBA/Jan-51 Jan-21/1.232 1,000,200 48,960 0.03 1.232/3 month USD-LIBOR-BBA/Jan-51 Jan-21/1.232 1,000,200 5,581 - (1.996)/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.996 3,527,000 141 - (1.629)/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.629 3,527,000 4 -

The accompanying notes form an integral part of these financial statements.

36 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

PURCHASED SWAP OPTIONS OUTSTANDING (2.73%) (30 June 2020: 2.49%) cont. Counterparty Notional/ Fixed right % to receive or (pay)/ Expiration Contract Value % of Floating rate index/Maturity date date/strike Amount USD Fund Goldman Sachs International 2.988/3 month USD-LIBOR-BBA/Feb-39 Feb-29/2.988 USD 1,512,000 USD 201,625 0.12 (2.988)/3 month USD-LIBOR-BBA/Feb-39 Feb-29/2.988 1,512,000 34,398 0.02 (2.983)/3 month USD-LIBOR-BBA/May-52 May-22/2.983 2,638,600 13,114 0.01 (0.43)/3 month USD-LIBOR-BBA/Jan-26 Jan-21/0.43 10,508,800 11,244 0.01 0.43/3 month USD-LIBOR-BBA/Jan-26 Jan-21/0.43 10,508,800 10,614 0.01 JPMorgan Chase Bank N.A. (0.9673)/3 month USD-LIBOR-BBA/Mar-31 Mar-21/0.9673 60,000,000 631,800 0.36 2.795/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.795 1,410,300 170,830 0.10 2.7575/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.7575 1,410,300 167,177 0.10 1.101/3 month USD-LIBOR-BBA/Mar-31 Mar-21/1.101 4,135,600 82,423 0.05 (2.7575)/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.7575 1,410,300 33,918 0.02 (2.795)/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.795 1,410,300 32,846 0.02 Morgan Stanley & Co. International PLC 3.00/3 month USD-LIBOR-BBA/Apr-72 Apr-47/3.00 1,990,200 673,125 0.38 3.00/3 month USD-LIBOR-BBA/Feb-73 Feb-48/3.00 1,990,200 658,438 0.37 2.75/3 month USD-LIBOR-BBA/May-73 May-48/2.75 1,990,200 562,809 0.33 2.7725/3 month USD-LIBOR-BBA/Feb-31 Feb-21/2.7725 2,847,600 509,179 0.30 1.613/3 month USD-LIBOR-BBA/Aug-34 Aug-24/1.613 2,005,900 105,410 0.06 (1.613)/3 month USD-LIBOR-BBA/Aug-34 Aug-24/1.613 2,005,900 75,803 0.04 (2.904)/3 month USD-LIBOR-BBA/May-51 May-21/2.904 1,130,800 362 - (2.7725)/3 month USD-LIBOR-BBA/Feb-31 Feb-21/2.7725 2,847,600 3 - Toronto-Dominion Bank (1.04)/3 month USD-LIBOR-BBA/Mar-55 (Canada) Mar-25/1.04 315,000 61,857 0.04 UBS AG 0.153/6 month EUR-EURIBOR-Reuters/Sep-29 Sep-24/0.153 EUR 2,835,800 94,438 0.06 (0.153)/6 month EUR-EURIBOR-Reuters/Sep-29 Sep-24/0.153 2,835,800 29,932 0.02 Total Purchased Swap Options Outstanding USD 4,687,904 2.73 Total Value of Investments* USD 380,223,354 222.20

* Excluding financial derivative instruments with the exception of purchased currency options and purchased swap options.

WRITTEN CURRENCY OPTIONS OUTSTANDING (-0.08%) (30 June 2020: -0.04%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Goldman Sachs International AUD/USD (Call) May-21/USD 0.83 USD 4,226,194 AUD 5,481,800 USD (16,102) (0.01) USD/MXN (Put) Apr-21/MXN 19.00 4,762,600 USD 4,762,600 (39,763) (0.03) HSBC Bank USA, National Association AUD/USD (Call) Mar-21/USD 0.80 3,456,092 AUD 4,482,900 (16,838) (0.01) EUR/USD (Call) Mar-21/1.27 2,830,685 EUR 2,317,100 (8,897) (0.01) USD/KRW (Put) Jun-21/KRW 1,000.00 2,035,700 USD 2,035,700 (2,571) - USD/SGD (Put) Mar-21/SGD 1.30 1,554,900 1,554,900 (5,750) - JPMorgan Chase Bank N.A. USD/MXN (Put) Apr-21/MXN 19.75 1,357,133 1,357,133 (28,716) (0.02) USD/SGD (Put) Apr-21/SGD 1.30 1,554,900 1,554,900 (7,128) - Morgan Stanley & Co. International PLC EUR/SEK (Put) Mar-21/SEK 9.65 1,556,626 EUR 1,274,200 (2,100) - USD/MXN (Put) Jun-21/MXN 18.25 1,357,133 USD 1,357,133 (6,075) - Total Written Currency Options Outstanding USD (133,940) (0.08)

WRITTEN EQUITY OPTIONS OUTSTANDING (-%) (30 June 2020: -0.01%)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 37

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

WRITTEN SWAP OPTIONS OUTSTANDING (-3.50%) (30 June 2020: -2.25%) Counterparty Notional/ Fixed Obligation % to receive or (pay)/ Expiration Contract Value % of Floating rate index/Maturity date date/strike Amount USD Fund Bank of America, N.A. 1.5843/3 month USD-LIBOR-BBA/Jan-51 Jan-21/1.5843 USD 1,905,700 USD (1,086) - (0.00)/3 month USD-LIBOR-BBA/Jun-24 Jun-22/0.00 10,030,100 (6,520) - 1.525/3 month USD-LIBOR-BBA/Jan-51 Jan-21/1.525 4,501,000 (28,671) (0.02) 2.074/3 month USD-LIBOR-BBA/Dec-53 Dec-23/2.074 802,400 (41,845) (0.02) Citibank, N.A. 1.805/3 month USD-LIBOR-BBA/Jan-31 Jan-21/1.805 3,527,000 (4) - (1.242)/3 month USD-LIBOR-BBA/Apr-51 Apr-21/1.242 700,100 (16,053) (0.01) 1.5275/3 month USD-LIBOR-BBA/Jan-51 Jan-21/1.5275 4,501,000 (27,996) (0.02) 1.242/3 month USD-LIBOR-BBA/Apr-51 Apr-21/1.242 700,100 (46,655) (0.03) 1.865/3 month USD-LIBOR-BBA/Oct-39 Oct-29/1.865 1,820,200 (102,932) (0.06) (1.865)/3 month USD-LIBOR-BBA/Oct-39 Oct-29/1.865 1,820,200 (121,753) (0.07) (1.805)/3 month USD-LIBOR-BBA/Jan-31 Jan-21/1.805 3,527,000 (303,463) (0.18) Goldman Sachs International 2.823/3 month USD-LIBOR-BBA/May-27 May-22/2.823 10,554,300 (2,216) - 1.722/3 month GBP-LIBOR-BBA/Feb-39 Feb-29/1.722 GBP 981,800 (37,660) (0.02) (1.722)/3 month GBP-LIBOR-BBA/Feb-39 Feb-29/1.722 981,800 (161,261) (0.09) JPMorgan Chase Bank N.A. 1.333/3 month USD-LIBOR-BBA/Jan-24 Jan-23/1.333 USD 2,045,700 (471) - (0.968)/3 month USD-LIBOR-BBA/Mar-35 Mar-25/0.968 459,600 (11,936) (0.01) (1.07)/3 month USD-LIBOR-BBA/Mar-32 Mar-27/1.07 732,100 (13,134) (0.01) 1.667/6 month EUR-EURIBOR-Reuters/Feb-36 Feb-26/1.667 EUR 2,160,000 (18,023) (0.01) (1.333)/3 month USD-LIBOR-BBA/Jan-24 Jan-23/1.333 USD 2,045,700 (20,702) (0.01) 3.229/3 month USD-LIBOR-BBA/Nov-33 Nov-23/3.229 6,721,200 (26,952) (0.02) 1.07/3 month USD-LIBOR-BBA/Mar-32 Mar-27/1.07 732,100 (30,653) (0.02) (0.7785)/3 month USD-LIBOR-BBA/Mar-31 Mar-21/0.7785 8,271,100 (31,513) (0.02) 0.968/3 month USD-LIBOR-BBA/Mar-35 Mar-25/0.968 459,600 (35,647) (0.02) (1.667)/6 month EUR-EURIBOR-Reuters/Feb-36 Feb-26/1.667 EUR 2,160,000 (447,930) (0.26) (0.9673)/3 month USD-LIBOR-BBA/Mar-31 Mar-21/0.9673 USD 60,000,000 (731,400) (0.43) (3.229)/3 month USD-LIBOR-BBA/Nov-33 Nov-23/3.229 6,721,200 (1,218,150) (0.70) Morgan Stanley & Co. International PLC 2.664/3 month USD-LIBOR-BBA/May-26 May-21/2.664 4,523,300 (5) - 3.01/3 month USD-LIBOR-BBA/Feb-36 Feb-26/3.01 776,600 (10,453) (0.01) 2.97/3 month USD-LIBOR-BBA/Feb-36 Feb-26/2.97 776,600 (10,771) (0.01) 1.512/3 month USD-LIBOR-BBA/Aug-32 Aug-22/1.512 2,005,900 (35,504) (0.02) (1.512)/3 month USD-LIBOR-BBA/Aug-32 Aug-22/1.512 2,005,900 (100,255) (0.06) (2.97)/3 month USD-LIBOR-BBA/Feb-36 Feb-26/2.97 776,600 (108,988) (0.06) (3.01)/3 month USD-LIBOR-BBA/Feb-36 Feb-26/3.01 776,600 (111,271) (0.07) (2.75)/3 month USD-LIBOR-BBA/May-49 May-25/2.75 1,990,200 (515,920) (0.30) (3.00)/3 month USD-LIBOR-BBA/Jan-49 Jan-24/3.00 1,990,200 (643,690) (0.38) (3.00)/3 month USD-LIBOR-BBA/Apr-48 Apr-23/3.00 1,990,200 (659,552) (0.39) Toronto-Dominion Bank (1.17)/3 month USD-LIBOR-BBA/Mar-55 Mar-25/1.17 68,800 (5,296) - 1.17/3 month USD-LIBOR-BBA/Mar-55 Mar-25/1.17 137,700 (24,111) (0.01) 1.05/3 month USD-LIBOR-BBA/Mar-27 Mar-25/1.05 4,155,000 (35,650) (0.02) UBS AG 1.9875/3 month USD-LIBOR-BBA/Oct-36 Oct-26/1.9875 2,111,400 (84,963) (0.05) (1.9875)/3 month USD-LIBOR-BBA/Oct-36 Oct-26/1.9875 2,111,400 (151,134) (0.09) Total Written Swap Options Outstanding USD (5,982,189) (3.50)

The accompanying notes form an integral part of these financial statements.

38 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING (0.58%) (30 June 2020: 0.75%) Unrealised Counterparty Notional/ Premium Appreciation/ Fixed Obligation % to receive or (pay)/ Expiration Contract receivable/ (Depreciation) % of Floating rate index/Maturity date date/strike Amount (payable) USD Fund Bank of America, N.A. 2.2275/3 month USD-LIBOR-BBA/May-24 (Purchased) May-22/2.2275 USD 12,132,500 USD (111,922) USD 351,721 0.21 1.304/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.304 EUR 1,025,800 (166,241) 345,774 0.20 1.053/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.053 542,450 (123,718) 164,366 0.10 (0.925)/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.925 USD 2,160,200 (154,670) 80,878 0.05 (0.85)/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.85 1,100,100 (80,307) 44,697 0.03 (1.275)/3 month USD-LIBOR-BBA/Mar-50 (Purchased) Mar-30/1.275 947,100 (123,360) 22,939 0.01 (0.765)/3 month USD-LIBOR-BBA/Sep-31 (Purchased) Sep-21/0.765 1,303,900 (30,902) 15,177 0.01 (0.003)/6 month JPY-LIBOR-BBA/Feb-31 (Purchased) Feb-21/0.003 JPY 57,338,700 (4,514) (1,727) - (2.3075)/3 month USD-LIBOR-BBA/Jun-52 (Purchased) Jun-22/2.3075 USD 710,300 (16,070) (2,877) - 0.003/6 month JPY-LIBOR-BBA/Feb-31 (Purchased) Feb-21/0.003 JPY 57,338,700 (4,514) (4,531) - 0.765/3 month USD-LIBOR-BBA/Sep-31 (Purchased) Sep-21/0.765 USD 1,303,900 (30,902) (18,176) (0.01) 0.85/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.85 1,100,100 (80,307) (41,364) (0.02) 1.275/3 month USD-LIBOR-BBA/Mar-50 (Purchased) Mar-30/1.275 947,100 (123,360) (41,568) (0.02) (1.053)/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.053 EUR 542,450 (123,718) (53,717) (0.03) (1.304)/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.304 1,025,800 (83,121) (72,270) (0.04) 0.925/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.925 USD 2,160,200 (154,670) (74,116) (0.04) (2.2275)/3 month USD-LIBOR-BBA/May-24 (Purchased) May-22/2.2275 12,132,500 (111,922) (111,376) (0.07) 2.3075/3 month USD-LIBOR-BBA/Jun-52 (Purchased) Jun-22/2.3075 710,300 (333,966) (169,030) (0.11) Barclays Bank PLC 1.11125/6 month JPY-LIBOR-BBA/Aug-43 (Purchased) Aug-23/1.11125 JPY 68,400,700 (34,599) 63,350 0.04 (1.11125)/6 month JPY-LIBOR-BBA/Aug-43 (Purchased) Aug-23/1.11125 68,400,700 (34,599) (35,295) (0.02) Citibank, N.A. (1.102)/3 month USD-LIBOR-BBA/Nov-32 (Purchased) Nov-22/1.102 USD 481,400 (15,296) 2,840 - 1.007/3 month USD-LIBOR-BBA/Jun-31 (Purchased) Jun-21/1.007 1,003,000 (16,224) 883 - (1.007)/3 month USD-LIBOR-BBA/Jun-31 (Purchased) Jun-21/1.007 1,003,000 (16,224) (1,244) - 1.102/3 month USD-LIBOR-BBA/Nov-32 (Purchased) Nov-22/1.102 481,400 (15,296) (2,335) - (0.462)/3 month USD-LIBOR-BBA/Jun-26 (Purchased) Jun-21/0.462 2,100,900 (20,352) (6,492) - 0.462/3 month USD-LIBOR-BBA/Jun-26 (Purchased) Jun-21/0.462 2,100,900 (20,352) (11,534) (0.01) 1.245/3 month USD-LIBOR-BBA/Aug-24 (Written) Aug-22/1.245 8,492,800 77,709 74,822 0.04 (1.177)/3 month USD-LIBOR-BBA/Jul-40 (Written) Jul-30/1.177 421,600 31,957 12,711 0.01 1.177/3 month USD-LIBOR-BBA/Jul-40 (Written) Jul-30/1.177 421,600 31,957 (8,213) - (1.245)/3 month USD-LIBOR-BBA/Aug-24 (Written) Aug-22/1.245 8492800 77,709 (73,208) (0.04) Goldman Sachs International 2.8175/3 month USD-LIBOR-BBA/Mar-47 (Purchased) Mar-27/2.8175 329,100 (41,549) 33,733 0.02 1.727/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/1.727 471,900 (43,273) 22,326 0.01 (1.727)/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/1.727 471,900 (70,549) (23,251) (0.01) (2.8175)/3 month USD-LIBOR-BBA/Mar-47 (Purchased) Mar-27/2.8175 329,100 (41,549) (29,510) (0.02) 0.555/6 month EUR-EURIBOR-Reuters/Mar-40 (Written) Mar-30/0.555 EUR 900,100 135,926 23,367 0.01 (0.555)/6 month EUR-EURIBOR-Reuters/Mar-40 (Written) Mar-30/0.555 900,100 135,926 (10,380) (0.01) JPMorgan Chase Bank N.A. 1.921/6 month EUR-EURIBOR-Reuters/Oct-48 (Purchased) Oct-28/1.921 1,172,900 (149,995) 402,064 0.22 2.8325/3 month USD-LIBOR-BBA/Feb-52 (Purchased) Feb-22/2.8325 USD 1,645,700 (229,781) 357,364 0.21 2.032/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/2.032 761,400 (87,942) 52,894 0.03 (1.445)/6 month AUD-BBR-BBSW/Mar-40 (Purchased) Mar-30/1.445 AUD 1,000,100 (37,489) 15,305 0.01 (1.441)/6 month AUD-BBR-BBSW/Jul-45 (Purchased) Jul-25/1.441 479,100 (28,335) 9,618 0.01 (1.692)/6 month AUD-BBR-BBSW/Jan-35 (Purchased) Jan-25/1.692 664,600 (20,735) (2,372) - 1.692/6 month AUD-BBR-BBSW/Jan-35 (Purchased) Jan-25/1.692 664,600 (20,735) (3,356) - 1.441/6 month AUD-BBR-BBSW/Jul-45 (Purchased) Jul-25/1.441 479,100 (28,335) (14,571) (0.01) 1.445/6 month AUD-BBR-BBSW/Mar-40 (Purchased) Mar-30/1.445 1,000,100 (37,489) (21,265) (0.01) (2.032)/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/2.032 USD 761,400 (87,942) (34,065) (0.02) (1.921)/6 month EUR-EURIBOR-Reuters/Oct-48 (Purchased) Oct-28/1.921 EUR 1,172,900 (149,995) (139,963) (0.08) (2.8325)/3 month USD-LIBOR-BBA/Feb-52 (Purchased) Feb-22/2.8325 USD 1,645,700 (229,781) (221,988) (0.14)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 39

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING (0.58%) (30 June 2020: 0.75%) cont. Unrealised Counterparty Notional/ Premium Appreciation/ Fixed Obligation % to receive or (pay)/ Expiration Contract receivable/ (Depreciation) % of Floating rate index/Maturity date date/strike Amount (payable) USD Fund JPMorgan Chase Bank N.A. cont. (1.232)/3 month USD-LIBOR-BBA/Jun-37 (Written) Jun-27/1.232 USD 1,351,900 USD 86,860 USD 33,365 0.02 (1.204)/3 month USD-LIBOR-BBA/Jun-40 (Written) Jun-30/1.204 1,072,000 79,918 30,241 0.02 (1.168)/3 month USD-LIBOR-BBA/Jun-37 (Written) Jun-27/1.168 840,400 54,080 22,615 0.01 1.168/3 month USD-LIBOR-BBA/Jun-37 (Written) Jun-27/1.168 840,400 54,080 (16,279) (0.01) 1.204/3 month USD-LIBOR-BBA/Jun-40 (Written) Jun-30/1.204 1,072,000 79,918 (20,475) (0.01) 1.232/3 month USD-LIBOR-BBA/Jun-37 (Written) Jun-27/1.232 1,351,900 86,860 (21,306) (0.01) Morgan Stanley & Co. International PLC 3.27/3 month USD-LIBOR-BBA/Oct-53 (Purchased) Oct-23/3.27 1,135,600 (129,572) 375,600 0.21 (2.764)/3 month USD-LIBOR-BBA/Feb-31 (Purchased) Feb-21/2.764 2,847,600 (4,668) (4,670) - 2.764/3 month USD-LIBOR-BBA/Feb-31 (Purchased) Feb-21/2.764 2,847,600 (555,799) (47,498) (0.03) (3.27)/3 month USD-LIBOR-BBA/Oct-53 (Purchased) Oct-23/3.27 1,135,600 (129,572) (118,364) (0.07) 2.39/3 month USD-LIBOR-BBA/Jun-34 (Written) Jun-24/2.39 3,945,300 207,720 149,606 0.09 (2.39)/3 month USD-LIBOR-BBA/Jun-34 (Written) Jun-24/2.39 3,945,300 207,720 (208,312) (0.13) UBS AG 1.6125/3 month USD-LIBOR-BBA/Aug-34 (Purchased) Aug-24/1.6125 2,005,900 (55,022) 50,368 0.03 1.175/3 month GBP-LIBOR-BBA/Jan-40 (Purchased) Jan-30/1.175 GBP 949,400 (86,305) 25,823 0.02 (0.902)/3 month USD-LIBOR-BBA/Apr-35 (Purchased) Apr-25/0.902 USD 633,600 (35,450) 16,828 0.01 (0.983)/3 month USD-LIBOR-BBA/Apr-32 (Purchased) Apr-30/0.983 2,111,800 (33,472) 13,727 0.01 (0.87)/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-27/0.87 5,279,600 (35,611) 9,978 0.01 0.762/3 month GBP-LIBOR-BBA/Aug-39 (Purchased) Aug-29/0.762 GBP 406,500 (37,490) (7,038) - (0.762)/3 month GBP-LIBOR-BBA/Aug-39 (Purchased) Aug-29/0.762 406,500 (37,490) (7,271) - (0.8925)/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-23/0.8925 USD 1,583,900 (33,579) (9,234) (0.01) 0.8925/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-23/0.8925 1,583,900 (33,579) (9,725) (0.01) 0.983/3 month USD-LIBOR-BBA/Apr-32 (Purchased) Apr-30/0.983 2111800 (33,472) (15,205) (0.01) 0.87/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-27/0.87 5,279,600 (35,611) (15,258) (0.01) 0.902/3 month USD-LIBOR-BBA/Apr-35 (Purchased) Apr-25/0.902 633,600 (35,450) (19,901) (0.01) (1.175)/3 month GBP-LIBOR-BBA/Jan-40 (Purchased) Jan-30/1.175 GBP 949,400 (86,305) (27,329) (0.02) (1.6125)/3 month USD-LIBOR-BBA/Aug-34 (Purchased) Aug-24/1.6125 USD 2,005,900 (146,681) (70,768) (0.04) 1.30/3 month USD-LIBOR-BBA/Aug-26 (Written) Aug-21/1.30 4,262,500 126,621 124,167 0.07 (0.958)/3 month USD-LIBOR-BBA/May-30 (Written) May-25/0.958 1,267,100 33,673 13,482 0.01 0.43/6 month EUR-EURIBOR-Reuters/Aug-39 (Written) Aug-29/0.43 EUR 378,100 30,312 9,843 0.01 (0.43)/6 month EUR-EURIBOR-Reuters/Aug-39 (Written) Aug-29/0.43 378,100 30,312 1,381 - 0.958/3 month USD-LIBOR-BBA/May-30 (Written) May-25/0.958 USD 1,267,100 33,673 (8,984) (0.01) (1.30)/3 month USD-LIBOR-BBA/Aug-26 (Written) Aug-21/1.30 4,262,500 34,075 (128,301) (0.07) Unrealised Appreciation on Forward Premium Swap Option Contracts Outstanding USD 2,973,853 1.74 Unrealised Depreciation on Forward Premium Swap Option Contracts Outstanding USD (1,985,712) (1.16) Net Unrealised Appreciation on Forward Premium Swap Option Contracts Outstanding USD 988,141 0.58

FUTURES CONTRACTS OUTSTANDING (-0.04%) (30 June 2020: -0.03%) Unrealised Appreciation/ Number of Notional Expiration (Depreciation) % of Contracts Amount Value Date USD Fund U.S. Treasury Note 2 yr (Short) 361 USD 79,772,539 USD 79,772,539 Mar-21 USD (76,149) (0.04) U.S. Treasury Note Ultra 10 yr (Short) 12 1,876,313 1,876,313 Mar-21 8,961 - Unrealised Appreciation on Futures Contracts Outstanding USD 8,961 - Unrealised Depreciation on Futures Contracts Outstanding USD (76,149) (0.04) Net Unrealised Depreciation on Futures Contracts Outstanding USD (67,188) (0.04) Variation Margin Settlement to Date USD - - Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (67,188) (0.04)

The Broker for Futures Contracts in the Fund is JPMorgan Securities Incorporated.

The accompanying notes form an integral part of these financial statements.

40 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

TBA SALES COMMITMENTS OUTSTANDING (-41.48%) (30 June 2020: -18.99%) Principal Coupon Settlement Value % of Amount Agency Rate % Date USD Fund USD 24,000,000 Uniform Mortgage Backed Securities 2.50 14/01/2021 USD (25,288,125) (14.78) 43,000,000 Uniform Mortgage Backed Securities 2.00 14/01/2021 (44,679,688) (26.11) 1,000,000 Uniform Mortgage Backed Securities 1.50 14/01/2021 (1,010,469) (0.59) Total TBA Sales Commitments Outstanding USD (70,978,282) (41.48)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: 0.03%) Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund USD 484,400 USD 22,308 (E) USD (3) 02/02/2024 3 month USD-LIBOR-BBA - Quarterly 2.5725% - Semiannually USD 22,305 0.01 1,253,700 56,622 (E) (7) 02/02/2024 2.528% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (56,629) (0.03) 2,624,300 177,101 (531) 02/12/2023 3 month USD-LIBOR-BBA - Quarterly 2.536% - Semiannually 181,433 0.11 907,200 41,733 (E) (155) 02/02/2024 3 month USD-LIBOR-BBA - Quarterly 2.57% - Semiannually 41,578 0.02 1,634,500 66,625 (E) (9) 02/02/2024 3 month USD-LIBOR-BBA - Quarterly 2.3075% - Semiannually 66,616 0.04 2,399,300 98,275 (E) (13) 09/02/2024 3 month USD-LIBOR-BBA - Quarterly 2.32% - Semiannually 98,262 0.06 764,700 238,268 (E) (26) 29/11/2053 2.793% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (238,294) (0.15) 1,496,100 184,219 (21) 07/12/2030 2.184% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (186,185) (0.12) 929,000 47,771 (E) (10) 05/06/2029 3 month USD-LIBOR-BBA - Quarterly 2.2225% - Semiannually 47,761 0.03 77,700 16,367 (E) (3) 22/06/2052 2.3075% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (16,370) (0.01) 184,000 35,972 (E) (6) 05/07/2052 2.25% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (35,978) (0.02) 2,117,000 61,933 (E) (12) 07/02/2024 1.733% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (61,945) (0.04) 1,448,200 156,353 (E) (21) 22/01/2031 2.035% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (156,374) (0.09) 454,500 50,115 (E) (16) 08/08/2052 1.9185% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (50,130) (0.03) 2,014,500 84,696 (19) 18/09/2024 1.43125% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (92,779) (0.05) 2,014,500 84,230 (19) 18/09/2024 1.425% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (92,277) (0.05) 330,600 11,598 (E) (11) 12/09/2052 1.626% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (11,609) (0.01) 18,202,100 161,780 (51,010) 15/10/2021 3 month USD-LIBOR-BBA - Quarterly 1.316% - Semiannually 151,998 0.09 18,930,200 200,603 (50,502) 21/10/2021 3 month USD-LIBOR-BBA - Quarterly 1.5025% - Semiannually 197,508 0.12 83,500 9,334 (E) (3) 16/01/2055 2.032% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (9,337) (0.01) 28,300 2,776 (E) (1) 24/01/2055 3 month USD-LIBOR-BBA - Quarterly 1.977% - Semiannually 2,775 - 14,108,100 76,198 7,725 03/11/2021 0.83% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (82,350) (0.05) 14,108,100 135,353 (26,205) 03/11/2021 3 month USD-LIBOR-BBA - Quarterly 1.331% - Semiannually 134,390 0.08 67,700 3,386 (E) (2) 04/03/2052 1.265% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 3,384 - 551,400 8,347 (E) (8) 04/03/2031 3 month USD-LIBOR-BBA - Quarterly 1.101% - Semiannually 8,339 - 17,093,900 57,521 (64) 08/09/2021 0.68% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (91,503) (0.05) 36,965,200 111,376 (139) 15/10/2021 0.571% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (137,103) (0.08)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 41

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: 0.03%) cont. Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund USD 1,649,100 USD 113,165 (E) USD (56) 27/01/2047 3 month USD-LIBOR-BBA - Quarterly 1.27% - Semiannually USD (113,221) (0.07) 139,300 9,641 (E) (5) 07/03/2050 1.275% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 9,636 0.01 191,900 28,789 (E) (7) 10/03/2052 0.8725% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 28,783 0.02 254,600 48,267 (E) (9) 11/03/2052 0.717% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 48,258 0.03 252,900 1,911 (E) (4) 17/03/2032 3 month USD-LIBOR-BBA - Quarterly 1.03% - Semiannually (1,914) - 131,800 3,143 (E) (2) 24/03/2032 3 month USD-LIBOR-BBA - Quarterly 1.07% - Semiannually (3,145) - 74,700 3,921 (E) (1) 24/03/2035 3 month USD-LIBOR-BBA - Quarterly 0.968% - Semiannually (3,922) - 680,200 21,899 (E) (10) 25/04/2032 0.7925% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 21,889 0.01 142,800 5,889 (E) (3) 21/06/2037 3 month USD-LIBOR-BBA - Quarterly 1.232% - Semiannually (5,892) - 114,200 5,505 (E) (2) 20/06/2040 3 month USD-LIBOR-BBA - Quarterly 1.204% - Semiannually (5,507) - 79,800 3,759 (E) (2) 28/06/2037 3 month USD-LIBOR-BBA - Quarterly 1.168% - Semiannually (3,761) - 34,500 1,744 (E) (1) 03/07/2040 3 month USD-LIBOR-BBA - Quarterly 1.177% - Semiannually (1,745) - 10,902,900 37,866 (88) 14/07/2025 3 month USD-LIBOR-BBA - Quarterly 0.30% - Semiannually (28,257) (0.02) 5,032,100 114,068 (67) 15/07/2030 3 month USD-LIBOR-BBA - Quarterly 0.645% - Semiannually (101,751) (0.06) 2,759,600 10,255 (26) 31/08/2025 0.3084% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 7,871 - 4,746,200 9,383 (E) (26) 05/07/2024 0.2429% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 9,357 0.01 7,757,900 38,262 (63) 12/08/2025 3 month USD-LIBOR-BBA - Quarterly 0.277% - Semiannually (32,329) (0.02) 985,400 74,198 (E) 77,523 02/09/2052 3 month USD-LIBOR-BBA - Quarterly 1.188% - Semiannually 3,326 - 9,917,500 27,630 (94) 13/10/2025 0.344% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 25,084 0.01 9,024,700 4,070 (34) 16/09/2022 3 month USD-LIBOR-BBA - Quarterly 0.214% - Semiannually 8,790 0.01 10,483,600 3,806 (85) 13/10/2025 0.41% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (7,982) - 9,259,000 14,537 4,754 16/10/2025 3 month USD-LIBOR-BBA - Quarterly 0.37% - Semiannually (7,203) - 5,749,000 85,999 (3,915) 16/10/2030 0.75% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 75,931 0.04 3,654,000 228,273 (9,846) 16/10/2050 1.16% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 211,395 0.12 1,327,800 1,974 - 07/12/2030 3 month USD-LIBOR-BBA - Quarterly 0.932% - Semiannually 2,592 - 1,088,800 4,834 - 07/12/2030 0.871% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 4,372 - 10,483,600 29,994 (85) 16/11/2025 0.471% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (33,290) (0.02) 436,900 11,143 (15) 17/12/2050 1.305% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 10,948 0.01 5,516,500 7,486 (E) (31) 05/07/2024 3 month USD-LIBOR-BBA - Quarterly 0.41% - Semiannually 7,455 - 306,700 11,357 (213) 01/12/2050 3 month USD-LIBOR-BBA - Quarterly 1.26% - Semiannually (11,308) (0.01) 7,092,700 15,334 (45) 02/12/2023 0.300% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (15,748) (0.01)

The accompanying notes form an integral part of these financial statements.

42 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: 0.03%) cont. Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund USD 7,700,600 USD 81,488 USD (147) 02/12/2033 3 month USD-LIBOR-BBA - Quarterly 1.02% - Semiannually USD (76,768) (0.04) 74,599,000 83,402 (E) (70,540) 17/03/2023 3 month USD-LIBOR-BBA - Quarterly 0.25% - Semiannually 12,861 0.01 118,596,000 54,198 (E) (190,362) 17/03/2026 0.45% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (136,163) (0.08) 16,308,000 81,198 (E) 122,144 17/03/2031 3 month USD-LIBOR-BBA - Quarterly 0.90% - Semiannually 40,946 0.02 11,958,000 504,735 (E) 576,952 17/03/2051 3 month USD-LIBOR-BBA - Quarterly 1.25% - Semiannually 72,217 0.04 10,719,000 4,009 (87) 16/12/2025 3 month USD-LIBOR-BBA - Quarterly 0.428% - Semiannually 4,789 - 3,556,000 11,863 (E) (656) 17/03/2031 0.700% - Annually Secured Overnight Financing Rate - Annually 11,207 0.01 833,500 859 (E) (12) 22/06/2031 3 month USD-LIBOR-BBA - Quarterly 1.0025% - Semiannually 848 - 4,192,000 5,227 (34) 31/12/2025 3 month USD-LIBOR-BBA - Quarterly 0.4515% - Semiannually 5,164 - 262,000 2,220 (9) 04/01/2051 3 month USD-LIBOR-BBA - Quarterly 1.4375% - Semiannually 2,211 - 33,868,000 3,387 (E) (128) 05/01/2023 0.201% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (3,514) - 5,076,000 11,979 (E) (67) 05/01/2031 3 month USD-LIBOR-BBA - Quarterly 0.944% - Semiannually 11,912 0.01 AUD 38,000 90 (E) - 30/01/2035 1.692% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 90 - 127,300 2,432 (E) (1) 05/03/2035 1.47% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 2,431 - 47,300 1,156 (E) - 25/03/2035 1.4025% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 1,156 - 80,000 3,102 (E) (1) 28/03/2040 1.445% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 3,101 - 296,000 16,841 (E) (4) 01/04/2040 1.1685% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 16,837 0.01 19,200 1,020 (E) - 02/07/2045 1.441% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 1,019 - 886,000 8,062 (E) 5,551 17/03/2031 6 month AUD-BBR-BBSW - Semiannually 0.90% - Semiannually (2,511) - CAD 2,676,500 75,036 (19) 18/09/2024 3 month CAD-BA-CDOR - Semiannually 1.638% - Semiannually 81,711 0.05 2,676,500 74,414 (19) 18/09/2024 3 month CAD-BA-CDOR - Semiannually 1.63 % - Semiannually 81,042 0.05 6,000 16 (E) (23) 17/03/2031 1.20% - Semiannually 3 month CAD-BA-CDOR - Semiannually (8) - CHF 355,000 2,842 (E) (1,037) 17/03/2031 - 0.33% plus 6 month CHF- LIBOR-BBA - Semiannually 1,805 - EUR 245,400 138,827 (E) (9) 29/11/2058 1.484% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (138,836) (0.08) 333,800 168,026 (13) 19/02/2050 6 month EUR-EURIBOR- REUTERS - Semiannually 1.354% - Annually 173,148 0.10 369,000 174,346 (14) 11/03/2050 1.267% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (179,322) (0.10) 372,500 168,449 (14) 12/03/2050 1.2115% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (173,244) (0.10) 465,600 193,992 (18) 26/03/2050 1.113% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (199,264) (0.13) 458,800 234,891 (E) (17) 29/11/2058 6 month EUR-EURIBOR- REUTERS - Semiannually 1.343% - Annually 234,873 0.14 484,000 189,820 (19) 19/02/2050 1.051% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (195,826) (0.12) 355,100 141,315 (E) (14) 07/06/2054 1.054% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (141,329) (0.08)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 43

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: 0.03%) cont. Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund EUR 324,200 USD 109,601 USD (12) 19/02/2050 0.9035% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually USD (113,150) (0.07) 345,500 103,683 (13) 21/02/2050 0.80% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (107,097) (0.06) 766,900 140,839 (E) (29) 08/08/2054 0.49% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (140,868) (0.08) 434,000 33,212 (E) (16) 06/06/2054 6 month EUR-EURIBOR- REUTERS - Semiannually 0.207% - Annually 33,196 0.02 739,600 68,068 (28) 19/02/2050 0.233% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (71,236) (0.04) 2,376,000 534,280 (90) 19/02/2050 6 month EUR-EURIBOR- REUTERS - Semiannually 0.595% - Annually 552,823 0.33 2,078,000 67,171 (E) (26) 27/01/2030 6 month EUR-EURIBOR- REUTERS - Semiannually 0.352% - Annually 67,145 0.04 304,400 15,014 (E) (11) 04/03/2054 0.134% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (15,025) (0.01) 155,500 13,666 (E) (6) 13/03/2054 - 0.2275% plus 6 month EUR-EURIBOR-REUTERS - Semiannually 13,660 0.01 934,900 684 (E) (20) 13/05/2040 6 month EUR-EURIBOR- REUTERS - Semiannually 0.276% - Annually 664 - 391,100 2,176 (E) (9) 24/06/2040 0.315% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (2,184) - 541,200 3,281 (E) (13) 16/01/2040 0.315% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (3,293) - 200,000 1,219 (E) (5) 28/03/2040 0.3175% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (1,224) - 190,000 1,245 (E) 169 17/03/2031 0.30% plus 6 month EUR- EURIBOR-REUTERS - Semiannually - (1,076) - GBP 783,000 4,681 (E) 1,197 17/03/2031 Sterling Overnight Index Average - Annually 0.12% - Annually (3,484) - JPY 28,500,300 21,059 (E) (8) 29/08/2043 0.7495% - Semiannually 6 month JPY-LIBOR-BBA - Semiannually (21,068) (0.01) 35,578,600 11,401 (E) (11) 29/08/2043 0.194% - Semiannually 6 month JPY-LIBOR-BBA - Semiannually 11,390 0.01 NOK 4,522,000 5,451 (E) (275) 17/03/2031 6 month NOK-NIBOR- NIBR - Semiannually 1.20% - Annually (5,725) - NZD 548,000 4,328 (E) 519 17/03/2031 3 month NZD-BBR-FRA - Quarterly 0.90% - Semiannually (3,810) - SEK 3,142,000 4,716 5,569 16/09/2030 0.50% - Annually 3 month SEK-STIBOR- SIDE - Quarterly 307 - 8,701,000 11,188 (E) (3,251) 17/03/2031 0.300% - Annually 3 month SEK-STIBOR- SIDE - Quarterly 7,936 - Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 2,878,525 1.68 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (3,431,863) (2.00) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (553,338) (0.32) Variation Margin Settlement to Date USD 604,256 0.35 Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 50,918 0.03

(E) See Note 2 to the audited annual Financial Statements for the year ended 30 June 2020 regarding extended effective dates.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: -0.08%) Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Barclays Bank PLC USD 573,966 USD 575,041 USD - 12/01/2040 4.00% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly USD 2,143 - 246,887 247,350 - 12/01/2040 4.00% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly 922 -

The accompanying notes form an integral part of these financial statements.

44 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: -0.08%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Barclays Bank PLC cont. USD 58,053 USD 58,161 USD - 12/01/2040 4.00% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly USD 217 - 7,201,421 7,201,421 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 5.00% 30 year Fannie Mae pools - Monthly 15,982 0.01 731,275 730,472 - 12/01/2040 5.00% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 5.00% 30 year Fannie Mae pools - Monthly 830 - 627,661 628,075 - 12/01/2039 (6.00%) 1 month USD- Synthetic MBX Index LIBOR - Monthly 6.00% 30 year Fannie Mae pools - Monthly (2,039) - 2,475,500 2,477,071 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index LIBOR - Monthly 6.50% 30 year Fannie Mae pools - Monthly (8,262) (0.01) 57,797 56,862 - 12/01/2043 3.50% (1 month USD-Synthetic TRS Index 3.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (150) - 11,510 11,324 - 12/01/2043 3.50% (1 month USD-Synthetic TRS Index 3.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (30) - 22,696 22,091 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly (266) - 5,529 5,382 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly (65) - 37,522 36,850 - 12/01/2041 (5.00%) 1 month USD-Synthetic TRS Index 5.00% LIBOR - Monthly30 year Fannie Mae pools - Monthly 78 - 53,174 52,694 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 6.00% 30 year Fannie Mae pools - Monthly 210 - 1,039 1,008 - 12/01/2038 6.50% (1 month USD-Synthetic TRS Index 6.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (18) - Citibank, N.A. 590,912 590,912 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 5.00% 30 year Fannie Mae pools - Monthly 1,311 - 357,752 357,752 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 5.00% 30 year Fannie Mae pools - Monthly 794 - Credit Suisse International 969,140 969,755 - 12/01/2038 6.50% (1 month USD- Synthetic MBX Index LIBOR) - Monthly 6.50% 30 year Fannie Mae pools - Monthly 3,234 - 62,056 61,053 - 12/01/2043 3.50% (1 month USD-Synthetic TRS Index 3.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (161) - 42,978 42,283 12/01/2043 3.50% (1 month USD-Synthetic TRS Index 3.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (112) - 207,502 200,222 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly (4,019) (0.01) 101,941 99,225 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly (1,195) - 12,231 11,905 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly (143) -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 45

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: -0.08%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Credit Suisse International cont. USD 6,569 USD 6,394 USD - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly USD (77) - 197,395 192,136 - 12/01/2041 (4.00%) 1 month USD- Synthetic TRS Index LIBOR - Monthly 4.00% 30 year Fannie Mae pools - Monthly 2,315 - 41,188 40,451 - 12/01/2041 (5.00%) 1 month USD-Synthetic TRS Index 5.00% LIBOR - Monthly30 year Fannie Mae pools - Monthly 85 - 77,445 76,058 - 12/01/2041 (5.00%) 1 month USD-Synthetic TRS Index 5.00% LIBOR - Monthly30 year Fannie Mae pools - Monthly 161 - Goldman Sachs International 59,172 59,209 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index LIBOR - Monthly 6.50% 30 year Fannie Mae pools - Monthly (197) - 157,791 157,892 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index LIBOR - Monthly 6.50% 30 year Fannie Mae pools - Monthly (527) - 414,423 414,686 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index LIBOR - Monthly 6.50% 30 year Fannie Mae pools - Monthly (1,383) - 1,103,145 1,103,845 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index LIBOR - Monthly 6.50% 30 year Fannie Mae pools - Monthly (3,682) - 1,511,181 1,512,140 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index LIBOR - Monthly 6.50% 30 year Fannie Mae pools - Monthly (5,043) (0.01) 35,487 34,882 - 12/01/2044 (3.00%) 1 month USD-Synthetic TRS Index 3.00% LIBOR - Monthly30 year Fannie Mae pools - Monthly 97 - 174,341 171,522 - 12/01/2043 (3.50%) 1 month USD-Synthetic TRS Index 3.50% LIBOR - Monthly30 year Fannie Mae pools - Monthly 453 - 205,934 198,708 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly (3,989) - 48,428 47,138 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 4.00% 30 year Fannie Mae pools - Monthly (568) - 49,251 48,369 - 12/01/2041 (5.00%) 1 month USD-Synthetic TRS Index 5.00% LIBOR - Monthly30 year Fannie Mae pools - Monthly 102 - 156,639 155,224 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 6.00% 30 year Fannie Mae pools - Monthly 620 - 10,157 10,065 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 6.00% 30 year Fannie Mae pools - Monthly 40 - 1,393 1,381 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index LIBOR) - Monthly 6.00% 30 year Fannie Mae pools - Monthly 6 - 196,287 190,397 - 12/01/2038 6.50% (1 month USD-Synthetic TRS Index 6.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (3,420) - 179,108 173,734 - 12/01/2038 6.50% (1 month USD-Synthetic TRS Index 6.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (3,120) - 173,545 168,338 - 12/01/2038 6.50% (1 month USD-Synthetic TRS Index 6.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (3,024) -

The accompanying notes form an integral part of these financial statements.

46 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2020: -0.08%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Goldman Sachs International cont. USD 138,164 USD 134,018 USD - 12/01/2038 6.50% (1 month USD-Synthetic TRS Index 6.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly USD (2,407) - 39,038 37,866 - 12/01/2038 6.50% (1 month USD-Synthetic TRS Index 6.50% LIBOR) - Monthly30 year Fannie Mae pools - Monthly (680) - JPMorgan Chase Bank N.A. 49,251 48,369 - 12/01/2041 (5.00%) 1 month USD-Synthetic TRS Index 5.00% LIBOR - Monthly30 year Fannie Mae pools - Monthly 102 - 4,741,902 4,799,514 - 10/01/2021 2.25% (0.18%) - At US Treasury Bond 2.25%, maturity 08/15/49 - At maturity 62,773 0.05 JPMorgan Securities LLC 132,300 127,657 - 12/01/2045 (4.00%) 1 month USD- Synthetic TRS Index LIBOR - Monthly 4.00% 30 year Fannie Mae pools - Monthly 2,563 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 95,038 0.06 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (44,577) (0.03) Net Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 50,461 0.03

CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2020: -0.01%) Upfront Unrealised Premium Payments Total return Appreciation/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund EUR 996,000 USD 102,557 USD (36) 15/05/2040 (0.961%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity USD 102,522 0.07 564,000 90,756 - 15/07/2037 1.71% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity 90,756 0.05 1,995,000 89,757 (37) 15/05/2030 (0.655%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity 89,720 0.05 1,995,000 87,739 (37) 15/05/2030 (0.6625%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity 87,702 0.05 564,000 35,048 - 15/07/2027 (1.40%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (35,048) (0.02) 2,337,000 107,905 (27) 15/09/2023 (1.4375%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (107,932) (0.06) 2,337,000 108,481 (27) 15/09/2023 (1.44125%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (108,509) (0.06) 2,337,000 108,673 (28) 15/09/2023 (1.4425%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (108,700) (0.06) 2,337,000 108,864 (28) 15/09/2023(1.44375%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (108,891) (0.06) 996,000 167,543 (47) 15/05/2050 1.13% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (167,590) (0.10) 1,995,000 220,975 (71) 15/05/2040 0.935% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (221,046) (0.13)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 47

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2020: -0.01%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund EUR 1,995,000 USD 223,956 USD (71) 15/05/2040 0.93% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity USD (224,027) (0.13) GBP 1,142,000 125,883 (24) 15/12/2028 3.665% - At maturity GBP Non-revised UK Retail Price Index - At maturity 125,858 0.08 1,614,000 72,169 (21) 15/11/2024 3.385% - At maturity GBP Non-revised UK Retail Price Index - At maturity 72,148 0.04 1,279,000 70,650 (31) 15/03/2028 3.34% - At maturity GBP Non-revised UK Retail Price Index - At maturity 70,620 0.04 890,000 59,366 (21) 15/03/2028 3.4025% - At maturity GBP Non-revised UK Retail Price Index - At maturity 59,346 0.03 685,000 40,349 (17) 15/02/2028 3.34% - At maturity GBP Non-revised UK Retail Price Index - At maturity 40,333 0.02 807,000 35,832 (11) 15/11/2024 3.381% - At maturity GBP Non-revised UK Retail Price Index - At maturity 35,821 0.02 807,000 34,108 - 15/12/2024 3.42% - At maturity GBP Non-revised UK Retail Price Index - At maturity 34,108 0.02 319,000 20,399 (7) 15/03/2028 3.3875% - At maturity GBP Non-revised UK Retail Price Index - At maturity 20,392 0.01 343,000 128,232 (18) 15/07/2049 (3.4425%) - At GBP Non-revised UK Retail maturity Price Index - At maturity (128,250) (0.07) USD 1,162,000 14,124 (12) 29/11/2024 (1.703%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 14,112 0.01 1,162,000 9,728 (12) 10/12/2024 (1.7625%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 9,717 0.01 4,118,000 305,790 (69) 30/06/2030 1.586% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (305,860) (0.19) 5,000,000 336,085 56,170 10/07/2030 1.6625% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (279,915) (0.17) Unrealised Appreciation on Centrally Cleared Total Return Swap Contracts Outstanding USD 853,155 0.50 Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding USD (1,795,768) (1.05) Net Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding USD (942,613) (0.55) Variation Margin Settlement to Date USD 924,807 0.54 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (17,806) (0.01)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-0.39%) (30 June 2020: -1.96%) Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination received by (Depreciation) % of Referenced Debt* Rating*** (paid)** Amount Value Date Fund USD Fund Bank of America, N.A. CMBX NA BBB-.6 Index BB/P USD 4,170 USD 61,000 USD 16,287 11/05/2063 300 bp - Monthly USD (12,082) (0.01) Citigroup Global Markets, Inc. CMBX NA A.6 Index A/P 4,509 37,000 2,786 11/05/2063 200 bp - Monthly 1,738 - CMBX NA A.6 Index A/P 4,536 38,000 2,861 11/05/2063 200 bp - Monthly 1,690 - CMBX NA A.6 Index A/P 4,501 38,000 2,861 11/05/2063 200 bp - Monthly 1,654 - CMBX NA A.6 Index A/P 6,580 56,000 4,217 11/05/2063 200 bp - Monthly 2,385 - CMBX NA A.6 Index A/P 8,834 74,000 5,572 11/05/2063 200 bp - Monthly 3,290 - CMBX NA A.6 Index A/P 9,120 77,000 5,798 11/05/2063 200 bp - Monthly 3,352 - CMBX NA A.6 Index A/P 17,588 105,000 7,907 11/05/2063 200 bp - Monthly 9,722 0.01 CMBX NA A.6 Index A/P 18,679 121,000 9,111 11/05/2063 200 bp - Monthly 9,615 0.01 CMBX NA A.6 Index A/P 25,824 146,000 10,994 11/05/2063 200 bp - Monthly 14,887 0.01 CMBX NA A.6 Index A/P 21,368 154,000 11,596 11/05/2063 200 bp - Monthly 9,831 0.01 CMBX NA A.6 Index A/P 27,376 181,000 13,629 11/05/2063 200 bp - Monthly 13,817 0.01

The accompanying notes form an integral part of these financial statements.

48 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-0.39%) (30 June 2020: -1.96%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination received by (Depreciation) % of Referenced Debt* Rating*** (paid)** Amount Value Date Fund USD Fund Citigroup Global Markets, Inc. cont. CMBX NA A.6 Index A/P USD 40,040 USD 286,000 USD 21,536 11/05/2063 200 bp - Monthly USD 18,615 0.01 CMBX NA A.6 Index A/P 84,289 507,000 38,177 11/05/2063 200 bp - Monthly 46,309 0.03 CMBX NA BB.11 Index BB-/P 68,930 122,000 28,621 18/11/2054 500 bp - Monthly 40,427 0.02 CMBX NA BB.6 Index B/P 60,823 424,000 179,903 11/05/2063 500 bp - Monthly (118,668) (0.08) CMBX NA BB.7 Index B+/P 30,008 588,000 228,732 17/01/2047 500 bp - Monthly (198,153) (0.13) CMBX NA BBB- .12 Index BBB-/P 21,559 136,000 10,744 17/08/2061 300 bp - Monthly 10,894 0.01 Credit Suisse International CMBX NA BB.7 Index B+/P 14,446 108,000 42,012 17/01/2047 500 bp - Monthly (27,461) (0.02) CMBX NA BBB-.7 Index BB+/P 21,879 296,000 58,845 17/01/2047 300 bp - Monthly (36,793) (0.02) Goldman Sachs International CMBX NA A.6 Index A/P 814 7,000 527 11/05/2063 200 bp - Monthly 289 - CMBX NA A.6 Index A/P (60) 33,000 2,485 11/05/2063 200 bp - Monthly (2,532) - CMBX NA A.6 Index A/P 10,428 71,000 5,346 11/05/2063 200 bp - Monthly 5,109 - CMBX NA A.6 Index A/P 20,590 142,000 10,693 11/05/2063 200 bp - Monthly 9,953 0.01 CMBX NA A.6 Index A/P 10,968 167,000 12,575 11/05/2063 200 bp - Monthly (1,543) - CMBX NA A.6 Index A/P 9,061 179,000 13,479 11/05/2063 200 bp - Monthly (4,348) - CMBX NA A.6 Index A/P 9,409 191,000 14,382 11/05/2063 200 bp - Monthly (4,899) - CMBX NA A.6 Index A/P 24,700 208,000 15,662 11/05/2063 200 bp - Monthly 9,118 0.01 CMBX NA A.6 Index A/P 14,727 283,000 21,310 11/05/2063 200 bp - Monthly (6,473) - CMBX NA A.6 Index A/P 14,832 293,000 22,063 11/05/2063 200 bp - Monthly (7,117) - CMBX NA A.6 Index A/P 18,287 355,000 26,732 11/05/2063 200 bp - Monthly (8,307) - CMBX NA A.6 Index A/P 27,124 533,000 40,135 11/05/2063 200 bp - Monthly (12,804) (0.01) CMBX NA A.6 Index A/P 38,485 759,000 57,153 11/05/2063 200 bp - Monthly (18,372) (0.01) CMBX NA A.6 Index A/P 80,980 1,317,000 99,170 11/05/2063 200 bp - Monthly (17,678) (0.01) CMBX NA A.7 Index A-/P 47 3,000 251 17/01/2047 200 bp - Monthly (203) - CMBX NA BB.6 Index B/P 224,236 523,000 221,909 11/05/2063 500 bp - Monthly 2,545 - CMBX NA BB.9 Index B+/P 88,154 218,000 73,684 17/09/2058 500 bp - Monthly 14,682 0.01 CMBX NA BBB-.6 Index BB/P 359 7,000 1,869 11/05/2063 300 bp - Monthly (1,506) - CMBX NA BBB-.6 Index BB/P 1,772 21,000 5,607 11/05/2063 300 bp - Monthly (3,823) - CMBX NA BBB-.6 Index BB/P 2,764 25,000 6,675 11/05/2063 300 bp - Monthly (3,896) - CMBX NA BBB-.6 Index BB/P 3,528 32,000 8,544 11/05/2063 300 bp - Monthly (4,998) - CMBX NA BBB-.6 Index BB/P 3,566 32,000 8,544 11/05/2063 300 bp - Monthly (4,960) - CMBX NA BBB-.6 Index BB/P 2,614 36,000 9,612 11/05/2063 300 bp - Monthly (6,977) - CMBX NA BBB-.6 Index BB/P 2,614 36,000 9,612 11/05/2063 300 bp - Monthly (6,977) - CMBX NA BBB-.6 Index BB/P 5,844 48,000 12,816 11/05/2063 300 bp - Monthly (6,944) - CMBX NA BBB-.6 Index BB/P 5,305 49,000 13,083 11/05/2063 300 bp - Monthly (7,749) - CMBX NA BBB-.6 Index BB/P 5,813 52,000 13,884 11/05/2063 300 bp - Monthly (8,040) - CMBX NA BBB-.6 Index BB/P 5,421 54,000 14,418 11/05/2063 300 bp - Monthly (8,965) (0.01) CMBX NA BBB-.6 Index BB/P 4,641 56,000 14,952 11/05/2063 300 bp - Monthly (10,278) (0.01) CMBX NA BBB-.6 Index BB/P 4,939 57,000 15,219 11/05/2063 300 bp - Monthly (10,247) (0.01) CMBX NA BBB-.6 Index BB/P 8,440 78,000 20,826 11/05/2063 300 bp - Monthly (12,341) (0.01) CMBX NA BBB-.6 Index BB/P 8,472 78,000 20,826 11/05/2063 300 bp - Monthly (12,308) (0.01) CMBX NA BBB-.6 Index BB/P 8,804 80,000 21,360 11/05/2063 300 bp - Monthly (12,510) (0.01) CMBX NA BBB-.6 Index BB/P 10,880 126,000 33,642 11/05/2063 300 bp - Monthly (22,688) (0.01) CMBX NA BBB-.6 Index BB/P 15,689 135,000 36,045 11/05/2063 300 bp - Monthly (20,277) (0.01) CMBX NA BBB-.6 Index BB/P 16,897 144,000 38,448 11/05/2063 300 bp - Monthly (21,467) (0.01) CMBX NA BBB-.6 Index BB/P 24,852 179,000 47,793 11/05/2063 300 bp - Monthly (22,837) (0.01) CMBX NA BBB-.6 Index BB/P 35,930 344,000 91,848 11/05/2063 300 bp - Monthly (55,717) (0.03)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 49

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-0.39%) (30 June 2020: -1.96%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination received by (Depreciation) % of Referenced Debt* Rating*** (paid)** Amount Value Date Fund USD Fund JPMorgan Securities LLC CMBX NA A.6 Index A/P USD 5,460 USD 39,000 USD 2,937 11/05/2063 200 bp - Monthly USD 2,538 - CMBX NA A.6 Index A/P 12,497 93,000 7,003 11/05/2063 200 bp - Monthly 5,530 - CMBX NA A.6 Index A/P 12,650 115,000 8,660 11/05/2063 200 bp - Monthly 4,035 - CMBX NA A.6 Index A/P 35,106 270,000 20,331 11/05/2063 200 bp - Monthly 14,880 0.01 CMBX NA BB.10 Index BB-/P 11,233 140,000 48,594 11/05/2063 500 bp - Monthly (37,225) (0.02) CMBX NA BB.6 Index B/P 91,119 177,000 75,101 11/05/2063 500 bp - Monthly 16,190 0.01 CMBX NA BBB-.6 Index BB/P 21,100 66,000 17,622 11/05/2063 300 bp - Monthly 3,517 - Merrill Lynch International CMBX NA BBB-.6 Index BB/P 1,350 21,000 5,607 11/05/2063 300 bp - Monthly (4,245) - CMBX NA BBB-.6 Index BB/P 7,628 100,000 26,700 11/05/2063 300 bp - Monthly (19,014) (0.01) CMBX NA BBB-.6 Index BB/P 13,571 150,000 40,050 11/05/2063 300 bp - Monthly (26,391) (0.02) CMBX NA BBB-.6 Index BB/P 32,413 363,000 96,921 11/05/2063 300 bp - Monthly (64,297) (0.05) Morgan Stanley & Co. International PLC CMBX NA A.6 Index A/P 6,338 65,000 4,895 11/05/2063 200 bp - Monthly 1,468 - CMBX NA A.6 Index A/P 10,938 70,000 5,271 11/05/2063 200 bp - Monthly 5,694 - CMBX NA A.6 Index A/P 8,160 102,000 7,681 11/05/2063 200 bp - Monthly 519 - CMBX NA A.6 Index A/P 10,773 139,000 10,467 11/05/2063 200 bp - Monthly 360 - CMBX NA BB.6 Index B/P 19,400 79,000 33,520 11/05/2063 500 bp - Monthly (14,043) (0.01) CMBX NA BB.6 Index B/P 39,179 159,000 67,464 11/05/2063 500 bp - Monthly (28,130) (0.02) CMBX NA BB.9 Index B+/P 15,221 38,000 12,844 17/09/2058 500 bp - Monthly 2,414 - CMBX NA BBB-.6 Index BB/P 4,306 65,000 17,355 11/05/2063 300 bp - Monthly (13,011) (0.01) Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 287,067 0.17 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (949,294) (0.56) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (662,227) (0.39)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.13%) (30 June 2020: 0.62%) Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Citigroup Global Markets, Inc. CMBX NA A.7 Index USD (22) USD 3,000 USD 251 17/01/2047 (200 bp) - Monthly USD 228 - CMBX NA BB.10 Index (6,784) 65,000 22,562 17/11/2059 (500 bp) - Monthly 15,715 0.01 CMBX NA BB.10 Index (5,921) 54,000 18,743 17/11/2059 (500 bp) - Monthly 12,770 0.01 CMBX NA BB.11 Index (25,394) 196,000 45,982 18/11/2054 (500 bp) - Monthly 20,397 0.01 CMBX NA BB.11 Index (9,459) 131,000 30,733 18/11/2054 (500 bp) - Monthly 21,146 0.01 CMBX NA BB.11 Index (6,316) 67,000 15,718 18/11/2054 (500 bp) - Monthly 9,338 0.01 CMBX NA BB.11 Index (2,750) 40,000 9,384 18/11/2054 (500 bp) - Monthly 6,595 - CMBX NA BB.11 Index (1,556) 30,000 7,038 18/11/2054 (500 bp) - Monthly 5,453 - CMBX NA BB.11 Index (1,530) 30,000 7,038 18/11/2054 (500 bp) - Monthly 5,479 - CMBX NA BB.12 Index (86) 1,000 211 17/08/2061 (500 bp) - Monthly 124 - CMBX NA BB.8 Index (9,933) 80,000 31,792 17/10/2057 (500 bp) - Monthly 21,781 0.01 CMBX NA BB.9 Index (10,646) 165,000 55,770 17/09/2058 (500 bp) - Monthly 44,964 0.04 CMBX NA BB.9 Index (9,033) 140,000 47,320 17/09/2058 (500 bp) - Monthly 38,151 0.03 CMBX NA BB.9 Index (11,561) 112,000 37,856 17/09/2058 (500 bp) - Monthly 26,186 0.02 CMBX NA BB.9 Index (1,217) 31,000 10,478 17/09/2058 (500 bp) - Monthly 9,231 0.01 CMBX NA BB.9 Index (1,048) 26,000 8,788 17/09/2058 (500 bp) - Monthly 7,715 - CMBX NA BB.9 Index (290) 8,000 2,704 17/09/2058 (500 bp) - Monthly 2,406 - CMBX NA BBB-.10 Index (5,994) 38,000 4,697 17/11/2059 (300 bp) - Monthly (1,319) - CMBX NA BBB-.10 Index (4,533) 19,000 2,348 17/11/2059 (300 bp) - Monthly (2,196) - CMBX NA BBB-.10 Index (2,707) 11,000 1,360 17/11/2059 (300 bp) - Monthly (1,354) - CMBX NA BBB-.10 Index (72,395) 243,000 30,035 17/11/2059 (300 bp) - Monthly (42,502) (0.02)

The accompanying notes form an integral part of these financial statements.

50 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.13%) (30 June 2020: 0.62%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Citigroup Global Markets, Inc. cont. CMBX NA BBB-.11 Index USD (42,249) USD 132,000 USD 10,058 18/11/2054 (300 bp) - Monthly USD (32,268) (0.02) CMBX NA BBB-.11 Index (20,929) 64,000 4,877 18/11/2054 (300 bp) - Monthly (16,090) (0.01) CMBX NA BBB-.11 Index (19,605) 60,000 4,572 18/11/2054 (300 bp) - Monthly (15,068) (0.01) CMBX NA BBB-.11 Index (5,593) 38,000 2,896 18/11/2054 (300 bp) - Monthly (2,720) - CMBX NA BBB-.11 Index (5,577) 17,000 1,295 18/11/2054 (300 bp) - Monthly (4,291) - CMBX NA BBB-.11 Index (1,913) 13,000 991 18/11/2054 (300 bp) - Monthly (930) - CMBX NA BBB-.11 Index (2,244) 7,000 533 18/11/2054 (300 bp) - Monthly (1,714) - CMBX NA BBB-.12 Index (46,996) 149,000 11,771 17/08/2061 (300 bp) - Monthly (35,312) (0.02) CMBX NA BBB-.12 Index (46,577) 134,000 10,586 17/08/2061 (300 bp) - Monthly (36,070) (0.02) CMBX NA BBB-.12 Index (45,095) 132,000 10,428 17/08/2061 (300 bp) - Monthly (34,744) (0.02) CMBX NA BBB-.12 Index (43,347) 123,000 9,717 17/08/2061 (300 bp) - Monthly (33,702) (0.02) CMBX NA BBB-.12 Index (38,761) 116,000 9,164 17/08/2061 (300 bp) - Monthly (29,665) (0.02) CMBX NA BBB-.12 Index (38,314) 109,000 8,611 17/08/2061 (300 bp) - Monthly (29,767) (0.02) CMBX NA BBB-.12 Index (27,389) 82,000 6,478 17/08/2061 (300 bp) - Monthly (20,959) (0.01) CMBX NA BBB-.9 Index (18,691) 79,000 9,393 17/09/2058 (300 bp) - Monthly (9,344) (0.01) Credit Suisse International CMBX NA BB.10 Index (16,292) 137,000 47,553 17/11/2059 (500 bp) - Monthly 31,128 0.02 CMBX NA BB.10 Index (18,279) 137,000 47,553 17/11/2059 (500 bp) - Monthly 29,140 0.02 CMBX NA BB.10 Index (8,950) 72,000 24,991 17/11/2059 (500 bp) - Monthly 15,972 0.01 CMBX NA BB.7 Index (12,020) 681,000 288,948 11/05/2063 (500 bp) - Monthly 276,266 0.17 CMBX NA BB.7 Index (10,515) 57,000 22,173 17/01/2047 (500 bp) - Monthly 11,603 0.01 CMBX NA BB.9 Index (15,238) 152,000 51,376 17/09/2058 (500 bp) - Monthly 35,991 0.02 Goldman Sachs International CMBX NA BB.6 Index (6,547) 64,000 27,155 11/05/2063 (500 bp) - Monthly 20,546 0.01 CMBX NA BB.7 Index (12,258) 81,000 31,509 17/01/2047 (500 bp) - Monthly 19,173 0.01 CMBX NA BB.12 Index (14,280) 39,000 8,221 17/08/2061 (500 bp) - Monthly (6,097) - CMBX NA BB.7 Index (35,554) 217,000 84,413 17/01/2047 (500 bp) - Monthly 48,648 0.04 CMBX NA BB.7 Index (21,117) 104,000 40,456 17/01/2047 (500 bp) - Monthly 19,238 0.01 CMBX NA BB.7 Index (18,256) 100,000 38,900 17/01/2047 (500 bp) - Monthly 20,547 0.01 CMBX NA BB.8 Index (2,946) 26,000 10,332 17/10/2057 (500 bp) - Monthly 7,361 - CMBX NA BB.9 Index (5,927) 55,000 18,590 17/09/2058 (500 bp) - Monthly 12,609 0.01 CMBX NA BB.9 Index (971) 25,000 8,450 17/09/2058 (500 bp) - Monthly 7,455 - CMBX NA BB.9 Index (3,009) 25,000 8,450 17/09/2058 (500 bp) - Monthly 5,417 - CMBX NA BB.9 Index (2,975) 25,000 8,450 17/09/2058 (500 bp) - Monthly 5,451 - CMBX NA BB.9 Index (1,461) 14,000 4,732 17/09/2058 (500 bp) - Monthly 3,257 - CMBX NA BB.9 Index (1,602) 10,000 3,380 17/09/2058 (500 bp) - Monthly 1,768 - CMBX NA BB.9 Index (1,593) 10,000 3,380 17/09/2058 (500 bp) - Monthly 1,777 - CMBX NA BB.9 Index (1,118) 7,000 2,366 17/09/2058 (500 bp) - Monthly 1,241 - CMBX NA BB.9 Index (1,106) 7,000 2,366 17/09/2058 (500 bp) - Monthly 1,253 - CMBX NA BB.9 Index (955) 6,000 2,028 17/09/2058 (500 bp) - Monthly 1,067 - CMBX NA BBB-.10 Index (2,339) 15,000 1,854 17/11/2059 (300 bp) - Monthly (494) - CMBX NA BBB-.12 Index (1,689) 5,000 395 17/08/2061 (300 bp) - Monthly (1,297) - CMBX NA BBB-.6 Index (8,155) 163,000 43,521 11/05/2063 (300 bp) - Monthly 35,271 0.02 CMBX NA BBB-.7 Index (4,984) 48,000 9,542 17/01/2047 (300 bp) - Monthly 4,530 - CMBX NA BBB-.7 Index (1,086) 16,000 3,181 17/01/2047 (300 bp) - Monthly 2,085 - JPMorgan Securities LLC CMBX NA BB.11 Index (383,406) 703,000 164,924 18/11/2054 (500 bp) - Monthly (219,166) (0.13) CMBX NA BB.12 Index (86,776) 158,000 33,306 17/08/2061 (500 bp) - Monthly (53,623) (0.03)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 51

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.13%) (30 June 2020: 0.62%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund JPMorgan Securities LLC cont. CMBX NA BB.17 Index USD (113,600) USD 232,000 USD 90,248 17/01/2047 (500 bp) - Monthly USD (23,578) (0.01) CMBX NA BBB-.10 Index (6,597) 40,000 4,944 17/11/2059 (300 bp) - Monthly (1,676) - CMBX NA BBB-.12 Index (2,319) 10,000 790 17/08/2061 (300 bp) - Monthly (1,535) - CMBX NA BBB-.10 Index (23,536) 79,000 9,764 17/11/2059 (300 bp) - Monthly (13,818) (0.01) CMBX NA BBB-.10 Index (21,973) 78,000 9,641 17/11/2059 (300 bp) - Monthly (12,378) (0.01) CMBX NA BBB-.11 Index (35,202) 112,000 8,534 18/11/2054 (300 bp) - Monthly (26,733) (0.02) CMBX NA BBB-.11 Index (18,544) 59,000 4,496 18/11/2054 (300 bp) - Monthly (14,082) (0.01) CMBX NA BBB-.11 Index (11,606) 36,000 2,743 18/11/2054 (300 bp) - Monthly (8,884) (0.01) CMBX NA BBB-.11 Index (5,963) 19,000 1,448 18/11/2054 (300 bp) - Monthly (4,527) - CMBX NA BBB-.12 Index (15,017) 43,000 3,397 17/08/2061 (300 bp) - Monthly (11,645) (0.01) CMBX NA BBB-.12 Index (2,654) 8,000 632 17/08/2061 (300 bp) - Monthly (2,027) - CMBX NA BBB-.7 Index (31,928) 136,000 27,037 17/01/2047 (300 bp) - Monthly (4,970) - Merrill Lynch International CMBX NA BB.10 Index (7,397) 130,000 45,123 17/11/2059 (500 bp) - Monthly 37,600 0.02 CMBX NA BB.11 Index (102,307) 207,000 48,562 18/11/2054 (500 bp) - Monthly (53,946) (0.03) CMBX NA BB.7 Index (37,819) 218,000 84,802 17/01/2047 (500 bp) - Monthly 46,771 0.04 Morgan Stanley & Co. International PLC CMBX NA BB.10 Index (6,817) 65,000 22,562 17/11/2059 (500 bp) - Monthly 15,681 0.01 CMBX NA BB.11 Index (11,097) 113,000 26,510 18/11/2054 (500 bp) - Monthly 15,303 0.01 CMBX NA BB.11 Index (2,764) 29,000 6,803 18/11/2054 (500 bp) - Monthly 4,012 - CMBX NA BB.12 Index (5,076) 71,000 14,967 17/08/2061 (500 bp) - Monthly 9,822 0.01 CMBX NA BB.12 Index (30,600) 51,000 10,751 17/08/2061 (500 bp) - Monthly (19,899) (0.01) CMBX NA BB.12 Index (2,775) 38,000 8,010 17/08/2061 (500 bp) - Monthly 5,199 - CMBX NA BB.12 Index (1,905) 27,000 5,692 17/08/2061 (500 bp) - Monthly 3,761 - CMBX NA BB.12 Index (1,552) 19,000 4,005 17/09/2058 (500 bp) - Monthly 2,435 - CMBX NA BB.7 Index (21,998) 109,000 42,401 17/01/2047 (500 bp) - Monthly 20,297 0.01 CMBX NA BB.7 Index (19,507) 97,000 37,733 17/01/2047 (500 bp) - Monthly 18,131 0.01 CMBX NA BB.7 Index (6,749) 35,000 13,615 17/01/2047 (500 bp) - Monthly 6,832 - CMBX NA BB.9 Index (3,982) 53,000 17,914 17/09/2058 (500 bp) - Monthly 13,881 0.01 CMBX NA BB.9 Index (2,395) 28,000 9,464 17/09/2058 (500 bp) - Monthly 7,042 - CMBX NA BB.9 Index (3,031) 25,000 8,450 17/09/2058 (500 bp) - Monthly 5,394 - CMBX NA BB.9 Index (899) 23,000 7,774 17/09/2058 (500 bp) - Monthly 6,852 - CMBX NA BB.9 Index (2,546) 21,000 7,098 17/09/2058 (500 bp) - Monthly 4,531 - CMBX NA BB.9 Index (136) 1,000 338 17/09/2058 (500 bp) - Monthly 201 - CMBX NA BBB-.10 Index (4,876) 20,000 2,472 17/11/2059 (300 bp) - Monthly (2,416) - CMBX NA BBB-.10 Index (3,075) 13,000 1,607 17/11/2059 (300 bp) - Monthly (1,475) - CMBX NA BBB-.10 Index (689) 3,000 371 17/11/2059 (300 bp) - Monthly (320) - CMBX NA BBB-.11 Index (21,765) 68,000 5,182 18/11/2054 (300 bp) - Monthly (16,623) (0.01) CMBX NA BBB-.11 Index (18,414) 59,000 4,496 18/11/2054 (300 bp) - Monthly (13,952) (0.01) CMBX NA BBB-.11 Index (12,660) 40,000 3,048 18/11/2054 (300 bp) - Monthly (9,635) (0.01) CMBX NA BBB-.12 Index (618) 2,000 158 17/08/2061 (300 bp) - Monthly (461) - CMBX NA BBB-.7 Index (2,286) 36,000 7,157 17/01/2047 (300 bp) - Monthly 4,850 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 1,095,068 0.64 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (875,272) (0.51) Net Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 219,796 0.13

* 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. *** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at 31 December 2020.

Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.

The accompanying notes form an integral part of these financial statements.

52 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) 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 Buy 20/01/2021 USD 693,521 USD 645,954 USD 47,566 0.04 Australian Dollar Buy 20/01/2021 428,651 398,135 30,516 0.02 Australian Dollar Sell 20/01/2021 340,823 312,459 (28,364) (0.02) Australian Dollar Sell 20/01/2021 430,656 398,242 (32,414) (0.03) Australian Dollar Sell 20/01/2021 366,269 339,281 (26,988) (0.02) British Pound Buy 17/03/2021 1,337,469 1,317,458 20,011 0.01 British Pound Buy 17/03/2021 8,103,616 7,982,371 121,245 0.08 Canadian Dollar Buy 20/01/2021 166,562 165,978 584 - Canadian Dollar Buy 20/01/2021 102,373 99,467 2,906 - Canadian Dollar Sell 20/01/2021 1,100,406 1,056,280 (44,126) (0.04) Chinese Yuan (offshore) Sell 18/02/2021 206,906 202,272 (4,634) - Euro Buy 17/03/2021 1,726,306 1,718,295 8,011 - Euro Buy 17/03/2021 13,912,132 13,847,573 64,559 0.05 Hong Kong Dollar Sell 17/02/2021 648,331 648,146 (185) - Japanese Yen Buy 17/02/2021 407,652 404,642 3,010 - Japanese Yen Buy 17/02/2021 407,651 406,220 1,431 - Japanese Yen Buy 17/02/2021 209,701 208,539 1,162 - Japanese Yen Buy 17/02/2021 166,605 167,074 (469) - Japanese Yen Buy 17/02/2021 453,142 447,478 5,664 - Mexican Peso Buy 20/01/2021 186,007 178,442 7,565 - Mexican Peso Sell 20/01/2021 186,007 173,864 (12,143) (0.01) New Zealand Dollar Buy 20/01/2021 360,217 332,710 27,507 0.02 New Zealand Dollar Sell 20/01/2021 433,109 395,580 (37,529) (0.03) Norwegian Krone Buy 17/03/2021 31,260 30,799 461 - Swedish Krona Sell 17/03/2021 166,180 163,339 (2,841) - Barclays Bank PLC British Pound Buy 17/03/2021 176,487 173,819 2,668 - British Pound Sell 17/03/2021 170,878 169,062 (1,816) - Canadian Dollar Sell 20/01/2021 393,698 377,934 (15,764) (0.01) Canadian Dollar Sell 20/01/2021 167,269 167,124 (145) - Euro Sell 17/03/2021 1,781,125 1,772,752 (8,373) - Euro Sell 17/03/2021 1,322,017 1,315,802 (6,215) - Japanese Yen Buy 17/02/2021 885,516 874,450 11,066 0.01 New Zealand Dollar Buy 20/01/2021 564,143 521,007 43,136 0.04 New Zealand Dollar Sell 20/01/2021 454,552 444,477 (10,075) (0.01) Swedish Krona Sell 17/03/2021 1,050,005 1,031,129 (18,876) (0.01) Citibank, N.A. Australian Dollar Sell 20/01/2021 106,488 101,156 (5,332) - British Pound Buy 17/03/2021 164,858 160,713 4,145 - British Pound Buy 17/03/2021 168,278 165,518 2,760 - British Pound Buy 17/03/2021 10,467,581 10,311,625 155,956 0.10 British Pound Sell 17/03/2021 1,687,843 1,662,696 (25,147) (0.01) Canadian Dollar Buy 20/01/2021 166,247 165,724 523 - Canadian Dollar Buy 20/01/2021 103,001 100,210 2,791 - Canadian Dollar Sell 20/01/2021 240,022 230,411 (9,611) (0.01) Canadian Dollar Sell 20/01/2021 165,697 165,195 (502) - Canadian Dollar Sell 20/01/2021 82,259 82,001 (258) -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 53

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Citibank, N.A. cont. Chilean Peso Buy 20/01/2021 USD 427,484 USD 382,365 USD 45,119 0.04 Chilean Peso Sell 20/01/2021 423,330 403,134 (20,196) (0.01) Euro Buy 17/03/2021 167,271 167,324 (53) - Euro Buy 17/03/2021 208,630 209,141 (511) - Euro Buy 17/03/2021 16,007,609 15,932,175 75,434 0.05 Euro Sell 17/03/2021 675,447 672,264 (3,183) - Euro Sell 17/03/2021 210,710 209,118 (1,592) - Euro Sell 17/03/2021 207,406 207,724 318 - Japanese Yen Buy 17/02/2021 636,555 628,918 7,637 - Japanese Yen Buy 17/02/2021 203,668 201,160 2,508 - New Zealand Dollar Sell 20/01/2021 531,042 490,405 (40,637) (0.03) New Zealand Dollar Sell 20/01/2021 108,439 99,602 (8,837) (0.01) New Zealand Dollar Sell 20/01/2021 164,566 162,244 (2,322) - Swedish Krona Sell 17/03/2021 681,895 669,551 (12,344) (0.01) Swiss Franc Buy 17/03/2021 609,554 608,343 1,211 - Credit Suisse International Australian Dollar Buy 20/01/2021 401,663 367,383 34,280 0.02 Australian Dollar Sell 20/01/2021 18,815 17,543 (1,272) - British Pound Sell 17/03/2021 98,641 97,163 (1,478) - Canadian Dollar Buy 20/01/2021 103,001 99,632 3,369 - Canadian Dollar Sell 20/01/2021 735,778 706,286 (29,492) (0.02) Euro Sell 17/03/2021 252,803 251,578 (1,225) - Euro Sell 17/03/2021 167,393 166,630 (763) - New Zealand Dollar Buy 20/01/2021 95,199 87,915 7,284 - Swiss Franc Sell 17/03/2021 415,085 413,235 (1,850) - Goldman Sachs International Australian Dollar Buy 20/01/2021 434,126 410,135 23,991 0.01 Australian Dollar Buy 20/01/2021 338,664 322,620 16,044 0.01 Australian Dollar Buy 20/01/2021 337,970 322,302 15,668 0.01 Australian Dollar Buy 20/01/2021 449,470 431,405 18,065 0.01 Australian Dollar Buy 20/01/2021 223,463 213,640 9,823 0.01 Australian Dollar Sell 20/01/2021 133,322 124,156 (9,166) (0.01) Australian Dollar Sell 20/01/2021 106,180 100,064 (6,116) - British Pound Buy 17/03/2021 378,557 372,886 5,671 - British Pound Buy 17/03/2021 168,825 164,539 4,286 - British Pound Buy 17/03/2021 32,070,383 31,589,965 480,418 0.29 Canadian Dollar Buy 20/01/2021 216,451 210,521 5,930 - Canadian Dollar Buy 20/01/2021 334,066 330,564 3,502 - Canadian Dollar Buy 20/01/2021 168,133 166,698 1,435 - Canadian Dollar Buy 20/01/2021 1,285,353 1,234,018 51,334 0.04 Canadian Dollar Buy 20/01/2021 204,588 199,910 4,678 - Canadian Dollar Sell 20/01/2021 245,835 241,538 (4,297) - Canadian Dollar Sell 20/01/2021 327,545 323,935 (3,610) -

The accompanying notes form an integral part of these financial statements.

54 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Goldman Sachs International cont. Chinese Yuan (offshore) Buy 18/02/2021 USD 1,152,735 USD 1,138,179 USD 14,556 0.01 Euro Buy 17/03/2021 104,009 103,509 500 - Euro Buy 17/03/2021 12,213,725 12,154,972 58,753 0.04 Hong Kong Dollar Buy 17/02/2021 1,912,933 1,912,635 298 - Japanese Yen Buy 17/02/2021 163,012 161,076 1,936 - Japanese Yen Buy 17/02/2021 416,906 414,329 2,577 - Japanese Yen Buy 17/02/2021 512,102 505,676 6,426 - Japanese Yen Sell 17/02/2021 167,179 166,274 (905) - New Zealand Dollar Buy 20/01/2021 108,439 99,947 8,492 - New Zealand Dollar Buy 20/01/2021 213,137 197,235 15,902 0.01 New Zealand Dollar Sell 20/01/2021 931,555 860,260 (71,295) (0.05) New Zealand Dollar Sell 20/01/2021 107,288 98,296 (8,992) (0.01) New Zealand Dollar Sell 20/01/2021 436,995 419,680 (17,315) (0.01) New Zealand Dollar Sell 20/01/2021 249,619 241,721 (7,898) - New Zealand Dollar Sell 20/01/2021 276,890 269,187 (7,703) - New Zealand Dollar Sell 20/01/2021 454,552 444,486 (10,066) (0.01) New Zealand Dollar Sell 20/01/2021 328,484 321,615 (6,869) - New Zealand Dollar Sell 20/01/2021 10,218 10,061 (157) - Norwegian Krone Buy 17/03/2021 637,554 628,267 9,287 0.01 Swedish Krona Buy 17/03/2021 2,270,204 2,229,419 40,785 0.03 Swiss Franc Buy 17/03/2021 616,006 614,812 1,194 - Swiss Franc Sell 17/03/2021 417,123 415,078 (2,045) - Taiwan Dollar Buy 17/02/2021 406,037 407,502 (1,465) - Taiwan Dollar Sell 17/02/2021 407,511 402,553 (4,958) - HSBC Bank USA, National Association Australian Dollar Buy 20/01/2021 1,028,870 958,346 70,523 0.05 Australian Dollar Buy 20/01/2021 9,484 8,800 684 - Australian Dollar Sell 20/01/2021 107,722 99,809 (7,913) - Australian Dollar Sell 20/01/2021 106,411 100,277 (6,134) - Australian Dollar Sell 20/01/2021 33,697 32,951 (746) - Australian Dollar Sell 20/01/2021 12,183 12,043 (140) - British Pound Buy 17/03/2021 140,095 137,995 2,100 - British Pound Buy 17/03/2021 170,741 166,387 4,354 - British Pound Buy 17/03/2021 1,845,723 1,818,053 27,670 0.02 Canadian Dollar Buy 20/01/2021 387,963 372,492 15,471 0.01 Canadian Dollar Buy 20/01/2021 410,590 400,750 9,840 0.01 Canadian Dollar Sell 20/01/2021 410,590 397,495 (13,095) (0.01) Canadian Dollar Sell 20/01/2021 164,283 161,200 (3,083) - Chinese Yuan (offshore) Sell 18/02/2021 206,906 202,259 (4,647) - Chinese Yuan (offshore) Sell 18/02/2021 206,906 202,282 (4,624) - Chinese Yuan (offshore) Sell 18/02/2021 451,885 445,309 (6,576) -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 55

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) 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. Euro Buy 17/03/2021 USD 885,668 USD 881,683 USD 3,985 - Euro Buy 17/03/2021 214,626 213,539 1,087 - Hong Kong Dollar Sell 17/02/2021 1,541,278 1,540,879 (399) - Indian Rupee Buy 17/02/2021 398,257 392,398 5,859 - Indian Rupee Sell 17/02/2021 401,491 391,190 (10,301) (0.01) Japanese Yen Buy 17/02/2021 1,042,803 1,029,910 12,893 0.01 Japanese Yen Buy 17/02/2021 5,283 5,175 108 - Japanese Yen Buy 17/02/2021 204,751 201,137 3,614 - New Zealand Dollar Sell 20/01/2021 114,987 106,171 (8,816) (0.01) New Zealand Dollar Sell 20/01/2021 164,494 162,172 (2,322) - Norwegian Krone Buy 17/03/2021 189,136 186,444 2,692 - Norwegian Krone Buy 17/03/2021 11,030 11,038 (8) - South Korean Won Buy 17/02/2021 424,543 397,729 26,814 0.02 South Korean Won Sell 17/02/2021 410,209 401,831 (8,378) - Swedish Krona Buy 17/03/2021 112,015 110,008 2,007 - Swedish Krona Sell 17/03/2021 584 582 (2) - Swiss Franc Sell 17/03/2021 415,085 410,865 (4,220) - Swiss Franc Sell 17/03/2021 238,275 237,766 (509) - JPMorgan Chase Bank, N.A. Australian Dollar Buy 20/01/2021 434,203 410,214 23,989 0.01 Australian Dollar Buy 20/01/2021 449,547 431,485 18,062 0.01 Australian Dollar Sell 20/01/2021 337,739 314,576 (23,163) (0.01) Australian Dollar Sell 20/01/2021 109,033 101,404 (7,629) - British Pound Buy 17/03/2021 170,330 166,961 3,369 - British Pound Buy 17/03/2021 338,882 334,644 4,238 - British Pound Buy 17/03/2021 38,087,625 37,518,082 569,544 0.34 British Pound Sell 17/03/2021 227,928 224,520 (3,408) - Canadian Dollar Buy 20/01/2021 166,090 165,735 355 - Canadian Dollar Buy 20/01/2021 101,665 99,802 1,863 - Canadian Dollar Sell 20/01/2021 902,497 866,395 (36,102) (0.03) Canadian Dollar Sell 20/01/2021 102,530 99,457 (3,073) - Canadian Dollar Sell 20/01/2021 156,584 149,531 (7,053) - Chinese Yuan (offshore) Buy 18/02/2021 204,192 198,281 5,911 - Chinese Yuan (offshore) Sell 18/02/2021 204,330 197,218 (7,112) - Euro Buy 17/03/2021 1,151,442 1,145,887 5,555 - Euro Buy 17/03/2021 12,800,213 12,738,461 61,752 0.05 Euro Sell 17/03/2021 244,727 243,817 (910) - Euro Sell 17/03/2021 669,696 662,932 (6,764) - Euro Sell 17/03/2021 34,384 34,601 217 - Indian Rupee Buy 17/02/2021 398,257 392,240 6,017 - Indian Rupee Sell 17/02/2021 401,492 391,503 (9,989) (0.01) Japanese Yen Buy 17/02/2021 325,139 323,072 2,067 - Japanese Yen Buy 17/02/2021 108,026 107,062 964 - Japanese Yen Sell 17/02/2021 7,230 7,140 (90) - New Zealand Dollar Buy 20/01/2021 14,823 13,691 1,132 - New Zealand Dollar Sell 20/01/2021 276,962 269,256 (7,706) - New Zealand Dollar Sell 20/01/2021 287,756 281,064 (6,692) - Norwegian Krone Buy 17/03/2021 7,043 6,926 117 -

The accompanying notes form an integral part of these financial statements.

56 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) 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. Norwegian Krone Sell 17/03/2021 USD 49,228 USD 48,507 USD (721) - Norwegian Krone Sell 17/03/2021 11,287 10,977 (310) - Norwegian Krone Sell 17/03/2021 166,900 164,898 (2,002) - Norwegian Krone Sell 17/03/2021 166,073 166,305 232 - South Korean Won Buy 17/02/2021 424,586 396,255 28,331 0.02 South Korean Won Sell 17/02/2021 410,209 402,084 (8,125) - Swedish Krona Buy 17/03/2021 387,851 380,878 6,973 - Swedish Krona Sell 17/03/2021 164,368 159,750 (4,618) - Swiss Franc Buy 17/03/2021 956,610 954,779 1,831 - Taiwan Dollar Buy 17/02/2021 406,041 407,389 (1,348) - Taiwan Dollar Sell 17/02/2021 406,927 405,527 (1,400) - Morgan Stanley & Company International PLC Australian Dollar Buy 20/01/2021 337,893 322,233 15,660 0.01 Australian Dollar Buy 20/01/2021 449,547 431,482 18,065 0.01 Australian Dollar Buy 20/01/2021 223,463 213,641 9,822 0.01 Australian Dollar Buy 20/01/2021 166,787 160,847 5,940 - Australian Dollar Buy 20/01/2021 166,865 160,526 6,339 - Australian Dollar Buy 20/01/2021 2,545 2,494 51 - Australian Dollar Sell 20/01/2021 30,458 28,367 (2,091) - Australian Dollar Sell 20/01/2021 4,704 4,639 (65) - Australian Dollar Sell 20/01/2021 6,786 6,762 (24) - British Pound Buy 17/03/2021 329,989 325,076 4,913 - British Pound Buy 17/03/2021 14,502 14,023 479 - British Pound Buy 17/03/2021 171,562 167,130 4,432 - British Pound Buy 17/03/2021 168,415 167,492 923 - British Pound Buy 17/03/2021 168,415 166,137 2,278 - British Pound Buy 17/03/2021 35,434 34,907 527 - British Pound Buy 17/03/2021 1,527,774 1,506,947 20,827 0.01 British Pound Sell 17/03/2021 10,945 10,695 (250) - Canadian Dollar Buy 20/01/2021 216,451 210,520 5,931 - Canadian Dollar Buy 20/01/2021 51,618 49,349 2,269 - Canadian Dollar Buy 20/01/2021 494,028 474,319 19,709 0.01 Canadian Dollar Buy 20/01/2021 154,227 147,429 6,798 - Canadian Dollar Buy 20/01/2021 102,922 99,902 3,020 - Canadian Dollar Sell 20/01/2021 3,536 3,395 (141) - Canadian Dollar Sell 20/01/2021 10,921 10,750 (171) - Canadian Dollar Sell 20/01/2021 327,545 323,935 (3,610) - Canadian Dollar Sell 20/01/2021 9,585 9,564 (21) - Euro Buy 17/03/2021 87,735 87,314 421 - Euro Buy 17/03/2021 43,929 43,563 366 - Euro Buy 17/03/2021 2,080 2,080 - - Euro Buy 17/03/2021 26,431 26,304 127 - Euro Sell 17/03/2021 1,346 1,330 (16) - Euro Sell 17/03/2021 167,883 166,821 (1,062) - Euro Sell 17/03/2021 166,170 166,550 380 - Euro Sell 17/03/2021 122 123 1 - Japanese Yen Buy 17/02/2021 540,314 534,484 5,830 - Japanese Yen Buy 17/02/2021 325,140 323,072 2,068 - Japanese Yen Buy 17/02/2021 407,651 403,114 4,537 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 57

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Morgan Stanley & Company International PLC cont. Japanese Yen Buy 17/02/2021 USD 162,680 USD 161,591 USD 1,089 - Japanese Yen Buy 17/02/2021 98,680 97,956 724 - Japanese Yen Buy 17/02/2021 203,668 201,161 2,507 - Japanese Yen Sell 17/02/2021 1,500,765 1,481,943 (18,822) (0.01) New Zealand Dollar Buy 20/01/2021 432 425 7 - New Zealand Dollar Buy 20/01/2021 14,607 14,513 94 - New Zealand Dollar Buy 20/01/2021 72 70 2 - New Zealand Dollar Buy 20/01/2021 275,595 254,507 21,088 0.01 New Zealand Dollar Buy 20/01/2021 428,360 398,856 29,504 0.02 New Zealand Dollar Buy 20/01/2021 2,447 2,263 184 - New Zealand Dollar Buy 20/01/2021 108,223 99,532 8,691 0.01 New Zealand Dollar Buy 20/01/2021 108,223 100,992 7,231 - New Zealand Dollar Buy 20/01/2021 648 616 32 - New Zealand Dollar Buy 20/01/2021 12,808 12,328 480 - New Zealand Dollar Sell 20/01/2021 107,144 98,732 (8,412) - New Zealand Dollar Sell 20/01/2021 4,317 4,294 (23) - New Zealand Dollar Sell 20/01/2021 2,662 2,668 6 - Norwegian Krone Buy 17/03/2021 102,619 101,132 1,487 - Norwegian Krone Buy 17/03/2021 6,098 6,061 37 - Norwegian Krone Sell 17/03/2021 169,057 166,822 (2,235) - Swedish Krona Buy 17/03/2021 546,039 536,339 9,700 0.01 Swedish Krona Sell 17/03/2021 2,372 2,346 (26) - Swedish Krona Sell 17/03/2021 249,161 249,609 448 - Swiss Franc Buy 17/03/2021 15,281 15,256 25 - Swiss Franc Sell 17/03/2021 1,698 1,689 (9) - Swiss Franc Sell 17/03/2021 415,085 414,355 (730) - Swiss Franc Sell 17/03/2021 5,433 5,442 9 - Swiss Franc Sell 17/03/2021 208,392 208,704 312 - NatWest Markets PLC Australian Dollar Buy 20/01/2021 434,203 410,216 23,987 0.01 Australian Dollar Buy 20/01/2021 338,510 322,476 16,034 0.01 Australian Dollar Buy 20/01/2021 337,970 322,304 15,666 0.01 Australian Dollar Buy 20/01/2021 223,463 213,641 9,822 0.01 Australian Dollar Buy 20/01/2021 337,585 323,322 14,263 0.01 Australian Dollar Buy 20/01/2021 336,505 325,063 11,442 0.01 Australian Dollar Sell 20/01/2021 260,398 242,683 (17,715) (0.01) Australian Dollar Sell 20/01/2021 211,202 200,051 (11,151) (0.01) British Pound Buy 17/03/2021 533,428 525,480 7,948 - British Pound Buy 17/03/2021 169,646 166,252 3,394 - British Pound Buy 17/03/2021 170,878 165,158 5,720 - British Pound Sell 17/03/2021 3,786,667 3,730,247 (56,420) (0.04) Canadian Dollar Buy 20/01/2021 247,171 241,846 5,325 - Canadian Dollar Buy 20/01/2021 168,369 167,469 900 - Canadian Dollar Buy 20/01/2021 51,697 49,424 2,273 - Canadian Dollar Buy 20/01/2021 230,122 220,945 9,177 0.01 Canadian Dollar Sell 20/01/2021 327,938 322,616 (5,322) -

The accompanying notes form an integral part of these financial statements.

58 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund NatWest Markets PLC cont. Euro Sell 17/03/2021 USD 1,020,023 USD 1,015,179 USD (4,844) - Euro Sell 17/03/2021 75,743 75,231 (512) - Euro Sell 17/03/2021 19,089 18,998 (91) - Japanese Yen Buy 17/02/2021 108,027 107,063 964 - Japanese Yen Buy 17/02/2021 3,625 3,579 46 - Japanese Yen Buy 17/02/2021 203,668 201,159 2,509 - New Zealand Dollar Sell 20/01/2021 842,832 778,212 (64,620) (0.05) New Zealand Dollar Sell 20/01/2021 436,995 419,676 (17,319) (0.01) New Zealand Dollar Sell 20/01/2021 287,756 281,065 (6,691) - New Zealand Dollar Sell 20/01/2021 164,709 161,481 (3,228) - New Zealand Dollar Sell 20/01/2021 326,757 319,909 (6,848) - Norwegian Krone Buy 17/03/2021 164,393 160,492 3,901 - Swedish Krona Buy 17/03/2021 251,654 252,381 (727) - Swedish Krona Sell 17/03/2021 413,115 405,960 (7,155) - Swiss Franc Sell 17/03/2021 228,201 227,719 (482) - State Street Bank & Trust Company Australian Dollar Buy 20/01/2021 434,203 410,214 23,989 0.01 Australian Dollar Buy 20/01/2021 501,442 484,298 17,144 0.01 Australian Dollar Buy 20/01/2021 342,597 334,082 8,515 - Australian Dollar Buy 20/01/2021 424,410 419,250 5,160 - Australian Dollar Buy 20/01/2021 107,413 98,477 8,936 0.01 Australian Dollar Sell 20/01/2021 929,707 865,789 (63,918) (0.05) Australian Dollar Sell 20/01/2021 106,102 98,661 (7,441) - Australian Dollar Sell 20/01/2021 108,416 99,728 (8,688) (0.01) Australian Dollar Sell 20/01/2021 218,913 199,451 (19,462) (0.01) Australian Dollar Sell 20/01/2021 109,187 99,736 (9,451) (0.01) Australian Dollar Sell 20/01/2021 107,413 101,348 (6,065) - Australian Dollar Sell 20/01/2021 463 452 (11) - Australian Dollar Sell 20/01/2021 169,641 165,607 (4,034) - Australian Dollar Sell 20/01/2021 7,865 7,777 (88) - Australian Dollar Sell 20/01/2021 251,068 251,291 223 - British Pound Buy 17/03/2021 254,196 250,850 3,346 - British Pound Buy 17/03/2021 12,945,510 12,752,294 193,216 0.12 British Pound Sell 17/03/2021 3,000,002 2,955,226 (44,776) (0.04) British Pound Sell 17/03/2021 11,629 11,356 (273) - British Pound Sell 17/03/2021 684 667 (17) - British Pound Sell 17/03/2021 221,635 220,632 (1,003) - British Pound Sell 17/03/2021 251,596 251,492 (104) - Canadian Dollar Buy 20/01/2021 7,935 7,913 22 - Canadian Dollar Buy 20/01/2021 168,369 167,461 908 - Canadian Dollar Buy 20/01/2021 103,237 99,106 4,131 - Canadian Dollar Buy 20/01/2021 103,394 99,095 4,299 - Canadian Dollar Buy 20/01/2021 102,215 99,057 3,158 - Canadian Dollar Buy 20/01/2021 154,227 147,429 6,798 - Canadian Dollar Buy 20/01/2021 102,373 99,728 2,645 - Canadian Dollar Buy 20/01/2021 96,009 93,559 2,450 - Canadian Dollar Sell 20/01/2021 1,193,587 1,145,896 (47,691) (0.04) Canadian Dollar Sell 20/01/2021 156,662 149,607 (7,055) - Canadian Dollar Sell 20/01/2021 330,138 322,493 (7,645) -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 59

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) 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. Canadian Dollar Sell 20/01/2021 USD 324,167 USD 322,157 USD (2,010) - Canadian Dollar Sell 20/01/2021 168,133 165,623 (2,510) - Canadian Dollar Sell 20/01/2021 168,919 167,302 (1,617) - Canadian Dollar Sell 20/01/2021 167,190 167,046 (144) - Euro Buy 17/03/2021 164,579 162,277 2,302 - Euro Buy 17/03/2021 208,508 209,011 (503) - Euro Buy 17/03/2021 11,675,814 11,619,506 56,308 0.04 Euro Sell 17/03/2021 327,445 324,069 (3,376) - Euro Sell 17/03/2021 3,257,320 3,241,611 (15,709) (0.01) Euro Sell 17/03/2021 244,850 243,939 (911) - Euro Sell 17/03/2021 162,009 161,168 (841) - Euro Sell 17/03/2021 162,377 161,445 (932) - Euro Sell 17/03/2021 324,875 322,506 (2,369) - Euro Sell 17/03/2021 3,671 3,644 (27) - Euro Sell 17/03/2021 167,149 166,887 (262) - Euro Sell 17/03/2021 333,563 334,658 1,095 - Euro Sell 17/03/2021 166,170 166,550 380 - Euro Sell 17/03/2021 207,529 207,847 318 - Hong Kong Dollar Sell 17/02/2021 2,598,805 2,598,122 (683) - Japanese Yen Buy 17/02/2021 540,314 534,485 5,829 - Japanese Yen Buy 17/02/2021 108,027 107,063 964 - Japanese Yen Buy 17/02/2021 163,221 162,543 678 - Japanese Yen Buy 17/02/2021 161,927 160,585 1,342 - Japanese Yen Buy 17/02/2021 162,379 161,175 1,204 - Japanese Yen Buy 17/02/2021 167,325 165,597 1,728 - Japanese Yen Buy 17/02/2021 102,585 100,844 1,741 - Japanese Yen Sell 17/02/2021 1,232,168 1,216,893 (15,275) (0.01) Japanese Yen Sell 17/02/2021 100,925 100,623 (302) - Japanese Yen Sell 17/02/2021 121,914 121,532 (382) - Japanese Yen Sell 17/02/2021 166,828 166,532 (296) - Japanese Yen Sell 17/02/2021 166,700 166,432 (268) - Japanese Yen Sell 17/02/2021 166,746 166,162 (584) - Japanese Yen Sell 17/02/2021 167,101 166,662 (439) - Japanese Yen Sell 17/02/2021 334,153 333,145 (1,008) - Japanese Yen Sell 17/02/2021 167,349 167,365 16 - New Zealand Dollar Buy 20/01/2021 422,459 420,320 2,139 - New Zealand Dollar Buy 20/01/2021 108,079 98,894 9,185 0.01 New Zealand Dollar Buy 20/01/2021 107,576 99,918 7,658 - New Zealand Dollar Buy 20/01/2021 107,144 99,998 7,146 - New Zealand Dollar Buy 20/01/2021 214,720 196,945 17,775 0.01 New Zealand Dollar Buy 20/01/2021 107,360 100,967 6,393 - New Zealand Dollar Buy 20/01/2021 104,625 100,173 4,452 - New Zealand Dollar Buy 20/01/2021 104,769 100,936 3,833 - New Zealand Dollar Sell 20/01/2021 1,017,903 940,193 (77,710) (0.06) New Zealand Dollar Sell 20/01/2021 107,216 99,078 (8,138) - New Zealand Dollar Sell 20/01/2021 107,432 99,185 (8,247) - New Zealand Dollar Sell 20/01/2021 454,552 444,478 (10,074) (0.01) New Zealand Dollar Sell 20/01/2021 249,978 250,160 182 - Norwegian Krone Buy 17/03/2021 166,014 162,677 3,337 - Norwegian Krone Buy 17/03/2021 5,830 5,847 (17) -

The accompanying notes form an integral part of these financial statements.

60 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) 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. Norwegian Krone Sell 17/03/2021 USD 84,779 USD 83,522 USD (1,257) - Norwegian Krone Sell 17/03/2021 165,081 162,248 (2,833) - Norwegian Krone Sell 17/03/2021 170,468 167,253 (3,215) - Norwegian Krone Sell 17/03/2021 20,335 19,951 (384) - Swedish Krona Buy 17/03/2021 69,601 68,361 1,240 - Swedish Krona Sell 17/03/2021 2,530 2,460 (70) - Swedish Krona Sell 17/03/2021 15,691 15,353 (338) - Swiss Franc Buy 17/03/2021 131,759 131,380 379 - Swiss Franc Buy 17/03/2021 209,524 209,684 (160) - Swiss Franc Buy 17/03/2021 166,962 167,418 (456) - Swiss Franc Sell 17/03/2021 594,612 593,463 (1,149) - Swiss Franc Sell 17/03/2021 2,151 2,143 (8) - Swiss Franc Sell 17/03/2021 208,392 208,720 328 - Toronto-Dominion Bank Australian Dollar Buy 20/01/2021 493,114 459,270 33,844 0.02 British Pound Buy 17/03/2021 32,424 31,940 484 - Canadian Dollar Buy 20/01/2021 163,812 160,903 2,909 - Canadian Dollar Sell 20/01/2021 1,172,924 1,125,995 (46,929) (0.04) Canadian Dollar Sell 20/01/2021 82,102 78,809 (3,293) - Euro Sell 17/03/2021 1,483,292 1,476,078 (7,214) - Euro Sell 17/03/2021 334,542 331,834 (2,708) - Hong Kong Dollar Sell 17/02/2021 324,165 324,091 (74) - Hong Kong Dollar Sell 17/02/2021 170,681 170,684 3 - Japanese Yen Buy 17/02/2021 540,314 534,488 5,826 - Japanese Yen Buy 17/02/2021 163,181 161,519 1,662 - New Zealand Dollar Buy 20/01/2021 53,176 49,105 4,071 - Norwegian Krone Buy 17/03/2021 165,874 160,970 4,904 - Norwegian Krone Buy 17/03/2021 168,241 167,307 934 - Swedish Krona Buy 17/03/2021 57,741 56,702 1,039 - Swiss Franc Buy 17/03/2021 1,117,799 1,115,655 2,144 - UBS AG Australian Dollar Buy 20/01/2021 172,416 166,906 5,510 - Australian Dollar Buy 20/01/2021 170,103 166,330 3,773 - Australian Dollar Buy 15/03/2021 163,768 152,068 11,700 0.01 Australian Dollar Buy 15/03/2021 394,108 366,133 27,975 0.02 Australian Dollar Buy 20/01/2021 340,823 314,724 26,099 0.02 Australian Dollar Sell 15/03/2021 557,876 521,887 (35,989) (0.03) Australian Dollar Sell 20/01/2021 653,887 609,606 (44,281) (0.04) Australian Dollar Sell 20/01/2021 393,952 366,045 (27,907) (0.02) Australian Dollar Sell 20/01/2021 108,724 100,481 (8,243) - Australian Dollar Sell 20/01/2021 216,831 197,062 (19,769) (0.01) Australian Dollar Sell 20/01/2021 218,913 199,451 (19,462) (0.01) Australian Dollar Sell 20/01/2021 105,254 99,589 (5,665) - Australian Dollar Sell 20/01/2021 211,974 201,470 (10,504) (0.01) British Pound Sell 17/03/2021 578,849 570,280 (8,569) (0.01) Canadian Dollar Buy 20/01/2021 167,976 166,195 1,781 - Canadian Dollar Buy 20/01/2021 2,431,013 2,334,197 96,815 0.07 Canadian Dollar Buy 20/01/2021 205,295 199,009 6,286 - Euro Buy 17/03/2021 387,526 385,706 1,820 - Euro Buy 17/03/2021 2,557,644 2,545,634 12,010 0.01 Euro Sell 17/03/2021 167,271 166,991 (280) -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 61

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.11%) (30 June 2020: -1.08%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund UBS AG cont. Hong Kong Dollar Sell 17/02/2021 USD 356,921 USD 356,833 USD (88) - Japanese Yen Buy 17/02/2021 540,314 534,486 5,828 - Japanese Yen Buy 17/02/2021 1,408,706 1,391,411 17,295 0.01 New Zealand Dollar Buy 20/01/2021 1,741,934 1,609,021 132,912 0.09 New Zealand Dollar Sell 20/01/2021 436,995 419,682 (17,313) (0.01) New Zealand Dollar Sell 20/01/2021 249,619 241,720 (7,899) - New Zealand Dollar Sell 20/01/2021 276,962 269,256 (7,706) - New Zealand Dollar Sell 20/01/2021 454,552 444,479 (10,073) (0.01) New Zealand Dollar Sell 20/01/2021 287,756 281,063 (6,693) - New Zealand Dollar Sell 20/01/2021 40,008 39,393 (615) - Norwegian Krone Sell 17/03/2021 431,231 424,759 (6,472) - Norwegian Krone Sell 17/03/2021 170,340 166,882 (3,458) - Swedish Krona Buy 17/03/2021 887,814 872,068 15,746 0.01 Swiss Franc Buy 17/03/2021 209,637 209,810 (173) - Swiss Franc Sell 17/03/2021 139,230 138,925 (305) - Swiss Franc Sell 17/03/2021 166,962 166,777 (185) - Westpac Banking Corporation Australian Dollar Buy 20/01/2021 336,505 325,073 11,432 0.01 Australian Dollar Buy 20/01/2021 168,098 156,572 11,526 0.01 Australian Dollar Sell 20/01/2021 108,339 99,151 (9,188) (0.01) Australian Dollar Sell 20/01/2021 107,259 99,615 (7,644) - British Pound Buy 17/03/2021 313,709 309,023 4,686 - British Pound Sell 17/03/2021 3,859,451 3,801,802 (57,649) (0.04) Canadian Dollar Buy 20/01/2021 102,137 99,925 2,212 - Canadian Dollar Sell 20/01/2021 128,535 123,380 (5,155) - Chinese Yuan (offshore) Buy 18/02/2021 204,192 198,268 5,924 - Chinese Yuan (offshore) Sell 18/02/2021 204,315 197,187 (7,128) - Euro Buy 17/03/2021 4,607,480 4,585,888 21,592 0.01 Euro Sell 17/03/2021 616,835 613,944 (2,891) - Euro Sell 17/03/2021 166,415 166,498 83 - Japanese Yen Sell 17/02/2021 197,863 195,391 (2,472) - New Zealand Dollar Sell 20/01/2021 86,420 79,806 (6,614) - New Zealand Dollar Sell 20/01/2021 61,955 59,146 (2,809) - New Zealand Dollar Sell 20/01/2021 287,828 281,132 (6,696) - New Zealand Dollar Sell 20/01/2021 169,387 165,648 (3,739) - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 3,738,632 2.18 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (1,847,458) (1.07) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 1,891,174 1.11 Total Financial Assets at Fair Value through Profit or Loss USD 388,463,930 227.02 Total Financial Liabilities at Fair Value through Profit or Loss USD (82,881,718) (48.44)

* The exchange currency for all contracts listed is the United States Dollar.

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 9.10 Transferable securities dealt on another regulated market 59.15 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 12.10 OTC financial derivative instruments 2.86 Centrally cleared financial derivative instruments 0.01 Other assets 16.78 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

62 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments 31 December 2020

NON-U.S. EQUITIES (0.01%) (30 June 2020: -%) U.S. EQUITIES (0.88%) (30 June 2020: 0.18%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Biotechnology (0.01%) Oil and Natural Gas Utilities (0.10%) 4,173 Advanz Pharma Corporation Limited 387 Milagro Oil & Gas Incorporated (F) USD 987 - (Jersey) USD 18,403 0.01 7,639 Oasis Petroleum Incorporated 283,101 0.10 18,403 0.01 284,088 0.10 Environmental Control (-%) Packaging and Containers (-%) 384 Tervita Corporation (Canada) 875 - 14 Ion Media Networks Incorporated (F) 12,258 - 875 - 12,258 - Oil and Natural Gas Utilities (-%) Real Estate (0.20%) 10,626 CHC Group LLC (Cayman Islands) 191 - 3,688 Crown Castle International Corporation 587,093 0.20 191 - 587,093 0.20 Total Non-U.S. Equities USD 19,469 0.01 Total U.S. Equities USD 2,573,060 0.88

U.S. EQUITIES (0.88%) (30 June 2020: 0.18%) WARRANTS (0.03%) (30 June 2020: 0.02%) Number of Value % of Number of Value % of Shares USD Fund Warrants USD Fund Advertising (0.01%) 6,927 iHeartMedia Incorporated USD 89,081 0.03 18,457 Clear Channel Outdoor Holdings 8,537 Stearns Holdings LLC (F) 8,537 - Incorporated USD 30,454 0.01 Total Warrants USD 97,618 0.03 30,454 0.01

Electric Utilities (0.16%) 16,230 PPL Corporation 457,686 0.16 457,686 0.16 Media (0.41%) 17,530 Altice USA Incorporated 663,861 0.23 922 iHeartMedia Incorporated 11,968 -

82,520 Sirius XM Holdings Incorporated 525,652 0.18

1,201,481 0.41 REPURCHASE AGREEMENTS (0.91%) (30 June 2020: 0.55%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 2,650,000 Repurchase Agreement - Barclays Capital Incorporated* 0.05 04/01/2021 USD 2,650,000 0.91 Total Repurchase Agreements USD 2,650,000 0.91

* Interest in USD50,000,000 bulk repurchase agreement dated 31 December 2020 with Barclays Capital Incorporated due 4 January 2021 - maturity value of USD2,650,015 for an effective yield of 0.050% (collateralised by a U.S. Treasury note with a coupon rate of 2.500% and a due date of 15 February 2046, valued at USD51,015,130).

NON-U.S. CORPORATE BONDS AND NOTES (30.78%) (30 June 2020: 27.20%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.13%) EUR 295,000 Summer BC Holdco B SARL (Luxembourg) 5.75 31/10/2026 USD 378,561 0.13 378,561 0.13 Airlines (0.32%) USD 845,000 Delta Air Lines Incorporated (International) 4.75 20/10/2028 922,328 0.32 922,328 0.32 Apparel (0.14%) EUR 350,000 Samsonite Finco Sarl (Luxembourg) 3.50 15/05/2026 405,754 0.14 405,754 0.14 Auto Parts and Equipment (1.88%) USD 405,000 Adient Global Holdings Limited (Jersey) 4.88 15/08/2026 416,138 0.14 345,000 Clarios Global LP (Canada) 6.75 15/05/2025 371,738 0.13 615,000 Clarios Global LP (International) 8.50 15/05/2027 668,141 0.23 EUR 360,000 Clarios Global LP (International) 4.38 15/05/2026 455,394 0.16 USD 305,000 Clarios Global LP (International) 6.25 15/05/2026 327,113 0.11 EUR 300,000 Faurecia SE (France) 3.75 15/06/2028 384,362 0.13 540,000 Faurecia SE (France) 2.38 15/06/2027 664,493 0.22 455,000 Faurecia SE (France) 3.13 15/06/2026 570,686 0.20 140,000 Faurecia SE (France) 2.63 15/06/2025 173,362 0.06 190,000 Gestamp Automocion SA (Spain) 3.25 30/04/2026 235,291 0.08 500,000 Gestamp Funding Luxembourg SA (Luxembourg) 3.50 15/05/2023 612,322 0.21 505,000 Grupo Antolin-Irausa SA (Spain) 3.25 30/04/2024 607,346 0.21 5,486,386 1.88

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 63

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (30.78%) (30 June 2020: 27.20%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Automotive (0.98%) EUR 615,000 Fiat Chrysler Automobiles NV (Netherlands) 4.50 07/07/2028 USD 917,431 0.31 700,000 Volkswagen International Finance NV (Netherlands) 3.88 31/12/2099 917,572 0.31 420,000 Volvo Car AB (Sweden) 2.50 07/10/2027 541,652 0.19 390,000 Volvo Car AB (Sweden) 2.13 02/04/2024 490,427 0.17 2,867,082 0.98 Banking (2.85%) 260,000 Banca Monte dei Paschi di Siena SpA (Italy) 5.38 18/01/2028 273,955 0.09 285,000 Banca Monte dei Paschi di Siena SpA (Italy) 1.88 09/01/2026 344,622 0.12 GBP 250,000 Barclays PLC (United Kingdom) 7.88 29/12/2049 363,126 0.12 USD 420,000 BNP Paribas SA (France) 4.50 31/12/2099 424,423 0.15 200,000 Commerzbank AG (Germany) 7.00 31/12/2099 213,742 0.07 EUR 400,000 Commerzbank AG (Germany) 6.13 31/03/2099 520,770 0.18 USD 220,000 Credit Suisse Group AG (Switzerland) 6.38 31/12/2099 245,025 0.08 690,000 Credit Suisse Group AG (Switzerland) 6.38 31/12/2099 768,488 0.26 460,000 Credit Suisse Group AG (Switzerland) 7.25 31/12/2099 517,607 0.18 200,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 218,500 0.08 600,000 Deutsche Bank AG (Germany) 6.00 31/12/2099 600,000 0.21 EUR 335,000 Intesa Sanpaolo SpA (Italy) 6.25 31/12/2099 445,574 0.15 USD 200,000 Societe Generale SA (France) 5.38 31/12/2099 212,074 0.07 EUR 630,300 Stichting AK Rabobank Certificaten (Netherlands) 6.50 29/12/2049 1,019,811 0.35 USD 1,175,000 UBS Group AG (Switzerland) 7.00 31/12/2099 1,288,093 0.45 395,000 UBS Group AG (Switzerland) 6.88 29/12/2049 398,680 0.14 EUR 400,000 UniCredit SpA (Italy) 3.88 31/12/2099 437,962 0.15 8,292,452 2.85 Beverages (0.37%) 850,000 Sunshine Mid BV (Netherlands) 6.50 15/05/2026 1,075,712 0.37 1,075,712 0.37 Building Materials (0.66%) USD 420,000 Cemex SAB de CV (Mexico) 5.45 19/11/2029 462,004 0.16 200,000 Cemex SAB de CV (Mexico) 7.38 05/06/2027 227,600 0.08 465,000 Cemex SAB de CV (Mexico) 5.70 11/01/2025 475,230 0.16 495,000 James Hardie International Finance DAC (Ireland) 5.00 15/01/2028 525,775 0.18 215,000 Masonite International Corporation (Canada) 5.38 01/02/2028 230,856 0.08 1,921,465 0.66 Chemicals (0.92%) 400,000 Atotech Alpha 3 BV (Netherlands) 6.25 01/02/2025 406,000 0.14 200,000 Axalta Coating Systems LLC (International) 4.75 15/06/2027 212,750 0.07 180,000 Nouryon Holding BV (Netherlands) 8.00 01/10/2026 191,925 0.07 915,000 Syngenta Finance NV (Netherlands) 5.18 24/04/2028 981,035 0.33 435,000 Syngenta Finance NV (Netherlands) 4.89 24/04/2025 466,866 0.16 415,000 Tronox Finance PLC (United Kingdom) 5.75 01/10/2025 430,563 0.15 2,689,139 0.92 Commercial Services (2.02%) EUR 540,000 Autostrade per l'Italia SpA (Italy) 1.88 26/09/2029 650,970 0.22 USD 430,000 Garda World Security Corporation (Canada) 9.50 01/11/2027 476,225 0.16 255,000 IHS Markit Limited (Bermuda) 4.75 01/08/2028 313,331 0.11 EUR 420,000 La Financiere Atalian SASU (France) 5.13 15/05/2025 474,406 0.16 380,000 La Financiere Atalian SASU (France) 4.00 15/05/2024 426,755 0.15 355,000 Loxam SAS (France) 3.75 15/07/2026 439,306 0.15 USD 550,000 Nielsen Company Luxembourg SARL (Luxembourg) 5.00 01/02/2025 564,438 0.19 EUR 1,230,000 Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00 30/07/2026 1,572,606 0.55 100,000 Verisure Holding AB (Sweden) 5.00 15/04/2025 125,128 0.04 675,000 Verisure Midholding AB (Sweden) 5.75 01/12/2023 832,662 0.29 5,875,827 2.02 Diversified Financial Services (0.21%) USD 580,000 goeasy Limited (Canada) 5.38 01/12/2024 603,200 0.21 603,200 0.21

The accompanying notes form an integral part of these financial statements.

64 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (30.78%) (30 June 2020: 27.20%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Electric Utilities (0.57%) EUR 400,000 Electricite de France SA (France) 3.38 31/12/2099 USD 532,322 0.18 600,000 Electricite de France SA (France) 5.38 29/01/2049 840,189 0.29 200,000 Electricite de France SA (France) 5.00 22/01/2049 280,408 0.10 1,652,919 0.57 Electrical Components & Equipment (0.16%) 360,000 Energizer Gamma Acquisition BV (Netherlands) 4.63 15/07/2026 453,757 0.16 453,757 0.16 Engineering and Construction (0.18%) 450,000 Ellaktor Value PLC (United Kingdom) 6.38 15/12/2024 513,405 0.18 513,405 0.18 Entertainment (0.49%) 175,000 Banijay Entertainment SASU (France) 3.50 01/03/2025 213,126 0.07 420,000 Banijay Group SAS (France) 6.50 01/03/2026 514,268 0.18 390,000 Cirsa Finance International Sarl (Luxembourg) 6.25 20/12/2023 473,480 0.16 200,000 Motion Bondco DAC (Ireland) 4.50 15/11/2027 235,016 0.08 1,435,890 0.49 Environmental Control (0.52%) USD 450,000 GFL Environmental Incorporated (Canada) 3.50 01/09/2028 458,999 0.16 215,000 GFL Environmental Incorporated (Canada) 4.00 01/08/2028 216,613 0.07 342,000 GFL Environmental Incorporated (Canada) 8.50 01/05/2027 379,620 0.13 430,000 GFL Environmental Incorporated (Canada) 5.13 15/12/2026 457,413 0.16 1,512,645 0.52 Food (0.60%) EUR 300,000 Casino Guichard Perrachon SA (France) 3.58 07/02/2025 329,538 0.11 100,000 Quatrim SASU (France) 5.88 15/01/2024 126,441 0.04 1,075,000 Sigma Holdco BV (Netherlands) 5.75 15/05/2026 1,295,439 0.45 1,751,418 0.60 Forest Products & Paper (0.25%) USD 605,000 Smurfit Kappa Treasury Funding DAC (Ireland) 7.50 20/11/2025 741,881 0.25 741,881 0.25 Health-Care Services (0.36%) EUR 515,000 Constantin Investissement 3 SASU (France) 5.38 15/04/2025 639,946 0.22 335,000 Unilabs Subholding AB (Sweden) 5.75 15/05/2025 417,892 0.14 1,057,838 0.36 Home Builders (0.79%) USD 205,000 Empire Communities Corporation (Canada) 7.00 15/12/2025 215,250 0.07 555,000 Mattamy Group Corporation (Canada) 4.63 01/03/2030 588,300 0.20 630,000 Mattamy Group Corporation (Canada) 5.25 15/12/2027 666,225 0.23 GBP 590,000 Miller Homes Group Holdings PLC (United Kingdom) 5.50 15/10/2024 825,754 0.29 2,295,529 0.79 Internet (0.11%) EUR 255,000 Adevinta ASA (Norway) 2.63 15/11/2025 318,299 0.11 318,299 0.11 Investment Companies (0.09%) 200,000 Vertical Holdco GmbH (International) 0.01 15/07/2028 261,805 0.09 261,805 0.09 Leisure Time (0.12%) USD 215,000 Carnival Corporation (Panama) 11.50 01/04/2023 248,695 0.08 100,000 Royal Caribbean Cruises Limited (Liberia) 9.13 15/06/2023 108,500 0.04 357,195 0.12 Machinery (0.81%) 230,000 ATS Automation Tooling Systems Incorporated (Canada) 4.13 15/12/2028 234,025 0.08 710,000 Husky III Holding Limited (Canada) 13.00 15/02/2025 772,125 0.26 575,000 Titan Acquisition Limited (International) 7.75 15/04/2026 598,000 0.21 460,000 Vertical Holdco GmbH (Germany) 7.63 15/07/2028 501,400 0.17 EUR 200,000 Vertical Midco GmbH (Germany) 4.38 15/07/2027 256,942 0.09 2,362,492 0.81 Media (3.00%) USD 375,000 Altice Financing SA (Luxembourg) 5.00 15/01/2028 384,238 0.13 240,000 Altice Financing SA (Luxembourg) 7.50 15/05/2026 253,272 0.09 EUR 630,000 Altice Finco SA (Luxembourg) 4.75 15/01/2028 743,664 0.26 USD 555,000 Quebecor Media Incorporated (Canada) 5.75 15/01/2023 598,706 0.21 The accompanying notes form an integral part of these financial statements.

Putnam World Trust 65

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (30.78%) (30 June 2020: 27.20%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Media (3.00%) cont. EUR 485,000 Tele Columbus AG (Germany) 3.88 02/05/2025 USD 593,454 0.20 USD 505,000 Videotron Limited (Canada) 5.13 15/04/2027 535,931 0.18 EUR 260,000 Virgin Media Finance PLC (United Kingdom) 3.75 15/07/2030 324,776 0.11 GBP 1,450,000 Virgin Media Secured Finance PLC (United Kingdom) 4.13 15/08/2030 2,017,576 0.69 350,000 Virgin Media Secured Finance PLC (United Kingdom) 5.25 15/05/2029 515,365 0.18 EUR 450,000 VZ Vendor Financing II BV (Netherlands) 2.88 15/01/2029 547,071 0.19 1,555,000 Ziggo Bond Company BV (Netherlands) 3.38 28/02/2030 1,906,296 0.65 USD 301,000 Ziggo BV (Netherlands) 5.50 15/01/2027 314,169 0.11 8,734,518 3.00 Mining (1.00%) 250,000 Constellium SE (France) 5.63 15/06/2028 269,375 0.09 EUR 1,415,000 Constellium SE (France) 4.25 15/02/2026 1,762,429 0.61 USD 175,000 Constellium SE (France) 5.88 15/02/2026 179,463 0.06 140,000 Hudbay Minerals Incorporated (Canada) 6.13 01/04/2029 150,850 0.05 520,000 Hudbay Minerals Incorporated (Canada) 7.63 15/01/2025 540,150 0.19 2,902,267 1.00 Miscellaneous Manufacturer (0.28%) 645,000 Bombardier Incorporated (Canada) 7.88 15/04/2027 593,039 0.20 145,000 Bombardier Incorporated (Canada) 7.50 01/12/2024 139,094 0.05 85,000 Bombardier Incorporated (Canada) 8.75 01/12/2021 88,400 0.03 820,533 0.28 Oil and Natural Gas Utilities (2.19%) 440,000 Aker BP ASA (Norway) 3.75 15/01/2030 458,700 0.16 687,000 MEG Energy Corporation (Canada) 6.50 15/01/2025 707,644 0.24 CAD 835,000 Parkland Corporation (Canada) 5.63 09/05/2025 681,402 0.23 USD 750,000 Petroleos Mexicanos (Mexico) 6.35 12/02/2048 674,672 0.23 1,285,000 Petroleos Mexicanos (Mexico) 6.84 23/01/2030 1,345,113 0.46 1,340,000 Petroleos Mexicanos (Mexico) 5.35 12/02/2028 1,325,595 0.46 765,000 Precision Drilling Corporation (Canada) 7.13 15/01/2026 665,550 0.23 152,100 Transocean Pontus Limited (Cayman Islands) 6.13 01/08/2025 142,974 0.05 425,000 Transocean Poseidon Limited (Cayman Islands) 6.88 01/02/2027 386,750 0.13 6,388,400 2.19 Packaging and Containers (1.52%) EUR 1,075,000 ARD Finance SA (Luxembourg) 5.00 30/06/2027 1,336,492 0.45 USD 820,000 ARD Finance SA (Luxembourg) 6.50 30/06/2027 875,350 0.30 360,000 Ardagh Packaging Finance PLC (International) 4.13 15/08/2026 376,200 0.13 EUR 550,000 CANPACK SA (International) 2.38 01/11/2027 692,485 0.24 USD 220,000 CANPACK SA (International) 3.13 01/11/2025 221,925 0.08 430,000 Intelligent Packaging Holdco Issuer LP (Canada) 9.00 15/01/2026 425,700 0.15 475,000 Intelligent Packaging Limited Finco Incorporated (Canada) 6.00 15/09/2028 488,063 0.17 4,416,215 1.52 Pharmaceuticals (2.69%) 515,000 Bausch Health Companies Incorporated (Canada) 7.25 30/05/2029 578,917 0.20 220,000 Bausch Health Companies Incorporated (Canada) 5.00 15/02/2029 226,204 0.08 365,000 Bausch Health Companies Incorporated (Canada) 6.25 15/02/2029 396,481 0.14 255,000 Bausch Health Companies Incorporated (Canada) 7.00 15/01/2028 280,296 0.10 390,000 Bausch Health Companies Incorporated (Canada) 5.50 01/11/2025 404,153 0.14 590,000 Bausch Health Companies Incorporated (Canada) 6.13 15/04/2025 608,089 0.21 270,000 Bausch Health Companies Incorporated (Canada) 7.00 15/03/2024 277,763 0.10 473,000 Endo Dac (International) 6.00 30/06/2028 402,050 0.14 309,000 Endo Dac (International) 9.50 31/07/2027 344,921 0.12 297,000 Mallinckrodt International Finance SA (Luxembourg) 10.00 15/04/2025 260,618 0.09 210,000 Teva Pharmaceutical Finance IV BV (Curacao) 3.65 10/11/2021 212,625 0.07 EUR 430,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 6.00 31/01/2025 569,672 0.20 410,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 1.25 31/03/2023 483,176 0.17 USD 1,210,000 Teva Pharmaceutical Finance Netherlands III BV (Netherlands) 6.75 01/03/2028 1,368,812 0.46 1,435,000 Teva Pharmaceutical Finance Netherlands III BV (Netherlands) 3.15 01/10/2026 1,379,408 0.47 7,793,185 2.69 Pipelines (0.11%) 315,000 Northriver Midstream Finance LP (Canada) 5.63 15/02/2026 325,238 0.11 325,238 0.11 The accompanying notes form an integral part of these financial statements.

66 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (30.78%) (30 June 2020: 27.20%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Real Estate (0.22%) GBP 470,000 Iron Mountain UK PLC (United Kingdom) 3.88 15/11/2025 USD 650,592 0.22 650,592 0.22 Retail (0.97%) USD 380,000 1011778 BC ULC (Canada) 4.00 15/10/2030 385,103 0.13 300,000 1011778 BC ULC (Canada) 3.88 15/01/2028 305,250 0.10 405,000 1011778 BC ULC (Canada) 4.38 15/01/2028 417,150 0.14 121,000 1011778 BC ULC (Canada) 4.25 15/05/2024 123,420 0.04 EUR 365,000 eG Global Finance PLC (United Kingdom) 6.25 30/10/2025 457,924 0.17 USD 255,000 eG Global Finance PLC (United Kingdom) 6.75 07/02/2025 262,650 0.09 GBP 380,000 Matalan Finance PLC (United Kingdom) 6.75 31/01/2023 399,673 0.14 900,000 Phosphorus Holdco PLC (United Kingdom) 1.00 01/04/2021 36,923 0.01 EUR 270,000 Tendam Brands SAU (Spain) 5.00 15/09/2024 303,009 0.10 GBP 100,000 Very Group Funding PLC (United Kingdom) 7.75 15/11/2022 138,340 0.05 2,829,442 0.97 Telecommunications (2.79%) EUR 1,050,000 Altice France Holding SA (Luxembourg) 4.00 15/02/2028 1,219,083 0.42 USD 900,000 Altice France Holding SA (Luxembourg) 6.00 15/02/2028 911,250 0.31 EUR 410,000 Altice France Holding SA (Luxembourg) 8.00 15/05/2027 543,421 0.19 565,000 Altice France SA (France) 3.38 15/01/2028 681,832 0.23 USD 710,000 Altice France SA (France) 7.38 01/05/2026 747,275 0.26 935,000 Intelsat Jackson Holdings SA (Luxembourg) 9.75 15/07/2025 668,525 0.23 EUR 350,000 Matterhorn Telecom SA (Luxembourg) 4.00 15/11/2027 437,361 0.15 200,000 PLT VII Finance Sarl (Luxembourg) 4.63 05/01/2026 253,097 0.09 225,000 Telecom Italia SpA (Italy) 3.00 30/09/2025 292,265 0.10 130,000 Telecom Italia SpA (Italy) 2.75 15/04/2025 165,977 0.06 430,000 Telecom Italia SpA (Italy) 3.63 19/01/2024 561,356 0.19 1,200,000 Telefonica Europe BV (Netherlands) 5.88 31/03/2049 1,644,390 0.56 8,125,832 2.79 Transportation (0.48%) 815,000 CMA CGM SA (France) 7.50 15/01/2026 1,065,340 0.37 255,000 CMA CGM SA (France) 6.50 15/07/2022 321,094 0.11 1,386,434 0.48 Total Non-U.S. Corporate Bonds and Notes USD 89,605,635 30.78

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.53%) USD 165,000 Outfront Media Capital LLC 4.63 15/03/2030 USD 168,653 0.06 470,000 Outfront Media Capital LLC 6.25 15/06/2025 495,850 0.17 800,000 Terrier Media Buyer Incorporated 8.88 15/12/2027 882,000 0.30 1,546,503 0.53 Aerospace and Defense (0.80%) 770,000 TransDigm Incorporated 5.50 15/11/2027 809,501 0.27 345,000 TransDigm Incorporated 6.38 15/06/2026 357,075 0.12 670,000 TransDigm Incorporated 6.25 15/03/2026 713,550 0.25 100,000 TransDigm Incorporated 8.00 15/12/2025 110,530 0.04 15,000 TransDigm Incorporated 6.50 15/05/2025 15,413 0.01 320,000 TransDigm Incorporated 6.50 15/07/2024 325,670 0.11 2,331,739 0.80 Apparel (0.40%) 205,000 Hanesbrands Incorporated 5.38 15/05/2025 216,894 0.07 210,000 Levi Strauss & Company 5.00 01/05/2025 215,250 0.07 380,000 Wolverine World Wide Incorporated 5.00 01/09/2026 387,600 0.14 315,000 Wolverine World Wide Incorporated 6.38 15/05/2025 335,475 0.12 1,155,219 0.40 Auto Parts and Equipment (0.19%) 460,000 American Axle & Manufacturing Incorporated 6.88 01/07/2028 495,650 0.17 55,000 Tenneco Incorporated 7.88 15/01/2029 61,752 0.02 557,402 0.19

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 67

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Automotive (2.57%) USD 270,000 Allison Transmission Incorporated 3.75 30/01/2031 USD 276,244 0.09 425,000 Allison Transmission Incorporated 4.75 01/10/2027 447,313 0.15 490,000 Ford Motor Company 7.45 16/07/2031 628,425 0.22 105,000 Ford Motor Company 9.63 22/04/2030 148,181 0.05 785,000 Ford Motor Company 9.00 22/04/2025 962,418 0.33 210,000 Ford Motor Company 8.50 21/04/2023 236,357 0.08 715,000 Ford Motor Credit Company LLC 4.00 13/11/2030 750,750 0.26 805,000 Ford Motor Credit Company LLC 5.11 03/05/2029 896,529 0.31 1,365,000 Ford Motor Credit Company LLC 4.27 09/01/2027 1,440,074 0.50 350,000 Ford Motor Credit Company LLC 5.13 16/06/2025 380,555 0.13 355,000 Navistar International Corporation 6.63 01/11/2025 371,916 0.13 840,000 PM General Purchaser LLC 9.50 01/10/2028 930,300 0.32 7,469,062 2.57 Banking (0.85%) 885,000 CIT Group Incorporated 5.25 07/03/2025 1,004,475 0.34 85,000 Freedom Mortgage Corporation 8.25 15/04/2025 88,825 0.03 575,000 Freedom Mortgage Corporation 8.13 15/11/2024 599,794 0.21 764,000 Provident Funding Associates LP 6.38 15/06/2025 783,100 0.27 2,476,194 0.85 Biotechnology (0.06%) 170,000 Emergent BioSolutions Incorporated 3.88 15/08/2028 176,035 0.06 176,035 0.06 Building Materials (1.44%) 710,000 BMC East LLC 5.50 01/10/2024 729,524 0.25 280,000 Boise Cascade Company 4.88 01/07/2030 303,100 0.10 444,000 Builders FirstSource Incorporated 6.75 01/06/2027 481,611 0.17 183,000 Cornerstone Building Brands Incorporated 8.00 15/04/2026 191,693 0.07 260,000 CP Atlas Buyer Incorporated 7.00 01/12/2028 270,400 0.09 375,000 JELD-WEN Incorporated 4.88 15/12/2027 396,563 0.14 160,000 JELD-WEN Incorporated 4.63 15/12/2025 163,282 0.06 200,000 JELD-WEN Incorporated 6.25 15/05/2025 215,000 0.07 465,000 Standard Industries Incorporated 3.38 15/01/2031 467,325 0.16 140,000 Standard Industries Incorporated 4.75 15/01/2028 147,350 0.05 570,000 Standard Industries Incorporated 5.00 15/02/2027 595,650 0.20 225,000 US Concrete Incorporated 5.13 01/03/2029 231,750 0.08 4,193,248 1.44 Chemicals (1.38%) 275,000 Axalta Coating Systems LLC 3.38 15/02/2029 275,000 0.09 770,000 CF Industries Incorporated 4.95 01/06/2043 943,250 0.33 485,000 GCP Applied Technologies Incorporated 5.50 15/04/2026 499,550 0.17 450,000 Ingevity Corporation 3.88 01/11/2028 451,125 0.15 170,000 Kraton Polymers LLC 4.25 15/12/2025 173,417 0.06 70,000 Rayonier AM Products Incorporated 7.63 15/01/2026 72,993 0.03 75,000 Tronox Incorporated 6.50 01/05/2025 80,250 0.03 345,000 Valvoline Incorporated 4.25 15/02/2030 365,700 0.13 155,000 Valvoline Incorporated 4.38 15/08/2025 160,079 0.05 370,000 WR Grace & Company 4.88 15/06/2027 392,392 0.13 570,000 WR Grace & Company 5.63 01/10/2024 614,888 0.21 4,028,644 1.38 Commercial Services (2.16%) 780,000 Carriage Services Incorporated 6.63 01/06/2026 833,624 0.28 225,000 Gartner Incorporated 3.75 01/10/2030 237,094 0.08 155,000 Jaguar Holding Company II 5.00 15/06/2028 165,463 0.06 100,000 Jaguar Holding Company II 4.63 15/06/2025 105,461 0.04 275,000 MPH Acquisition Holdings LLC 5.75 01/11/2028 270,270 0.09 400,000 Nielsen Finance LLC 5.63 01/10/2028 434,620 0.15 208,000 Nielsen Finance LLC 5.00 15/04/2022 208,547 0.07 545,000 Prime Security Services Borrower LLC 6.25 15/01/2028 585,107 0.20 285,000 Prime Security Services Borrower LLC 3.38 31/08/2027 282,863 0.10 500,000 Refinitiv US Holdings Incorporated 6.25 15/05/2026 533,750 0.18 615,000 Sabre GLBL Incorporated 9.25 15/04/2025 731,850 0.25 The accompanying notes form an integral part of these financial statements.

68 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Services (2.16%) cont. USD 210,000 Service Corporation International 3.38 15/08/2030 USD 218,444 0.08 770,000 Service Corporation International 5.13 01/06/2029 852,774 0.29 235,000 Service Corporation International 4.63 15/12/2027 250,275 0.09 115,000 Shift4 Payments LLC 4.63 01/11/2026 119,600 0.04 465,000 TMS International Holding Corporation 7.25 15/08/2025 471,975 0.16 6,301,717 2.16 Computers (1.04%) 370,000 Banff Merger Sub Incorporated 9.75 01/09/2026 399,656 0.14 508,000 Dell International LLC 6.02 15/06/2026 619,731 0.22 155,000 Dell International LLC 5.85 15/07/2025 186,127 0.06 250,000 Diebold Nixdorf Incorporated 9.38 15/07/2025 280,000 0.10 415,000 Diebold Nixdorf Incorporated 8.50 15/04/2024 420,188 0.14 205,000 Tempo Acquisition LLC 5.75 01/06/2025 217,813 0.07 820,000 Tempo Acquisition LLC 6.75 01/06/2025 847,510 0.29 45,000 Western Digital Corporation 4.75 15/02/2026 49,725 0.02 3,020,750 1.04 Distribution/Wholesale (0.57%) 265,000 American Builders & Contractors Supply Company Incorporated 4.00 15/01/2028 274,275 0.09 155,000 American Builders & Contractors Supply Company Incorporated 5.88 15/05/2026 160,619 0.06 150,000 Avient Corporation 5.75 15/05/2025 159,375 0.05 125,000 Core & Main LP 6.13 15/08/2025 129,219 0.04 880,000 Univar Solutions USA Incorporated 5.13 01/12/2027 929,500 0.33 1,652,988 0.57 Diversified Financial Services (2.20%) 505,000 AG Issuer LLC 6.25 01/03/2028 510,681 0.18 1,020,000 Ally Financial Incorporated 8.00 01/11/2031 1,497,227 0.50 830,000 LPL Holdings Incorporated 5.75 15/09/2025 858,569 0.29 160,000 Nationstar Mortgage Holdings Incorporated 5.13 15/12/2030 167,235 0.06 460,000 Nationstar Mortgage Holdings Incorporated 5.50 15/08/2028 483,000 0.17 280,000 Nationstar Mortgage Holdings Incorporated 6.00 15/01/2027 297,150 0.10 275,000 OneMain Finance Corporation 4.00 15/09/2030 285,343 0.10 210,000 OneMain Finance Corporation 5.38 15/11/2029 236,250 0.08 460,000 OneMain Finance Corporation 6.63 15/01/2028 546,250 0.19 245,000 OneMain Finance Corporation 7.13 15/03/2026 289,713 0.10 205,000 OneMain Finance Corporation 8.88 01/06/2025 231,906 0.08 365,000 OneMain Finance Corporation 6.88 15/03/2025 423,856 0.15 540,000 PennyMac Financial Services Incorporated 5.38 15/10/2025 571,050 0.20 6,398,230 2.20 Electric Utilities (0.95%) 115,000 Calpine Corporation 5.00 01/02/2031 120,175 0.04 55,000 Calpine Corporation 4.63 01/02/2029 56,555 0.02 855,000 Calpine Corporation 4.50 15/02/2028 889,199 0.30 433,000 Calpine Corporation 5.25 01/06/2026 447,939 0.15 600,000 Pacific Gas and Electric Company 2.50 01/02/2031 602,191 0.21 135,000 Pacific Gas and Electric Company 3.30 15/03/2027 144,605 0.05 490,000 Pacific Gas and Electric Company 2.95 01/03/2026 518,484 0.18 2,779,148 0.95 Electrical Components & Equipment (0.30%) 515,000 WESCO Distribution Incorporated 7.25 15/06/2028 585,704 0.20 260,000 WESCO Distribution Incorporated 7.13 15/06/2025 285,956 0.10 871,660 0.30 Electronics (0.38%) 375,000 Itron Incorporated 5.00 15/01/2026 382,969 0.13 695,000 TTM Technologies Incorporated 5.63 01/10/2025 711,506 0.25 1,094,475 0.38 Engineering and Construction (0.59%) 235,000 Brand Industrial Services Incorporated 8.50 15/07/2025 239,994 0.08 170,000 Great Lakes Dredge & Dock Corporation 8.00 15/05/2022 174,349 0.06 555,000 MasTec Incorporated 4.50 15/08/2028 582,750 0.20 590,000 TopBuild Corporation 5.63 01/05/2026 611,387 0.21

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 69

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Engineering and Construction (0.59%) cont. USD 115,000 Weekley Homes LLC 4.88 15/09/2028 USD 120,175 0.04 1,728,655 0.59 Entertainment (2.65%) 825,000 Caesars Resort Collection LLC 5.25 15/10/2025 833,249 0.30 100,000 Cinemark USA Incorporated 8.75 01/05/2025 108,000 0.04 285,000 Cinemark USA Incorporated 4.88 01/06/2023 270,750 0.09 305,000 Cinemark USA Incorporated 5.13 15/12/2022 298,900 0.10 185,000 Lions Gate Capital Holdings LLC 5.88 01/11/2024 187,775 0.06 530,000 Lions Gate Capital Holdings LLC 6.38 01/02/2024 543,249 0.19 255,000 Live Nation Entertainment Incorporated 6.50 15/05/2027 285,223 0.10 305,000 Live Nation Entertainment Incorporated 5.63 15/03/2026 313,388 0.11 210,000 Live Nation Entertainment Incorporated 4.88 01/11/2024 212,625 0.07 630,000 Penn National Gaming Incorporated 5.63 15/01/2027 657,563 0.23 645,000 Scientific Games International Incorporated 7.25 15/11/2029 707,887 0.24 270,000 Scientific Games International Incorporated 7.00 15/05/2028 290,307 0.10 EUR 380,000 Scientific Games International Incorporated 3.38 15/02/2026 459,056 0.16 USD 170,000 Six Flags Entertainment Corporation 5.50 15/04/2027 174,888 0.06 500,000 Six Flags Theme Parks Incorporated 7.00 01/07/2025 540,000 0.19 455,000 WMG Acquisition Corporation 3.00 15/02/2031 445,900 0.15 EUR 235,000 WMG Acquisition Corporation 3.63 15/10/2026 296,511 0.10 USD 180,000 WMG Acquisition Corporation 5.50 15/04/2026 186,525 0.06 705,000 Wynn Resorts Finance LLC 5.13 01/10/2029 738,487 0.25 145,000 Wynn Resorts Finance LLC 7.75 15/04/2025 157,144 0.05 7,707,427 2.65 Environmental Control (0.48%) 215,000 Clean Harbors Incorporated 5.13 15/07/2029 234,888 0.08 375,000 Clean Harbors Incorporated 4.88 15/07/2027 391,241 0.13 750,000 Waste Pro USA Incorporated 5.50 15/02/2026 766,875 0.27 1,393,004 0.48 Food (2.00%) 160,000 Albertsons Companies Incorporated 4.88 15/02/2030 176,301 0.06 790,000 Albertsons Companies Incorporated 4.63 15/01/2027 840,363 0.29 360,000 Albertsons Companies Incorporated 7.50 15/03/2026 402,858 0.14 1,250,000 Fresh Market Incorporated 9.75 01/05/2023 1,287,500 0.44 580,000 Kraft Heinz Foods Company 5.00 15/07/2035 703,101 0.24 75,000 Kraft Heinz Foods Company 3.88 15/05/2027 80,802 0.03 1,230,000 Kraft Heinz Foods Company 3.00 01/06/2026 1,284,454 0.44 365,000 Lamb Weston Holdings Incorporated 4.88 15/05/2028 407,431 0.14 610,000 Lamb Weston Holdings Incorporated 4.88 01/11/2026 637,633 0.22 5,820,443 2.00 Forest Products & Paper (0.36%) 255,000 Clearwater Paper Corporation 4.75 15/08/2028 263,925 0.09 400,000 Mercer International Incorporated 5.50 15/01/2026 407,250 0.14 160,000 Mercer International Incorporated 7.38 15/01/2025 166,502 0.06 200,000 Mercer International Incorporated 6.50 01/02/2024 202,750 0.07 1,040,427 0.36 Hand/Machine Tools (0.23%) 635,000 Werner FinCo LP 8.75 15/07/2025 673,100 0.23 673,100 0.23 Health-Care Services (3.20%) 585,000 Air Methods Corporation 8.00 15/05/2025 494,325 0.17 270,000 Centene Corporation 3.00 15/10/2030 286,173 0.10 1,145,000 Centene Corporation 4.63 15/12/2029 1,270,949 0.44 405,000 Centene Corporation 5.38 15/08/2026 427,781 0.15 55,000 CHS 6.00 15/01/2029 59,400 0.02 215,000 CHS 5.63 15/03/2027 231,931 0.08 275,000 CHS 8.00 15/03/2026 296,313 0.10 550,000 CHS 6.63 15/02/2025 578,864 0.20 469,000 CHS 8.13 30/06/2024 486,588 0.17 280,000 Global Medical Response Incorporated 6.50 01/10/2025 292,600 0.10 270,000 HCA Incorporated 3.50 01/09/2030 286,896 0.10 The accompanying notes form an integral part of these financial statements.

70 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Health-Care Services (3.20%) cont. USD 895,000 HCA Incorporated 5.38 01/09/2026 USD 1,028,713 0.35 705,000 HCA Incorporated 5.25 15/06/2026 834,369 0.29 1,110,000 Tenet Healthcare Corporation 5.13 01/11/2027 1,175,213 0.39 1,210,000 Tenet Healthcare Corporation 4.88 01/01/2026 1,265,792 0.43 125,000 Tenet Healthcare Corporation 7.50 01/04/2025 136,563 0.05 165,000 Tenet Healthcare Corporation 4.63 15/07/2024 169,128 0.06 9,321,598 3.20 Home Builders (0.68%) 839,000 PulteGroup Incorporated 7.88 15/06/2032 1,255,353 0.44 110,000 Taylor Morrison Communities Incorporated 5.13 01/08/2030 123,200 0.04 265,000 Taylor Morrison Communities Incorporated 5.75 15/01/2028 300,113 0.10 260,000 TRI Pointe Group Incorporated 5.70 15/06/2028 293,540 0.10 1,972,206 0.68 Household Products/Wares (0.32%) 155,000 Spectrum Brands Incorporated 5.00 01/10/2029 166,455 0.06 760,000 Spectrum Brands Incorporated 6.13 15/12/2024 776,150 0.26 942,605 0.32 Housewares (0.62%) 520,000 Newell Brands Incorporated 4.70 01/04/2026 572,780 0.20 280,000 Newell Brands Incorporated 4.88 01/06/2025 308,084 0.11 850,000 Scotts Miracle-Gro Company 4.50 15/10/2029 915,875 0.31 1,796,739 0.62 Insurance (0.69%) 700,000 Alliant Holdings Intermediate LLC 6.75 15/10/2027 749,000 0.26 630,000 HUB International Limited 7.00 01/05/2026 658,848 0.23 580,000 USI Incorporated 6.88 01/05/2025 594,500 0.20 2,002,348 0.69 Internet (1.86%) 80,000 Arches Buyer Incorporated 6.13 01/12/2028 82,616 0.03 205,000 Arches Buyer Incorporated 4.25 01/06/2028 207,604 0.07 125,000 Match Group Holdings II LLC 4.13 01/08/2030 130,000 0.04 535,000 Match Group Holdings II LLC 4.63 01/06/2028 560,747 0.19 503,000 Match Group Holdings II LLC 5.00 15/12/2027 534,609 0.18 EUR 725,000 Netflix Incorporated 3.63 15/06/2030 1,004,228 0.35 USD 175,000 Netflix Incorporated 4.88 15/06/2030 201,250 0.07 310,000 Netflix Incorporated 5.38 15/11/2029 365,413 0.13 EUR 425,000 Netflix Incorporated 4.63 15/05/2029 627,522 0.22 USD 240,000 Netflix Incorporated 6.38 15/05/2029 296,400 0.10 555,000 Netflix Incorporated 5.88 15/11/2028 665,306 0.23 EUR 140,000 Netflix Incorporated 3.63 15/05/2027 190,272 0.07 USD 495,000 TripAdvisor Incorporated 7.00 15/07/2025 534,600 0.18 5,400,567 1.86 Investment Companies (0.29%) 345,000 Icahn Enterprises LP 5.25 15/05/2027 369,840 0.13 425,000 Icahn Enterprises LP 6.25 15/05/2026 450,032 0.16 10,000 Icahn Enterprises LP 6.75 01/02/2024 10,170 - 830,042 0.29 Iron/Steel (0.49%) 60,000 Allegheny Technologies Incorporated 5.88 01/12/2027 63,150 0.02 695,000 Allegheny Technologies Incorporated 7.88 15/08/2023 758,419 0.26 570,000 Big River Steel LLC 6.63 31/01/2029 615,600 0.21 1,437,169 0.49 Leisure Time (0.28%) 875,000 Constellation Merger Sub Incorporated 8.50 15/09/2025 813,750 0.28 813,750 0.28 Lodging (1.09%) 290,000 Boyd Gaming Corporation 4.75 01/12/2027 301,238 0.10 500,000 Boyd Gaming Corporation 6.00 15/08/2026 518,749 0.18 2,000 Boyd Gaming Corporation 6.38 01/04/2026 2,078 - 230,000 Boyd Gaming Corporation 8.63 01/06/2025 255,804 0.09 350,000 Hilton Worldwide Finance LLC 4.88 01/04/2027 370,449 0.13

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 71

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Lodging (1.09%) cont. USD 545,000 Station Casinos LLC 4.50 15/02/2028 USD 549,087 0.19 535,000 Sugarhouse HSP Gaming Prop Mezz LP 5.88 15/05/2025 517,613 0.18 630,000 Wynn Las Vegas LLC 5.25 15/05/2027 649,372 0.22 3,164,390 1.09 Machinery (0.45%) 135,000 GrafTech Finance Incorporated 4.63 15/12/2028 136,519 0.05 765,000 Stevens Holding Company Incorporated 6.13 01/10/2026 826,200 0.28 340,000 Vertical US Newco Incorporated 5.25 15/07/2027 360,400 0.12 1,323,119 0.45 Media (6.77%) 375,000 CCO Holdings LLC 4.50 01/05/2032 400,395 0.14 265,000 CCO Holdings LLC 4.50 15/08/2030 281,231 0.10 3,450,000 CCO Holdings LLC 5.38 01/06/2029 3,782,062 1.31 615,000 Clear Channel Worldwide Holdings Incorporated 5.13 15/08/2027 621,150 0.21 319,000 Clear Channel Worldwide Holdings Incorporated 9.25 15/02/2024 322,988 0.11 300,000 CSC Holdings LLC 4.63 01/12/2030 313,125 0.11 485,000 CSC Holdings LLC 5.75 15/01/2030 531,681 0.18 270,000 CSC Holdings LLC 7.50 01/04/2028 303,750 0.10 1,300,000 CSC Holdings LLC 5.25 01/06/2024 1,407,119 0.49 490,000 Diamond Sports Group LLC 6.63 15/08/2027 296,450 0.10 520,000 Diamond Sports Group LLC 5.38 15/08/2026 422,500 0.15 1,140,000 DISH DBS Corporation 5.88 15/11/2024 1,195,330 0.41 661,000 DISH Network Corporation 3.38 15/08/2026 630,086 0.22 470,000 Entercom Media Corporation 6.50 01/05/2027 477,638 0.16 510,000 Entercom Media Corporation 7.25 01/11/2024 508,725 0.17 290,000 Gray Television Incorporated 4.75 15/10/2030 295,438 0.10 780,000 Gray Television Incorporated 7.00 15/05/2027 854,100 0.29 830,456 iHeartCommunications Incorporated 8.38 01/05/2027 886,512 0.30 155,000 iHeartCommunications Incorporated 6.38 01/05/2026 165,850 0.06 1,125,000 Meredith Corporation 6.88 01/02/2026 1,102,500 0.38 340,000 Meredith Corporation 6.50 01/07/2025 362,100 0.12 285,000 Nexstar Broadcasting Incorporated 4.75 01/11/2028 298,181 0.10 655,000 Nexstar Broadcasting Incorporated 5.63 15/07/2027 701,669 0.24 155,000 Scripps Escrow II Incorporated 5.38 15/01/2031 161,588 0.06 295,000 Scripps Escrow II Incorporated 3.88 15/01/2029 306,583 0.11 270,000 Sinclair Television Group Incorporated 4.13 01/12/2030 276,272 0.09 580,000 Sinclair Television Group Incorporated 5.50 01/03/2030 603,200 0.21 385,000 Sirius XM Radio Incorporated 5.00 01/08/2027 406,175 0.14 900,000 Townsquare Media Incorporated 6.88 01/02/2026 942,597 0.32 520,000 Univision Communications Incorporated 6.63 01/06/2027 558,506 0.19 270,000 Univision Communications Incorporated 9.50 01/05/2025 300,375 0.10 19,715,876 6.77 Medical Technology (0.12%) 340,000 Ortho-Clinical Diagnostics Incorporated 7.38 01/06/2025 362,100 0.12 362,100 0.12 Metal Fabricate/Hardware (0.29%) 820,000 Park-Ohio Industries Incorporated 6.63 15/04/2027 848,700 0.29 848,700 0.29 Mining (1.11%) 885,000 Compass Minerals International Incorporated 6.75 01/12/2027 958,012 0.34 10,000 Compass Minerals International Incorporated 4.88 15/07/2024 10,400 - 650,000 Freeport-McMoRan Incorporated 5.45 15/03/2043 809,249 0.28 275,000 Freeport-McMoRan Incorporated 4.63 01/08/2030 301,813 0.10 145,000 Freeport-McMoRan Incorporated 4.38 01/08/2028 154,063 0.05 385,000 Novelis Corporation 4.75 30/01/2030 414,786 0.14 570,000 Novelis Corporation 5.88 30/09/2026 595,650 0.20 3,243,973 1.11 Miscellaneous Manufacturer (0.35%) 570,000 Amsted Industries Incorporated 4.63 15/05/2030 597,075 0.20 405,000 Amsted Industries Incorporated 5.63 01/07/2027 430,313 0.15 1,027,388 0.35 The accompanying notes form an integral part of these financial statements.

72 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Office and Business Equipment (0.03%) USD 90,000 CDW LLC 3.25 15/02/2029 USD 91,773 0.03 91,773 0.03 Oil and Natural Gas Utilities (6.90%) 265,000 Antero Resources Corporation 8.38 15/07/2026 270,483 0.09 635,000 Antero Resources Corporation 5.13 01/12/2022 633,413 0.22 265,000 Apache Corporation 5.10 01/09/2040 282,556 0.10 670,000 Apache Corporation 4.38 15/10/2028 697,456 0.24 605,000 Apache Corporation 4.88 15/11/2027 641,300 0.22 115,000 Apache Corporation 4.63 15/11/2025 121,557 0.04 635,000 ChampionX Corporation 6.38 01/05/2026 641,350 0.22 200,000 Comstock Resources Incorporated 9.75 15/08/2026 215,000 0.07 305,000 Comstock Resources Incorporated 9.75 15/08/2026 328,638 0.11 210,000 Comstock Resources Incorporated 7.50 15/05/2025 215,164 0.07 275,000 Continental Resources Incorporated 4.90 01/06/2044 270,875 0.09 270,000 Continental Resources Incorporated 5.75 15/01/2031 299,695 0.10 390,000 Continental Resources Incorporated 4.38 15/01/2028 399,828 0.14 895,000 Continental Resources Incorporated 4.50 15/04/2023 922,834 0.32 195,000 Devon Energy Corporation 5.60 15/07/2041 238,481 0.08 370,000 Devon Energy Corporation 7.95 15/04/2032 518,925 0.18 250,000 Devon Energy Corporation 7.88 30/09/2031 346,750 0.12 265,000 Diamondback Energy Incorporated 4.75 31/05/2025 298,334 0.10 145,000 Diamondback Energy Incorporated 5.38 31/05/2025 150,947 0.05 540,000 Double Eagle III Midco 1 LLC 7.75 15/12/2025 572,605 0.20 965,000 Endeavor Energy Resources LP 5.75 30/01/2028 1,040,945 0.36 520,000 Endeavor Energy Resources LP 6.63 15/07/2025 556,400 0.19 55,000 EQT Corporation 5.00 15/01/2029 57,988 0.02 700,000 Indigo Natural Resources LLC 6.88 15/02/2026 715,749 0.25 352,500 Nabors Industries Incorporated 9.00 01/02/2025 334,875 0.12 245,000 Noble Energy Incorporated 6.00 01/03/2041 372,696 0.13 785,000 Occidental Petroleum Corporation 4.40 15/04/2046 684,100 0.23 1,870,000 Occidental Petroleum Corporation 6.45 15/09/2036 1,957,889 0.66 135,000 Occidental Petroleum Corporation 6.13 01/01/2031 144,477 0.05 370,000 Occidental Petroleum Corporation 6.63 01/09/2030 401,728 0.14 130,000 Occidental Petroleum Corporation 5.88 01/09/2025 138,450 0.05 260,000 Occidental Petroleum Corporation 3.50 15/06/2025 251,150 0.09 540,000 Occidental Petroleum Corporation 4.85 15/03/2021 540,000 0.19 90,000 Ovintiv Exploration Incorporated 5.38 01/01/2026 96,583 0.03 290,000 Ovintiv Exploration Incorporated 5.63 01/07/2024 310,300 0.11 265,000 Ovintiv Incorporated 6.50 15/08/2034 306,881 0.11 330,000 Ovintiv Incorporated 7.38 01/11/2031 391,824 0.13 520,000 SM Energy Company 6.63 15/01/2027 414,700 0.14 465,000 SM Energy Company 6.75 15/09/2026 374,325 0.13 155,000 SM Energy Company 10.00 15/01/2025 166,625 0.06 120,000 SM Energy Company 5.00 15/01/2024 102,600 0.04 260,000 USA Compression Partners LP 6.88 01/09/2027 277,571 0.10 515,000 USA Compression Partners LP 6.88 01/04/2026 538,175 0.18 280,000 Viper Energy Partners LP 5.38 01/11/2027 292,600 0.10 390,000 WPX Energy Incorporated 5.88 15/06/2028 425,112 0.15 500,000 WPX Energy Incorporated 5.25 15/10/2027 529,810 0.18 255,000 WPX Energy Incorporated 5.75 01/06/2026 268,069 0.09 290,000 WPX Energy Incorporated 8.25 01/08/2023 330,055 0.11 20,087,868 6.90 Packaging and Containers (1.39%) 445,000 Berry Global Incorporated 4.50 15/02/2026 455,013 0.16 EUR 410,000 Berry Global Incorporated 1.00 15/01/2025 504,317 0.17 USD 355,000 Crown Americas LLC 4.75 01/02/2026 368,313 0.13 415,000 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 505,263 0.17 360,000 Graphic Packaging International LLC 3.50 01/03/2029 368,100 0.13 535,000 Greif Incorporated 6.50 01/03/2027 565,762 0.19 430,000 Mauser Packaging Solutions Holding Company 7.25 15/04/2025 434,300 0.15

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 73

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Packaging and Containers (1.39%) cont. EUR 355,000 Mauser Packaging Solutions Holding Company 4.75 15/04/2024 USD 433,495 0.15 USD 165,000 Mauser Packaging Solutions Holding Company 8.50 15/04/2024 172,425 0.06 210,000 Owens-Brockway Glass Container Incorporated 6.63 13/05/2027 227,325 0.08 4,034,313 1.39 Pharmaceuticals (0.44%) 510,000 Bausch Health Americas Incorporated 8.50 31/01/2027 567,375 0.19 500,000 Elanco Animal Health Incorporated 5.90 28/08/2028 590,000 0.21 116,000 Par Pharmaceutical Incorporated 7.50 01/04/2027 125,280 0.04 1,282,655 0.44 Pipelines (2.41%) 205,000 Buckeye Partners LP 5.85 15/11/2043 201,708 0.07 215,000 Buckeye Partners LP 4.50 01/03/2028 221,450 0.08 145,000 Buckeye Partners LP 3.95 01/12/2026 146,885 0.05 875,000 DCP Midstream Operating LP 6.75 15/09/2037 966,874 0.33 275,000 DCP Midstream Operating LP 5.63 15/07/2027 304,563 0.10 1,275,000 Energy Transfer Operating LP 6.63 31/12/2099 1,077,374 0.37 130,000 EnLink Midstream LLC 5.63 15/01/2028 132,626 0.05 85,000 Global Partners LP 6.88 15/01/2029 92,013 0.03 1,085,000 Hess Midstream Operations LP 5.63 15/02/2026 1,128,399 0.39 405,000 Holly Energy Partners LP 5.00 01/02/2028 408,038 0.14 134,000 Kinder Morgan Incorporated 7.75 15/01/2032 193,723 0.07 380,000 Rattler Midstream LP 5.63 15/07/2025 401,375 0.14 465,000 Tallgrass Energy Partners LP 6.00 31/12/2030 478,507 0.16 455,000 Tallgrass Energy Partners LP 5.50 15/01/2028 464,669 0.16 145,000 Tallgrass Energy Partners LP 7.50 01/10/2025 155,513 0.05 175,000 Targa Resources Partners LP 5.50 01/03/2030 189,998 0.07 155,000 Targa Resources Partners LP 6.88 15/01/2029 174,569 0.06 245,000 Targa Resources Partners LP 6.50 15/07/2027 265,825 0.09 7,004,109 2.41 Real Estate (2.04%) 1,025,000 Diversified Healthcare Trust 9.75 15/06/2025 1,164,053 0.40 325,000 ESH Hospitality Incorporated 5.25 01/05/2025 333,125 0.10 725,000 Howard Hughes Corporation 5.38 15/03/2025 747,656 0.26 480,000 Iron Mountain Incorporated 5.25 15/03/2028 506,539 0.17 460,000 iStar Incorporated 5.50 15/02/2026 469,200 0.16 575,000 iStar Incorporated 4.25 01/08/2025 567,813 0.20 575,000 iStar Incorporated 4.75 01/10/2024 582,188 0.20 285,000 Ladder Capital Finance Holdings LLLP 4.25 01/02/2027 278,944 0.10 460,000 Ladder Capital Finance Holdings LLLP 5.25 01/10/2025 458,850 0.16 180,000 Service Properties Trust 7.50 15/09/2025 207,417 0.07 615,000 Starwood Property Trust Incorporated 4.75 15/03/2025 630,375 0.22 5,946,160 2.04 Retail (3.37%) 120,000 Beacon Roofing Supply Incorporated 4.50 15/11/2026 125,700 0.04 565,000 Beacon Roofing Supply Incorporated 4.88 01/11/2025 578,418 0.20 190,000 Gap Incorporated 8.63 15/05/2025 211,901 0.07 330,000 Gap Incorporated 8.38 15/05/2023 374,138 0.13 390,000 Golden Nugget Incorporated 8.75 01/10/2025 400,725 0.14 1,030,000 Golden Nugget Incorporated 6.75 15/10/2024 1,022,604 0.35 255,000 IRB Holding Corporation 7.00 15/06/2025 278,588 0.10 677,000 KFC Holding Company 4.75 01/06/2027 714,918 0.25 515,000 KFC Holding Company 5.25 01/06/2026 534,312 0.18 285,000 L Brands Incorporated 6.75 01/07/2036 317,526 0.11 265,000 L Brands Incorporated 6.63 01/10/2030 294,813 0.10 335,000 L Brands Incorporated 7.50 15/06/2029 371,013 0.13 200,000 L Brands Incorporated 6.88 01/07/2025 217,156 0.07 105,000 L Brands Incorporated 9.38 01/07/2025 129,150 0.04 160,000 LBM Acquisition LLC 6.25 15/01/2029 165,200 0.06 125,000 Macy's Incorporated 8.38 15/06/2025 138,813 0.05 410,000 Nordstrom Incorporated 8.75 15/05/2025 459,221 0.16

The accompanying notes form an integral part of these financial statements.

74 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (63.52%) (30 June 2020: 67.90%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Retail (3.37%) cont. USD 115,000 Penske Automotive Group Incorporated 3.50 01/09/2025 USD 116,869 0.04 954,000 Rite Aid Corporation 8.00 15/11/2026 1,020,779 0.35 249,000 Rite Aid Corporation 7.50 01/07/2025 259,894 0.09 980,000 Staples Incorporated 7.50 15/04/2026 1,023,384 0.35 430,000 White Cap Buyer LLC 6.88 15/10/2028 458,488 0.16 285,000 Yum! Brands Incorporated 3.63 15/03/2031 288,087 0.10 275,000 Yum! Brands Incorporated 4.75 15/01/2030 301,538 0.10 9,803,235 3.37 Semiconductors (0.57%) 835,000 Microchip Technology Incorporated 4.25 01/09/2025 883,382 0.30 290,000 ON Semiconductor Corporation 1.63 15/10/2023 485,890 0.17 285,000 Qorvo Incorporated 3.38 01/04/2031 294,263 0.10 1,663,535 0.57 Software (1.58%) 620,000 Ascend Learning LLC 6.88 01/08/2025 637,050 0.22 300,000 Ascend Learning LLC 6.88 01/08/2025 308,625 0.11 450,000 Black Knight InfoServ LLC 3.63 01/09/2028 460,688 0.16 425,000 Boxer Parent Company Incorporated 9.13 01/03/2026 456,875 0.16 135,000 Boxer Parent Company Incorporated 7.13 02/10/2025 146,535 0.05 210,000 BY Crown Parent LLC 4.25 31/01/2026 215,250 0.07 21,000 Dun & Bradstreet Corporation 6.88 15/08/2026 22,575 0.01 40,000 Rackspace Technology Global Incorporated 5.38 01/12/2028 41,908 0.01 675,000 Solera LLC 10.50 01/03/2024 699,469 0.24 207,000 Splunk Incorporated 1.13 15/06/2027 215,146 0.07 195,000 Splunk Incorporated 1.13 15/09/2025 264,025 0.09 1,075,000 SS&C Technologies Incorporated 5.50 30/09/2027 1,148,905 0.39 4,617,051 1.58 Telecommunications (3.30%) 280,000 CommScope Incorporated 8.25 01/03/2027 298,900 0.10 160,000 CommScope Incorporated 5.50 01/03/2024 164,960 0.06 416,000 CommScope Technologies LLC 6.00 15/06/2025 425,360 0.15 500,000 Frontier Communications Corporation 6.75 01/05/2029 535,000 0.18 270,000 Frontier Communications Corporation 5.88 15/10/2027 291,938 0.10 1,010,000 Frontier Communications Corporation 10.50 15/09/2022 525,200 0.18 285,000 Level 3 Financing Incorporated 3.63 15/01/2029 284,288 0.10 370,000 Level 3 Financing Incorporated 4.25 01/07/2028 380,175 0.13 600,000 Level 3 Financing Incorporated 4.63 15/09/2027 626,661 0.22 720,000 Level 3 Financing Incorporated 5.25 15/03/2026 743,976 0.26 1,075,000 Plantronics Incorporated 5.50 31/05/2023 1,077,687 0.37 935,000 Sprint Capital Corporation 6.88 15/11/2028 1,232,778 0.41 900,000 Sprint Corporation 7.63 01/03/2026 1,117,076 0.38 205,000 T-Mobile USA Incorporated 3.88 15/04/2030 237,431 0.08 990,000 T-Mobile USA Incorporated 4.75 01/02/2028 1,064,140 0.37 240,000 Zayo Group Holdings Incorporated 6.13 01/03/2028 253,800 0.09 350,000 Zayo Group Holdings Incorporated 4.00 01/03/2027 350,875 0.12 9,610,245 3.30 Toys/Games/Hobbies (0.31%) 805,000 Mattel Incorporated 5.88 15/12/2027 894,556 0.31 894,556 0.31 Transportation (0.44%) 1,180,000 Watco Companies LLC 6.50 15/06/2027 1,277,350 0.44 1,277,350 0.44 Total U.S. Corporate Bonds and Notes USD 184,931,490 63.52

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (0.02%) (30 June 2020: 0.02%) Principal Coupon Maturity Value % of Amount Rate Date USD Fund CHF 30,000 Swiss Confederation Government Bond (Switzerland) 4.00 08/04/2028 USD 45,579 0.02 Total Foreign Government and Agency Bonds and Notes USD 45,579 0.02

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 75

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

CONVERTIBLE PREFERRED STOCKS (0.80%) (30 June 2020: 0.79%) Number of Value % of Shares USD Fund Electric Utilities (0.20%) 4,650 PG&E Corporation USD 571,206 0.20 571,206 0.20 Medical Technology (0.22%) 425 Danaher Corporation 641,249 0.22 641,249 0.22 Private Equity (0.17%) 8,733 KKR & Company Incorporated 505,204 0.17 505,204 0.17 Semiconductors (0.21%) 430 Broadcom Incorporated 611,662 0.21 611,662 0.21 Total Convertible Preferred Stocks USD 2,329,321 0.80

PREFERRED STOCKS (0.23%) (30 June 2020: 0.21%) Number of Value % of Shares USD Fund Telecommunications (0.23%) 561 2020 Cash Exchange Trust USD 672,454 0.23 Total Preferred Stocks USD 672,454 0.23

U.S. TREASURY OBLIGATIONS (0.96%) (30 June 2020: 3.34%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 100,000 United States Treasury Bill 0.08 08/04/2021 USD 99,978 0.03 1,918,000 United States Treasury Bill1 0.08 26/01/2021 1,917,890 0.67 756,000 United States Treasury Bill 0.09 12/01/2021 755,979 0.26 Total U.S. Treasury Obligations USD 2,773,847 0.96 Total Value of Investments excluding financial derivative instruments USD 285,698,473 98.14

1 Security is partly held as collateral by HSBC Bank (USD 199,980), Morgan Stanley (USD 2,985), NatWest Markets PLC (USD 120,395) and UBS (USD 39,600).

(F) This security is valued by the Investment Advisor at fair value. Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 102 (“FRS 102”), “Fair Value: Disclosure”, based on the securities' valuation inputs.

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.03%) (30 June 2020: -1.25%) 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 Buy 17/03/2021 USD 15,379,249 USD 15,149,147 USD 230,102 0.08 British Pound Buy 17/03/2021 33,591,179 33,088,593 502,587 0.18 British Pound Buy 17/03/2021 78,940 77,759 1,181 - British Pound Sell 17/03/2021 2,572,739 2,534,246 (38,493) (0.01) Euro Buy 17/03/2021 2,841,650 2,828,464 13,186 - Euro Sell 17/03/2021 3,059 3,045 (14) - Euro Sell 17/03/2021 4,777,443 4,755,273 (22,170) (0.01) Barclays Bank PLC British Pound Buy 17/03/2021 1,237,460 1,218,754 18,706 0.01 British Pound Buy 17/03/2021 13,084,647 12,886,856 197,791 0.07 British Pound Buy 17/03/2021 122,036 120,191 1,845 - British Pound Buy 17/03/2021 611,684 602,438 9,246 - Euro Sell 17/03/2021 16,274 16,198 (76) - Euro Sell 17/03/2021 13,639,383 13,575,267 (64,116) (0.02) Euro Sell 17/03/2021 1,124,644 1,119,357 (5,287) - Citibank, N.A. British Pound Buy 17/03/2021 1,860,499 1,832,779 27,720 0.01 British Pound Buy 17/03/2021 38,545,122 37,970,838 574,285 0.21 British Pound Buy 17/03/2021 384,303 378,578 5,725 - British Pound Sell 17/03/2021 1,793,735 1,767,010 (26,725) (0.01) Canadian Dollar Sell 20/01/2021 36,612 35,146 (1,466) - Euro Buy 17/03/2021 433,290 431,248 2,042 -

The accompanying notes form an integral part of these financial statements.

76 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.03%) (30 June 2020: -1.25%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Citibank, N.A. cont. Euro Buy 17/03/2021 USD 4,988,398 USD 4,964,891 USD 23,507 0.01 Euro Sell 17/03/2021 2,325 2,314 (11) - Credit Suisse International British Pound Buy 17/03/2021 57,324 56,465 859 - Goldman Sachs International British Pound Buy 17/03/2021 13,805,097 13,598,294 206,803 0.07 British Pound Buy 17/03/2021 29,474,249 29,032,721 441,529 0.16 British Pound Buy 17/03/2021 372,811 367,226 5,585 - British Pound Buy 17/03/2021 113,143 111,448 1,695 - Euro Buy 17/03/2021 226,006 224,918 1,088 - Euro Buy 17/03/2021 5,362,341 5,336,546 25,795 0.01 Euro Sell 17/03/2021 3,391,430 3,375,116 (16,314) (0.01) HSBC Bank USA, National Association British Pound Sell 17/03/2021 2,026,451 1,996,071 (30,380) (0.01) British Pound Sell 17/03/2021 12,453,126 12,266,431 (186,695) (0.07) British Pound Sell 17/03/2021 1,505 1,482 (23) - Euro Buy 17/03/2021 22,760 22,657 103 - Euro Buy 17/03/2021 1,639,917 1,632,539 7,378 - Euro Sell 17/03/2021 6,135,924 6,108,318 (27,606) (0.01) Euro Sell 17/03/2021 323,162 321,850 (1,312) - JPMorgan Chase Bank, N.A. British Pound Buy 17/03/2021 5,945,415 5,856,511 88,904 0.03 British Pound Buy 17/03/2021 28,632,722 28,204,563 428,160 0.15 British Pound Buy 17/03/2021 1,689,074 1,663,817 25,257 0.01 British Pound Buy 17/03/2021 472,136 465,076 7,060 - Euro Buy 17/03/2021 240,689 239,528 1,161 - Euro Buy 17/03/2021 5,262 5,291 (29) - Euro Buy 17/03/2021 2,321,360 2,310,161 11,199 - Euro Buy 17/03/2021 5,374,455 5,348,527 25,928 0.01 Swiss Franc Sell 17/03/2021 49,013 48,920 (93) - Morgan Stanley & Co. International PLC British Pound Buy 17/03/2021 1,952,710 1,923,636 29,074 0.01 British Pound Buy 17/03/2021 579,123 571,228 7,895 - British Pound Buy 17/03/2021 41,180 40,502 678 - British Pound Buy 17/03/2021 1,831,905 1,806,933 24,972 0.01 British Pound Buy 17/03/2021 117,384 115,637 1,747 - British Pound Buy 17/03/2021 10,808 10,554 254 - British Pound Buy 17/03/2021 111,775 110,111 1,664 - British Pound Buy 17/03/2021 5,336 5,229 107 - British Pound Buy 17/03/2021 151,450 147,340 4,110 - British Pound Buy 17/03/2021 1,231 1,223 8 - British Pound Buy 17/03/2021 23,121 22,806 315 - British Pound Buy 17/03/2021 71,279 71,165 114 - British Pound Sell 17/03/2021 8,784,527 8,653,735 (130,792) (0.04) British Pound Sell 17/03/2021 684 673 (11) - British Pound Sell 17/03/2021 80,172 78,800 (1,372) - Euro Buy 17/03/2021 5,262 5,236 26 - Euro Buy 17/03/2021 327,812 326,239 1,573 - Euro Buy 17/03/2021 288,411 283,373 5,038 - Euro Buy 17/03/2021 887,381 883,123 4,258 - Euro Buy 17/03/2021 359,994 361,877 (1,883) - Euro Buy 17/03/2021 305,053 305,280 (227) - Euro Sell 17/03/2021 119,549 118,016 (1,533) - Euro Sell 17/03/2021 451,155 447,326 (3,829) - Euro Sell 17/03/2021 215,972 214,174 (1,798) - NatWest Markets PLC British Pound Buy 17/03/2021 1,506,157 1,483,716 22,441 0.01 British Pound Buy 17/03/2021 137,085 134,155 2,930 - British Pound Buy 17/03/2021 18,196 17,925 271 - British Pound Buy 17/03/2021 12,997 12,719 278 - The accompanying notes form an integral part of these financial statements.

Putnam World Trust 77

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.03%) (30 June 2020: -1.25%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund NatWest Markets PLC cont. British Pound Sell 17/03/2021 USD 7,277,275 USD 7,168,845 USD (108,430) (0.04) British Pound Sell 17/03/2021 87,012 86,092 (920) - British Pound Sell 17/03/2021 1,983,766 1,954,209 (29,557) (0.01) British Pound Sell 17/03/2021 28,867 28,536 (331) - Euro Buy 17/03/2021 5,751 5,724 27 - Euro Buy 17/03/2021 170,085 169,278 807 - Euro Buy 17/03/2021 191,621 190,829 792 - Euro Sell 17/03/2021 4,268,655 4,248,383 (20,272) (0.01) Euro Sell 17/03/2021 89,448 89,293 (155) - State Street Bank & Trust Company British Pound Buy 17/03/2021 13,550,217 13,347,976 202,241 0.07 British Pound Buy 17/03/2021 25,314,223 24,936,401 377,823 0.13 British Pound Buy 17/03/2021 372,401 366,843 5,558 - British Pound Buy 17/03/2021 588,289 579,509 8,780 - British Pound Buy 17/03/2021 73,194 71,243 1,951 - British Pound Buy 17/03/2021 958 953 5 - British Pound Sell 17/03/2021 679,406 668,891 (10,515) - British Pound Sell 17/03/2021 624,544 618,187 (6,357) - British Pound Sell 17/03/2021 4,663,492 4,491,702 (171,790) (0.06) British Pound Sell 17/03/2021 122,994 122,366 (628) - British Pound Sell 17/03/2021 13,544 13,236 (308) - Canadian Dollar Sell 20/01/2021 701,523 673,493 (28,030) (0.01) Euro Buy 17/03/2021 21,658 21,554 104 - Euro Buy 17/03/2021 3,305,408 3,289,468 15,940 0.01 Euro Sell 17/03/2021 631,029 627,986 (3,043) - Euro Sell 17/03/2021 346,167 344,445 (1,722) - Toronto-Dominion Bank Euro Buy 17/03/2021 263,327 262,046 1,281 - UBS AG British Pound Buy 17/03/2021 4,194,913 4,132,808 62,105 0.02 British Pound Sell 17/03/2021 2,367,249 2,332,202 (35,047) (0.01) British Pound Sell 17/03/2021 1,236,365 1,218,061 (18,304) (0.01) British Pound Sell 17/03/2021 465,843 458,946 (6,897) - Euro Buy 17/03/2021 5,996 5,942 54 - Euro Buy 17/03/2021 2,692 2,679 13 - Euro Buy 17/03/2021 324,875 321,983 2,892 - Euro Buy 17/03/2021 1,136,146 1,130,811 5,335 - Euro Sell 17/03/2021 2,035,886 2,017,760 (18,126) (0.01) Euro Sell 17/03/2021 11,410,407 11,356,824 (53,583) (0.02) Westpac Banking Corporation British Pound Buy 17/03/2021 600,055 586,183 13,872 - British Pound Buy 17/03/2021 1,964,339 1,918,927 45,412 0.02 British Pound Buy 17/03/2021 21,309,068 20,990,774 318,294 0.11 British Pound Buy 17/03/2021 23,395 22,854 541 - British Pound Buy 17/03/2021 75,109 73,988 1,121 - British Pound Sell 17/03/2021 320,412 315,626 (4,786) - Canadian Dollar Sell 20/01/2021 174,183 167,196 (6,987) - Euro Buy 17/03/2021 1,591 1,583 8 - Euro Buy 17/03/2021 2,775,574 2,762,567 13,007 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 4,072,143 1.40 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (1,088,043) (0.37) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 2,984,100 1.03 Total Financial Assets at Fair Value through Profit or Loss USD 289,770,616 99.54 Total Financial Liabilities at Fair Value through Profit or Loss USD (1,088,043) (0.37)

* The exchange currency for all contracts listed is the United States Dollar.

The accompanying notes form an integral part of these financial statements.

78 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 31 December 2020

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 49.86 Transferable securities dealt on another regulated market 28.82 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 17.67 OTC financial derivative instruments 1.37 Other assets 2.28 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 79

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments 31 December 2020

NON-U.S. EQUITIES (11.55%) (30 June 2020: 23.00%) NON-U.S. EQUITIES (11.55%) (30 June 2020: 23.00%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Apparel (0.04%) Diversified Financial Services (0.86%) cont. 18,800 Feng TAY Enterprise Company Limited 249,000 Fubon Financial Holding Company Limited (Taiwan) USD 133,836 0.04 (Taiwan) USD 415,109 0.12 133,836 0.04 23,686 Hana Financial Group Incorporated (South Auto Parts and Equipment (0.07%) Korea) 753,158 0.22 1,071 Hyundai Mobis Company Limited (South 19,348 KB Financial Group Incorporated (South Korea) 252,650 0.07 Korea) 768,434 0.23 268,000 Taishin Financial Holding Company Limited 252,650 0.07 (Taiwan) 126,399 0.04 Automotive (0.18%) 50,200 Tisco Financial Group PCL (Thailand) 148,288 0.05 5,524 Kia Motors Corporation (South Korea) 318,141 0.09 2,897,551 0.86 82,000 Sinotruk Hong Kong Limited (Hong Kong) 210,004 0.06 Electric Utilities (0.09%) 20,249 Tofas Turk Otomobil Fabrikasi AS (Turkey) 92,435 0.03 39,500 Cia de Transmissao de Energia Eletrica 620,580 0.18 Paulista (Preference shares) (Brazil) 211,485 0.07 Banking (0.47%) 6,800 Electricity Generating PCL (Thailand) 43,692 0.01 15,400 Banco BBVA Argentina SA (Argentina) 49,434 0.01 16,510,000 Federal Grid Company Unified Energy 11,012 Banco Macro SA (Argentina) 171,457 0.05 System PJSC (Russian Federation) 49,580 0.01 58,471 Banco Santander Brasil SA (Brazil) 504,650 0.16 14,000 Glow Energy PCL (Thailand) (F) 5 - 136,800 Bank BTPN Syariah Tbk PT (Indonesia) 36,570 0.01 304,762 0.09 648,000 China Minsheng Banking Corporation Electronics (0.15%) Limited (China) 369,546 0.11 49,000 Pegatron Corporation (Taiwan) 117,593 0.03 17,162 Commercial International Bank Egypt SAE 67,000 Radiant Opto-Electronics Corporation (Egypt) 64,379 0.02 (Taiwan) 271,950 0.08 35,552 Grupo Financiero Galicia SA (Argentina) 310,724 0.09 80,000 Synnex Technology International 16,400 Hong Leong Bank Bhd (Malaysia) 74,522 0.02 Corporation (Taiwan) 134,082 0.04 1,581,282 0.47 523,625 0.15 Biotechnology (0.05%) Engineering and Construction (0.18%) 1,031 Seegene Incorporated (South Korea) 183,682 0.05 3,895 Daelim Industrial Company Limited (South 183,682 0.05 Korea) 299,266 0.09 Building Materials (0.24%) 49,000 Frontken Corporation Bhd (Malaysia) 43,448 0.01 93,000 Anhui Conch Cement Company Limited 11,798 Samsung Engineering Company Limited (China) 582,621 0.17 (South Korea) 144,351 0.04 212,000 China Resources Cement Holdings Limited 17,000 United Integrated Services Company (Cayman Islands) 236,947 0.07 Limited (Taiwan) 130,734 0.04 819,568 0.24 617,799 0.18 Coal (0.04%) Food (0.45%) 70,000 China Shenhua Energy Company Limited 7,600 BIM Birlesik Magazalar AS (Turkey) 77,212 0.02 (China) 131,900 0.04 670,400 Charoen Pokphand Foods PCL (Thailand) 598,572 0.18 131,900 0.04 3,856 Dino Polska SA (Poland) 298,587 0.09 Commercial Services (0.04%) 193,700 Indofood Sukses Makmur Tbk PT 96,000 China Yuhua Education Corporation Limited (Indonesia) 94,441 0.03 (Cayman Islands) 83,749 0.02 42,600 Marfrig Global Foods SA (Brazil) 119,003 0.04 3,203 NICE Information Service Company Limited 1,267 Orion Corporation (South Korea) 144,349 0.04 (South Korea) 73,291 0.02 243,000 Want Want China Holdings Limited 157,040 0.04 (Cayman Islands) 175,864 0.05 Computers (0.80%) 1,508,028 0.45 63,522 Infosys Limited (India) 1,092,795 0.32 Home Furnishings (0.38%) 114,000 Quanta Computer Incorporated (Taiwan) 329,151 0.10 8,678 LG Electronics Incorporated (South Korea) 1,079,360 0.32 22,438 Tata Consultancy Services Limited (India) 880,544 0.26 105,000 Lite-On Technology Corporation (Taiwan) 186,402 0.06 79,874 Wipro Limited (India) 422,228 0.12 1,265,762 0.38 2,724,718 0.80 Household Products/Wares (0.15%) Distribution/Wholesale (0.02%) 15,773 Hindustan Unilever Limited (India) 517,905 0.15 136,400 Sime Darby Bhd (Malaysia) 78,363 0.02 517,905 0.15 78,363 0.02 Housewares (0.08%) Diversified Financial Services (0.86%) 22,000 Nien Made Enterprise Company Limited 65,700 Bursa Malaysia Bhd (Malaysia) 135,632 0.04 (Taiwan) 255,529 0.08 63,400 Chailease Holding Company Limited 255,529 0.08 (Cayman Islands) 380,123 0.11 243,000 CTBC Financial Holding Company Limited (Taiwan) 170,408 0.05

The accompanying notes form an integral part of these financial statements.

80 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. EQUITIES (11.55%) (30 June 2020: 23.00%) cont. NON-U.S. EQUITIES (11.55%) (30 June 2020: 23.00%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Insurance (0.32%) Real Estate (0.29%) 85,000 Ping An Insurance Group Company of China 109,000 Country Garden Services Holdings Limited (China) USD 1,044,058 0.31 Company Limited (Cayman Islands) USD 739,315 0.22 8,732 Qualitas Controladora SAB de CV (Mexico) 46,904 0.01 20,000 KWG Group Holdings Limited (Cayman 1,090,962 0.32 Islands) 27,411 0.01 15,000 KWG Living Group Holdings Limited Internet (1.84%) (Cayman Islands) 12,190 - 100,340 Alibaba Group Holding Limited (Cayman Islands) 2,931,697 0.87 108,000 Logan Group Company Limited (Cayman Islands) 176,994 0.05 13,126 JD.com Incorporated (Cayman Islands) 1,153,775 0.34 27,500 Ruentex Development Company Limited 3,900 Meituan (Cayman Islands) 149,161 0.04 (Taiwan) 40,039 0.01 27,500 Tencent Holdings Limited (Cayman Islands) 2,009,349 0.59 995,949 0.29 6,243,982 1.84 Retail (0.22%) Iron/Steel (0.35%) 123,700 Com7 PCL (Thailand) 161,025 0.05 6,948 Kumba Iron Ore Limited (South Africa) 295,185 0.09 16,000 President Chain Store Corporation (Taiwan) 151,990 0.04 53,375 Vale SA (Brazil) 894,565 0.26 35,300 Puregold Price Club Incorporated 1,189,750 0.35 (Philippines) 30,177 0.01 Machinery (0.04%) 58,500 Zhongsheng Group Holdings Limited 29,000 Haitian International Holdings Limited (Cayman Islands) 417,079 0.12 (Cayman Islands) 100,453 0.03 760,271 0.22 45,000 Teco Electric and Machinery Company Semiconductors (2.37%) Limited (Taiwan) 44,341 0.01 25,000 Globalwafers Company Limited (Taiwan) 632,654 0.19 144,794 0.04 8,000 Parade Technologies Limited (Cayman Machinery-Construction and Mining (0.04%) Islands) 317,735 0.09 116,000 Zoomlion Heavy Industry Science and 32,000 Realtek Semiconductor Corporation Technology Company Limited (China) 139,214 0.04 (Taiwan) 443,109 0.13 139,214 0.04 46,512 Samsung Electronics Company Limited Medical Technology (0.12%) (South Korea) 3,476,187 1.03 12,500 Hengan International Group Company 20,879 Taiwan Semiconductor Manufacturing Limited (Cayman Islands) 88,497 0.03 Company Limited (Taiwan) 2,276,646 0.67 528,000 United Microelectronics Corporation 199,200 Top Glove Corporation Bhd (Malaysia) 304,111 0.09 (Taiwan) 885,085 0.26 392,608 0.12 8,031,416 2.37 Mining (0.37%) Software (0.29%) 5,673 Anglo American Platinum Limited (South Africa) 553,212 0.16 7,805 NetEase Incorporated (Cayman Islands) 747,484 0.22 20,806 MMC Norilsk Nickel PJSC (Russian 18,581 Tech Mahindra Limited (India) 248,211 0.07 Federation) 649,798 0.19 995,695 0.29 29,200 Press Metal Aluminium Holdings Bhd Telecommunications (0.34%) (Malaysia) 60,923 0.02 112,800 Advanced Info Service PCL (Thailand) 662,644 0.20 1,263,933 0.37 32,000 Far EasTone Telecommunications Company Miscellaneous Manufacturer (0.06%) Limited (Taiwan) 69,643 0.02 69,700 Hartalega Holdings Bhd (Malaysia) 210,737 0.06 13,489 Hellenic Telecommunications Organization SA (Greece) 217,538 0.07 210,737 0.06 3,509 KT Corporation (South Korea) 77,558 0.02 Oil and Natural Gas Utilities (0.22%) 79,200 Dialog Group Bhd (Malaysia) 68,139 0.02 4,065 PLDT Incorporated (Philippines) 113,817 0.03 11,735 Ecopetrol SA (Colombia) 151,499 0.04 1,141,200 0.34 6,753 LUKOIL PJSC (Russian Federation) 460,453 0.14 Transportation (0.01%) PTT Exploration & Production PCL 14,700 MISC Bhd (Malaysia) 25,157 0.01 17,300 (Thailand) 56,733 0.02 25,157 0.01 736,824 0.22 Total Non-U.S. Equities USD 39,192,612 11.55 Pharmaceuticals (0.36%) 141 Celltrion Incorporated (South Korea) 46,468 0.01 U.S. EQUITIES (0.49%) (30 June 2020: 0.70%) 200 China Biologic Products Holdings Number of Value % of Incorporated (Cayman Islands) 23,622 0.01 Shares USD Fund 112,000 China Feihe Limited (Cayman Islands) 263,400 0.08 Mining (0.25%) 8,798 Dr Reddy's Laboratories Limited (India) 627,903 0.19 12,856 Southern Copper Corporation USD 837,183 0.25 34,698 Hypera SA (Brazil) 228,795 0.07 837,183 0.25 1,190,188 0.36 Retail (0.24%) Pipelines (0.02%) 14,058 Yum China Holdings Incorporated 802,571 0.24 15,300 Petronas Gas Bhd (Malaysia) 65,352 0.02 802,571 0.24 65,352 0.02 Total U.S. Equities USD 1,639,754 0.49

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 81

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

WARRANTS (1.69%) (30 June 2020: 3.21%) Number of Value % of Warrants USD Fund 9,800 Foshan Haitian Flavouring & Food Company Limited (Luxembourg) USD 301,102 0.09 18,100 Jiangsu Hengli Hydraulic Company Limited (Switzerland) 313,360 0.09 172,200 Sany Heavy Industry Company Limited (International) 922,870 0.28 25,200 Seazen Holdings Company (Luxembourg) 134,475 0.04 78,900 Suofeiya Home Collection Company Limited (Switzerland) 313,086 0.09 49,700 UBS AG (Switzerland) 175,667 0.05 255,000 UBS AG (United Kingdom) 618,064 0.18 2,900 UBS AG (United Kingdom) 887,730 0.26 25,800 UBS AG (United Kingdom) 414,651 0.12 281,900 UBS AG (United Kingdom) 282,030 0.08 49,400 UBS AG (United Kingdom) 85,903 0.03 12,800 UBS AG (United Kingdom) 835,423 0.25 33,200 UBS AG (United Kingdom) 49,238 0.01 328,900 UBS AG (United Kingdom) 395,064 0.12 Total Warrants USD 5,728,663 1.69

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (44.87%) (30 June 2020: 38.07%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (44.48%) USD 15,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 12/02/2051 USD 15,561,914 4.60 11,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 12/02/2051 11,570,625 3.42 11,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 1.50 14/01/2051 11,115,157 3.28 46,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 14/01/2051 47,796,875 14.13 21,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/01/2051 22,138,595 6.54 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 14/01/2051 10,478,125 3.10 17,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50 14/01/2051 17,974,844 5.31 13,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00 14/01/2051 13,882,578 4.10 150,518,713 44.48 U.S. Government Guaranteed Mortgage Obligations (0.39%) 29,695 Government National Mortgage Association Pass-Through Certificates 5.00 20/03/2050 33,631 0.01 14,767 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 16,234 - 15,057 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 16,552 - 30,635 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 33,678 0.01 23,477 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 25,809 0.01 96,495 Government National Mortgage Association Pass-Through Certificates 3.50 20/09/2049 105,928 0.03 34,036 Government National Mortgage Association Pass-Through Certificates 5.00 20/05/2049 38,429 0.01 1,000,000 Government National Mortgage Association Pass-Through Certificates TBA 4.00 21/01/2051 1,066,015 0.32 1,336,276 0.39 Total U.S. Government and Agency Mortgage Obligations USD 151,854,989 44.87

U.S. GOVERNMENT AGENCY OBLIGATIONS (3.25%) (30 June 2020: 13.95%) Principal Maturity Value % of Amount Yield (%) Date USD Fund USD 11,000,000 Federal Home Loan Bank Discount Notes 0.07 13/01/2021 USD 10,999,748 3.25 Total U.S. Government Agency Obligations USD 10,999,748 3.25

The accompanying notes form an integral part of these financial statements.

82 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (5.92%) (30 June 2020: 5.46%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (5.48%) USD 69,458 Federal Home Loan Mortgage Corporation (Class AS) 5.89 15/08/2038 USD 1,432 - 139,884 Federal Home Loan Mortgage Corporation (Class BI) 3.50 15/10/2043 2,223 - 201,784 Federal Home Loan Mortgage Corporation (Class BI) 3.50 15/06/2039 3,060 - 3,702,147 Federal Home Loan Mortgage Corporation (Class DI) 4.00 25/06/2050 437,610 0.13 287,476 Federal Home Loan Mortgage Corporation (Class EI) 4.00 15/10/2042 2,403 - 142,663 Federal Home Loan Mortgage Corporation (Class GI) 4.00 15/08/2045 17,231 0.01 143,417 Federal Home Loan Mortgage Corporation (Class HI) 4.00 15/11/2045 12,789 - 1,662,532 Federal Home Loan Mortgage Corporation (Class IA) 4.50 25/03/2050 282,630 0.08 365,576 Federal Home Loan Mortgage Corporation (Class IA) 4.00 15/03/2045 37,372 0.01 136,285 Federal Home Loan Mortgage Corporation (Class IA) 4.00 15/09/2044 14,939 - 605,343 Federal Home Loan Mortgage Corporation (Class IG) 5.00 15/02/2048 109,719 0.03 205,771 Federal Home Loan Mortgage Corporation (Class IO) 4.00 15/01/2045 23,085 0.01 439,823 Federal Home Loan Mortgage Corporation (Class MI) 4.00 15/04/2046 42,910 0.01 304,662 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/12/2045 28,034 0.01 1,380,638 Federal Home Loan Mortgage Corporation (Class PS) 6.04 15/11/2047 192,917 0.06 193,902 Federal Home Loan Mortgage Corporation (Class QI) 3.50 15/04/2046 14,801 - 1,516,335 Federal Home Loan Mortgage Corporation (Class SA) 5.94 15/05/2049 259,900 0.08 744,628 Federal Home Loan Mortgage Corporation (Class SA) 6.34 15/10/2040 152,503 0.05 975,049 Federal Home Loan Mortgage Corporation (Class SB) 5.90 25/04/2049 123,246 0.04 260,331 Federal Home Loan Mortgage Corporation (Class SB) 6.49 15/07/2039 23,485 0.01 1,518,167 Federal National Mortgage Association (Class CS) 5.95 25/09/2046 306,293 0.09 21,462 Federal National Mortgage Association (Class CS) 5.95 25/04/2039 348 - 2,738,908 Federal National Mortgage Association (Class DS) 5.95 25/12/2048 284,162 0.08 198,805 Federal National Mortgage Association (Class EI) 3.50 25/02/2039 1,734 - 756,578 Federal National Mortgage Association (Class GI) 4.00 25/08/2047 52,960 0.02 696,381 Federal National Mortgage Association (Class IA) 4.50 25/11/2047 92,270 0.03 3,190,984 Federal National Mortgage Association (Class ID) 4.00 25/07/2050 368,826 0.11 368,509 Federal National Mortgage Association (Class IL) 6.50 25/07/2043 77,977 0.02 940,042 Federal National Mortgage Association (Class IO) 5.50 25/08/2048 183,261 0.05 1,446,831 Federal National Mortgage Association (Class IO) 5.50 25/05/2045 283,260 0.08 658,829 Federal National Mortgage Association (Class IO) 5.00 25/01/2038 82,315 0.02 2,130,818 Federal National Mortgage Association (Class IP) 4.50 25/05/2047 359,440 0.11 379,592 Federal National Mortgage Association (Class IP) 3.00 25/10/2041 10,152 - 835,490 Federal National Mortgage Association (Class JI) 3.50 25/11/2042 67,524 0.02 325,629 Federal National Mortgage Association (Class KI) 4.00 25/02/2047 36,454 0.01 1,426,384 Federal National Mortgage Association (Class KI) 5.00 25/06/2041 251,935 0.07 1,327,477 Federal National Mortgage Association (Class LI) 4.00 25/05/2047 128,340 0.04 1,990,068 Federal National Mortgage Association (Class LS) 5.95 25/09/2046 433,152 0.13 212,284 Federal National Mortgage Association (Class NI) 6.00 25/02/2046 45,000 0.01 932,734 Federal National Mortgage Association (Class PI) 3.50 25/10/2045 35,606 0.01 269,461 Federal National Mortgage Association (Class PI) 4.00 25/06/2042 26,555 0.01 607,691 Federal National Mortgage Association (Class QI) 4.50 25/05/2042 72,370 0.02 1,274,625 Federal National Mortgage Association (Class S) 5.90 25/06/2049 203,871 0.06 1,908,284 Federal National Mortgage Association (Class S) 5.80 25/03/2042 366,448 0.11 2,042,565 Federal National Mortgage Association (Class SA) 5.95 25/03/2049 435,678 0.13 1,559,616 Federal National Mortgage Association (Class SA) 6.00 25/01/2048 312,936 0.09 2,151,285 Federal National Mortgage Association (Class SA) 5.60 25/10/2047 407,739 0.12 1,081,889 Federal National Mortgage Association (Class SA) 6.05 25/04/2045 196,814 0.06 1,191,401 Federal National Mortgage Association (Class SB) 5.90 25/08/2049 243,888 0.07 943,528 Federal National Mortgage Association (Class SB) 5.90 25/05/2049 164,205 0.05 1,116,874 Federal National Mortgage Association (Class SD) 6.45 25/01/2044 228,989 0.07 1,851,511 Federal National Mortgage Association (Class SG) 5.90 25/03/2050 293,743 0.09 1,515,882 Federal National Mortgage Association (Class ST) 5.85 25/04/2049 192,328 0.06 1,438,145 Government National Mortgage Association (Class AI) 2.27 20/02/2068 163,140 0.05 2,797,541 Government National Mortgage Association (Class AI) 2.10 20/12/2066 246,046 0.07

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 83

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (5.92%) (30 June 2020: 5.46%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (5.48%) cont. USD 876,245 Government National Mortgage Association (Class AI) 2.32 20/10/2066 USD 82,336 0.02 1,067,883 Government National Mortgage Association (Class AI) 2.69 20/06/2066 94,752 0.03 2,115,613 Government National Mortgage Association (Class AI) 2.78 20/04/2066 126,914 0.04 804,591 Government National Mortgage Association (Class AI) 3.19 20/01/2066 59,664 0.02 675,422 Government National Mortgage Association (Class AI) 1.66 20/07/2065 44,063 0.01 523,505 Government National Mortgage Association (Class AI) 1.64 20/10/2064 39,774 0.01 643,616 Government National Mortgage Association (Class AI) 1.54 20/06/2061 30,904 0.01 256,449 Government National Mortgage Association (Class AI) 4.50 20/10/2047 40,456 0.01 1,018,266 Government National Mortgage Association (Class AI) 4.00 20/01/2047 125,216 0.04 289,104 Government National Mortgage Association (Class AI) 4.00 20/06/2045 29,113 0.01 273,137 Government National Mortgage Association (Class AI) 3.50 20/10/2039 15,816 - 252,771 Government National Mortgage Association (Class AI) 3.50 20/08/2039 20,125 0.01 1,365,677 Government National Mortgage Association (Class BI) 1.89 20/11/2067 121,682 0.04 2,854,500 Government National Mortgage Association (Class BI) 2.30 20/08/2067 309,300 0.09 1,107,903 Government National Mortgage Association (Class BI) 2.19 20/02/2067 105,861 0.03 1,818,787 Government National Mortgage Association (Class BI) 2.19 20/01/2067 179,587 0.05 951,172 Government National Mortgage Association (Class BI) 2.98 20/04/2066 83,490 0.02 837,091 Government National Mortgage Association (Class BI) 1.82 20/11/2065 73,119 0.02 941,583 Government National Mortgage Association (Class BI) 1.57 20/11/2064 67,969 0.02 1,455,577 Government National Mortgage Association (Class BI) 1.48 20/05/2064 102,890 0.03 126,973 Government National Mortgage Association (Class BI) 4.50 16/04/2045 24,145 0.01 232,512 Government National Mortgage Association (Class BI) 3.50 20/01/2045 26,982 0.01 1,154,712 Government National Mortgage Association (Class CI) 2.22 20/02/2066 65,894 0.02 1,549,166 Government National Mortgage Association (Class CI) 0.52 20/08/2065 20,449 0.01 6,138,766 Government National Mortgage Association (Class CI) 2.80 20/05/2065 483,264 0.14 2,672,775 Government National Mortgage Association (Class CI) 1.47 20/03/2064 122,517 0.04 1,978,359 Government National Mortgage Association (Class CI) 3.50 16/08/2042 382,530 0.11 143,682 Government National Mortgage Association (Class CS) 5.90 20/02/2050 17,356 0.01 1,957,201 Government National Mortgage Association (Class DI) 1.71 20/06/2067 115,931 0.03 787,199 Government National Mortgage Association (Class DI) 2.64 20/06/2066 70,152 0.02 997,005 Government National Mortgage Association (Class DI) 2.03 20/12/2065 71,265 0.02 1,156,358 Government National Mortgage Association (Class DI) 2.19 20/07/2065 76,160 0.02 461,051 Government National Mortgage Association (Class DI) 2.84 20/01/2065 35,363 0.01 611,171 Government National Mortgage Association (Class DI) 4.50 16/12/2039 96,033 0.03 2,443,998 Government National Mortgage Association (Class DS) 5.95 20/08/2049 364,307 0.11 2,812,105 Government National Mortgage Association (Class EI) 1.88 20/01/2068 315,483 0.09 916,990 Government National Mortgage Association (Class EI) 3.50 20/08/2045 60,602 0.02 1,624,245 Government National Mortgage Association (Class EI) 5.00 20/10/2044 298,390 0.09 212,990 Government National Mortgage Association (Class ES) 5.85 20/11/2039 7,819 - 1,813,499 Government National Mortgage Association (Class GI) 1.49 20/11/2066 77,578 0.02 839,834 Government National Mortgage Association (Class GI) 1.43 20/04/2066 41,143 0.01 515,481 Government National Mortgage Association (Class GI) 2.60 20/09/2065 52,424 0.02 888,785 Government National Mortgage Association (Class GI) 1.26 20/03/2061 37,240 0.01 1,094,457 Government National Mortgage Association (Class HI) 2.08 20/02/2066 80,481 0.02 973,872 Government National Mortgage Association (Class HI) 2.69 20/02/2066 84,486 0.02 735,180 Government National Mortgage Association (Class HI) 2.11 20/10/2065 56,521 0.02 524,349 Government National Mortgage Association (Class HI) 2.38 20/07/2065 32,667 0.01 748,724 Government National Mortgage Association (Class I) 5.00 20/11/2046 123,143 0.04 956,828 Government National Mortgage Association (Class IA) 3.50 20/08/2045 9,323 - 279,693 Government National Mortgage Association (Class IA) 4.50 20/06/2045 46,072 0.01 631,909 Government National Mortgage Association (Class IA) 4.50 20/03/2045 98,915 0.03 1,445,920 Government National Mortgage Association (Class IA) 3.50 20/10/2042 215,174 0.06 870,275 Government National Mortgage Association (Class IB) 5.50 20/09/2047 189,720 0.06 625,925 Government National Mortgage Association (Class IB) 4.50 20/06/2045 53,310 0.02 339,286 Government National Mortgage Association (Class IC) 5.00 20/10/2044 60,820 0.02 250,775 Government National Mortgage Association (Class ID) 3.50 20/12/2043 191 -

The accompanying notes form an integral part of these financial statements.

84 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (5.92%) (30 June 2020: 5.46%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (5.48%) cont. USD 548,239 Government National Mortgage Association (Class IE) 3.50 20/01/2046 USD 38,563 0.01 914,234 Government National Mortgage Association (Class IF) 1.45 20/10/2060 43,314 0.01 1,528,724 Government National Mortgage Association (Class IJ) 4.00 20/04/2047 86,864 0.03 1,033,310 Government National Mortgage Association (Class IK) 2.64 20/06/2066 124,305 0.04 1,100,789 Government National Mortgage Association (Class IL) 4.00 20/08/2044 88,762 0.03 211,325 Government National Mortgage Association (Class IN) 4.50 20/05/2042 35,130 0.01 1,533,215 Government National Mortgage Association (Class IO) 1.88 20/10/2066 110,816 0.03 1,620,523 Government National Mortgage Association (Class IO) 1.66 20/08/2066 102,895 0.03 1,330,999 Government National Mortgage Association (Class IO) 5.00 16/08/2047 250,771 0.07 148,323 Government National Mortgage Association (Class IO) 5.00 20/09/2044 25,903 0.01 537,298 Government National Mortgage Association (Class IO) 5.00 20/05/2044 89,525 0.03 181,302 Government National Mortgage Association (Class IQ) 4.50 16/12/2043 29,892 0.01 170,651 Government National Mortgage Association (Class IW) 4.50 20/02/2046 23,454 0.01 1,875,603 Government National Mortgage Association (Class JI) 2.78 20/08/2067 205,928 0.06 845,469 Government National Mortgage Association (Class JI) 2.20 20/11/2066 84,463 0.02 1,095,957 Government National Mortgage Association (Class JS) 5.95 20/09/2046 214,567 0.06 1,192,530 Government National Mortgage Association (Class KI) 2.81 20/02/2066 72,558 0.02 74,837 Government National Mortgage Association (Class KS) 5.90 20/08/2049 10,566 - 152,768 Government National Mortgage Association (Class LI) 6.00 20/01/2040 31,937 0.01 3,430,719 Government National Mortgage Association (Class MI) 2.15 20/04/2067 263,822 0.08 3,368,393 Government National Mortgage Association (Class MI) 2.50 20/11/2050 398,952 0.13 507,573 Government National Mortgage Association (Class MI) 3.50 20/11/2047 27,486 0.01 322,323 Government National Mortgage Association (Class MI) 3.50 16/04/2046 41,902 0.01 185,487 Government National Mortgage Association (Class MI) 5.00 20/06/2045 31,422 0.01 1,654,263 Government National Mortgage Association (Class MS) 5.90 20/04/2046 323,406 0.10 2,831,644 Government National Mortgage Association (Class NI) 2.36 20/05/2067 275,213 0.08 1,281,626 Government National Mortgage Association (Class NI) 2.37 20/10/2066 117,397 0.03 939,495 Government National Mortgage Association (Class NI) 4.50 20/09/2047 174,235 0.05 258,544 Government National Mortgage Association (Class PI) 4.00 20/02/2046 36,923 0.01 560,689 Government National Mortgage Association (Class PI) 3.50 20/01/2045 33,365 0.01 408,962 Government National Mortgage Association (Class PI) 4.00 20/05/2041 36,857 0.01 163,274 Government National Mortgage Association (Class QI) 5.00 20/01/2044 25,869 0.01 254,474 Government National Mortgage Association (Class S) 5.90 20/02/2041 44,627 0.01 1,107,440 Government National Mortgage Association (Class SD) 6.43 20/06/2040 232,949 0.07 1,251,073 Government National Mortgage Association (Class SD) 6.53 16/01/2040 201,957 0.06 1,320,271 Government National Mortgage Association (Class SJ) 6.10 20/07/2048 211,332 0.06 112,477 Government National Mortgage Association (Class SP) 6.55 20/12/2043 24,385 0.01 950,158 Government National Mortgage Association (Class UI) 5.00 20/03/2040 171,080 0.05 242,339 Government National Mortgage Association (Class UI) 5.00 20/01/2040 45,666 0.01 1,454,965 Government National Mortgage Association (Class WI) 1.55 20/10/2062 54,371 0.02 18,548,358 5.48 Commercial Mortgage-Backed Securities (0.44%) 393,000 Commercial 2012-CCRE4 Mortgage Trust (Class B) 3.70 15/10/2045 300,458 0.09 169,000 Commercial 2014-CCRE19 Mortgage Trust (Class D) 4.71 10/08/2047 156,447 0.05 637,000 GS Mortgage Securities Trust 2014-GC24 (Class D) 4.53 10/09/2047 242,060 0.07 576,000 JPMBB Commercial Mortgage Securities Trust 2014-C25 (Class D) 3.95 15/11/2047 411,870 0.12 194,000 Morgan Stanley Capital I Trust 2012-C4 (Class D) 5.42 15/03/2045 124,197 0.04 338,000 Wells Fargo Commercial Mortgage Trust 2014-LC16 (Class D) 3.94 15/08/2050 125,385 0.04 95,000 WFRBS Commercial Mortgage Trust 2012-C6 (Class D) 5.58 15/04/2045 94,683 0.03 1,455,100 0.44 Total Mortgage-Backed Securities USD 20,003,458 5.92

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 85

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

REPURCHASE AGREEMENTS (13.65%) (30 June 2020: 6.21%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund USD 26,299,000 Repurchase Agreement - Barclays Capital Incorporated* 0.05 04/01/2021 USD 26,299,000 7.77 19,905,000 Repurchase Agreement - BofA Securities Incorporated** 0.05 04/01/2021 19,905,000 5.88 Total Repurchase Agreements USD 46,204,000 13.65

*Interest in USD50,000,000 bulk repurchase agreement dated 31 December 2020 with Barclays Capital Incorporated due 4 January 2021 - maturity value of USD26,299,146 for an effective yield of 0.050% (collateralised by a U.S. Treasury note with a coupon rate of 2.500% and a due date of 15 February 2046, valued at USD51,015,130). ** Interest in USD22,177,000 bulk repurchase agreement dated 31 December 2020 with BofA Securities Incorporated due 4 January 2021 - maturity value of USD19,905,111 for an effective yield of 0.050% (collateralised by a U.S. Treasury note with a coupon rate of 0.625% and a due date of 31 December 2027, valued at USD22,621,821).

NON-U.S. CORPORATE BONDS AND NOTES (0.17%) (30 June 2020: 0.23%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Oil and Natural Gas Utilities (0.17%) USD 18,000 Petrobras Global Finance BV (Netherlands) 6.00 27/01/2028 USD 21,038 0.01 149,000 Petrobras Global Finance BV (Netherlands) 7.38 17/01/2027 184,401 0.05 178,000 Petrobras Global Finance BV (Netherlands) 5.30 27/01/2025 201,141 0.07 34,000 Petrobras Global Finance BV (Netherlands) 6.25 17/03/2024 38,675 0.01 110,000 Petroleos Mexicanos (Mexico) 7.69 23/01/2050 110,908 0.03 10,000 Petroleos Mexicanos (Mexico) 5.95 28/01/2031 9,975 - Total Non-U.S. Corporate Bonds and Notes USD 566,138 0.17

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (1.28%) (30 June 2020: 0.98%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund USD 170,000 Dominican Republic International Bond (Dominican Republic) 6.50 15/02/2048 USD 200,602 0.06 350,000 Dominican Republic International Bond (Dominican Republic) 5.50 27/01/2025 393,313 0.12 260,000 Egypt Government International Bond (Egypt) 7.05 15/01/2032 282,555 0.08 200,000 Egypt Government International Bond (Egypt) 5.75 29/05/2024 213,942 0.06 200,000 Ghana Government International Bond (Ghana) 8.13 26/03/2032 211,750 0.06 300,000 Indonesia Government International Bond (Indonesia) 4.35 08/01/2027 348,743 0.10 400,000 Indonesia Government International Bond (Indonesia) 4.75 08/01/2026 467,507 0.14 200,000 Indonesia Government International Bond (Indonesia) 5.88 15/01/2024 229,498 0.07 200,000 Ivory Coast Government International Bond (Ivory Coast) 6.13 15/06/2033 225,000 0.07 EUR 250,000 Ivory Coast Government International Bond (Ivory Coast) 5.25 22/03/2030 326,645 0.10 USD 200,000 Kenya Government International Bond (Kenya) 8.00 22/05/2032 233,006 0.07 336,000 Mexico Government International Bond (Mexico) 2.66 24/05/2031 344,064 0.10 200,000 Republic of South Africa Government International Bond (South Africa) 4.85 27/09/2027 216,249 0.06 575,000 Senegal Government International Bond (Senegal) 6.25 23/05/2033 644,718 0.19 Total Foreign Government and Agency Bonds and Notes USD 4,337,592 1.28

ASSET-BACKED COMMERCIAL PAPER (1.37%) (30 June 2020: -%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 2,300,000 Atlantic Asset Securitization 0.20 10/02/2021 USD 2,299,485 0.68 2,350,000 Matchpoint Finance PLC 0.20 01/02/2021 2,349,594 0.69 Total Asset-Backed Commercial Paper USD 4,649,079 1.37

The accompanying notes form an integral part of these financial statements.

86 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

COMMERCIAL PAPER (15.55%) (30 June 2020: 2.33%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 2,150,000 ABN AMRO Funding USA LLC 0.20 08/02/2021 USD 2,149,542 0.64 2,250,000 ABN AMRO Funding USA LLC 0.15 04/01/2021 2,249,970 0.66 2,000,000 Alpine Securitizaton 0.22 19/01/2021 1,999,785 0.59 1,750,000 Australia & New Zealand Banking Group Limited 0.21 17/03/2021 1,749,263 0.52 2,450,000 Bank of Montreal 0.17 05/01/2021 2,449,953 0.73 2,200,000 BPCE 0.25 03/03/2021 2,199,087 0.65 1,750,000 Commonwealth Bank of Australia 0.21 18/02/2021 1,749,536 0.52 2,200,000 DNB Bank ASA 0.18 08/01/2021 2,199,925 0.65 2,250,000 Lloyds Bank PLC 0.22 12/03/2021 2,249,044 0.66 2,300,000 Mitsubishi UFJ 0.22 26/02/2021 2,299,240 0.68 2,350,000 Mizuho Bank Limited 0.20 10/02/2021 2,349,489 0.69 2,050,000 National Australia Bank Limited 0.20 10/03/2021 2,049,246 0.61 2,250,000 National Australia Bank Limited 0.17 21/01/2021 2,249,794 0.66 2,350,000 National Bank of Canada 0.17 04/01/2021 2,349,967 0.69 1,450,000 Nationwide Building Society 0.23 22/01/2021 1,449,810 0.43 2,100,000 Nationwide Building Society 0.23 19/01/2021 2,099,764 0.62 2,300,000 NRW. Bank 0.21 15/03/2021 2,299,027 0.68 1,900,000 NRW. Bank 0.22 22/01/2021 1,899,763 0.56 2,050,000 Skandinaviska Enskilda Banken AB 0.21 01/03/2021 2,049,334 0.61 2,300,000 Societe Generale 0.20 01/02/2021 2,299,614 0.68 2,300,000 Sumitomo Mitsui Banking Corporation 0.21 10/02/2021 2,299,493 0.68 2,000,000 Toronto-Dominion Bank 0.21 22/03/2021 1,999,063 0.59 1,600,000 Toronto-Dominion Bank 0.25 16/03/2021 1,599,189 0.47 2,350,000 Total Capital Canada Limited 0.15 12/01/2021 2,349,896 0.69 2,000,000 Westpac Banking Corporation 0.16 01/02/2021 1,999,725 0.59 Total Commercial Paper USD 52,638,519 15.55

PREFERRED STOCKS (-%) (30 June 2020: 0.10%)

U.S. TREASURY OBLIGATIONS (42.54%) (30 June 2020: 39.10%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 9,000,000 United States Cash Management Bill 0.08 23/03/2021 USD 8,998,371 2.67 9,000,000 United States Treasury Bill1 0.08 15/04/2021 8,997,887 2.67 18,000,000 United States Treasury Bill2 0.08 08/04/2021 17,996,058 5.32 12,000,000 United States Cash Management Bill3 0.08 09/03/2021 11,998,191 3.54 12,000,000 United States Treasury Bill 0.09 02/03/2021 11,998,266 3.54 12,000,000 United States Treasury Bill4 0.09 25/02/2021 11,998,455 3.54 12,000,000 United States Treasury Bill 0.08 23/02/2021 11,998,616 3.54 12,000,000 United States Treasury Bill5 0.08 16/02/2021 11,998,756 3.54 12,000,000 United States Treasury Bill6 0.09 02/02/2021 11,999,094 3.54 12,000,000 United States Treasury Bill7 0.08 26/01/2021 11,999,389 3.54 12,000,000 United States Treasury Bill8 0.09 19/01/2021 11,999,522 3.55 12,000,000 United States Treasury Bill 0.10 05/01/2021 11,999,883 3.55 Total U.S. Treasury Obligations USD 143,982,488 42.54

1 Security is partly held as collateral by Citigroup Global Markets Inc. (USD 131,314), Credit Suisse (USD 769,976), JP Morgan Securities, Inc. (USD 1,482,253), NatWest Markets PLC (USD 140,267), State Street Bank (USD 1,150,985) and UBS (USD 1,048,200). 2 Security is partly held as collateral by Credit Suisse (USD 296,451), JP Morgan Securities, Inc. (USD 140,267), NatWest Markets PLC (USD 9,948) and State Street Bank (USD 1,990). 3 Security is partly held as collateral by State Street Bank (USD 121,378) and Toronto-Dominion Bank (USD 995). 4 Security is partly held as collateral by NatWest Markets PLC (USD 9,949). 5 Security is partly held as collateral by UBS (USD 102,950). 6 Security is partly held as collateral by Citigroup Global Markets Inc. (USD 240,766) and UBS (USD 5,939). 7 Security is partly held as collateral by NatWest Markets PLC (USD 9,950). 8 Security is partly held as collateral by JP Morgan Securities, Inc. (USD 130,345) and State Street Bank (USD 61,690).

(F) This security is valued by the Investment Advisor at fair value. Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 102 (“FRS 102”), “Fair Value: Disclosure”, based on the securities' valuation inputs.

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 87

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

PURCHASED CURRENCY OPTIONS OUTSTANDING (-%) (30 June 2020: 0.11%)

PURCHASED EQUITY OPTIONS OUTSTANDING (0.21%) (30 June 2020: 0.69%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. S&P 500 Index (Put) Oct-21/USD 2,750.00 USD 11,031,578 USD 2,937 USD 195,539 0.06 S&P 500 Index (Put) May-21/2,350.00 13,390,390 3,565 43,082 0.01 Citibank, N.A. S&P 500 Index (Put) Aug-21/2,750.00 9,754,514 2,597 132,904 0.04 S&P 500 Index (Put) Jul-21/2,550.00 13,416,682 3,572 105,236 0.03 JPMorgan Chase Bank N.A. S&P 500 Index (Put) Sep-21/2,700.00 11,125,479 2,962 159,888 0.05 S&P 500 Index (Put) Jun-21/2,500.00 10,678,507 2,843 61,338 0.02 Total Purchased Equity Options Outstanding USD 697,987 0.21 Total Value of Investments* USD 482,495,027 142.54

* Excluding financial derivative instruments with the exception of purchased currency options and purchased equity options.

WRITTEN CURRENCY OPTIONS OUTSTANDING (-%) (30 June 2020: -0.05%)

FUTURES CONTRACTS OUTSTANDING (-0.20%) (30 June 2020: -0.32%) Unrealised Appreciation/ Number of Notional Expiration (Depreciation) % of Contracts Amount Value Date USD Fund MSCI EAFE Index (Short) 41 USD 4,402,426 USD 4,368,140 Mar-21 USD (73,753) (0.02) S&P 500 Index E-Mini (Long) 40 7,512,140 7,497,600 Mar-21 114,711 0.04 S&P 500 Index E-Mini (Short) 96 18,029,136 17,994,240 Mar-21 (404,098) (0.12) U.S. Treasury Note 2 yr (Short) 540 119,327,343 119,327,343 Mar-21 (113,907) (0.04) U.S. Treasury Note 10 yr (Long) 334 46,118,094 46,118,094 Mar-21 47,289 0.01 U.S. Treasury Note Ultra 10 yr (Long) 1,084 169,493,563 169,493,563 Mar-21 (237,929) (0.07) Unrealised Appreciation on Futures Contracts Outstanding USD 162,000 0.05 Unrealised Depreciation on Futures Contracts Outstanding USD (829,687) (0.25) Net Unrealised Depreciation on Futures Contracts Outstanding USD (667,687) (0.20) Variation Margin Settlement to Date USD - - Cumulative Unrealised Depreciation less variation margin settlement to date USD (667,687) (0.20)

The Brokers for Futures Contracts in the Fund are BofA Securities Incorporated and JPMorgan Securities Incorporated.

TBA SALES COMMITMENTS OUTSTANDING (-21.13%) (30 June 2020: -9.69%) Principal Coupon Settlement Value % of Amount Agency Rate% Date USD Fund USD 11,000,000 Uniform Mortgage-Backed Securities 2.50 14/01/2021 USD (11,590,391) (3.42) 46,000,000 Uniform Mortgage-Backed Securities 2.00 14/01/2021 (47,796,875) (14.13) 12,000,000 Uniform Mortgage-Backed Securities 1.50 14/01/2021 (12,125,626) (3.58) Total TBA Sales Commitments Outstanding USD (71,512,892) (21.13)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2020: -0.01%) Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund USD 102,028,000 USD 114,067 (E) USD (96,477) 17/03/2023 3 month USD-LIBOR-BBA - Quarterly 0.25% - Semiannually USD 17,590 - 54,186,000 24,763 (E) (86,975) 17/03/2026 0.45% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (62,212) (0.03) 6,165,000 30,696 (E) (46,569) 17/03/2031 0.90% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (15,874) - 3,165,000 133,591 (E) 152,706 17/03/2051 3 month USD-LIBOR-BBA - Quarterly 1.25% - Semiannually 19,114 0.01

The accompanying notes form an integral part of these financial statements.

88 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2020: -0.01%) cont. Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund USD 10,096,000 USD 33,680 (E) USD (1,863) 17/03/2031 0.700% - Annually Secured Overnight Financing Rate - Annually USD 31,817 0.01 16,857,000 1,686 (E) (64) 05/01/2023 0.201% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (1,749) - 1,234,000 2,912 (E) (16) 05/01/2031 3 month USD-LIBOR-BBA - Quarterly 0.944% - Semiannually 2,896 - AUD 1,977,000 17,990 (E) 12,386 17/03/2031 6 month AUD-BBR-BBSW - Semiannually 0.90% - Semiannually (5,604) - CAD 191,000 501 (E) 781 17/03/2031 3 month CAD-BA-CDOR - Semiannually 1.20% - Semiannually 280 - CHF 865,000 6,925 (E) (2,527) 17/03/2031 - 0.33% plus 6 month CHF-LIBOR-BBA - Semiannually 4,399 - EUR 517,000 3,388 (E) 459 17/03/2031 0.30% plus 6 month EUR- EURIBOR-REUTERS - Semiannually - (2,929) - GBP 1,736,000 10,379 (E) 2,654 17/03/2031 Sterling Overnight Index Average - Annually 0.12% - Annually (7,725) - NOK 12,654,000 15,253 (E) (769) 17/03/2031 6 month NOK-NIBOR- NIBR - Semiannually 1.20% - Annually (16,021) (0.01) NZD 1,457,000 11,508 (E) 1,379 17/03/2031 3 month NZD-BBR-FRA - Quarterly 0.90% - Semiannually (10,129) - SEK 31,547,000 40,563 (E) (11,788) 17/03/2031 0.300% - Annually 3 month SEK-STIBOR- SIDE - Quarterly 28,775 0.01 Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 104,871 0.03 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (122,243) (0.04) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (17,372) (0.01) Variation Margin Settlement to Date USD (491) - Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (17,863) (0.01)

(E) See Note 2 to the audited annual Financial Statements for the year ended 30 June 2020 regarding extended effective dates.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.44%) (30 June 2020: -0.25%) Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Bank of America, N.A. USD 103,218,168 USD 104,516,937 USD - 20/06/2023 (3 month USD-LIBOR- BBA plus 0.10%) - A basket (MLFCF15) of common Quarterly stocks - Quarterly USD 1,341,189 0.40 79,593,028 79,115,733 - 11/10/2021 (0.33%) - Monthly MLCX Seasonal Long Short Precious Excess Return Index - Monthly (492,407) (0.15) 103,879,160 105,323,811 - 20/06/2023 3 month USD-LIBOR- BBA minus 0.07% - Russell 1000 Total Return Index - Quarterly Quarterly (1,440,110) (0.42) Citibank, N.A. 67,697,761 69,468,537 - 10/06/2021 (3 month USD-LIBOR- BBA plus 0.34%) - A basket (CGPUTQL2) of Quarterly common stocks - Quarterly 1,798,048 0.53 477,956 478,454 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly ACI Worldwide, Inc. - Monthly (561) - 3,523,729 3,611,547 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Advance Auto Parts Inc. - Monthly (94,010) (0.03) 2,128,565 2,124,058 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Axon Enterprise, Inc. - Monthly 4,229 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 89

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.44%) (30 June 2020: -0.25%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Citibank, N.A. cont. USD 462,985 USD 465,504 USD - 05/07/2022 1 month USD-LIBOR- BBA minus 1.85% - Monthly B&G Foods, Inc. - Monthly USD (12,150) - 1,777,241 1,840,966 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Bausch Health Cos, Inc. - Monthly (63,560) (0.02) 1,760,911 1,607,375 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Beyond Meat Inc. - Monthly 153,025 0.05 524,475 655,640 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Biotelemetry Inc. - Monthly (131,233) (0.04) 65,630,456 66,326,536 - 17/02/2021 (0.22%) - Quarterly Bloomberg Commodity IndexSM 3 Month Forward Sub- Indices versus Bloomberg Commodity IndexSM - Quarterly 667,598 0.20 10,725,808 10,772,051 - 17/12/2021 (0.22%) - Quarterly Bloomberg Commodity IndexSM 3 Month Forward Sub- Indices versus Bloomberg Commodity IndexSM - Quarterly 43,528 0.01 548,845 549,149 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Bruker Corp - Monthly (781) - 2,116,459 2,092,847 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Century Link, Inc. - Monthly (30,327) (0.01) 18,659,493 20,228,986 - 28/10/2021 (0.17%) - Quarterly Citi Cross-Asset Trend 10% Vol Index - Quarterly 1,561,410 0.46 4,821,804 4,775,190 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Citrix Systems, Inc. - Monthly 33,371 0.01 628,196 700,448 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Dycom Industries, Inc. - Monthly (72,334) (0.02) 193,202 213,999 - 05/07/2022 1 month USD-LIBOR- BBA minus 1.25% - Monthly Ebix, Inc. - Monthly (21,262) (0.01) 1,503,630 1,571,255 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Elanco Animal Health, Inc. - Monthly Monthly (67,821) (0.02) 2,850,165 3,242,571 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Everbridge, Inc. - Monthly (392,778) (0.12) 3,770,189 4,202,221 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly First Solar Inc. - Monthly (432,524) (0.13) 1,806,768 1,891,586 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Horizon Therapeutics, PLC - Monthly Monthly (85,053) (0.03) 3,736,052 4,032,260 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Illumina, Inc. - Monthly (296,695) (0.09) 3,381,121 3,174,526 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Middleby Corp - Monthly 206,155 0.06 1,096,424 1,131,390 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Oshkosh Corp. - Monthly (35,109) (0.01) 235,857 241,160 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly OSI systems Inc. - Monthly (5,334) - 655,298 605,252 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Patterson Companies, Inc. - Monthly Monthly 49,961 0.01

The accompanying notes form an integral part of these financial statements.

90 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.44%) (30 June 2020: -0.25%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Citibank, N.A. cont. USD 2,528,757 USD 3,464,653 USD - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Plug Power, Inc. - Monthly USD (936,226) (0.28) 472,323 454,844 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Prestige Brands Holdings, Inc. - Monthly Monthly 17,417 0.01 1,034,542 1,078,062 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Prosperity Bancshares Inc. - Monthly Monthly (51,271) (0.02) 476,250 632,871 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Qualys, Inc. - Monthly (156,683) (0.05) 2,348,195 2,551,070 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Ralph Lauren Corp. - Monthly (203,182) (0.06) 3,197,753 3,052,534 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.65% - Restoration Hardware Holdings, Monthly Inc. - Monthly 145,517 0.04 6,973,995 6,961,237 - 05/07/2022 (1 month USD-LIBOR- S&P 500 Communication Services BBA plus 0.30%) - Sector Total Return Index - Monthly Monthly (14,744) - 6,713,504 6,784,629 - 05/07/2022 (1 month USD-LIBOR- BBA plus 0.25%) - S&P 500 ConsSt Sector Total Monthly Return Index - Monthly 69,428 0.02 6,797,653 6,961,056 - 05/07/2022 (1 month USD-LIBOR- S&P 500 Consumer Discretionary BBA plus 0.23%) - Sector Total Return Index - Monthly Monthly 161,771 0.05 6,806,352 6,936,879 - 05/07/2022 (1 month USD-LIBOR- BBA plus 0.30%) - S&P 500 Health Care Sector Total Monthly Return Index - Monthly 128,589 0.04 6,968,978 7,196,373 - 05/07/2022 (1 month USD-LIBOR- BBA plus 0.35%) - S&P 500 Information Technology Monthly Sector Index - Monthly 225,188 0.07 6,801,228 6,951,145 - 05/07/2022 (1 month USD-LIBOR- BBA plus 0.30%) - S&P 500 Materials Sector Total Monthly Return Index - Monthly 147,980 0.04 11,916,332 12,598,715 - 04/11/2021 0.13% - Monthly S&P GSCI Total Return Gold Official Close Index - Monthly (681,425) (0.20) 1,161,709 1,117,554 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Skechers USA, Inc.-Cl A - Monthly 44,003 0.01 356,359 227,479 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Solarwinds, Corp. - Monthly 128,833 0.04 870,894 905,261 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Store Capital Corp. - Monthly (53,662) (0.02) 552,877 665,067 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly SVMK, Inc. - Monthly (112,261) (0.03) 2,142,837 2,356,232 - 05/07/2022 1 month USD-LIBOR- BBA minus 1.30% - Monthly Tesla, Inc. - Monthly (213,675) (0.06) 530,461 665,503 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly TPI Composites, Inc. - Monthly (135,112) (0.04) 972,059 935,964 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly Vertiv Holdings Co - Monthly 35,467 0.01 2,401,326 2,322,636 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly WABTEC, Corp. - Monthly 78,377 0.02

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 91

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.44%) (30 June 2020: -0.25%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Citibank, N.A. cont. USD 534,477 USD 558,725 USD - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly WD-40 Co. - Monthly USD (24,317) (0.01) 694,349 714,893 - 05/07/2022 1 month USD-LIBOR- BBA minus 0.35% - Monthly XP Inc. Class A - Monthly (20,635) (0.01) 288,737 281,624 - 05/07/2022 1 month USD-LIBOR- BBA minus 3.25% - Monthly Zynex, Inc. - Monthly 6,864 - Credit Suisse International 22,394,671 23,543,065 - 02/11/2021 1 month USD-LIBOR- BBA minus 0.35% - MSCI Emerging Markets TR Net Monthly USD - Monthly (1,151,841) (0.34) Goldman Sachs International 12,250,128 12,349,804 - 15/12/2025 (1 month USD-LIBOR- BBA plus 0.35%) - A basket (GSGLPHCL) of Monthly common stocks - Monthly 98,485 0.03 107,993,231 109,370,095 - 15/12/2025 (1 month USD-LIBOR- BBA plus 0.50%) - A basket (GSGLPWDL) of Monthly common stocks - Monthly 1,450,902 0.43 109,181,584 110,163,177 - 15/12/2025 1 month USD-LIBOR- BBA minus 0.15% - A basket (GSGLPWDS) of Monthly common stocks - Monthly (1,086,489) (0.32) 15,136,616 15,680,905 - 15/12/2025 (0.20%) - Monthly Goldman Sachs Cross Asset Trend Series 32 Excess Return Strategy - Monthly 543,028 0.16 4,162,110 4,219,083 - 15/12/2025 (0.45%) - Monthly Goldman Sachs Volatility Carry US Enhanced 3x Excess Return Strategy - Monthly †† 56,192 0.02 13,459,924 13,640,479 - 15/12/2025 (0.45%) - Monthly Goldman Sachs Volatility Carry US Series 85 Excess Return Strategy - Monthly †† 178,031 0.05 2,778,599 2,841,655 - 15/12/2025 (0.30%) - Monthly Goldman Sachs Volatility of Volatility Carry Excess Return Strategy - Monthly † 62,708 0.02 7,587,334 7,776,166 - 15/12/2025 (0.30%) - Monthly Goldman Sachs Volatility of Volatility Carry Series 69 Excess Return Strategy - Monthly † 187,883 0.06 658,530 655,215 - 15/12/2025 1 month USD-LIBOR- BBA minus 0.35% - Monthly Open Text Corp. - Monthly 648 - 4,364,907 4,112,195 - 15/12/2025 1 month USD-LIBOR- BBA minus 0.35% - Seagate Technology PLC - Monthly Monthly 208,029 0.06 98,639 99,279 - 15/12/2025 1 month USD-LIBOR- BBA minus 0.50% - Monthly Sillajen Inc. - Monthly (654) - 17,535 17,236 - 12/01/2044 (3.00%) 1 month USD- Synthetic TRS Index 3.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly 48 - 276,834 267,121 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (5,362) - 26,484 25,555 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (513) - 102,649 100,649 - 12/01/2041 4.50% (1 month USD- Synthetic TRS Index 4.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (409) - JPMorgan Chase Bank N.A. 63,865,227 65,302,344 - 10/12/2021 (1 month USD-LIBOR- BBA plus 0.35%) - A basket (JPCMPTFL) of common Monthly stocks - Monthly 1,441,934 0.43 JPMorgan Securities LLC 99,906 96,401 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (1,935) -

The accompanying notes form an integral part of these financial statements.

92 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.44%) (30 June 2020: -0.25%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund JPMorgan Securities LLC cont. USD 24,379 USD 23,640 USD - 12/01/2044 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly USD (384) - 403,224 389,076 - 12/01/2045 (4.00%) 1 month USD- Synthetic TRS Index 4.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly 7,811 - 102,649 100,649 - 12/01/2041 (4.50%) 1 month USD- Synthetic TRS Index 4.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly 409 - UBS AG 128,769,130 130,812,551 - 22/05/2023 (1 month USD-LIBOR- BBA plus 0.35%) - A basket (UBSPUSER) of Monthly common stocks - Monthly 2,060,995 0.60 22,394,671 23,543,065 - 02/11/2021 1 month USD-LIBOR- BBA minus 0.25% - MSCI Emerging Markets TR Net Monthly USD - Monthly (1,150,099) (0.33) 128,696,458 130,876,956 - 22/05/2023 1 month USD-LIBOR- BBA plus 0.20% - S&P 500 Total Return 4 Jan 1988 Monthly Index - Monthly (2,169,390) (0.63) Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 13,345,051 3.94 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (11,844,318) (3.50) Net Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 1,500,733 0.44

† Replicates exposure to the difference between the implied and the realised volatility risk premium in the CBOE Volatility Index option market, with a delta hedge overlay. †† Replicates exposure to the difference between the implied and the realised volatility risk premium on the S&P500 Index, with a delta hedge overlay.

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (0.43%) (30 June 2020: -0.07%) Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination Received (Depreciation) % of Referenced Debt* Rating*** (paid)** Amount Value Date by Fund USD Fund Citigroup Global Markets, Inc. CMBX NA A.6 Index A/P USD 15,474 USD 131,000 USD 9,864 11/05/2063 200 bp - Monthly USD 5,661 - CMBX NA A.6 Index A/P 26,648 228,000 17,168 11/05/2063 200 bp - Monthly 9,568 - CMBX NA A.6 Index A/P 57,558 506,000 38,102 11/05/2063 200 bp - Monthly 19,652 0.01 CMBX NA A.6 Index A/P 96,195 726,000 54,668 11/05/2063 200 bp - Monthly 41,810 0.01 CMBX NA A.6 Index A/P 117,191 947,000 71,309 11/05/2063 200 bp - Monthly 46,250 0.01 CMBX NA A.6 Index A/P 139,481 1,290,000 97,137 11/05/2063 200 bp - Monthly 42,846 0.01 CMBX NA A.6 Index A/P 160,002 1,369,000 103,086 11/05/2063 200 bp - Monthly 57,449 0.02 Goldman Sachs International CMBX NA A.6 Index A/P 2,987 59,000 4,443 11/05/2063 200 bp - Monthly (1,433) - CMBX NA A.6 Index A/P 2,987 59,000 4,443 11/05/2063 200 bp - Monthly (1,433) - CMBX NA A.6 Index A/P 3,070 59,000 4,443 11/05/2063 200 bp - Monthly (1,349) - CMBX NA A.6 Index A/P 26,156 225,000 16,943 11/05/2063 200 bp - Monthly 9,301 - CMBX NA A.6 Index A/P 43,477 371,000 27,936 11/05/2063 200 bp - Monthly 15,685 - CMBX NA A.6 Index A/P 86,368 716,000 53,915 11/05/2063 200 bp - Monthly 32,731 0.01 CMBX NA BBB- .11 Index BBB-/P 1,609 12,000 914 18/11/2054 300 bp - Monthly 702 - JPMorgan Securities LLC CMBX NA A.6 Index A/P 73,370 667,000 50,225 11/05/2063 200 bp - Monthly 23,404 0.01 CMBX NA A.6 Index A/P 215,930 1,661,000 125,073 11/05/2063 200 bp - Monthly 91,503 0.03 CMBX NA A.6 Index A/P 600,000 5,000,000 376,500 11/05/2063 200 bp - Monthly 225,444 0.07 CMBX NA A.6 Index A/P 1,808,358 15,109,000 1,137,708 11/05/2063 200 bp - Monthly 676,526 0.21 Morgan Stanley & Co. International PLC CMBX NA A.6 Index A/P 39,078 319,000 24,021 11/05/2063 200 bp - Monthly 15,181 - CMBX NA A.6 Index A/P 86,451 713,000 53,689 11/05/2063 200 bp - Monthly 33,040 0.01 CMBX NA A.6 Index A/P 242,500 2,000,000 150,600 11/05/2063 200 bp - Monthly 92,678 0.03 Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 1,439,431 0.43 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (4,215) - Net Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 1,435,216 0.43

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 93

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-%) (30 June 2020: 0.10%) Upfront Premium Payments Unrealised Swap Counterparty/ received/ Notional Termination (paid) Depreciation % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Citigroup Global Markets, Inc. CMBX NA BBB- .12 Index USD (1,631) USD 8,000 USD 632 17/08/2061 (300 bp) - Monthly USD (1,004) - CMBX NA BBB- .12 Index (612) 3,000 237 17/08/2061 (300 bp) - Monthly (376) - JPMorgan Securities LLC CMBX NA BBB- .12 Index (1,427) 7,000 553 17/08/2061 (300 bp) - Monthly (878) - Merrill Lynch International CMBX NA BBB- .10 Index (217) 1,000 124 17/11/2059 (300 bp) - Monthly (94) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (2,352) -

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-%) (30 June 2020: 0.04%) Upfront Premium Payments Unrealised received/ Notional Termination received Appreciation % of Referenced Debt* Rating*** (paid)** Amount Value Date by Fund USD Fund NA HY Series 35 Index B+/P USD (656,703) USD 16,007,000 USD 1,490,652 20/12/2025 500 bp - Quarterly USD 858,404 0.25 Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold USD 858,404 0.25 Variation Margin Settlement to Date USD (857,874) (0.25) Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 530 -

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-%) (30 June 2020: -0.06%) Upfront Premium Payments Unrealised received/ Notional Termination (paid) Depreciation % of Referenced Debt * (paid)** Amount Value Date by Fund USD Fund EM Series 34 Index USD (2,016,905) USD 27,619,000 USD 665,148 20/12/2025 (100 bp) - Quarterly USD (1,360,196) (0.40) NA HY Series 35 Index 674,865 16,272,000 1,515,330 20/12/2025 (500 bp) - Quarterly (865,325) (0.26) Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Purchased USD (2,225,521) (0.66) Variation Margin Settlement to Date USD 2,224,153 0.66 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (1,368) -

* 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. *** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at 31 December 2020. Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) 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 Buy 20/01/2021 USD 1,949,401 USD 1,815,697 USD 133,704 0.04 Australian Dollar Buy 20/01/2021 1,376,556 1,278,558 97,998 0.03 Australian Dollar Sell 20/01/2021 1,089,940 999,232 (90,708) (0.03) Australian Dollar Sell 20/01/2021 1,364,141 1,261,469 (102,672) (0.03) Australian Dollar Sell 20/01/2021 1,128,187 1,045,056 (83,131) (0.02) British Pound Buy 17/03/2021 6,573,243 6,474,895 98,348 0.03 Canadian Dollar Buy 20/01/2021 325,424 316,188 9,236 - Canadian Dollar Sell 20/01/2021 1,488,133 1,428,459 (59,674) (0.02) Chinese Yuan (offshore) Sell 18/02/2021 662,594 647,755 (14,839) - Euro Buy 17/03/2021 590,160 588,921 1,239 - Euro Buy 17/03/2021 41,710,209 41,516,656 193,553 0.06 Euro Buy 17/03/2021 21,474,081 21,374,432 99,649 0.03 Euro Buy 17/03/2021 3,576,933 3,560,335 16,598 -

The accompanying notes form an integral part of these financial statements.

94 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Bank of America, N.A. cont. Hong Kong Dollar Sell 17/02/2021 USD 1,394,954 USD 1,394,557 USD (397) - Japanese Yen Buy 17/02/2021 1,106,684 1,102,798 3,886 - Japanese Yen Buy 17/02/2021 1,106,685 1,098,515 8,170 - Japanese Yen Sell 17/02/2021 479,820 473,823 (5,997) - Mexico Peso Buy 20/01/2021 579,026 555,477 23,549 0.01 Mexico Peso Sell 20/01/2021 622,108 581,495 (40,613) (0.01) New Zealand Dollar Buy 20/01/2021 740,365 683,830 56,535 0.02 New Zealand Dollar Sell 20/01/2021 1,390,856 1,270,336 (120,520) (0.04) Swedish Krona Buy 17/03/2021 2,072,313 2,036,883 35,430 0.01 Barclays Bank PLC British Pound Buy 17/03/2021 602,792 596,386 6,406 - British Pound Buy 17/03/2021 7,425,442 7,313,196 112,246 0.03 British Pound Buy 17/03/2021 449,015 442,228 6,787 - Canadian Dollar Sell 20/01/2021 745,992 745,346 (646) - Euro Buy 17/03/2021 7,125,845 7,092,348 33,497 0.01 Euro Buy 17/03/2021 14,444,413 14,376,513 67,900 0.02 Euro Sell 17/03/2021 3,846,133 3,828,053 (18,080) (0.01) Euro Sell 17/03/2021 287,799 286,446 (1,353) - Japanese Yen Buy 17/02/2021 1,902,898 1,879,120 23,778 0.01 New Zealand Dollar Buy 20/01/2021 1,148,865 1,061,021 87,844 0.03 New Zealand Dollar Sell 20/01/2021 1,126,702 1,101,728 (24,974) (0.01) Swedish Krona Sell 17/03/2021 1,450,177 1,424,107 (26,070) (0.01) Citibank, N.A. Australian Dollar Sell 20/01/2021 321,777 305,667 (16,110) - British Pound Buy 17/03/2021 4,883,485 4,810,726 72,759 0.02 British Pound Buy 17/03/2021 724,827 706,604 18,223 0.01 British Pound Sell 17/03/2021 2,331,678 2,296,938 (34,740) (0.01) Canadian Dollar Buy 20/01/2021 630,184 630,827 (643) - Canadian Dollar Buy 20/01/2021 310,575 302,159 8,416 - Canadian Dollar Buy 20/01/2021 627,356 625,382 1,974 - Canadian Dollar Sell 20/01/2021 956,001 917,721 (38,280) (0.01) Canadian Dollar Sell 20/01/2021 625,942 624,045 (1,897) - Chilean Peso Buy 20/01/2021 1,390,622 1,243,850 146,772 0.04 Chilean Peso Sell 20/01/2021 1,123,678 1,070,069 (53,609) (0.02) Euro Buy 17/03/2021 590,282 590,468 (186) - Euro Buy 17/03/2021 591,750 593,199 (1,449) - Euro Buy 17/03/2021 33,005,017 32,849,486 155,531 0.05 Euro Buy 17/03/2021 33,446,504 33,288,893 157,611 0.05 Euro Sell 17/03/2021 3,005,495 2,991,332 (14,163) - Euro Sell 17/03/2021 888,360 889,720 1,360 - Hong Kong Dollar Sell 17/02/2021 97,455 97,433 (22) - Japanese Yen Buy 17/02/2021 628,033 620,300 7,733 - Japanese Yen Sell 17/02/2021 6,443 6,365 (78) - New Zealand Dollar Sell 20/01/2021 1,101,085 1,016,827 (84,258) (0.02) New Zealand Dollar Sell 20/01/2021 224,722 206,407 (18,315) (0.01) New Zealand Dollar Sell 20/01/2021 723,455 713,249 (10,206) - Swedish Krona Buy 17/03/2021 346,847 340,568 6,279 - Swiss Franc Sell 17/03/2021 7,810 7,795 (15) - Credit Suisse International Australian Dollar Buy 20/01/2021 540 503 37 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 95

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Credit Suisse International cont. Australian Dollar Buy 20/01/2021 USD 1,277,470 USD 1,168,446 USD 109,024 0.03 British Pound Sell 17/03/2021 1,179,999 1,162,318 (17,681) (0.01) Canadian Dollar Buy 20/01/2021 317,724 307,332 10,392 - Canadian Dollar Sell 20/01/2021 665,775 639,089 (26,686) (0.01) Euro Sell 17/03/2021 1,261,202 1,255,089 (6,113) - New Zealand Dollar Buy 20/01/2021 372,881 344,352 28,529 0.01 Swiss Franc Sell 17/03/2021 1,126,855 1,121,832 (5,023) - Goldman Sachs International Australian Dollar Buy 20/01/2021 17,350 16,157 1,193 - Australian Dollar Buy 20/01/2021 1,121,864 1,059,867 61,997 0.02 Australian Dollar Buy 20/01/2021 1,149,160 1,094,718 54,442 0.02 Australian Dollar Buy 20/01/2021 892,232 850,868 41,364 0.01 Australian Dollar Buy 20/01/2021 1,404,392 1,347,948 56,444 0.02 Australian Dollar Buy 20/01/2021 1,339,929 1,281,027 58,902 0.02 Australian Dollar Sell 20/01/2021 325,324 306,588 (18,736) (0.01) British Pound Buy 17/03/2021 6,723,325 6,622,609 100,716 0.03 British Pound Buy 17/03/2021 419,464 413,180 6,284 - Canadian Dollar Buy 20/01/2021 591,922 585,717 6,205 - Canadian Dollar Buy 20/01/2021 1,807,272 1,735,092 72,180 0.02 Canadian Dollar Buy 20/01/2021 650,454 635,581 14,873 - Canadian Dollar Buy 20/01/2021 987,899 960,832 27,067 0.01 Canadian Dollar Buy 20/01/2021 1,787,080 1,755,840 31,240 0.01 Canadian Dollar Buy 20/01/2021 720,536 716,444 4,092 - Canadian Dollar Sell 20/01/2021 720,143 712,206 (7,937) - Chinese Yuan (offshore) Buy 18/02/2021 3,657,811 3,611,624 46,187 0.01 Euro Buy 17/03/2021 28,211,299 28,075,592 135,707 0.04 Euro Buy 17/03/2021 37,818,189 37,636,269 181,920 0.06 Euro Sell 17/03/2021 436,960 434,859 (2,101) - Euro Sell 17/03/2021 54,697 54,668 (29) - Euro Sell 17/03/2021 146,836 146,130 (706) - Hong Kong Dollar Buy 17/02/2021 411,944 411,880 64 - Japanese Yen Buy 17/02/2021 716,808 708,292 8,516 - Japanese Yen Buy 17/02/2021 945,138 939,295 5,843 - Japanese Yen Sell 17/02/2021 1,671,909 1,650,928 (20,981) (0.01) Japanese Yen Sell 17/02/2021 590,137 586,943 (3,194) - New Zealand Dollar Buy 20/01/2021 343,523 316,622 26,901 0.01 New Zealand Dollar Buy 20/01/2021 561,480 519,591 41,889 0.01 New Zealand Dollar Sell 20/01/2021 1,198,875 1,107,122 (91,753) (0.03) New Zealand Dollar Sell 20/01/2021 345,753 316,776 (28,977) (0.01) New Zealand Dollar Sell 20/01/2021 1,294,650 1,243,353 (51,297) (0.02) New Zealand Dollar Sell 20/01/2021 941,269 911,487 (29,782) (0.01) New Zealand Dollar Sell 20/01/2021 626,673 609,239 (17,434) (0.01) New Zealand Dollar Sell 20/01/2021 1,126,630 1,101,681 (24,949) (0.01) New Zealand Dollar Sell 20/01/2021 1,444,464 1,414,259 (30,205) (0.01) Norwegian Krone Buy 17/03/2021 2,706,260 2,666,839 39,421 0.01 Norwegian Krone Sell 17/03/2021 638,685 627,071 (11,614) - Norwegian Krone Sell 17/03/2021 598,155 592,959 (5,196) - Swedish Krona Buy 17/03/2021 3,654,807 3,589,147 65,660 0.02 Swiss Franc Sell 17/03/2021 1,261,556 1,259,110 (2,446) -

The accompanying notes form an integral part of these financial statements.

96 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Goldman Sachs International cont. Swiss Franc Sell 17/03/2021 USD 945,630 USD 940,994 USD (4,636) - Taiwan Dollar Buy 17/02/2021 1,294,365 1,299,035 (4,670) - Taiwan Dollar Sell 17/02/2021 1,325,675 1,309,546 (16,129) - HSBC Bank USA, National Association Australian Dollar Buy 20/01/2021 2,539,442 2,365,377 174,065 0.06 Australian Dollar Sell 20/01/2021 339,821 314,858 (24,963) (0.01) Australian Dollar Sell 20/01/2021 325,556 306,791 (18,765) (0.01) Australian Dollar Sell 20/01/2021 639,776 625,613 (14,163) - British Pound Buy 17/03/2021 254,469 250,654 3,815 - British Pound Buy 17/03/2021 723,322 704,775 18,547 0.01 British Pound Sell 17/03/2021 392,375 386,493 (5,882) - Canadian Dollar Buy 20/01/2021 2,710,004 2,601,937 108,067 0.03 Canadian Dollar Buy 20/01/2021 1,278,203 1,247,571 30,632 0.01 Canadian Dollar Sell 20/01/2021 1,301,459 1,259,950 (41,509) (0.01) Canadian Dollar Sell 20/01/2021 1,119,812 1,098,794 (21,018) (0.01) Chinese Yuan (offshore) Sell 18/02/2021 662,609 647,725 (14,884) - Chinese Yuan (offshore) Sell 18/02/2021 662,594 647,785 (14,809) - Chinese Yuan (offshore) Sell 18/02/2021 1,415,745 1,395,144 (20,601) (0.01) Euro Buy 17/03/2021 29,126,090 28,995,050 131,040 0.04 Euro Buy 17/03/2021 34,251,779 34,097,679 154,100 0.05 Euro Buy 17/03/2021 3,488,587 3,472,891 15,696 - Hong Kong Dollar Buy 17/02/2021 359,527 359,590 (63) - Hong Kong Dollar Buy 17/02/2021 320,269 320,230 39 - Hong Kong Dollar Buy 17/02/2021 361,901 361,907 (6) - Hong Kong Dollar Sell 17/02/2021 3,424,861 3,423,974 (887) - Indian Rupee Buy 17/02/2021 1,261,827 1,243,264 18,563 0.01 Indian Rupee Sell 17/02/2021 1,271,818 1,239,187 (32,631) (0.01) Japanese Yen Buy 17/02/2021 901,561 890,414 11,147 - Japanese Yen Buy 17/02/2021 630,959 619,820 11,139 - New Zealand Dollar Buy 20/01/2021 304,378 281,040 23,338 0.01 New Zealand Dollar Sell 20/01/2021 723,455 713,244 (10,211) - Norwegian Krone Buy 17/03/2021 558,045 550,104 7,941 - South Korean Won Buy 17/02/2021 1,382,158 1,294,862 87,296 0.03 South Korean Won Sell 17/02/2021 1,307,657 1,280,948 (26,709) (0.01) Swedish Krona Buy 17/03/2021 277,283 272,315 4,968 - Swedish Krona Sell 17/03/2021 1,586,873 1,536,476 (50,397) (0.01) Swiss Franc Sell 17/03/2021 1,126,855 1,115,397 (11,458) - Swiss Franc Sell 17/03/2021 403,200 402,338 (862) - JPMorgan Chase Bank, N.A. Australian Dollar Buy 20/01/2021 1,121,864 1,059,884 61,980 0.02 Australian Dollar Buy 20/01/2021 1,404,315 1,347,892 56,423 0.02 Australian Dollar Sell 20/01/2021 2,082 1,939 (143) - Australian Dollar Sell 20/01/2021 337,199 313,608 (23,591) (0.01) British Pound Buy 17/03/2021 1,917,960 1,893,974 23,986 0.01 British Pound Buy 17/03/2021 20,164,093 19,862,570 301,523 0.10 British Pound Sell 17/03/2021 1,635,855 1,611,393 (24,462) (0.01) Canadian Dollar Buy 20/01/2021 324,088 318,149 5,939 - Canadian Dollar Sell 20/01/2021 506,441 486,182 (20,259) (0.01) Canadian Dollar Sell 20/01/2021 325,031 315,290 (9,741) - Canadian Dollar Sell 20/01/2021 541,168 516,794 (24,374) (0.01)

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 97

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) 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. Canadian Dollar Sell 20/01/2021 USD 626,492 USD 625,150 USD (1,342) - Chinese Yuan (offshore) Buy 18/02/2021 653,010 634,105 18,905 0.01 Chinese Yuan (offshore) Sell 18/02/2021 644,500 622,066 (22,434) (0.01) Euro Buy 17/03/2021 32,456,828 32,300,246 156,582 0.05 Euro Buy 17/03/2021 34,555,119 34,388,415 166,704 0.06 Euro Sell 17/03/2021 4,967,963 4,943,996 (23,967) (0.01) Euro Sell 17/03/2021 717,540 714,873 (2,667) - Euro Sell 17/03/2021 720,966 713,685 (7,281) - Indian Rupee Buy 17/02/2021 1,261,826 1,242,762 19,064 0.01 Indian Rupee Sell 17/02/2021 1,271,818 1,240,174 (31,644) (0.01) Japanese Yen Buy 17/02/2021 368,930 364,278 4,652 - Japanese Yen Buy 17/02/2021 554,056 550,535 3,521 - Japanese Yen Buy 17/02/2021 1,766,608 1,750,845 15,763 - Japanese Yen Sell 17/02/2021 3,102,585 3,063,965 (38,620) (0.01) New Zealand Dollar Buy 20/01/2021 280,057 258,670 21,387 0.01 New Zealand Dollar Sell 20/01/2021 626,745 609,306 (17,439) (0.01) New Zealand Dollar Sell 20/01/2021 1,703,149 1,663,543 (39,606) (0.01) Norwegian Krone Buy 17/03/2021 386,119 380,460 5,659 - South Korean Won Buy 17/02/2021 1,388,032 1,295,413 92,619 0.03 South Korean Won Sell 17/02/2021 1,307,657 1,281,758 (25,899) (0.01) Swedish Krona Buy 17/03/2021 1,324,198 1,300,390 23,808 0.01 Swiss Franc Buy 17/03/2021 14,036 14,009 27 - Taiwan Dollar Buy 17/02/2021 1,294,365 1,298,664 (4,299) - Taiwan Dollar Sell 17/02/2021 1,324,810 1,320,251 (4,559) - Morgan Stanley & Co. International PLC Australian Dollar Buy 20/01/2021 685,888 638,806 47,082 0.01 Australian Dollar Buy 20/01/2021 892,309 850,955 41,354 0.01 Australian Dollar Buy 20/01/2021 1,404,315 1,347,883 56,432 0.02 Australian Dollar Buy 20/01/2021 1,339,852 1,280,964 58,888 0.02 Australian Dollar Buy 20/01/2021 737,782 711,502 26,280 0.01 Australian Dollar Sell 20/01/2021 2,507,364 2,419,356 (88,008) (0.03) Australian Dollar Sell 20/01/2021 1,449,655 1,433,935 (15,720) - British Pound Buy 17/03/2021 1,198,879 1,182,666 16,213 - British Pound Buy 17/03/2021 59,923 59,031 892 - British Pound Buy 17/03/2021 1,462,514 1,440,739 21,775 0.01 British Pound Buy 17/03/2021 647,392 630,668 16,724 - British Pound Sell 17/03/2021 637,131 633,638 (3,493) - Canadian Dollar Buy 20/01/2021 168,211 160,815 7,396 - Canadian Dollar Buy 20/01/2021 1,024,982 984,091 40,891 0.01 Canadian Dollar Buy 20/01/2021 541,718 517,842 23,876 0.01 Canadian Dollar Buy 20/01/2021 314,896 305,654 9,242 - Canadian Dollar Buy 20/01/2021 987,899 960,825 27,074 0.01 Canadian Dollar Sell 20/01/2021 1,177,166 1,151,486 (25,680) (0.01) Canadian Dollar Sell 20/01/2021 720,143 712,207 (7,936) - Euro Buy 17/03/2021 1,219,598 1,225,545 (5,947) - Euro Buy 17/03/2021 344,454 338,437 6,017 - Euro Buy 17/03/2021 1,114,365 1,109,018 5,347 - Euro Buy 17/03/2021 11,013 11,056 (43) - Euro Buy 17/03/2021 20,312 20,419 (107) - Euro Buy 17/03/2021 161,887 161,346 541 -

The accompanying notes form an integral part of these financial statements.

98 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Morgan Stanley & Co. International PLC cont. Euro Buy 17/03/2021 USD 927,516 USD 923,065 USD 4,451 - Euro Sell 17/03/2021 1,268,177 1,260,157 (8,020) - Euro Sell 17/03/2021 886,892 888,922 2,030 - Euro Sell 17/03/2021 22,889,583 22,779,743 (109,840) (0.03) Hong Kong Dollar Sell 17/02/2021 359,837 359,748 (89) - Japanese Yen Buy 17/02/2021 360,798 356,273 4,525 - Japanese Yen Buy 17/02/2021 628,033 620,302 7,731 - Japanese Yen Buy 17/02/2021 1,655,802 1,637,936 17,866 0.01 Japanese Yen Buy 17/02/2021 554,057 550,533 3,524 - Japanese Yen Buy 17/02/2021 1,106,684 1,094,367 12,317 - Japanese Yen Buy 17/02/2021 1,438,405 1,428,774 9,631 - Japanese Yen Sell 17/02/2021 760,511 751,535 (8,976) - Japanese Yen Sell 17/02/2021 2,614,448 2,590,512 (23,936) (0.01) Japanese Yen Sell 17/02/2021 1,208,958 1,211,437 2,479 - New Zealand Dollar Buy 20/01/2021 713,885 659,258 54,627 0.02 New Zealand Dollar Buy 20/01/2021 1,356,892 1,263,436 93,456 0.03 New Zealand Dollar Buy 20/01/2021 334,960 308,060 26,900 0.01 New Zealand Dollar Buy 20/01/2021 334,816 312,443 22,373 0.01 New Zealand Dollar Sell 20/01/2021 348,703 321,325 (27,378) (0.01) Norwegian Krone Sell 17/03/2021 266,756 262,892 (3,864) - Norwegian Krone Sell 17/03/2021 685,779 687,243 1,464 - Swedish Krona Buy 17/03/2021 728,422 705,329 23,093 0.01 Swedish Krona Buy 17/03/2021 629,823 618,633 11,190 - Swedish Krona Sell 17/03/2021 592,797 593,863 1,066 - Swiss Franc Buy 17/03/2021 757,160 758,551 (1,391) - Swiss Franc Buy 17/03/2021 25,582 25,539 43 - Swiss Franc Buy 17/03/2021 1,100,141 1,094,200 5,941 - Swiss Franc Sell 17/03/2021 1,126,855 1,124,873 (1,982) - Swiss Franc Sell 17/03/2021 595,065 595,958 893 - Natwest Markets PLC Australian Dollar Buy 20/01/2021 1,121,864 1,059,889 61,975 0.02 Australian Dollar Buy 20/01/2021 1,148,775 1,094,362 54,413 0.02 Australian Dollar Buy 20/01/2021 892,232 850,873 41,359 0.01 Australian Dollar Buy 20/01/2021 1,339,929 1,281,032 58,897 0.02 Australian Dollar Buy 20/01/2021 1,484,432 1,421,715 62,717 0.02 Australian Dollar Buy 20/01/2021 1,109,835 1,072,097 37,738 0.01 Australian Dollar Sell 20/01/2021 1,024,475 954,778 (69,697) (0.02) Australian Dollar Sell 20/01/2021 638,311 604,608 (33,703) (0.01) British Pound Buy 17/03/2021 133,118 128,708 4,410 - British Pound Buy 17/03/2021 1,816,446 1,789,381 27,065 0.01 British Pound Buy 17/03/2021 645,750 624,135 21,615 0.01 British Pound Sell 17/03/2021 1,041,682 1,026,162 (15,520) - Canadian Dollar Buy 20/01/2021 746,542 742,553 3,989 - Canadian Dollar Buy 20/01/2021 168,211 160,815 7,396 - Canadian Dollar Buy 20/01/2021 952,308 914,330 37,978 0.01 Canadian Dollar Buy 20/01/2021 372,878 364,844 8,034 - Canadian Dollar Sell 20/01/2021 1,442,093 1,418,692 (23,401) (0.01) Euro Buy 17/03/2021 2,407,015 2,395,584 11,431 - Euro Buy 17/03/2021 4,650 4,631 19 - Euro Buy 17/03/2021 3,916 3,893 23 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 99

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Natwest Markets PLC cont. Euro Buy 17/03/2021 USD 37,810 USD 37,957 USD (147) - Euro Buy 17/03/2021 1,418,561 1,411,825 6,736 - Euro Sell 17/03/2021 27,033,550 26,905,164 (128,386) (0.04) Euro Sell 17/03/2021 55,553 55,459 (94) - Hong Kong Dollar Buy 17/02/2021 1,301,602 1,301,728 (126) - Japanese Yen Buy 17/02/2021 628,033 620,297 7,736 - Japanese Yen Buy 17/02/2021 1,766,609 1,750,847 15,762 - Japanese Yen Sell 17/02/2021 2,649 2,616 (33) - New Zealand Dollar Sell 20/01/2021 1,018,407 940,325 (78,082) (0.02) New Zealand Dollar Sell 20/01/2021 1,294,722 1,243,412 (51,310) (0.02) New Zealand Dollar Sell 20/01/2021 1,703,149 1,663,547 (39,602) (0.01) New Zealand Dollar Sell 20/01/2021 717,123 703,065 (14,058) - New Zealand Dollar Sell 20/01/2021 722,664 707,519 (15,145) - Norwegian Krone Sell 17/03/2021 729,551 709,956 (19,595) (0.01) Swedish Krona Buy 17/03/2021 595,047 596,765 (1,718) - Swedish Krona Sell 17/03/2021 1,041,965 1,023,918 (18,047) (0.01) Swiss Franc Sell 17/03/2021 833,680 831,921 (1,759) - State Street Bank & Trust Company Australian Dollar Buy 20/01/2021 602,147 594,826 7,321 - Australian Dollar Buy 20/01/2021 600,605 598,685 1,920 - Australian Dollar Buy 20/01/2021 226,316 207,487 18,829 0.01 Australian Dollar Buy 20/01/2021 1,121,864 1,059,884 61,980 0.02 Australian Dollar Buy 20/01/2021 733,001 699,578 33,423 0.01 Australian Dollar Buy 20/01/2021 1,477,955 1,427,424 50,531 0.01 Australian Dollar Buy 20/01/2021 647,102 631,018 16,084 - Australian Dollar Sell 20/01/2021 2,184,276 2,034,105 (150,171) (0.04) Australian Dollar Sell 20/01/2021 338,896 315,127 (23,769) (0.01) Australian Dollar Sell 20/01/2021 343,291 315,780 (27,511) (0.01) Australian Dollar Sell 20/01/2021 623,969 568,494 (55,475) (0.02) Australian Dollar Sell 20/01/2021 337,816 308,576 (29,240) (0.01) Australian Dollar Sell 20/01/2021 339,589 320,413 (19,176) (0.01) Australian Dollar Sell 20/01/2021 597,366 597,897 531 - British Pound Buy 17/03/2021 1,202,163 1,186,342 15,821 - British Pound Buy 17/03/2021 8,018,382 7,898,706 119,676 0.04 British Pound Sell 17/03/2021 3,923,068 3,864,515 (58,553) (0.02) British Pound Sell 17/03/2021 598,550 598,303 (247) - British Pound Sell 17/03/2021 51,171,314 49,807,484 (1,363,830) (0.39) Canadian Dollar Buy 20/01/2021 596,008 590,302 5,706 - Canadian Dollar Buy 20/01/2021 746,463 742,438 4,025 - Canadian Dollar Buy 20/01/2021 336,266 322,813 13,453 - Canadian Dollar Buy 20/01/2021 333,045 319,198 13,847 - Canadian Dollar Buy 20/01/2021 326,366 316,283 10,083 - Canadian Dollar Buy 20/01/2021 541,718 517,842 23,876 0.01 Canadian Dollar Buy 20/01/2021 313,717 305,612 8,105 - Canadian Dollar Buy 20/01/2021 628,770 628,686 84 - Canadian Dollar Sell 20/01/2021 182,825 175,520 (7,305) - Canadian Dollar Sell 20/01/2021 541,168 516,795 (24,373) (0.01) Canadian Dollar Sell 20/01/2021 1,120,205 1,094,264 (25,941) (0.01) Canadian Dollar Sell 20/01/2021 1,433,294 1,424,408 (8,886) - Canadian Dollar Sell 20/01/2021 597,108 588,193 (8,915) - Canadian Dollar Sell 20/01/2021 745,992 745,347 (645) -

The accompanying notes form an integral part of these financial statements.

100 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) 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. Euro Buy 17/03/2021 USD 591,750 USD 593,179 USD (1,429) - Euro Buy 17/03/2021 6,044,640 6,015,489 29,151 ,0.01 Euro Buy 17/03/2021 2,494,627 2,466,928 27,699 0.01 Euro Sell 17/03/2021 1,439,975 1,425,131 (14,844) - Euro Sell 17/03/2021 5,828,179 5,800,072 (28,107) (0.01) Euro Sell 17/03/2021 717,540 714,873 (2,667) - Euro Sell 17/03/2021 716,928 713,204 (3,724) - Euro Sell 17/03/2021 2,153,722 2,141,369 (12,353) - Euro Sell 17/03/2021 630,417 629,429 (988) - Euro Sell 17/03/2021 631,152 633,223 2,071 - Euro Sell 17/03/2021 886,769 888,799 2,030 - Euro Sell 17/03/2021 888,482 889,846 1,364 - Euro Sell 17/03/2021 2,453,023 2,441,193 (11,830) - Euro Sell 17/03/2021 40,992 40,874 (118) - Euro Sell 17/03/2021 23,398,126 23,478,327 80,201 0.02 Euro Sell 17/03/2021 194,069 191,914 (2,155) - Hong Kong Dollar Sell 17/02/2021 5,147,335 5,145,982 (1,353) - Japanese Yen Buy 17/02/2021 313,876 308,550 5,326 - Japanese Yen Buy 17/02/2021 1,655,802 1,637,937 17,865 0.01 Japanese Yen Buy 17/02/2021 1,766,609 1,750,846 15,763 - Japanese Yen Buy 17/02/2021 716,288 710,352 5,936 - Japanese Yen Buy 17/02/2021 632,142 625,615 6,527 - Japanese Yen Sell 17/02/2021 3,589,824 3,545,322 (44,502) (0.01) Japanese Yen Sell 17/02/2021 319,159 318,204 (955) - Japanese Yen Sell 17/02/2021 629,380 628,264 (1,116) - Japanese Yen Sell 17/02/2021 592,253 590,178 (2,075) - Japanese Yen Sell 17/02/2021 1,180,129 1,176,570 (3,559) - Japanese Yen Sell 17/02/2021 594,415 592,376 (2,039) - New Zealand Dollar Buy 20/01/2021 599,330 596,294 3,036 - New Zealand Dollar Buy 20/01/2021 596,163 596,850 (687) - New Zealand Dollar Buy 20/01/2021 340,860 311,892 28,968 0.01 New Zealand Dollar Buy 20/01/2021 340,860 316,596 24,264 0.01 New Zealand Dollar Buy 20/01/2021 337,910 315,373 22,537 0.01 New Zealand Dollar Buy 20/01/2021 671,430 615,851 55,579 0.02 New Zealand Dollar Buy 20/01/2021 339,421 319,210 20,211 0.01 New Zealand Dollar Buy 20/01/2021 316,179 302,722 13,457 - New Zealand Dollar Buy 20/01/2021 317,546 305,929 11,617 - New Zealand Dollar Sell 20/01/2021 1,842,746 1,702,064 (140,682) (0.04) New Zealand Dollar Sell 20/01/2021 349,207 322,701 (26,506) (0.01) New Zealand Dollar Sell 20/01/2021 343,163 316,822 (26,341) (0.01) New Zealand Dollar Sell 20/01/2021 1,126,630 1,101,661 (24,969) (0.01) New Zealand Dollar Sell 20/01/2021 594,724 595,156 432 - Norwegian Krone Buy 17/03/2021 729,994 715,322 14,672 - Norwegian Krone Sell 17/03/2021 358,205 352,893 (5,312) - Norwegian Krone Sell 17/03/2021 643,232 631,099 (12,133) - Swedish Krona Buy 17/03/2021 3,013,051 2,959,377 53,674 0.02 Swedish Krona Sell 17/03/2021 732,509 708,658 (23,851) (0.01) Swedish Krona Sell 17/03/2021 655,427 652,582 (2,845) - Swiss Franc Buy 17/03/2021 594,612 595,067 (455) - Swiss Franc Sell 17/03/2021 2,288,573 2,284,148 (4,425) - Swiss Franc Sell 17/03/2021 594,952 595,888 936 - Toronto Dominion Bank Australian Dollar Buy 20/01/2021 1,087,242 1,012,620 74,622 0.02 British Pound Sell 17/03/2021 166,636 164,147 (2,489) - British Pound Sell 17/03/2021 974,508 959,952 (14,556) -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 101

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Toronto Dominion Bank cont. Canadian Dollar Sell 20/01/2021 USD 1,815,993 USD 1,743,334 USD (72,659) (0.02) Canadian Dollar Sell 20/01/2021 776,711 771,514 (5,197) - Euro Sell 17/03/2021 3,054,685 3,039,829 (14,856) - Euro Sell 17/03/2021 1,264,016 1,253,782 (10,234) - Hong Kong Dollar Buy 17/02/2021 1,004,555 1,004,502 53 - Hong Kong Dollar Sell 17/02/2021 381,781 381,694 (87) - Japanese Yen Buy 17/02/2021 1,655,802 1,637,948 17,854 0.01 Japanese Yen Buy 17/02/2021 738,569 731,048 7,521 - New Zealand Dollar Sell 20/01/2021 361,800 334,101 (27,699) (0.01) Norwegian Krone Buy 17/03/2021 596,732 593,417 3,315 - Norwegian Krone Buy 17/03/2021 729,387 707,823 21,564 0.01 Swedish Krona Sell 17/03/2021 338,053 331,971 (6,082) - Swiss Franc Sell 17/03/2021 276,082 275,553 (529) - Swiss Franc Sell 17/03/2021 717,995 715,062 (2,933) - UBS AG Australian Dollar Buy 15/03/2021 510,667 474,184 36,483 0.01 Australian Dollar Buy 15/03/2021 1,241,645 1,153,510 88,135 0.03 Australian Dollar Buy 20/01/2021 1,089,940 1,006,476 83,464 0.02 Australian Dollar Buy 20/01/2021 1,484,740 1,437,286 47,454 0.01 Australian Dollar Buy 20/01/2021 642,783 628,524 14,259 - Australian Dollar Sell 15/03/2021 1,752,312 1,639,268 (113,044) (0.03) Australian Dollar Sell 20/01/2021 505,991 471,725 (34,266) (0.01) Australian Dollar Sell 20/01/2021 1,241,152 1,153,230 (87,922) (0.03) Australian Dollar Sell 20/01/2021 344,447 318,332 (26,115) (0.01) Australian Dollar Sell 20/01/2021 678,022 616,203 (61,819) (0.02) Australian Dollar Sell 20/01/2021 624,046 568,565 (55,481) (0.02) Australian Dollar Sell 20/01/2021 335,657 317,591 (18,066) (0.01) Australian Dollar Sell 20/01/2021 642,244 610,420 (31,824) (0.01) British Pound Sell 17/03/2021 1,390,415 1,369,830 (20,585) (0.01) Canadian Dollar Buy 20/01/2021 1,247,562 1,197,877 49,685 0.01 Canadian Dollar Buy 20/01/2021 639,141 619,572 19,569 0.01 Euro Buy 17/03/2021 1,864,210 1,855,455 8,755 - Euro Sell 17/03/2021 589,915 588,929 (986) - Euro Sell 17/03/2021 5,851,428 5,823,950 (27,478) (0.01) Euro Sell 17/03/2021 2,008,232 1,998,801 (9,431) - Hong Kong Dollar Buy 17/02/2021 513,734 513,700 34 - Hong Kong Dollar Sell 17/02/2021 1,404,850 1,404,504 (346) - Japanese Yen Buy 17/02/2021 3,239,676 3,199,903 39,773 0.01 Japanese Yen Buy 17/02/2021 1,655,802 1,637,942 17,860 0.01 New Zealand Dollar Buy 20/01/2021 3,298,507 3,046,824 251,683 0.07 New Zealand Dollar Sell 20/01/2021 1,294,650 1,243,359 (51,291) (0.02) New Zealand Dollar Sell 20/01/2021 941,125 911,345 (29,780) (0.01) New Zealand Dollar Sell 20/01/2021 626,745 609,307 (17,438) (0.01) New Zealand Dollar Sell 20/01/2021 1,126,630 1,101,663 (24,967) (0.01) New Zealand Dollar Sell 20/01/2021 1,703,149 1,663,533 (39,616) (0.01) New Zealand Dollar Sell 20/01/2021 635,236 625,476 (9,760) - Swedish Krona Buy 17/03/2021 2,118,048 2,080,481 37,567 0.01 Swiss Franc Buy 17/03/2021 594,726 595,218 (492) - Westpac Banking Corporation Australian Dollar Buy 20/01/2021 106,642 99,330 7,312 - Australian Dollar Buy 20/01/2021 1,109,757 1,072,054 37,703 0.01 Australian Dollar Sell 20/01/2021 341,671 312,697 (28,974) (0.01) Australian Dollar Sell 20/01/2021 333,806 310,017 (23,789) (0.01)

The accompanying notes form an integral part of these financial statements.

102 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.63%) (30 June 2020: 0.07%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Westpac Banking Corporation cont. British Pound Buy 17/03/2021 USD 644,519 USD 641,809 USD 2,710 - British Pound Buy 17/03/2021 1,049,070 1,033,400 15,670 - British Pound Sell 17/03/2021 722,091 711,699 (10,392) - Canadian Dollar Buy 20/01/2021 803,738 771,502 32,236 0.01 Canadian Dollar Buy 20/01/2021 314,739 307,923 6,816 - Chinese Yuan (offshore) Buy 18/02/2021 653,010 634,066 18,944 0.01 Chinese Yuan (offshore) Sell 18/02/2021 644,500 622,014 (22,486) (0.01) Euro Buy 17/03/2021 26,369,849 26,246,275 123,574 0.04 Euro Buy 17/03/2021 35,635,957 35,468,960 166,997 0.06 Euro Sell 17/03/2021 34,139 33,979 (160) - Euro Sell 17/03/2021 589,793 590,089 296 - Japanese Yen Buy 17/02/2021 324,355 320,303 4,052 - New Zealand Dollar Buy 20/01/2021 1,171,963 1,164,649 7,314 - New Zealand Dollar Buy 20/01/2021 2,416,387 2,358,844 57,543 0.03 New Zealand Dollar Sell 20/01/2021 311,214 287,396 (23,818) (0.01) New Zealand Dollar Sell 20/01/2021 1,703,077 1,663,456 (39,621) (0.01) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 8,039,380 2.38 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (5,940,223) (1.75) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 2,099,157 0.63 Total Financial Assets at Fair Value through Profit or Loss USD 505,319,419 149.29 Total Financial Liabilities at Fair Value through Profit or Loss USD (89,990,918) (26.59)

* The exchange currency for all contracts listed is the United States Dollar.

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 8.96 Transferable securities dealt on another regulated market 45.45 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 30.24 OTC financial derivative instruments 4.01 Exchange traded financial derivative instruments 0.12 Centrally cleared financial derivative instruments - Other assets 11.22 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 103

Putnam Securitised Credit Fund

Schedule of Investments 31 December 2020

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (114.36%) (30 June 2020: 81.19%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (105.07%) USD 118,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 12/02/2051 USD 122,420,386 32.54 15,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 12/02/2051 15,778,125 4.19 35,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 1.50 14/01/2051 35,366,408 9.40 179,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 14/01/2051 185,992,188 49.42 29,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/01/2051 30,572,345 8.12 5,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50 14/01/2051 5,286,719 1.40 395,416,171 105.07 U.S. Government Guaranteed Mortgage Obligations (9.29%) 207,868 Government National Mortgage Association Pass-Through Certificates 5.00 20/03/2050 235,415 0.06 51,165 Government National Mortgage Association Pass-Through Certificates 4.00 20/01/2050 56,805 0.02 267,006 Government National Mortgage Association Pass-Through Certificates 4.00 20/12/2049 296,442 0.08 177,667 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 195,313 0.05 14,767 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 16,234 - 34,666 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 38,109 0.01 112,887 Government National Mortgage Association Pass-Through Certificates 4.00 20/10/2049 125,332 0.03 107,878 Government National Mortgage Association Pass-Through Certificates 4.00 20/10/2049 119,770 0.03 135,770 Government National Mortgage Association Pass-Through Certificates 4.00 20/09/2049 150,737 0.04 247,276 Government National Mortgage Association Pass-Through Certificates 4.00 20/08/2049 273,842 0.07 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 2.00 21/01/2051 6,273,750 1.67 26,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00 21/01/2051 27,188,281 7.23 34,970,030 9.29 Total U.S. Government and Agency Mortgage Obligations USD 430,386,201 114.36

U.S. GOVERNMENT AGENCY OBLIGATIONS (2.39%) (30 June 2020: 3.28%) Principal Maturity Value % of Amount Yield (%) Date USD Fund USD 9,000,000 Federal Home Loan Bank Discount Notes 0.07 06/01/2021 USD 8,999,913 2.39 Total U.S. Government Agency Obligations USD 8,999,913 2.39

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (34.51%) USD 308,652 Federal Home Loan Mortgage Corporation (Class AS) 5.85 25/09/2048 USD 52,085 0.01 10,112,330 Federal Home Loan Mortgage Corporation (Class AS) 6.04 15/02/2045 2,345,148 0.62 13,807,677 Federal Home Loan Mortgage Corporation (Class BI) 4.00 25/09/2050 1,720,091 0.46 10,845,614 Federal Home Loan Mortgage Corporation (Class BI) 4.50 25/05/2050 1,780,199 0.47 217,005 Federal Home Loan Mortgage Corporation (Class CI) 7.00 15/03/2045 49,656 0.01 228,618 Federal Home Loan Mortgage Corporation (Class DI) 4.00 15/06/2043 20,004 0.01 84,013 Federal Home Loan Mortgage Corporation (Class EI) 4.00 15/10/2042 702 - 5,525,487 Federal Home Loan Mortgage Corporation (Class ES) 5.85 25/12/2049 764,175 0.20 15,816,575 Federal Home Loan Mortgage Corporation (Class IC) 4.00 25/02/2050 1,734,170 0.46 125,741 Federal Home Loan Mortgage Corporation (Class IG) 3.00 15/06/2048 8,805 - 14,910,141 Federal Home Loan Mortgage Corporation (Class IO) 3.00 25/04/2050 1,601,734 0.43 177,660 Federal Home Loan Mortgage Corporation (Class IO) 5.50 15/08/2048 36,619 0.01 330,200 Federal Home Loan Mortgage Corporation (Class IO) 4.00 15/02/2044 25,169 0.01 2,554,338 Federal Home Loan Mortgage Corporation (Class IP) 4.00 15/02/2047 243,126 0.06 9,908,071 Federal Home Loan Mortgage Corporation (Class KI) 4.00 25/12/2050 1,380,987 0.37 8,452,006 Federal Home Loan Mortgage Corporation (Class MI) 3.50 25/09/2050 1,225,541 0.33 8,160,444 Federal Home Loan Mortgage Corporation (Class NS) 5.99 15/06/2047 1,742,832 0.46 262,096 Federal Home Loan Mortgage Corporation (Class NS) 6.32 15/01/2042 52,972 0.01 16,332,444 Federal Home Loan Mortgage Corporation (Class PI) 3.00 25/10/2050 1,887,573 0.50 696,848 Federal Home Loan Mortgage Corporation (Class PI) 4.50 15/12/2045 91,933 0.02 1,949,986 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/04/2045 217,466 0.06 454,890 Federal Home Loan Mortgage Corporation (Class QI) 4.00 15/11/2044 72,897 0.02 3,357,023 Federal Home Loan Mortgage Corporation (Class S) 6.04 15/06/2048 432,251 0.11 3,413,570 Federal Home Loan Mortgage Corporation (Class SA) 5.85 25/02/2050 582,832 0.15 2,572,821 Federal Home Loan Mortgage Corporation (Class SA) 5.90 25/08/2049 427,346 0.11 1,775,417 Federal Home Loan Mortgage Corporation (Class SA) 6.34 15/09/2041 346,773 0.09 1,712,618 Federal Home Loan Mortgage Corporation (Class SB) 5.90 25/04/2049 216,475 0.06

The accompanying notes form an integral part of these financial statements.

104 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (34.51%) cont. USD 2,336,054 Federal Home Loan Mortgage Corporation (Class SC) 6.39 15/10/2033 USD 476,770 0.13 10,413,516 Federal Home Loan Mortgage Corporation (Class SM) 6.00 25/08/2050 2,224,638 0.59 2,370,712 Federal Home Loan Mortgage Corporation (Class SN) 5.90 25/06/2050 444,679 0.12 5,596,991 Federal Home Loan Mortgage Corporation (Class SP) 5.85 25/08/2049 809,773 0.22 562,092 Federal Home Loan Mortgage Corporation (Class TI) 4.00 15/11/2045 59,967 0.02 7,343,393 Federal Home Loan Mortgage Corporation (Class UI) 6.41 15/05/2036 1,824,331 0.48 8,975,315 Federal National Mortgage Association (Class AS) 6.10 25/08/2047 1,820,450 0.48 116,928 Federal National Mortgage Association (Class AS) 5.95 25/12/2046 22,842 0.01 12,200,401 Federal National Mortgage Association (Class BI) 4.50 25/10/2048 1,676,118 0.45 120,270 Federal National Mortgage Association (Class BS) 5.90 25/10/2049 9,195 - 2,593,597 Federal National Mortgage Association (Class BS) 5.95 25/11/2046 581,265 0.15 167,287 Federal National Mortgage Association (Class BS) 5.95 25/09/2046 30,029 0.01 8,820,009 Federal National Mortgage Association (Class C12) 4.00 25/12/2045 1,282,449 0.34 5,791,659 Federal National Mortgage Association (Class C35) 4.50 25/10/2040 895,574 0.24 312,168 Federal National Mortgage Association (Class CS) 5.85 25/11/2049 83,193 0.02 210,117 Federal National Mortgage Association (Class CS) 5.95 25/09/2046 42,392 0.01 272,629 Federal National Mortgage Association (Class CS) 5.95 25/05/2039 51,094 0.01 12,300,240 Federal National Mortgage Association (Class GS) 5.85 25/12/2049 1,929,907 0.51 9,166,615 Federal National Mortgage Association (Class HI) 4.00 25/12/2049 531,022 0.14 4,387,792 Federal National Mortgage Association (Class IA) 4.50 25/11/2047 581,382 0.15 9,011,763 Federal National Mortgage Association (Class IA) 5.00 25/05/2047 1,583,727 0.42 5,418,503 Federal National Mortgage Association (Class IA) 5.00 25/06/2045 904,836 0.24 21,594,860 Federal National Mortgage Association (Class IO) 4.50 25/05/2050 3,019,545 0.81 709,185 Federal National Mortgage Association (Class IO) 4.50 25/03/2049 53,316 0.01 206,122 Federal National Mortgage Association (Class IO) 5.50 25/08/2048 40,184 0.01 190,753 Federal National Mortgage Association (Class IO) 6.50 25/07/2048 34,860 0.01 182,207 Federal National Mortgage Association (Class IO) 5.50 25/05/2045 34,590 0.01 128,793 Federal National Mortgage Association (Class KI) 5.00 25/06/2041 22,748 0.01 7,011,731 Federal National Mortgage Association (Class KS) 5.85 25/11/2049 1,098,457 0.29 8,963,714 Federal National Mortgage Association (Class KS) 5.90 25/08/2049 1,378,024 0.37 4,107,786 Federal National Mortgage Association (Class LS) 5.95 25/09/2046 894,086 0.24 166,775 Federal National Mortgage Association (Class MI) 5.50 25/02/2046 30,970 0.01 212,728 Federal National Mortgage Association (Class PI) 5.50 25/08/2033 35,632 0.01 6,726,884 Federal National Mortgage Association (Class PS) 5.85 25/12/2049 984,686 0.26 9,896,215 Federal National Mortgage Association (Class PS) 5.85 25/04/2049 1,400,908 0.37 14,663,344 Federal National Mortgage Association (Class PS) 6.05 25/08/2048 2,152,505 0.57 7,133,162 Federal National Mortgage Association (Class S) 5.85 25/04/2049 814,464 0.22 2,604,445 Federal National Mortgage Association (Class S) 5.80 25/03/2042 500,131 0.13 3,990,216 Federal National Mortgage Association (Class SA) 5.80 25/12/2049 649,969 0.17 5,437,660 Federal National Mortgage Association (Class SA) 5.90 25/10/2049 927,129 0.25 8,514,585 Federal National Mortgage Association (Class SA) 5.90 25/05/2049 1,289,232 0.34 7,584,237 Federal National Mortgage Association (Class SA) 6.05 25/08/2048 1,133,388 0.30 4,381,882 Federal National Mortgage Association (Class SA) 6.05 25/06/2048 643,611 0.17 461,026 Federal National Mortgage Association (Class SA) 5.60 25/10/2047 87,379 0.02 2,398,526 Federal National Mortgage Association (Class SA) 5.90 25/03/2046 413,031 0.11 276,739 Federal National Mortgage Association (Class SA) 6.55 25/02/2043 70,592 0.02 325,041 Federal National Mortgage Association (Class SB) 6.05 25/09/2048 50,999 0.01 5,090,000 Federal National Mortgage Association (Class SC) 5.80 25/07/2050 853,742 0.23 5,374,797 Federal National Mortgage Association (Class SC) 5.85 25/11/2049 907,825 0.24 6,316,029 Federal National Mortgage Association (Class SC) 5.85 25/11/2049 1,026,355 0.27 209,845 Federal National Mortgage Association (Class SD) 5.90 25/04/2044 38,379 0.01 663,300 Federal National Mortgage Association (Class SD) 5.90 25/09/2042 136,860 0.04 4,685,632 Federal National Mortgage Association (Class SH) 5.95 25/07/2049 856,566 0.23 108,906 Federal National Mortgage Association (Class SH) 6.00 25/05/2049 21,628 0.01 8,338,156 Federal National Mortgage Association (Class SH) 6.41 25/06/2041 1,844,808 0.50 221,087 Federal National Mortgage Association (Class SK) 5.85 25/12/2046 46,904 0.01 3,238,814 Federal National Mortgage Association (Class SM) 5.90 25/06/2049 494,055 0.13 4,957,907 Federal National Mortgage Association (Class SN) 5.90 25/09/2049 678,341 0.18 407,407 Federal National Mortgage Association (Class ST) 5.77 25/06/2041 82,341 0.02 769,380 Federal National Mortgage Association (Class YI) 3.50 25/06/2042 38,361 0.01 The accompanying notes form an integral part of these financial statements.

Putnam World Trust 105

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (34.51%) cont. USD 5,717,679 Government National Mortgage Association (Class AI) 2.91 20/02/2070 USD 557,428 0.15 984,230 Government National Mortgage Association (Class AI) 1.74 20/03/2068 38,392 0.01 321,522 Government National Mortgage Association (Class AI) 2.93 20/02/2068 30,623 0.01 4,242,895 Government National Mortgage Association (Class AI) 2.12 20/11/2066 423,110 0.11 6,055,887 Government National Mortgage Association (Class AI) 2.36 20/09/2066 566,941 0.15 2,174,824 Government National Mortgage Association (Class AI) 3.23 20/02/2066 177,920 0.05 5,837,400 Government National Mortgage Association (Class AS) 6.00 16/09/2043 1,129,277 0.30 6,933,338 Government National Mortgage Association (Class BI) 1.16 20/12/2069 633,211 0.17 17,334,984 Government National Mortgage Association (Class BI) 3.11 20/06/2069 2,281,631 0.62 4,977,832 Government National Mortgage Association (Class BI) 1.96 20/02/2068 558,451 0.15 10,403,303 Government National Mortgage Association (Class BI) 2.30 20/08/2067 1,127,254 0.30 6,032,446 Government National Mortgage Association (Class BI) 2.19 20/02/2067 576,404 0.15 4,416,974 Government National Mortgage Association (Class BI) 2.34 20/02/2067 459,302 0.12 7,669,802 Government National Mortgage Association (Class BS) 5.95 20/10/2049 988,081 0.26 6,637,855 Government National Mortgage Association (Class CI) 1.15 20/01/2070 598,729 0.16 10,025,112 Government National Mortgage Association (Class CI) 1.73 20/11/2069 666,850 0.18 240,470 Government National Mortgage Association (Class CI) 2.59 20/07/2068 23,520 0.01 834,490 Government National Mortgage Association (Class CI) 1.62 20/07/2064 35,074 0.01 7,040,434 Government National Mortgage Association (Class CS) 6.15 20/09/2050 1,551,874 0.41 6,870,337 Government National Mortgage Association (Class DI) 2.40 01/04/2070 564,742 0.15 24,548,369 Government National Mortgage Association (Class DI) 2.19 20/12/2069 2,144,619 0.58 381,269 Government National Mortgage Association (Class DI) 2.67 20/08/2068 36,472 0.01 215,588 Government National Mortgage Association (Class DI) 2.79 20/04/2067 20,987 0.01 3,961,215 Government National Mortgage Association (Class DI) 2.64 20/06/2066 353,006 0.09 14,436,642 Government National Mortgage Association (Class DI) 3.26 20/01/2066 1,066,521 0.28 10,468,599 Government National Mortgage Association (Class DI) 1.72 20/05/2063 635,057 0.17 388,587 Government National Mortgage Association (Class DI) 2.07 20/12/2062 27,926 0.01 1,484,003 Government National Mortgage Association (Class DI) 5.00 16/03/2047 265,206 0.07 192,207 Government National Mortgage Association (Class DI) 5.50 16/12/2044 40,454 0.01 6,981,745 Government National Mortgage Association (Class DS) 5.95 20/08/2049 1,040,713 0.28 8,509,158 Government National Mortgage Association (Class DS) 5.90 20/04/2046 1,703,144 0.45 6,525,747 Government National Mortgage Association (Class EI) 2.84 20/11/2069 594,581 0.16 296,320 Government National Mortgage Association (Class EI) 2.54 20/06/2068 29,337 0.01 357,774 Government National Mortgage Association (Class EI) 1.88 20/01/2068 40,138 0.01 91,142 Government National Mortgage Association (Class EI) 3.50 20/08/2045 6,023 - 1,075,168 Government National Mortgage Association (Class EI) 5.00 20/10/2044 197,519 0.05 5,271,135 Government National Mortgage Association (Class ES) 5.95 20/08/2049 785,136 0.21 147,108 Government National Mortgage Association (Class FI) 1.82 20/06/2068 13,344 - 1,103,885 Government National Mortgage Association (Class FI) 1.14 20/05/2062 28,266 0.01 5,709,501 Government National Mortgage Association (Class GI) 1.25 20/12/2067 621,804 0.17 4,575,891 Government National Mortgage Association (Class GI) 2.32 20/10/2067 569,837 0.15 10,687,668 Government National Mortgage Association (Class GI) 4.00 20/11/2049 1,166,207 0.31 97,422 Government National Mortgage Association (Class GI) 3.50 20/09/2047 6,325 - 5,212,320 Government National Mortgage Association (Class GS) 5.90 20/02/2050 878,113 0.23 7,704,285 Government National Mortgage Association (Class GS) 5.90 20/12/2049 1,976,432 0.53 3,713,234 Government National Mortgage Association (Class HI) 2.92 20/01/2066 243,959 0.06 24,080,947 Government National Mortgage Association (Class HI) 1.70 20/09/2064 1,438,813 0.38 8,131,283 Government National Mortgage Association (Class IA) 1.20 20/11/2069 660,667 0.18 310,444 Government National Mortgage Association (Class IA) 2.72 20/08/2068 29,392 0.01 528,399 Government National Mortgage Association (Class IA) 4.50 20/09/2047 86,599 0.02 185,908 Government National Mortgage Association (Class IA) 3.50 20/10/2042 27,666 0.01 7,280,505 Government National Mortgage Association (Class IB) 1.23 20/12/2069 683,887 0.18 465,641 Government National Mortgage Association (Class IB) 4.00 20/08/2047 58,110 0.02 8,708,143 Government National Mortgage Association (Class IB) 4.50 16/11/2045 1,575,651 0.42 5,735,119 Government National Mortgage Association (Class IB) 4.00 20/12/2044 610,905 0.16 9,003,016 Government National Mortgage Association (Class IC) 2.86 20/12/2069 840,990 0.22 4,620,779 Government National Mortgage Association (Class IC) 4.00 20/05/2045 632,816 0.17 8,911,439 Government National Mortgage Association (Class IC) 4.50 20/08/2041 1,502,174 0.40 6,818,722 Government National Mortgage Association (Class IE) 2.68 20/10/2069 574,977 0.15 60,595 Government National Mortgage Association (Class IE) 3.50 20/01/2046 4,262 - The accompanying notes form an integral part of these financial statements.

106 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (34.51%) cont. USD 5,255,753 Government National Mortgage Association (Class IJ) 4.50 20/03/2043 USD 844,053 0.22 20,302,099 Government National Mortgage Association (Class IM) 2.84 20/05/2069 2,240,398 0.61 479,114 Government National Mortgage Association (Class IM) 1.65 20/02/2068 56,967 0.02 2,031,160 Government National Mortgage Association (Class IM) 6.50 20/02/2047 427,945 0.11 6,603,790 Government National Mortgage Association (Class IN) 5.00 20/09/2049 844,390 0.22 1,651,597 Government National Mortgage Association (Class IN) 5.00 20/02/2048 258,940 0.07 323,232 Government National Mortgage Association (Class IO) 2.87 20/09/2068 29,454 0.01 183,707 Government National Mortgage Association (Class IO) 6.50 20/12/2046 37,066 0.01 57,736 Government National Mortgage Association (Class IO) 5.00 20/10/2044 10,587 - 187,195 Government National Mortgage Association (Class JI) 2.94 20/07/2068 18,102 - 219,730 Government National Mortgage Association (Class KI) 2.81 20/08/2068 22,711 0.01 3,945,555 Government National Mortgage Association (Class KS) 5.90 16/09/2049 967,223 0.26 316,232 Government National Mortgage Association (Class LS) 5.99 20/12/2043 75,741 0.02 7,771,756 Government National Mortgage Association (Class MI) 2.50 20/11/2050 920,487 0.24 5,029,743 Government National Mortgage Association (Class MI) 2.50 20/10/2050 590,995 0.16 4,405,955 Government National Mortgage Association (Class MI) 4.00 20/04/2050 474,015 0.13 14,920,749 Government National Mortgage Association (Class MI) 3.00 20/03/2050 1,370,268 0.36 442,529 Government National Mortgage Association (Class NI) 2.96 20/08/2068 41,880 0.01 500,002 Government National Mortgage Association (Class PI) 1.75 20/02/2068 25,507 0.01 7,509,306 Government National Mortgage Association (Class PI) 3.50 20/12/2049 872,656 0.23 225,026 Government National Mortgage Association (Class PI) 4.50 20/05/2048 21,558 0.01 377,029 Government National Mortgage Association (Class QI) 5.00 20/10/2047 65,726 0.02 2,144,827 Government National Mortgage Association (Class QI) 4.50 20/03/2040 344,745 0.09 6,267,776 Government National Mortgage Association (Class QS) 6.10 20/02/2040 1,243,777 0.33 6,554,465 Government National Mortgage Association (Class S) 5.90 20/08/2049 998,245 0.27 285,045 Government National Mortgage Association (Class S) 6.05 20/07/2048 44,745 0.01 91,137 Government National Mortgage Association (Class S) 5.95 20/02/2044 18,113 - 2,662,063 Government National Mortgage Association (Class S) 5.90 20/02/2041 466,841 0.12 87,608 Government National Mortgage Association (Class SA) 6.00 20/12/2048 14,322 - 2,071,937 Government National Mortgage Association (Class SA) 5.95 20/03/2044 428,709 0.11 7,178,433 Government National Mortgage Association (Class SA) 5.95 20/02/2044 1,439,922 0.38 7,314,219 Government National Mortgage Association (Class SA) 6.55 20/08/2043 1,565,867 0.42 3,555,339 Government National Mortgage Association (Class SC) 5.95 20/02/2049 599,528 0.16 2,508,719 Government National Mortgage Association (Class SD) 6.05 20/09/2048 365,997 0.10 310,737 Government National Mortgage Association (Class SD) 6.05 20/08/2048 47,079 0.01 223,935 Government National Mortgage Association (Class SD) 6.45 20/08/2040 48,294 0.01 1,173,959 Government National Mortgage Association (Class SD) 6.43 20/06/2040 246,941 0.07 9,672,074 Government National Mortgage Association (Class SE) 5.95 20/01/2049 1,386,221 0.37 8,534,077 Government National Mortgage Association (Class SG) 5.90 20/11/2049 1,039,852 0.28 248,608 Government National Mortgage Association (Class SG) 6.10 20/08/2048 37,498 0.01 219,872 Government National Mortgage Association (Class SG) 5.95 20/01/2044 42,638 0.01 6,973,380 Government National Mortgage Association (Class SH) 5.90 20/11/2049 723,488 0.19 7,419,491 Government National Mortgage Association (Class SH) 5.90 20/09/2049 919,929 0.24 4,493,485 Government National Mortgage Association (Class SH) 5.90 20/03/2049 744,167 0.20 207,850 Government National Mortgage Association (Class SH) 6.10 20/07/2048 31,770 0.01 2,343,451 Government National Mortgage Association (Class SJ) 6.10 20/07/2048 375,110 0.10 170,154 Government National Mortgage Association (Class SK) 5.90 20/12/2043 34,762 0.01 11,201,627 Government National Mortgage Association (Class SL) 6.00 20/10/2049 1,498,978 0.40 12,984,717 Government National Mortgage Association (Class SL) 5.95 20/07/2049 1,799,552 0.48 830,697 Government National Mortgage Association (Class SL) 6.00 20/03/2043 80,827 0.02 3,057,067 Government National Mortgage Association (Class SQ) 6.05 20/09/2048 504,843 0.13 8,492,573 Government National Mortgage Association (Class SW) 5.95 20/02/2050 1,362,464 0.36 6,358,283 Government National Mortgage Association (Class SW) 5.95 20/07/2049 1,062,787 0.28 279,983 Government National Mortgage Association (Class TI) 3.50 20/05/2043 39,629 0.01 217,027 Government National Mortgage Association (Class UI) 5.00 20/03/2040 39,077 0.01 3,278,170 Government National Mortgage Association (Class VS) 6.00 20/02/2049 530,005 0.14 7,937,779 Government National Mortgage Association (Class XD) 6.45 16/01/2040 1,597,478 0.42 33,743 Government National Mortgage Association (Class YI) 3.50 20/03/2045 1,203 - 129,860,716 34.51

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 107

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (21.94%) USD 1,376,000 Banc of America Commercial Mortgage Trust 2016-UBS10 (Class D) 3.00 15/07/2049 USD 1,110,357 0.30 1,189,000 BANK 2017-BNK9 (Class D) 2.80 15/11/2054 940,897 0.25 1,051,000 Benchmark 2018-B1 Mortgage Trust (Class C) 4.12 15/01/2051 1,123,786 0.30 110,000 Carrington Mortgage Loan Trust Series 2006-NC2 (Class A4) 0.39 25/06/2036 104,694 0.03 2,243,291 Carrington Mortgage Loan Trust Series 2007-RFC1 (Class A3) 0.29 25/12/2036 2,127,733 0.56 1,114,000 CD 2017-CD6 Mortgage Trust (Class C) 4.27 13/11/2050 1,101,715 0.29 568,000 Citigroup Commercial Mortgage Trust 2012-GC8 (Class C) 4.88 10/09/2045 547,867 0.15 427,000 Citigroup Commercial Mortgage Trust 2013-GC11 (Class C) 4.13 10/04/2046 440,393 0.12 1,151,000 Citigroup Commercial Mortgage Trust 2015-P1 (Class C) 4.37 15/09/2048 1,105,285 0.29 413,000 Commercial 2012-CCRE1 Mortgage Trust (Class B) 4.61 15/05/2045 407,748 0.11 678,000 Commercial 2012-CCRE1 Mortgage Trust (Class C) 5.32 15/05/2045 536,790 0.14 328,000 Commercial 2012-CCRE4 Mortgage Trust (Class B) 3.70 15/10/2045 250,764 0.07 395,000 Commercial 2013-CCRE6 Mortgage Trust (Class D) 4.09 10/03/2046 329,290 0.09 1,043,000 Commercial 2013-LC13 Mortgage Trust (Class C) 5.29 10/08/2046 1,063,860 0.27 1,056,000 Commercial 2013-LC13 Mortgage Trust (Class D) 5.29 10/08/2046 903,891 0.24 417,000 Commercial 2013-LC6 Mortgage Trust (Class E) 3.50 10/01/2046 330,734 0.09 749,000 Commercial 2014-CCRE16 Mortgage Trust (Class C) 4.93 10/04/2047 790,595 0.21 650,000 Commercial 2014-CCRE17 Mortgage Trust (Class C) 4.78 10/05/2047 651,288 0.17 209,000 Commercial 2014-CCRE17 Mortgage Trust (Class D) 4.85 10/05/2047 192,345 0.05 437,000 Commercial 2014-CCRE18 Mortgage Trust (Class C) 4.74 15/07/2047 442,221 0.12 803,000 Commercial 2014-CCRE19 Mortgage Trust (Class D) 4.71 10/08/2047 743,355 0.20 1,081,000 Commercial 2014-CCRE21 Mortgage Trust (Class C) 4.42 10/12/2047 1,099,595 0.29 1,010,000 Commercial 2014-CR14 Mortgage Trust (Class D) 4.62 10/02/2047 903,950 0.24 1,041,000 Commercial 2014-LC15 Mortgage Trust (Class C) 4.98 10/04/2047 1,082,009 0.29 1,042,000 Commercial 2014-UBS2 Mortgage Trust (Class C) 4.96 10/03/2047 1,089,301 0.29 470,000 Commercial 2014-UBS3 Mortgage Trust (Class C) 4.74 10/06/2047 488,840 0.13 791,000 Commercial 2014-UBS3 Mortgage Trust (Class D) 4.77 10/06/2047 788,676 0.21 1,083,000 Commercial 2014-UBS4 Mortgage Trust (Class C) 4.64 10/08/2047 1,127,020 0.30 1,525,000 Commercial 2014-UBS4 Mortgage Trust (Class D) 4.71 10/08/2047 997,625 0.27 1,045,000 Commercial 2015-CCRE23 Mortgage Trust (Class C) 4.29 10/05/2048 1,093,273 0.29 622,000 Commercial 2015-CCRE23 Mortgage Trust (Class D) 4.29 10/05/2048 563,505 0.15 534,000 Commercial 2015-LC19 Mortgage Trust (Class D) 2.87 10/02/2048 506,509 0.13 800,000 Commercial 2016-COR1 Mortgage Trust (Class C) 4.38 10/10/2049 848,957 0.23 479,000 Commercial 2017-COR2 Mortgage Trust (Class C) 4.56 10/09/2050 490,061 0.13 665,000 Commercial 2018-COR3 Mortgage Trust (Class C) 4.56 10/05/2051 693,929 0.18 1,452,000 Commercial 2018-COR3 Mortgage Trust (Class D) 2.81 10/05/2051 1,141,396 0.29 884,000 CSAIL 2015-C1 Commercial Mortgage Trust (Class C) 4.26 15/04/2050 847,319 0.23 1,151,000 CSAIL 2018-C14 Commercial Mortgage Trust (Class D) 4.89 15/11/2051 1,075,205 0.29 1,545,000 CSMC Trust 2016-NXSR (Class B) 4.25 15/12/2049 1,455,578 0.39 689,000 DBUBS 2011-LC1 Mortgage Trust (Class C) 5.56 10/11/2046 690,700 0.18 1,275,000 DBUBS 2011-LC2 Mortgage Trust (Class D) 5.49 10/07/2044 1,218,604 0.32 1,074,000 GS Mortgage Securities Corporation II (Class C) 4.29 10/02/2046 1,091,050 0.29 424,000 GS Mortgage Securities Trust 2010-C1 (Class D) 5.98 10/08/2043 63,635 0.02 882,000 GS Mortgage Securities Trust 2012-GC6 (Class C) 5.65 10/01/2045 802,620 0.21 1,064,000 GS Mortgage Securities Trust 2012-GCJ9 (Class C) 4.45 10/11/2045 1,089,225 0.29 1,276,000 GS Mortgage Securities Trust 2013-GC13 (Class D) 4.08 10/07/2046 968,122 0.26 636,000 GS Mortgage Securities Trust 2014-GC18 (Class B) 4.89 10/01/2047 616,096 0.16 40,000 GS Mortgage Securities Trust 2014-GC18 (Class C) 4.99 10/01/2047 33,000 0.01 1,153,000 GS Mortgage Securities Trust 2014-GC20 (Class C) 4.96 10/04/2047 1,083,818 0.29 545,000 GS Mortgage Securities Trust 2014-GC24 (Class C) 4.53 10/09/2047 451,922 0.12 57,000 GS Mortgage Securities Trust 2014-GC24 (Class D) 4.53 10/09/2047 21,660 0.01 1,092,000 GS Mortgage Securities Trust 2015-GC30 (Class C) 4.08 10/05/2050 1,159,486 0.31 637,000 GS Mortgage Securities Trust 2016-GS2 (Class C) 4.71 10/05/2049 675,220 0.18 982,000 GS Mortgage Securities Trust 2017-GS5 (Class C) 4.30 10/03/2050 1,035,024 0.28 1,087,000 GS Mortgage Securities Trust 2017-GS5 (Class D) 3.51 10/03/2050 951,222 0.25 1,877,417 GSAA Home Equity Trust 2006-1 (Class A1) 0.33 25/01/2036 807,290 0.21 340,882 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9 (Class AMS) 5.34 15/05/2047 309,158 0.08 387,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C3 (Class B) 5.01 15/02/2046 371,743 0.10

The accompanying notes form an integral part of these financial statements.

108 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (21.94%) cont. USD 917,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 (Class C) 5.43 15/07/2046 USD 909,486 0.24 1,698,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 (Class C) 5.42 15/08/2046 1,612,590 0.42 663,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 (Class D) 5.42 15/08/2046 513,533 0.14 823,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 (Class D) 5.15 15/05/2045 663,552 0.18 450,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 (Class D) 4.67 15/10/2045 379,028 0.10 1,211,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX (Class B) 4.92 15/06/2045 1,152,840 0.31 915,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 (Class C) 5.03 15/12/2046 964,801 0.26 539,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class B) 3.50 15/04/2046 531,357 0.14 18,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class D) 4.17 15/04/2046 13,759 - 697,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 (Class C) 4.60 15/07/2047 709,652 0.19 633,000 JPMBB Commercial Mortgage Securities Trust 2013-C12 (Class C) 4.10 15/07/2045 624,765 0.17 1,043,000 JPMBB Commercial Mortgage Securities Trust 2013-C14 (Class C) 4.70 15/08/2046 778,257 0.21 400,000 JPMBB Commercial Mortgage Securities Trust 2013-C14 (Class D) 4.70 15/08/2046 250,329 0.07 20,000 JPMBB Commercial Mortgage Securities Trust 2014-C18 (Class C) 4.79 15/02/2047 18,674 - 499,000 JPMBB Commercial Mortgage Securities Trust 2014-C18 (Class D) 4.79 15/02/2047 266,318 0.07 467,000 JPMBB Commercial Mortgage Securities Trust 2014-C19 (Class D) 4.68 15/04/2047 396,950 0.11 933,000 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class C) 4.55 15/09/2047 804,323 0.21 1,249,000 JPMBB Commercial Mortgage Securities Trust 2014-C23 (Class D) 3.97 15/09/2047 1,081,476 0.29 1,263,000 JPMDB Commercial Mortgage Securities Trust 2017-C5 (Class C) 4.51 15/03/2050 1,220,344 0.32 1,425,000 JPMDB Commercial Mortgage Securities Trust 2017-C7 (Class D) 3.00 15/10/2050 965,440 0.26 372,000 Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 (Class G) 4.50 15/11/2045 230,640 0.06 330,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 (Class D) 4.76 15/10/2046 221,222 0.06 699,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 (Class C) 4.03 15/05/2046 701,481 0.19 495,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 (Class C) 5.05 15/02/2047 534,937 0.14 1,236,237 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 (Class D) 5.05 15/02/2047 1,266,401 0.34 834,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 (Class C) 4.91 15/04/2047 890,644 0.24 938,000 Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 (Class D) 4.14 15/07/2050 918,554 0.24 1,099,000 Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 (Class C) 4.75 15/05/2049 1,085,644 0.29 25,000 Morgan Stanley Capital I Trust 2011-C3 (Class E) 5.24 15/07/2049 18,756 - 486,000 Morgan Stanley Capital I Trust 2012-C4 (Class C) 5.42 15/03/2045 437,590 0.12 186,000 NRZ Excess Spread-Collateralized Notes Series 2020-PLS1 (Class A) 3.84 25/12/2025 186,505 0.05 2,521,000 Towd Point Mortgage Trust 2016-2 (Class M2) 3.00 25/08/2055 2,686,008 0.70 2,585,000 Towd Point Mortgage Trust 2018-5 (Class M1) 3.25 25/07/2058 2,746,832 0.72 1,117,000 UBS Commercial Mortgage Trust 2018-C10 (Class D) 3.00 15/05/2051 926,625 0.25 1,095,000 UBS Commercial Mortgage Trust 2018-C11 (Class D) 3.00 15/06/2051 849,099 0.23 619,000 UBS-Barclays Commercial Mortgage Trust 2012-C3 (Class C) 5.03 10/08/2049 609,110 0.16 1,386,000 UBS-Barclays Commercial Mortgage Trust 2013-C6 (Class B) 3.88 10/04/2046 1,383,505 0.37 1,018,000 UBS-Citigroup Commercial Mortgage Trust 2011-C1 (Class B) 6.05 10/01/2045 1,043,421 0.28 2,083,157 WaMu Asset-Backed Certificates WaMu Series 2007-HE4 Trust (Class 1A) 0.32 25/07/2047 1,697,271 0.44 433,000 Wells Fargo Commercial Mortgage Trust 2012-LC5 (Class D) 4.76 15/10/2045 415,680 0.11 787,000 Wells Fargo Commercial Mortgage Trust 2016-BNK1 (Class C) 3.07 15/08/2049 666,370 0.18 1,054,000 Wells Fargo Commercial Mortgage Trust 2018-C46 (Class C) 4.98 15/08/2051 1,188,116 0.31 350,000 Wells Fargo Commercial Mortgage Trust 2018-C48 (Class C) 5.12 15/01/2052 388,474 0.10 811,000 WFRBS Commercial Mortgage Trust 2012-C10 (Class B) 3.74 15/12/2045 705,570 0.19 13,000 WFRBS Commercial Mortgage Trust 2012-C10 (Class D) 4.43 15/12/2045 5,047 - 626,000 WFRBS Commercial Mortgage Trust 2013-C12 (Class C) 4.32 15/03/2048 625,458 0.17 493,000 WFRBS Commercial Mortgage Trust 2013-C13 (Class D) 4.14 15/05/2045 472,956 0.13 855,000 WFRBS Commercial Mortgage Trust 2014-C21 (Class C) 4.23 15/08/2047 847,855 0.23 82,585,196 21.94 Residential Mortgage-Backed Securities (non-agency) (17.08%) 2,580,170 American Home Mortgage Investment Trust 2007-1 (Class A1C) 0.34 25/05/2047 1,309,086 0.35 14,064 Bear Stearns ALT-A Trust 2005-8 (Class 21A1) 2.95 25/10/2035 12,535 - 1,254,035 Connecticut Avenue Securities Trust 2019-HRP1 (Class M2) 2.30 25/11/2039 1,231,779 0.33 200,000 Connecticut Avenue Securities Trust 2019-R02 (Class 1B1) 4.30 25/08/2031 201,936 0.05 542,000 Connecticut Avenue Securities Trust 2020-SBT1 (Class 1M2) 3.80 25/02/2040 543,687 0.14 2,557,000 Eagle RE 2020-2 Limited (Class M1A) 3.15 25/10/2030 2,580,013 0.69 1,094,744 Fannie Mae Connecticut Avenue Securities (Class 1B) 9.40 25/04/2029 1,162,947 0.31 297,875 Fannie Mae Connecticut Avenue Securities (Class 1B) 10.40 25/01/2029 349,817 0.09

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 109

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (17.08%) cont. USD 1,271,876 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.90 25/10/2028 USD 1,548,408 0.41 336,180 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.90 25/08/2028 404,774 0.11 541,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 3.70 25/07/2030 546,410 0.15 1,306,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 4.15 25/05/2030 1,308,594 0.35 218,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 4.30 25/02/2030 220,285 0.06 1,067,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 3.75 25/01/2030 1,066,998 0.28 78,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 5.00 25/10/2029 81,254 0.02 1,667,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 5.90 25/07/2029 1,793,715 0.48 416,895 Fannie Mae Connecticut Avenue Securities (Class 1M2) 2.80 25/02/2030 418,594 0.11 2,620,560 Fannie Mae Connecticut Avenue Securities (Class 1M2) 3.15 25/10/2029 2,643,628 0.70 2,292,000 Fannie Mae Connecticut Avenue Securities (Class 1M2C) 3.70 25/07/2029 2,354,177 0.63 9,948 Fannie Mae Connecticut Avenue Securities (Class 2B) 12.90 25/10/2028 12,194 - 10,000 Fannie Mae Connecticut Avenue Securities (Class 2B1) 4.60 25/05/2030 10,383 - 912,000 Fannie Mae Connecticut Avenue Securities (Class 2B1) 4.60 25/02/2030 934,800 0.25 10,000 Fannie Mae Connecticut Avenue Securities (Class 2B1) 5.65 25/09/2029 10,583 - 64,619 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.35 25/08/2030 64,042 0.02 59,581 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.95 25/02/2030 59,875 0.02 2,018,084 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.00 25/11/2029 2,025,586 0.54 2,321,533 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.80 25/09/2029 2,369,175 0.63 58,802 Fannie Mae Connecticut Avenue Securities (Class B) 11.24 25/01/2029 70,538 0.02 1,244,449 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 12.90 25/09/2028 1,442,430 0.38 1,364,665 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 10.15 25/07/2028 1,446,747 0.38 441,035 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 9.50 25/04/2028 520,781 0.14 831,673 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 7.70 25/12/2027 913,278 0.24 1,280,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 4.60 25/03/2030 1,314,318 0.35 1,300,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 4.90 25/12/2029 1,323,686 0.35 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 5.30 25/10/2029 260,814 0.07 670,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 5.10 25/07/2029 696,619 0.19 525,923 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B2) 10.15 25/07/2029 479,528 0.13 2,288,791 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.45 25/09/2030 2,276,006 0.60 119,389 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 1.95 25/07/2030 117,897 0.03 1,809,287 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.80 25/12/2029 1,812,156 0.48 1,277,674 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 3.70 25/08/2029 1,311,242 0.35 1,960,635 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.95 25/03/2029 2,025,208 0.54 1,900,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 5.25 25/06/2050 1,966,430 0.52 170,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 5.73 25/12/2050 173,400 0.05 440,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 11.58 25/10/2050 538,519 0.14 1,269,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 10.15 25/08/2050 1,524,584 0.41 1,222,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 10.15 25/07/2050 1,438,905 0.38 2,851,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 9.50 25/06/2050 3,314,287 0.87 28,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 10.65 25/03/2049 27,789 0.01 20,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 12.40 25/02/2049 22,426 0.01 10,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 10.90 25/01/2049 11,102 - 520,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 7.55 25/11/2048 491,400 0.13 2,566,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 11.15 25/10/2048 2,880,574 0.77 205,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 4.95 25/09/2047 180,400 0.05 100,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.00 25/02/2050 99,375 0.03 19,117 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.60 25/03/2049 19,022 0.01 17,734 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.80 25/01/2049 17,588 - 65,703 HarborView Mortgage Loan Trust 2005-2 (Class 1A) 0.67 19/05/2035 33,640 0.01 61,493 Morgan Stanley Re-REMIC Trust 2010-R4 (Class 4B) 0.89 26/02/2037 55,793 0.01 150,000 Oaktown Re II Limited (Class M2) 3.00 25/07/2028 145,027 0.04 2,762,350 Pretium Mortgage Credit Partners I 2020-RPL1 LLC (Class A1) 3.82 27/05/2060 2,766,868 0.74 435,000 Radnor Re 2018-1 Limited (Class M2) 2.85 25/03/2028 435,082 0.12 250,000 Seasoned Credit Risk Transfer Trust Series 2017-3 (Class M2) 4.75 25/07/2056 249,886 0.07 1,740,000 Seasoned Credit Risk Transfer Trust Series 2018-4 (Class M) 4.75 25/03/2058 1,795,588 0.48 1,780,000 Seasoned Credit Risk Transfer Trust Series 2019-4 (Class M) 4.50 25/02/2059 1,837,150 0.49 1,000,000 STACR Trust 2018-DNA2 (Class M2) 2.30 25/12/2030 988,835 0.26 1,336,000 STACR Trust 2018-DNA3 (Class B2) 7.90 25/09/2048 1,289,088 0.34 57,444 Structured Asset Mortgage Investments II Trust 2006-AR7 (Class A1B) 0.27 25/08/2036 51,969 0.01 The accompanying notes form an integral part of these financial statements.

110 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (73.53%) (30 June 2020: 55.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (17.08%) cont. USD 569,000 Traingle Re 2020-1 Limited (Class M1A) 3.15 25/10/2030 USD 579,977 0.15 43,573 WaMu Mortgage Pass-Through Certificates Series 2005-AR12 Trust (Class 1A8) 2.92 25/10/2035 43,090 0.01 64,254,317 17.08 Total Mortgage-Backed Securities USD 276,700,229 73.53

REPURCHASE AGREEMENTS (2.16%) (30 June 2020: 3.03%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 8,142,000 Repurchase Agreement - Barclays Capital Incorporated* 0.05 04/01/2021 USD 8,142,000 2.16 Total Repurchase Agreements USD 8,142,000 2.16

*Interest in USD50,000,000 bulk repurchase agreement dated 31 December 2020 with Barclays Capital Incorporated due 4 January 2021 maturity value of USD8,142,045 for an effective yield of 0.050% (collateralised by a U.S. Treasury note with a coupon rate of 2.500% and a due date of 15 February 2046, valued at USD51,015,130).

COMMERCIAL PAPER (11.19%) (30 June 2020: 1.93%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,750,000 ABN AMRO Funding USA LLC 0.20 08/02/2021 USD 1,749,631 0.47 1,700,000 ABN AMRO Funding USA LLC 0.15 04/01/2021 1,699,979 0.45 1,750,000 Atlantic Asset Securitization 0.20 04/02/2021 1,749,668 0.46 1,800,000 Australia & New Zealand Banking Group Limited 0.21 17/03/2021 1,799,213 0.48 1,800,000 BPCE 0.23 19/03/2021 1,799,115 0.48 1,850,000 Commonwealth Bank of Australia 0.21 18/02/2021 1,849,494 0.49 1,850,000 Fairway Finance Corporation 0.20 17/02/2021 1,849,517 0.49 1,800,000 Lloyds Bank PLC 0.22 12/03/2021 1,799,230 0.48 1,850,000 National Australia Bank Limited 0.20 10/03/2021 1,849,301 0.49 1,850,000 National Bank of Canada 0.21 01/04/2021 1,849,029 0.49 1,800,000 National Bank of Canada 0.17 04/01/2021 1,799,975 0.48 1,950,000 Nationwide Building Society 0.23 19/01/2021 1,949,775 0.52 1,850,000 Nationwide Building Society 0.17 05/01/2021 1,849,965 0.49 1,850,000 NRW. Bank 0.21 28/01/2021 1,849,716 0.49 1,950,000 NRW. Bank 0.22 22/01/2021 1,949,749 0.52 1,850,000 Skandinaviska Enskilda Banken AB 0.21 01/03/2021 1,849,378 0.49 1,750,000 Societe Generale 0.20 01/02/2021 1,749,699 0.47 1,800,000 Sumitomo Mitsui Banking Corporation 0.21 10/02/2021 1,799,590 0.48 1,850,000 Toronto-Dominion Bank 0.24 24/03/2021 1,848,989 0.49 1,900,000 Toronto-Dominion Bank 0.23 18/02/2021 1,899,417 0.50 1,800,000 Total Capital Canada Limited 0.15 12/01/2021 1,799,918 0.48 1,900,000 Victory Receivables Corporation 0.22 19/01/2021 1,899,791 0.50 1,875,000 Westpac Banking Corporation 0.21 17/03/2021 1,874,199 0.50 Total Commercial Paper USD 42,114,338 11.19

U.S. TREASURY OBLIGATIONS (7.17%) (30 June 2020: 33.75%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 9,000,000 United States Treasury Bill 0.06 25/03/2021 USD 8,998,714 2.39 9,000,000 United States Treasury Bill 0.08 09/02/2021 8,999,269 2.39 9,000,000 United States Treasury Bill1 0.08 19/01/2021 8,999,655 2.39 Total U.S. Treasury Obligations USD 26,997,638 7.17

1 Security is partly held as collateral by Citigroup Global Markets Inc. (USD 1,230,815), Goldman Sachs (USD 994,005), Morgan Stanley (USD 3,097,435).

PURCHASED EQUITY OPTIONS OUTSTANDING (0.40%) (30 June 2020: 0.26%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund JP Morgan Chase Bank, N.A. Uniform Mortgage-Backed Securities 30 yr 2.00% TBA commitments (Call) Feb-21/USD 103.31 USD 110,000,000 USD 110,000,000 USD 874,720 0.23 Uniform Mortgage-Backed Securities 30 yr 2.00% TBA commitments (Call) Feb-21/103.34 47,000,000 47,000,000 361,477 0.10 Uniform Mortgage-Backed Securities 30 yr 2.50% TBA commitments (Call) Jan-21/104.50 20,000,000 20,000,000 189,520 0.05 Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Call) Jan-21/104.53 25,000,000 25,000,000 67,750 0.02 Total Purchased Equity Options Outstanding USD 1,493,467 0.40 Total Value of Investments* USD 794,833,786 211.20

* Excluding financial derivative instruments with the exception of purchased equity options.

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 111

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.15%) (30 June 2020: -0.17%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund JP Morgan Chase Bank, N.A. Uniform Mortgage-Backed Securities 30 yr 2.00% TBA commitments (Put) Feb-21/USD 103.31 USD 110,000,000 USD 110,000,000 USD (380,710) (0.11) Uniform Mortgage-Backed Securities 30 yr 2.00% TBA commitments (Put) Feb-21/103.34 47,000,000 47,000,000 (165,111) (0.04) Uniform Mortgage-Backed Securities 30 yr 2.50% TBA commitments (Put) Jan-21/104.50 20,000,000 20,000,000 (2,020) - Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Put) Jan-21/104.53 25,000,000 25,000,000 (1,350) - Total Written Equity Options Outstanding USD (549,191) (0.15)

TBA SALES COMMITMENTS OUTSTANDING (-58.74%) (30 June 2020: -31.22%) Principal Coupon Settlement Value % of Amount Agency Rate % Dates USD Fund USD 1,000,000 Government National Mortgage Association 4.00 21/01/2021 USD (1,066,016) (0.28) 18,000,000 Uniform Mortgage Backed Securities 1.50 14/01/2021 (18,188,438) (4.83) 179,000,000 Uniform Mortgage Backed Securities 2.00 14/01/2021 (185,992,188) (49.43) 15,000,000 Uniform Mortgage Backed Securities 2.50 14/01/2021 (15,805,078) (4.20) Total TBA Sales Commitments Outstanding USD (221,051,720) (58.74)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.06%) (30 June 2020: 0.01%) Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund USD 286,421,000 USD 320,219 (E) USD 272,243 17/03/2023 0.25% - Semiannually 3 month USD-LIBOR-BBA - Quarterly USD (47,976) (0.02) 194,517,000 88,894 (E) (312,224) 17/03/2026 0.45% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (223,330) (0.06) 92,358,000 459,850 (E) (697,658) 17/03/2031 0.90% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (237,808) (0.06) 14,745,000 622,372 (E) 706,377 17/03/2051 3 month USD-LIBOR-BBA - 1.25% - Semiannually Quarterly 84,006 0.02 112,616,000 11,262 (E) (425) 05/01/2023 0.201% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (11,686) - 16,974,000 40,059 (E) (225) 05/01/2031 3 month USD-LIBOR-BBA - 0.944% - Semiannually Quarterly 39,834 0.01 Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 123,840 0.03 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (520,800) (0.14) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (396,960) (0.11) Variation Margin Settlement to Date USD 168,762 0.05 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (228,198) (0.06)

(E) See Note 2 to the audited annual Financial Statements for the year ended 30 June 2020 regarding extended effective dates.

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (0.54%) (30 June 2020: -7.16%) Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination received by (Depreciation) % of Referenced Debt* Rating*** (paid)** Amount Value Date Fund USD Fund Citigroup Global Markets, Inc. CMBX NA A.6 Index A/P USD 39,683 USD 286,000 USD 21,536 11/05/2063 200 bp - Monthly USD 18,258 0.01 CMBX NA A.6 Index A/P 36,073 307,000 23,117 11/05/2063 200 bp - Monthly 13,075 - CMBX NA A.6 Index A/P 62,059 402,000 30,271 11/05/2063 200 bp - Monthly 31,944 0.01 CMBX NA A.6 Index A/P 75,543 451,000 33,960 11/05/2063 200 bp - Monthly 41,758 0.01 CMBX NA A.6 Index A/P 86,315 488,000 36,746 11/05/2063 200 bp - Monthly 49,758 0.01 CMBX NA A.6 Index A/P 91,204 603,000 45,406 11/05/2063 200 bp - Monthly 46,032 0.01 CMBX NA A.6 Index A/P 94,501 874,000 65,812 11/05/2063 200 bp - Monthly 29,029 0.01 CMBX NA A.6 Index A/P 111,904 882,000 66,415 11/05/2063 200 bp - Monthly 45,832 0.01 CMBX NA A.6 Index A/P 375,226 2,257,000 169,952 11/05/2063 200 bp - Monthly 206,152 0.05 CMBX NA A.6 Index A/P 516,538 4,805,000 361,817 11/05/2063 200 bp - Monthly 156,590 0.04 CMBX NA A.6 Index A/P 857,360 6,124,000 461,137 11/05/2063 200 bp - Monthly 398,604 0.11 CMBX NA A.6 Index A/P 1,016,359 8,514,000 641,104 11/05/2063 200 bp - Monthly 378,566 0.11 CMBX NA BB.11 Index BB-/P 347,475 615,000 144,279 18/11/2054 500 bp - Monthly 203,794 0.05 CMBX NA BBB-.12 Index BBB-/P 402,957 2,542,000 200,818 17/08/2061 300 bp - Monthly 203,622 0.05

The accompanying notes form an integral part of these financial statements.

112 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (0.54%) (30 June 2020: -7.16%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination received by (Depreciation) % of Referenced Debt* Rating*** (paid)** Amount Value Date Fund USD Fund Citigroup Global Markets, Inc. cont. CMBX NA BBB-.6 Index BB/P USD 7,260 USD 22,000 USD 5,874 11/05/2063 300 bp - Monthly USD 1,399 - CMBX NA BBB-.6 Index BB/P 13,357 203,000 54,201 11/05/2063 300 bp - Monthly (40,726) (0.01) CMBX NA BBB-.6 Index BB/P 81,081 1,191,000 317,997 11/05/2063 300 bp - Monthly (236,221) (0.06) Credit Suisse International CMBX NA BB.7 Index B+/P 535 4,000 1,556 17/01/2047 500 bp - Monthly (1,017) - CMBX NA BBB-.6 Index BB/P 994 9,000 2,403 11/05/2063 300 bp - Monthly (1,403) - Goldman Sachs International CMBX NA A.6 Index A/P 6,531 55,000 4,142 11/05/2063 200 bp - Monthly 2,411 - CMBX NA A.6 Index A/P 23,816 219,000 16,491 11/05/2063 200 bp - Monthly 7,411 - CMBX NA A.6 Index A/P 38,188 260,000 19,578 11/05/2063 200 bp - Monthly 18,711 0.01 CMBX NA A.6 Index A/P 31,853 274,000 20,632 11/05/2063 200 bp - Monthly 11,327 - CMBX NA A.6 Index A/P 46,320 384,000 28,915 11/05/2063 200 bp - Monthly 17,554 0.01 CMBX NA A.6 Index A/P 51,656 435,000 32,756 11/05/2063 200 bp - Monthly 19,070 0.01 CMBX NA A.6 Index A/P 75,255 519,000 39,081 11/05/2063 200 bp - Monthly 36,376 0.01 CMBX NA A.6 Index A/P 217,148 1,853,000 139,531 11/05/2063 200 bp - Monthly 78,338 0.02 CMBX NA A.6 Index A/P 227,833 1,939,000 146,007 11/05/2063 200 bp - Monthly 82,580 0.02 CMBX NA A.6 Index A/P 1,251,250 7,000,000 527,100 11/05/2063 200 bp - Monthly 726,872 0.19 CMBX NA BB.6 Index B/P 1,420 10,000 4,243 11/05/2063 500 bp - Monthly (2,813) - CMBX NA BBB-.6 Index BB/P 7,319 55,000 14,685 11/05/2063 300 bp - Monthly (7,334) - CMBX NA BBB-.6 Index BB/P 8,280 113,000 30,171 11/05/2063 300 bp - Monthly (21,825) (0.01) CMBX NA BBB-.6 Index BB/P 8,330 113,000 30,171 11/05/2063 300 bp - Monthly (21,775) (0.01) CMBX NA BBB-.6 Index BB/P 7,810 123,000 32,841 11/05/2063 300 bp - Monthly (24,960) (0.01) CMBX NA BBB-.6 Index BB/P 32,269 241,000 64,347 11/05/2063 300 bp - Monthly (31,937) (0.01) JPMorgan Securities LLC CMBX NA A.6 Index A/P 37,520 268,000 20,180 11/05/2063 200 bp - Monthly 17,444 0.01 CMBX NA A.6 Index A/P 158,155 1,061,000 79,893 11/05/2063 200 bp - Monthly 78,675 0.02 CMBX NA A.6 Index A/P 247,830 2,253,000 169,651 11/05/2063 200 bp - Monthly 79,055 0.02 CMBX NA A.6 Index A/P 373,428 2,779,000 209,259 11/05/2063 200 bp - Monthly 165,250 0.04 CMBX NA A.6 Index A/P 537,188 3,000,000 225,900 11/05/2063 200 bp - Monthly 312,454 0.08 CMBX NA A.6 Index A/P 769,335 6,034,000 454,360 11/05/2063 200 bp - Monthly 317,321 0.08 CMBX NA BB.10 Index BB-/P 401 5,000 1,736 11/05/2063 500 bp - Monthly (1,329) - CMBX NA BB.7 Index B+/P 128,290 262,000 101,918 17/01/2047 500 bp - Monthly 26,626 0.01 Merrill Lynch International CMBX NA BBB-.6 Index BB/P 6,249 87,000 23,229 11/05/2063 300 bp - Monthly (16,929) - CMBX NA BBB-.6 Index BB/P 27,115 497,000 132,699 11/05/2063 300 bp - Monthly (105,294) (0.03) CMBX NA BBB-.6 Index BB/P 49,431 769,000 205,323 11/05/2063 300 bp - Monthly (155,443) (0.04) Morgan Stanley & Co. International PLC CMBX NA A.6 Index A/P 8,800 88,000 6,626 11/05/2063 200 bp - Monthly 2,208 - CMBX NA A.6 Index A/P 22,000 220,000 16,566 11/05/2063 200 bp - Monthly 5,520 - CMBX NA A.6 Index A/P 40,610 262,000 19,729 11/05/2063 200 bp - Monthly 20,983 0.01 CMBX NA A.6 Index A/P 59,688 382,000 28,765 11/05/2063 200 bp - Monthly 31,071 0.01 CMBX NA A.6 Index A/P 132,500 1,000,000 75,300 11/05/2063 200 bp - Monthly 57,589 0.02 CMBX NA A.6 Index A/P 148,540 1,061,000 79,893 11/05/2063 200 bp - Monthly 69,059 0.02 CMBX NA A.6 Index A/P 215,478 1,759,000 132,453 11/05/2063 200 bp - Monthly 83,709 0.02 CMBX NA A.6 Index A/P 235,709 1,867,000 140,585 11/05/2063 200 bp - Monthly 95,850 0.03 CMBX NA A.6 Index A/P 490,078 2,761,000 207,903 11/05/2063 200 bp - Monthly 283,248 0.08 CMBX NA A.6 Index A/P 222,560 2,782,000 209,485 11/05/2063 200 bp - Monthly 14,157 - CMBX NA A.6 Index A/P 1,143,563 8,025,000 604,283 11/05/2063 200 bp - Monthly 542,401 0.14 CMBX NA BB.9 Index B+/P 108,551 271,000 91,598 17/09/2058 500 bp - Monthly 17,216 - CMBX NA BBB-.6 Index BB/P 16,659 227,000 60,609 11/05/2063 300 bp - Monthly (43,818) (0.01) CMBX NA BBB-.6 Index BB/P 44,199 590,000 157,530 11/05/2063 300 bp - Monthly (112,987) (0.03) CMBX NA BBB-.6 Index BB/P 52,261 796,000 212,532 11/05/2063 300 bp - Monthly (159,807) (0.04) CMBX NA BBB-.6 Index BB/P 52,948 802,000 214,134 11/05/2063 300 bp - Monthly (160,718) (0.04) CMBX NA BBB-.6 Index BB/P 612,876 9,251,000 2,470,017 11/05/2063 300 bp - Monthly (1,851,744) (0.50) Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 5,044,899 1.34 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (2,998,080) (0.80) Net Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 2,046,819 0.54

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 113

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-0.58%) (30 June 2020: 0.16%) Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Citigroup Global Markets, Inc. CMBX NA BB.10 Index USD (329) USD 3,000 USD 1,041 17/11/2059 (500 bp) - Monthly USD 709 - CMBX NA BB.10 Index (209) 2,000 694 17/11/2059 (500 bp) - Monthly 484 - CMBX NA BB.11 Index (63,039) 917,000 215,128 18/11/2054 (500 bp) - Monthly 151,197 0.04 CMBX NA BB.11 Index (31,115) 610,000 143,106 18/11/2054 (500 bp) - Monthly 111,398 0.03 CMBX NA BB.11 Index (31,644) 610,000 143,106 18/11/2054 (500 bp) - Monthly 110,869 0.03 CMBX NA BB.11 Index (1,083) 15,000 3,519 18/11/2054 (500 bp) - Monthly 2,421 - CMBX NA BB.11 Index (907) 7,000 1,642 18/11/2054 (500 bp) - Monthly 728 - CMBX NA BB.11 Index (189) 2,000 469 18/11/2054 (500 bp) - Monthly 279 - CMBX NA BB.12 Index (30,982) 361,000 76,099 17/08/2061 (500 bp) - Monthly 44,766 0.01 CMBX NA BB.12 Index (2,575) 30,000 6,324 17/08/2061 (500 bp) - Monthly 3,720 - CMBX NA BB.7 Index (19,249) 286,000 111,254 17/01/2047 (500 bp) - Monthly 91,727 0.02 CMBX NA BB.8 Index (3,161) 18,000 7,153 17/10/2057 (500 bp) - Monthly 3,975 - CMBX NA BB.8 Index (745) 6,000 2,384 17/10/2057 (500 bp) - Monthly 1,634 - CMBX NA BB.9 Index (4,946) 126,000 42,588 17/09/2058 (500 bp) - Monthly 37,520 0.01 CMBX NA BBB-.10 Index (80,400) 337,000 41,653 17/11/2059 (300 bp) - Monthly (38,943) (0.01) CMBX NA BBB-.10 Index (59,632) 274,000 33,866 17/11/2059 (300 bp) - Monthly (25,925) (0.01) CMBX NA BBB-.10 Index (42,271) 268,000 33,125 17/11/2059 (300 bp) - Monthly (9,302) - CMBX NA BBB-.10 Index (37,402) 152,000 18,787 17/11/2059 (300 bp) - Monthly (18,704) - CMBX NA BBB-.12 Index (59,536) 292,000 23,068 17/08/2061 (300 bp) - Monthly (36,639) (0.01) CMBX NA BBB-.12 Index (23,855) 117,000 9,243 17/08/2061 (300 bp) - Monthly (14,681) - CMBX NA BBB-.10 Index (171,604) 576,000 71,194 17/11/2059 (300 bp) - Monthly (100,746) (0.03) CMBX NA BBB-.11 Index (178,280) 557,000 42,443 18/11/2054 (300 bp) - Monthly (136,161) (0.04) CMBX NA BBB-.11 Index (165,986) 506,000 38,557 18/11/2054 (300 bp) - Monthly (127,724) (0.03) CMBX NA BBB-.11 Index (40,917) 278,000 21,184 18/11/2054 (300 bp) - Monthly (19,895) (0.01) CMBX NA BBB-.11 Index (82,666) 253,000 19,279 18/11/2054 (300 bp) - Monthly (63,535) (0.02) CMBX NA BBB-.11 Index (23,108) 157,000 11,963 18/11/2054 (300 bp) - Monthly (11,236) - CMBX NA BBB-.11 Index (9,157) 28,000 2,134 18/11/2054 (300 bp) - Monthly (7,039) - CMBX NA BBB-.12 Index (398,044) 1,262,000 99,698 17/08/2061 (300 bp) - Monthly (299,082) (0.08) CMBX NA BBB-.12 Index (100,608) 594,000 46,926 17/08/2061 (300 bp) - Monthly (54,028) (0.01) CMBX NA BBB-.12 Index (188,458) 564,000 44,556 17/08/2061 (300 bp) - Monthly (144,231) (0.04) CMBX NA BBB-.12 Index (191,524) 551,000 43,529 17/08/2061 (300 bp) - Monthly (148,316) (0.04) CMBX NA BBB-.12 Index (96,077) 505,000 39,895 17/08/2061 (300 bp) - Monthly (56,477) - CMBX NA BBB-.12 Index (138,018) 404,000 31,916 17/08/2061 (300 bp) - Monthly (106,337) (0.03) CMBX NA BBB-.12 Index (77,884) 221,000 17,459 17/08/2061 (300 bp) - Monthly (60,554) (0.02) CMBX NA BBB-.12 Index (49,100) 147,000 11,613 17/08/2061 (300 bp) - Monthly (37,573) (0.01) CMBX NA BBB-.12 Index (49,914) 142,000 11,218 17/08/2061 (300 bp) - Monthly (38,779) (0.01) CMBX NA BBB-.9 Index (33,596) 142,000 16,884 17/09/2058 (300 bp) - Monthly (16,795) - Credit Suisse International CMBX NA BB.10 Index (595) 5,000 1,736 17/11/2059 (500 bp) - Monthly 1,136 - CMBX NA BB.10 Index (667) 5,000 1,736 17/11/2059 (500 bp) - Monthly 1,064 - CMBX NA BB.10 Index (373) 3,000 1,041 17/11/2059 (500 bp) - Monthly 665 - CMBX NA BB.8 Index (5,958) 34,000 13,512 17/10/2057 (500 bp) - Monthly 7,521 - CMBX NA BB.9 Index (6,416) 64,000 21,632 17/09/2058 (500 bp) - Monthly 15,154 - Goldman Sachs International CMBX NA BB.12 Index (72,132) 197,000 41,528 17/08/2061 (500 bp) - Monthly (30,796) (0.01) CMBX NA BB.8 Index (2,153) 19,000 7,551 17/10/2057 (500 bp) - Monthly 5,380 - CMBX NA BB.9 Index (11,923) 307,000 103,766 17/09/2058 (500 bp) - Monthly 91,545 0.02 CMBX NA BB.9 Index (238) 2,000 676 17/09/2058 (500 bp) - Monthly 436 - CMBX NA BB.9 Index (241) 2,000 676 17/09/2058 (500 bp) - Monthly 433 - CMBX NA BB.9 Index (108) 1,000 338 17/09/2058 (500 bp) - Monthly 229 - CMBX NA BBB- .10 Index (16,061) 103,000 12,731 17/11/2059 (300 bp) - Monthly (3,391) - CMBX NA BBB-.12 Index (138,465) 410,000 32,390 17/08/2061 (300 bp) - Monthly (106,314) (0.03) JPMorgan Securities LLC CMBX NA BB.11 Index (3,145,242) 5,767,000 1,352,938 18/11/2054 (500 bp) - Monthly (1,797,910) (0.47) CMBX NA BB.11 Index (5,148) 10,000 4,243 11/05/2063 (500 bp) - Monthly (915) - CMBX NA BB.12 Index (107,097) 195,000 41,106 17/08/2061 (500 bp) - Monthly (66,181) (0.02)

The accompanying notes form an integral part of these financial statements.

114 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-0.58%) (30 June 2020: 0.16%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination received by (Depreciation) % of Referenced Debt* (paid)** Amount Value Date Fund USD Fund JPMorgan Securities LLC cont. CMBX NA BBB- .12 Index USD (55,255) USD 271,000 USD 21,409 17/08/2061 (300 bp) - Monthly USD (34,004) (0.01) CMBX NA BBB-.10 Index (75,498) 268,000 33,125 17/11/2059 (300 bp) - Monthly (42,530) (0.01) CMBX NA BBB-.10 Index (56,308) 189,000 23,360 17/11/2059 (300 bp) - Monthly (33,057) (0.01) CMBX NA BBB-.11 Index (125,406) 399,000 30,404 18/11/2054 (300 bp) - Monthly (95,235) (0.03) CMBX NA BBB-.11 Index (99,939) 310,000 23,622 18/11/2054 (300 bp) - Monthly (76,498) (0.02) CMBX NA BBB-.11 Index (53,823) 267,000 20,345 18/11/2054 (300 bp) - Monthly (33,634) (0.01) CMBX NA BBB-.11 Index (75,013) 239,000 18,212 18/11/2054 (300 bp) - Monthly (56,941) (0.02) CMBX NA BBB-.11 Index (75,118) 239,000 18,212 18/11/2054 (300 bp) - Monthly (57,046) (0.02) CMBX NA BBB-.12 Index (32,828) 94,000 7,426 17/08/2061 (300 bp) - Monthly (25,457) (0.01) Merrill Lynch International CMBX NA BB.10 Index (228) 4,000 1,388 17/11/2059 (500 bp) - Monthly 1,157 - CMBX NA BB.11 Index (35,585) 72,000 16,891 18/11/2054 (500 bp) - Monthly (18,764) - CMBX NA BB.7 Index (1,273) 7,000 2,723 17/01/2047 (500 bp) - Monthly 1,443 - CMBX NA BB.9 Index (34,399) 883,000 298,454 17/09/2058 (500 bp) - Monthly 263,196 0.08 CMBX NA BBB-.10 Index (205,187) 947,000 117,049 17/11/2059 (300 bp) - Monthly (88,690) (0.02) CMBX NA BBB-.9 Index (47,053) 254,000 30,201 17/09/2058 (300 bp) - Monthly (17,001) - CMBX NA BBB-.9 Index (46,497) 251,000 29,844 17/09/2058 (300 bp) - Monthly (16,800) - Morgan Stanley & Co. International PLC CMBX NA BB.10 Index (210) 2,000 694 17/11/2059 (500 bp) - Monthly 483 - CMBX NA BB.11 Index (667) 7,000 1,642 18/11/2054 (500 bp) - Monthly 968 - CMBX NA BB.11 Index (196) 2,000 469 18/11/2054 (500 bp) - Monthly 271 - CMBX NA BB.12 Index (42,038) 796,000 167,797 17/08/2061 (500 bp) - Monthly 124,985 0.04 CMBX NA BB.12 Index (20,812) 295,000 62,186 17/08/2061 (500 bp) - Monthly 41,088 0.01 CMBX NA BB.12 Index (112,800) 188,000 39,630 17/08/2061 (500 bp) - Monthly (73,352) (0.02) CMBX NA BB.12 Index (286) 4,000 843 17/08/2061 (500 bp) - Monthly 553 - CMBX NA BB.12 Index (219) 3,000 632 17/08/2061 (500 bp) - Monthly 410 - CMBX NA BB.12 Index (82) 1,000 211 17/09/2058 (500 bp) - Monthly 128 - CMBX NA BB.7 Index (25,147) 483,000 187,887 17/01/2047 (500 bp) - Monthly 162,271 0.04 CMBX NA BB.9 Index (50,358) 1,016,000 343,408 17/09/2058 (500 bp) - Monthly 292,063 0.08 CMBX NA BB.9 Index (53,243) 986,000 333,268 17/09/2058 (500 bp) - Monthly 279,066 0.08 CMBX NA BB.9 Index (28,293) 802,000 271,076 17/09/2058 (500 bp) - Monthly 242,003 0.07 CMBX NA BB.9 Index (9,109) 233,000 78,754 17/09/2058 (500 bp) - Monthly 69,419 0.02 CMBX NA BB.9 Index (3,939) 29,000 9,802 17/09/2058 (500 bp) - Monthly 5,834 - CMBX NA BB.9 Index (3,860) 29,000 9,802 17/09/2058 (500 bp) - Monthly 5,914 - CMBX NA BB.9 Index (3,828) 28,000 9,464 17/09/2058 (500 bp) - Monthly 5,609 - CMBX NA BB.9 Index (1,968) 13,000 4,394 17/09/2058 (500 bp) - Monthly 2,414 - CMBX NA BB.9 Index (1,968) 13,000 4,394 17/09/2058 (500 bp) - Monthly 2,414 - CMBX NA BB.9 Index (703) 8,000 2,704 17/09/2058 (500 bp) - Monthly 1,993 - CMBX NA BB.9 Index (599) 7,000 2,366 17/09/2058 (500 bp) - Monthly 1,761 - CMBX NA BB.9 Index (485) 4,000 1,352 17/09/2058 (500 bp) - Monthly 863 - CMBX NA BB.9 Index (243) 2,000 676 17/09/2058 (500 bp) - Monthly 432 - CMBX NA BBB-.10 Index (57,709) 244,000 30,158 17/11/2059 (300 bp) - Monthly (27,693) (0.01) CMBX NA BBB-.10 Index (51,928) 213,000 26,327 17/11/2059 (300 bp) - Monthly (25,725) (0.01) CMBX NA BBB-.10 Index (36,046) 157,000 19,405 17/11/2059 (300 bp) - Monthly (16,733) - CMBX NA BBB-.10 Index (24,436) 113,000 13,967 17/11/2059 (300 bp) - Monthly (10,535) - CMBX NA BBB-.11 Index (44,810) 140,000 10,668 18/11/2054 (300 bp) - Monthly (34,224) (0.01) CMBX NA BBB-.12 Index (45,926) 223,000 17,617 17/08/2061 (300 bp) - Monthly (28,439) (0.01) CMBX NA BBB-.12 Index (36,515) 194,000 15,326 17/08/2061 (300 bp) - Monthly (21,302) (0.01) Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 2,191,728 0.58 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (4,411,869) (1.16) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (2,220,141) (0.58)

* 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. *** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at 31 December 2020. Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 115

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.47%) (30 June 2020: 0.15%) 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 Buy 17/03/2021 USD 6,567 USD 6,469 USD 98 - Euro Buy 17/03/2021 18,037,621 18,006,279 31,342 0.01 Euro Buy 17/03/2021 36,150,985 36,055,376 95,609 0.03 Euro Buy 17/03/2021 53,355,065 53,107,475 247,591 0.08 Euro Buy 17/03/2021 196,516 196,104 412 - Euro Sell 17/03/2021 36,150,985 36,055,376 (95,610) (0.03) Euro Sell 17/03/2021 18,037,621 18,006,279 (31,342) (0.01) Barclays Bank PLC British Pound Buy 17/03/2021 17,238 16,978 260 - Euro Buy 17/03/2021 18,037,621 18,006,795 30,826 0.01 Euro Buy 17/03/2021 16,012,748 15,937,475 75,273 0.02 Euro Sell 17/03/2021 18,037,621 18,006,795 (30,826) (0.01) Citibank, N.A. British Pound Buy 17/03/2021 5,336 5,215 121 - British Pound Buy 17/03/2021 4,925 4,852 73 - Euro Buy 17/03/2021 36,150,985 36,056,729 94,256 0.03 Euro Buy 17/03/2021 34,712,234 34,548,658 163,576 0.04 Euro Sell 17/03/2021 36,150,985 36,056,729 (94,257) (0.03) HSBC Bank British Pound Sell 17/03/2021 42,959 42,315 (644) - Euro Buy 17/03/2021 36,150,985 36,049,467 101,518 0.03 Euro Buy 17/03/2021 38,009,811 37,838,803 171,008 0.05 Euro Sell 17/03/2021 36,150,985 36,049,467 (101,518) (0.03) JPMorgan Chase Bank, N.A. British Pound Sell 17/03/2021 8,072 7,951 (121) - Euro Buy 17/03/2021 550,636 547,980 2,656 - Euro Buy 17/03/2021 18,037,621 18,005,689 31,932 0.01 Euro Buy 17/03/2021 14,352,396 14,283,156 69,240 0.02 Euro Sell 17/03/2021 18,037,621 18,005,689 (31,932) (0.01) Morgan Stanley & Co. International PLC Euro Buy 17/03/2021 5,953,602 5,925,032 28,570 0.01 Euro Buy 17/03/2021 428,273 429,967 (1,694) - NatWest Markets PLC British Pound Sell 17/03/2021 16,007 15,768 (239) - Euro Buy 17/03/2021 36,150,985 36,063,943 87,042 0.02 Euro Buy 17/03/2021 4,408,639 4,351,266 57,373 0.02 Euro Buy 17/03/2021 34,454,047 34,290,420 163,627 0.04 Euro Sell 17/03/2021 36,150,985 36,063,943 (87,042) (0.02) State Street Bank & Trust Company British Pound Buy 17/03/2021 569,546 561,045 8,501 - Euro Buy 17/03/2021 72,301,970 72,116,246 185,724 0.05 Euro Buy 17/03/2021 77,996,651 77,620,499 376,152 0.09 Euro Buy 17/03/2021 1,772,926 1,768,513 4,413 - Euro Buy 17/03/2021 36,220 36,180 40 - Euro Sell 17/03/2021 6,118,181 6,068,889 (49,292) (0.01) Euro Sell 17/03/2021 72,301,970 72,116,246 (185,725) (0.04) UBS AG British Pound Sell 17/03/2021 958 944 (14) - Euro Buy 17/03/2021 72,301,970 72,105,138 196,832 0.05 Euro Buy 17/03/2021 18,037,621 18,008,048 29,573 0.01 Euro Buy 17/03/2021 5,629 5,602 27 - Euro Buy 17/03/2021 87,530,979 87,119,934 411,045 0.10 Euro Sell 17/03/2021 72,301,970 72,105,138 (196,832) (0.05) Euro Sell 17/03/2021 18,037,621 18,008,048 (29,573) (0.01)

The accompanying notes form an integral part of these financial statements.

116 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.47%) (30 June 2020: 0.15%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Westpac Banking Corporation British Pound Sell 17/03/2021 USD 25,447 USD 25,067 USD (380) - Euro Sell 17/03/2021 1,301,337 1,295,239 (6,098) - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 2,664,710 0.72 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (943,139) (0.25) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 1,721,571 0.47 Total Financial Assets at Fair Value through Profit or Loss USD 804,735,123 213.84 Total Financial Liabilities at Fair Value through Profit or Loss USD (230,182,197) (61.16)

*The exchange currency for all contracts listed is the United States Dollar.

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 0.20 Transferable securities dealt on another regulated market 63.81 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 16.82 OTC financial derivative instruments 1.01 Exchange traded financial derivative instruments 0.15 Other assets 18.01 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 117

Putnam Total Return Fund

Schedule of Investments 31 December 2020

NON-U.S. EQUITIES (10.08%) (30 June 2020: 13.93%) NON-U.S. EQUITIES (10.08%) (30 June 2020: 13.93%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Aerospace and Defense (0.01%) Chemicals (0.27%) 81 Airbus SE (Netherlands) USD 8,898 0.01 1,140 Covestro AG (Germany) USD 70,319 0.09 8,898 0.01 3,595 ICL Group Limited (Israel) 18,349 0.02 Agriculture (0.06%) 151 Koninklijke DSM NV (Netherlands) 26,012 0.03 1,032 British American Tobacco PLC (United 400 Nitto Denko Corporation (Japan) 35,917 0.04 Kingdom) 38,385 0.05 400 Shin-Etsu Chemical Company Limited 374 Imperial Tobacco Group PLC (United (Japan) 70,025 0.09 Kingdom) 7,858 0.01 220,622 0.27 46,243 0.06 Commercial Services (0.10%) Apparel (0.17%) 646 Adecco Group AG (Switzerland) 43,315 0.05 83 Hermes International (France) 89,254 0.11 4,412 Brambles Limited (Australia) 36,147 0.05 70 Kering SA (France) 50,890 0.06 79,462 0.10 140,144 0.17 Computers (0.47%) Auto Parts and Equipment (0.13%) 245 Accenture PLC (Ireland) 63,996 0.08 170 Cie Generale des Etablissements Michelin 1,214 Amdocs Limited (Guernsey) 86,110 0.11 SCA (France) 21,818 0.03 162 Capgemini SE (France) 25,122 0.03 655 Faurecia SE (France) 33,579 0.05 100 Check Point Software Technologies Limited 400 Koito Manufacturing Company Limited (Israel) 13,291 0.02 (Japan) 27,205 0.03 300 Fujitsu Limited (Japan) 43,429 0.05 600 Stanley Electric Company Limited (Japan) 19,362 0.02 1,000 Itochu Techno-Solutions Corporation 101,964 0.13 (Japan) 35,603 0.04 Automotive (0.42%) 416 Logitech International SA (Switzerland) 40,347 0.05 34 Ferrari NV (Netherlands) 7,862 0.01 2,000 Nomura Research Institute Limited (Japan) 71,462 0.09 4,944 Fiat Chrysler Automobiles NV (Netherlands) 88,408 0.11 379,360 0.47 2,965 Peugeot SA (France) 81,144 0.10 Cosmetics/Personal Care (0.17%) 549 Porsche Automobil Holding SE (Preference 287 L'Oreal SA (France) 109,048 0.14 shares) (Germany) 37,842 0.05 196 Volkswagen AG (Preference shares) 443 Unilever PLC (United Kingdom) 26,667 0.03 (Germany) 36,517 0.05 135,715 0.17 3,686 Volvo AB (Sweden) 86,740 0.10 Distribution/Wholesale (0.22%) 338,513 0.42 733 Ferguson PLC (Jersey) 89,141 0.11 Banking (0.61%) 3,000 ITOCHU Corporation (Japan) 86,404 0.11 14,543 Banco Bilbao Vizcaya Argentaria SA (Spain) 71,291 0.08 175,545 0.22 6,136 Bank Leumi Le-Israel BM (Israel) 36,218 0.05 Diversified Financial Services (0.19%) 8,000 BOC Hong Kong Holdings Limited (Hong 282 Deutsche Boerse AG (Germany) 47,876 0.06 Kong) 24,312 0.03 614 Hargreaves Lansdown PLC (United 4,379 Credit Agricole SA (France) 55,295 0.07 Kingdom) 12,818 0.02 519 Magellan Financial Group Limited 3,200 DBS Group Holdings Limited (Singapore) 60,528 0.08 (Australia) 21,606 0.03 933 DNB ASA (Norway) 18,370 0.02 7,800 Nomura Holdings Incorporated (Japan) 41,291 0.05 5,826 Israel Discount Bank Limited (Israel) 22,476 0.03 3,900 Singapore Exchange Limited (Singapore) 27,449 0.03 5,818 Skandinaviska Enskilda Banken AB (Sweden) 59,724 0.07 151,040 0.19 2,400 Sumitomo Mitsui Financial Group Electric Utilities (0.17%) Incorporated (Japan) 74,263 0.09 3,256 AGL Energy Limited (Australia) 30,022 0.04 1,000 Sumitomo Mitsui Trust Holdings 2,000 CLP Holdings Limited (Hong Kong) 18,515 0.02 Incorporated (Japan) 31,008 0.04 1,997 E.ON SE (Germany) 22,117 0.03 2,253 Swedbank AB (Sweden) 39,612 0.05 6,805 Enel SpA (Italy) 68,719 0.08 493,097 0.61 600 Glow Energy PCL (Thailand) (F) - - Beverages (0.15%) 139,373 0.17 431 Carlsberg AS (Denmark) 69,097 0.09 Electrical Components & Equipment (0.13%) 400 Coca-Cola European Partners PLC (United 1,100 Brother Industries Limited (Japan) 22,708 0.03 Kingdom) 19,932 0.02 873 Legrand SA (France) 77,918 0.10 998 Coca-Cola HBC AG (Switzerland) 32,459 0.04 100,626 0.13 121,488 0.15 Electronics (0.46%) Building Materials (0.34%) 1,883 Garmin Limited (Switzerland) 225,320 0.28 1,495 Cie de Saint-Gobain (France) 68,550 0.09 700 Hoya Corporation (Japan) 96,760 0.12 1,225 CRH PLC (Ireland) 51,784 0.06 600 Otsuka Corporation (Japan) 31,616 0.04 400 Daikin Industries Limited (Japan) 89,086 0.11 100 TDK Corporation (Japan) 15,083 0.02 1,118 LafargeHolcim Limited (Switzerland) 61,353 0.08 368,779 0.46 270,773 0.34

The accompanying notes form an integral part of these financial statements.

118 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. EQUITIES (10.08%) (30 June 2020: 13.93%) cont. NON-U.S. EQUITIES (10.08%) (30 June 2020: 13.93%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Engineering and Construction (0.13%) Iron/Steel (0.08%) 520 ACS Actividades de Construccion y 3,497 Fortescue Metals Group Limited (Australia) USD 63,227 0.08 Servicios SA (Spain) USD 17,264 0.02 63,227 0.08 192 Aena SME SA (Spain) 33,527 0.05 Lodging (0.02%) 336 Eiffage SA (France) 32,479 0.04 2,000 Galaxy Entertainment Group Limited (Hong 2,200 Obayashi Corporation (Japan) 19,058 0.02 Kong) 15,556 0.02 102,328 0.13 15,556 0.02 Entertainment (0.02%) Machinery (0.04%) 21,500 Genting Singapore Limited (Singapore) 13,805 0.02 666 Atlas Copco AB (Sweden) 34,060 0.04 13,805 0.02 34,060 0.04 Food (0.52%) Machinery-Construction and Mining (0.19%) 1,063 Associated British Foods PLC (United 1,600 Hitachi Limited (Japan) 63,135 0.08 Kingdom) 32,935 0.04 3,687 Sandvik AB (Sweden) 90,126 0.11 1,752 Coles Group Limited (Australia) 24,513 0.03 153,261 0.19 200 Kobe Bussan Company Limited (Japan) 6,173 0.01 Media (0.04%) 2,181 Koninklijke Ahold Delhaize NV 427 Wolters Kluwer NV (Netherlands) 36,040 0.04 (Netherlands) 61,592 0.08 36,040 0.04 1,178 Nestle SA (Switzerland) 138,684 0.16 Medical Technology (0.67%) 500 NH Foods Limited (Japan) 22,009 0.03 549 Fisher & Paykel Healthcare Corporation 54,500 WH Group Limited (Cayman Islands) 45,699 0.06 Limited (New Zealand) 13,037 0.02 8,700 Wilmar International Limited (Singapore) 30,634 0.04 3,446 Medtronic PLC (Ireland) 403,665 0.50 1,803 Woolworths Group Limited (Australia) 54,682 0.07 1,359 QIAGEN NV (Netherlands) 71,823 0.09 416,921 0.52 119 Sartorius Stedim Biotech (France) 42,414 0.05 Gas (0.08%) 28 Sonova Holding AG (Switzerland) 7,208 0.01 5,766 Snam SpA (Italy) 32,380 0.05 538,147 0.67 1,200 Tokyo Gas Company Limited (Japan) 27,896 0.03 Mining (0.30%) 60,276 0.08 2,124 Anglo American PLC (United Kingdom) 70,745 0.09 Health-Care Services (0.05%) 834 BHP Group Limited (Australia) 27,171 0.03 1,592 Sonic Healthcare Limited (Australia) 39,547 0.05 1,663 BHP Group PLC (United Kingdom) 43,826 0.05 39,547 0.05 1,347 Rio Tinto PLC (United Kingdom) 100,788 0.13 Home Builders (0.15%) 242,530 0.30 372 Berkeley Group Holdings PLC (United Miscellaneous Manufacturer (0.07%) Kingdom) 24,147 0.03 422 Knorr-Bremse AG (Germany) 57,487 0.07 1,700 Daiwa House Industry Company Limited 57,487 0.07 (Japan) 50,744 0.06 Oil and Natural Gas Utilities (0.36%) 561 Persimmon PLC (United Kingdom) 21,250 0.03 2,883 Eni SpA (Italy) 29,843 0.04 11,154 Taylor Wimpey PLC (United Kingdom) 25,359 0.03 4,864 Equinor ASA (Norway) 80,707 0.10 121,500 0.15 7,719 Royal Dutch Shell PLC (United Kingdom) 132,985 0.16 Home Furnishings (0.14%) 1,847 Santos Limited (Australia) 8,932 0.01 1,100 Sony Corporation (Japan) 110,598 0.14 840 TOTAL SE (France) 36,236 0.05 110,598 0.14 288,703 0.36 Industrial Conglomerates (0.03%) Pharmaceuticals (0.90%) 4,000 CK Hutchison Holdings Limited (Cayman 600 Astellas Pharma Incorporated (Japan) 9,276 0.01 Islands) 27,933 0.03 317 AstraZeneca PLC (United Kingdom) 31,671 0.04 27,933 0.03 500 Chugai Pharmaceutical Company Limited Insurance (0.36%) (Japan) 26,694 0.03 461 Allianz SE (Germany) 112,794 0.14 86 Galapagos NV (Belgium) 8,462 0.01 14,655 Aviva PLC (United Kingdom) 65,730 0.09 1,976 GlaxoSmithKline PLC (United Kingdom) 36,206 0.05 85 Chubb Limited (Switzerland) 13,083 0.02 1,050 Hikma Pharmaceuticals PLC (United 7,895 Direct Line Insurance Group PLC (United Kingdom) 36,169 0.05 Kingdom) 34,318 0.04 65 Jazz Pharmaceuticals PLC (Ireland) 10,728 0.01 740 Gjensidige Forsikring ASA (Norway) 16,518 0.02 100 Kobayashi Pharmaceutical Company 39 Swiss Life Holding AG (Switzerland) 18,155 0.02 Limited (Japan) 12,225 0.02 64 Zurich Insurance Group AG (Switzerland) 27,126 0.03 1,800 Novartis AG (Switzerland) 170,012 0.21 287,724 0.36 1,632 Novo Nordisk A/S (Denmark) 114,151 0.14 Internet (0.09%) 1,200 Ono Pharmaceutical Company Limited 2,479 Auto Trader Group PLC (United Kingdom) 20,218 0.03 (Japan) 36,164 0.05 500 Kakaku.com Incorporated (Japan) 13,728 0.02 467 Roche Holding AG (Switzerland) 162,940 0.20 400 M3 Incorporated (Japan) 37,835 0.04 900 Shionogi & Company Limited (Japan) 49,195 0.06 71,781 0.09 500 Suzuken Company Limited (Japan) 18,086 0.02 721,979 0.90

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 119

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. EQUITIES (10.08%) (30 June 2020: 13.93%) cont. U.S. EQUITIES (24.73%) (30 June 2020: 25.56%) Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Private Equity (0.15%) Aerospace and Defense (0.36%) 2,905 3i Group PLC (United Kingdom) USD 46,412 0.06 823 Lockheed Martin Corporation USD 292,149 0.36 65 Partners Group Holding AG (Switzerland) 75,926 0.09 292,149 0.36 122,338 0.15 Auto Parts and Equipment (0.18%) Real Estate (0.26%) 4,270 Gentex Corporation 144,881 0.18 11,500 CK Asset Holdings Limited (Cayman 144,881 0.18 Islands) 59,151 0.08 Automotive (0.38%) 200 Daito Trust Construction Company Limited 3,556 PACCAR Incorporated 306,812 0.38 (Japan) 18,706 0.02 306,812 0.38 5,754 Goodman Group (Australia) 83,935 0.11 Banking (1.04%) 5,100 Henderson Land Development Company 1,379 Goldman Sachs Group Incorporated 363,656 0.45 Limited (Hong Kong) 19,911 0.02 3,735 JPMorgan Chase & Company 474,607 0.59 2,000 Sun Hung Kai Properties Limited (Hong Kong) 25,821 0.03 838,263 1.04 Beverages (0.19%) 207,524 0.26 1,054 PepsiCo Incorporated 156,308 0.19 Retail (0.36%) 2,444 Industria de Diseno Textil SA (Spain) 77,822 0.10 156,308 0.19 Biotechnology (0.42%) 200 Nitori Holdings Company Limited (Japan) 41,929 0.05 134 Alexion Pharmaceuticals Incorporated 20,936 0.03 345 Pandora A/S (Denmark) 38,543 0.05 436 Amgen Incorporated 100,244 0.11 700 Ryohin Keikaku Company Limited (Japan) 14,301 0.02 160 Biogen Incorporated 39,178 0.05 600 Sundrug Company Limited (Japan) 23,945 0.03 140 BioMarin Pharmaceutical Incorporated 12,277 0.02 2,446 Wesfarmers Limited (Australia) 95,113 0.11 25 Bio-Rad Laboratories Incorporated 14,574 0.02 291,653 0.36 370 Exelixis Incorporated 7,426 0.01 Semiconductors (0.16%) 40 ASML Holding NV (Netherlands) 19,330 0.02 151 Incyte Corporation 13,134 0.02 300 Lasertec Corporation (Japan) 35,290 0.04 150 Moderna Incorporated 15,671 0.02 200 Tokyo Electron Limited (Japan) 74,598 0.10 67 Regeneron Pharmaceuticals Incorporated 32,368 0.04 129,218 0.16 60 Seagen Incorporated 10,508 0.01 Shipbuilding (0.02%) 139 United Therapeutics Corporation 21,099 0.03 23,800 Yangzijiang Shipbuilding Holdings Limited 203 Vertex Pharmaceuticals Incorporated 47,977 0.06 (Singapore) 17,214 0.02 335,392 0.42 17,214 0.02 Chemicals (0.46%) Software (0.05%) 148 NewMarket Corporation 58,947 0.07 1,400 Nexon Company Limited (Japan) 43,117 0.05 419 Sherwin-Williams Company 307,927 0.39 43,117 0.05 366,874 0.46 Telecommunications (0.35%) Commercial Services (0.02%) 9,982 BT Group PLC (United Kingdom) 18,068 0.02 297 Terminix Global Holdings Incorporated 15,150 0.02 5,428 Deutsche Telekom AG (Germany) 99,195 0.12 15,150 0.02 2,400 KDDI Corporation (Japan) 71,274 0.09 Computers (1.65%) 15,258 Koninklijke KPN NV (Netherlands) 46,259 0.06 8,406 Apple Incorporated 1,115,392 1.39 1,800 Nippon Telegraph & Telephone Corporation 1,973 Leidos Holdings Incorporated 207,402 0.26 (Japan) 46,154 0.06 1,322,794 1.65 280,950 0.35 Cosmetics/Personal Care (0.25%) Toys/Games/Hobbies (0.16%) 135 Colgate-Palmolive Company 11,544 0.01 200 Nintendo Company Limited (Japan) 127,638 0.16 1,349 Procter & Gamble Company 187,700 0.24 127,638 0.16 199,244 0.25 Transportation (0.26%) Distribution/Wholesale (0.05%) 11 AP Moller - Maersk A/S (Denmark) 24,529 0.03 188 Watsco Incorporated 42,591 0.05 15,632 Aurizon Holdings Limited (Australia) 47,044 0.06 42,591 0.05 1,902 Deutsche Post AG (Germany) 94,126 0.12 Diversified Financial Services (0.63%) 200 Nippon Express Company Limited (Japan) 13,456 0.02 3,259 Intercontinental Exchange Incorporated 375,730 0.47 900 Yamato Holdings Company Limited (Japan) 22,989 0.03 6,264 Rocket Companies Incorporated 126,658 0.16 202,144 0.26 502,388 0.63 Total Non-U.S. Equities USD 8,096,841 10.08

The accompanying notes form an integral part of these financial statements.

120 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. EQUITIES (24.73%) (30 June 2020: 25.56%) cont. U.S. EQUITIES (24.73%) (30 June 2020: 25.56%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Electric Utilities (0.84%) Packaging and Containers (0.31%) 1,501 American Electric Power Company 608 AptarGroup Incorporated USD 83,229 0.10 Incorporated USD 124,988 0.16 2,397 Berry Global Group Incorporated 134,687 0.17 1,924 DTE Energy Company 233,593 0.29 832 Silgan Holdings Incorporated 30,851 0.04 5,664 Exelon Corporation 239,134 0.30 248,767 0.31 123 Pinnacle West Capital Corporation 9,834 0.01 Pharmaceuticals (1.26%) 726 WEC Energy Group Incorporated 66,814 0.08 1,299 AbbVie Incorporated 139,188 0.17 674,363 0.84 1,884 Bristol-Myers Squibb Company 116,865 0.15 Electronics (0.80%) 696 Eli Lilly and Company 117,513 0.15 173 Agilent Technologies Incorporated 20,499 0.03 1,708 Johnson & Johnson 268,804 0.33 14 Mettler-Toledo International Incorporated 15,956 0.02 1,855 Merck & Company Incorporated 151,739 0.19 559 Roper Technologies Incorporated 240,979 0.30 99 Neurocrine Biosciences Incorporated 9,489 0.01 10,853 Vontier Corporation 362,490 0.45 3,787 Pfizer Incorporated 139,399 0.17 639,924 0.80 75 Sarepta Therapeutics Incorporated 12,787 0.02 Environmental Control (0.37%) 5 Viatris Incorporated 94 - 404 Republic Services Incorporated 38,905 0.05 354 Zoetis Incorporated 58,587 0.07 2,177 Waste Management Incorporated 256,734 0.32 1,014,465 1.26 295,639 0.37 Pipelines (0.25%) Food (0.68%) 14,481 Kinder Morgan Incorporated 197,955 0.25 1,323 Hershey Company 201,533 0.25 197,955 0.25 5,944 Mondelez International Incorporated 347,545 0.43 Real Estate (0.67%) 549,078 0.68 1,044 Alexandria Real Estate Equities Health-Care Services (0.34%) Incorporated 186,061 0.22 162 Chemed Corporation 86,283 0.11 2,752 American Homes 4 Rent 82,560 0.10 247 Humana Incorporated 101,337 0.13 608 Duke Realty Corporation 24,302 0.03 697 Quest Diagnostics Incorporated 83,061 0.10 2,808 Equity Commonwealth 76,602 0.10 270,681 0.34 319 Equity LifeStyle Properties Incorporated 20,212 0.03 Household Products/Wares (0.29%) 1,713 Equity Residential 101,547 0.13 1,144 Clorox Company 230,996 0.29 477 Prologis Incorporated 47,538 0.06 230,996 0.29 538,822 0.67 Insurance (0.84%) Retail (1.01%) 2,414 Allstate Corporation 265,371 0.33 66 AutoZone Incorporated 78,239 0.10 1,817 Arthur J Gallagher & Company 224,781 0.28 590 Costco Wholesale Corporation 222,300 0.28 2,268 Loews Corporation 102,105 0.13 731 Dollar General Corporation 153,729 0.19 675 Marsh & McLennan Companies Incorporated 78,975 0.10 668 Domino's Pizza Incorporated 256,152 0.31 671,232 0.84 206 Starbucks Corporation 22,038 0.03 Internet (2.96%) 464 Target Corporation 81,910 0.10 428 Alphabet Incorporated 750,130 0.93 814,368 1.01 340 Amazon.com Incorporated 1,107,356 1.38 Semiconductors (0.97%) 5,034 eBay Incorporated 252,959 0.32 1,830 Advanced Micro Devices Incorporated 167,829 0.21 479 F5 Networks Incorporated 84,275 0.10 531 NVIDIA Corporation 277,288 0.34 664 Facebook Incorporated 181,378 0.23 370 Qorvo Incorporated 61,520 0.08 2,376,098 2.96 1,674 Texas Instruments Incorporated 274,754 0.34 Iron/Steel (0.09%) 781,391 0.97 583 Reliance Steel & Aluminum Company 69,814 0.09 Software (4.52%) 69,814 0.09 564 Activision Blizzard Incorporated 52,367 0.07 Media (0.44%) 861 Adobe Incorporated 430,603 0.53 349 Charter Communications Incorporated 230,881 0.29 424 Black Knight Incorporated 37,460 0.05 244 FactSet Research Systems Incorporated 81,130 0.10 1,423 Cadence Design Systems Incorporated 194,140 0.24 240 Walt Disney Company 43,483 0.05 1,985 Electronic Arts Incorporated 285,046 0.36 355,494 0.44 63 Fair Isaac Corporation 32,196 0.04 Medical Technology (0.37%) 2,307 Fidelity National Information Services 2,300 Baxter International Incorporated 184,551 0.22 Incorporated 326,348 0.41 97 PerkinElmer Incorporated 13,920 0.02 1,014 Intuit Incorporated 385,168 0.48 220 Thermo Fisher Scientific Incorporated 102,472 0.13 3,932 Microsoft Corporation 874,556 1.08 300,943 0.37 778 Oracle Corporation 50,329 0.06 Oil and Natural Gas Utilities (0.27%) 832 salesforce.com Incorporated 185,145 0.23 732 Chevron Corporation 61,817 0.08 976 Synopsys Incorporated 253,018 0.32 1,810 EQT Corporation 23,005 0.03 1,146 Take-Two Interactive Software 3,269 Exxon Mobil Corporation 134,749 0.16 Incorporated 238,127 0.30 219,571 0.27 1,031 Veeva Systems Incorporated 280,690 0.35 3,625,193 4.52

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 121

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. EQUITIES (24.73%) (30 June 2020: 25.56%) cont. U.S. EQUITIES (24.73%) (30 June 2020: 25.56%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Telecommunications (1.07%) Transportation (0.75%) 2,632 AT&T Incorporated USD 75,696 0.09 910 CH Robinson Worldwide Incorporated USD 85,422 0.11 4,572 Cisco Systems Incorporated 204,597 0.25 2,481 Expeditors International of Washington 5,949 Juniper Networks Incorporated 133,912 0.17 Incorporated 235,968 0.29 7,537 Verizon Communications Incorporated 442,799 0.56 5,506 Knight-Swift Transportation Holdings Incorporated 230,261 0.29 857,004 1.07 1,986 Schneider National Incorporated 41,110 0.05

57 Union Pacific Corporation 11,869 0.01 604,630 0.75 Total U.S. Equities USD 19,859,274 24.73

WARRANTS (-%) (30 June 2020: 0.57%)

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (22.01%) (30 June 2020: 19.53%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (20.71%) USD 119,292 Uniform Mortgage Backed Securities Pass-Through Certificates 4.00 01/01/2057 USD 133,816 0.17 438,840 Uniform Mortgage Backed Securities Pass-Through Certificates 3.50 01/12/2049 463,171 0.58 191,197 Uniform Mortgage Backed Securities Pass-Through Certificates 3.50 01/11/2049 202,575 0.25 994,155 Uniform Mortgage Backed Securities Pass-Through Certificates 4.00 01/05/2049 1,064,549 1.33 1,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 12/02/2051 1,037,461 1.29 3,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 12/02/2051 3,155,625 3.93 3,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 14/01/2051 3,117,188 3.88 5,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/01/2051 5,271,094 6.56 1,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50 14/01/2051 1,057,344 1.32 1,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 6.00 14/01/2051 1,123,281 1.40 16,626,104 20.71 U.S. Government Guaranteed Mortgage Obligations (1.30%) 1,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00 21/01/2051 1,045,703 1.30 1,045,703 1.30 Total U.S. Government and Agency Mortgage Obligations USD 17,671,807 22.01

U.S. GOVERNMENT AGENCY OBLIGATIONS (3.11%) (30 June 2020: -%) Principal Maturity Value % of Amount Yield (%) Date USD Fund USD 2,500,000 Federal Home Loan Bank Discount Notes 0.10 06/01/2021 USD 2,499,967 3.11 Total U.S. Government Agency Obligations USD 2,499,967 3.11

MORTGAGE-BACKED SECURITIES (6.48%) (30 June 2020: 5.70%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (0.32%) USD 363,721 Federal Home Loan Mortgage Corporation (Class PI) 3.00 15/11/2042 USD 35,879 0.04 504,274 Federal National Mortgage Association (Class DS) 5.95 25/12/2048 52,319 0.07 3,978 Federal National Mortgage Association (Class SE) 22.58 25/11/2035 5,808 0.01 59,072 Government National Mortgage Association (Class AS) 5.90 20/06/2043 11,442 0.01 471,833 Government National Mortgage Association (Class EI) 2.49 20/06/2066 42,795 0.05 467,908 Government National Mortgage Association (Class EI) 1.72 20/10/2065 32,473 0.04 109,872 Government National Mortgage Association (Class IC) 5.00 16/01/2044 21,709 0.03 229,636 Government National Mortgage Association (Class LI) 3.50 20/03/2044 17,163 0.02 120,371 Government National Mortgage Association (Class QI) 5.00 20/10/2047 20,984 0.03 16,843 Government National Mortgage Association (Class QI) 4.50 20/01/2040 2,590 - 85,102 Government National Mortgage Association (Class UI) 5.00 20/01/2040 16,037 0.02 259,199 0.32

The accompanying notes form an integral part of these financial statements.

122 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (6.48%) (30 June 2020: 5.70%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (3.92%) USD 993,871 Banc of America Commercial Mortgage Trust 2015-UBS7 (Class XA) 0.80 15/09/2048 USD 32,360 0.04 1,783,634 Benchmark 2018-B4 Mortgage Trust (Class XA) 0.51 15/07/2051 50,331 0.06 648,091 CD 2016-CD1 Mortgage Trust (Class XA) 1.39 10/08/2049 37,516 0.05 83,021 Centex Home Equity Loan Trust 2005-A (Class M1) 0.87 25/01/2035 81,920 0.10 22,000 CGMS Commercial Mortgage Trust 2017-B1 (Class B) 3.96 15/08/2050 24,530 0.03 84,000 Citigroup Commercial Mortgage Trust 2014-GC21 (Class AS) 4.03 10/05/2047 91,327 0.11 41,000 Citigroup Commercial Mortgage Trust 2014-GC21 (Class C) 4.78 10/05/2047 39,527 0.05 792,746 Citigroup Commercial Mortgage Trust 2014-GC23 (Class XA) 0.94 10/07/2047 22,943 0.03 139,000 Commercial 2012-LC4 Mortgage Trust (Class C) 5.54 10/12/2044 114,393 0.14 227,378 Commercial 2012-LC4 Mortgage Trust (Class XA) 2.10 10/12/2044 2,813 - 630,674 Commercial 2013-CCRE11 Mortgage Trust (Class XA) 0.92 10/08/2050 13,571 0.02 59,000 Commercial 2013-CCRE13 Mortgage Trust (Class AM) 4.45 10/11/2046 64,173 0.08 1,010,296 Commercial 2013-LC13 Mortgage Trust (Class XA) 1.11 10/08/2046 24,554 0.03 1,415,196 Commercial 2014-CCRE17 Mortgage Trust (Class XA) 0.97 10/05/2047 38,399 0.05 54,000 Commercial 2014-CCRE19 Mortgage Trust (Class AM) 4.08 10/08/2047 58,879 0.07 744,359 Commercial 2014-CCRE20 Mortgage Trust (Class XA) 1.02 10/11/2047 23,559 0.03 43,000 Commercial 2014-CR14 Mortgage Trust (Class AM) 4.53 10/02/2047 46,121 0.06 2,846,431 Commercial 2014-CR14 Mortgage Trust (Class XA) 0.58 10/02/2047 44,212 0.06 64,000 Commercial 2014-LC15 Mortgage Trust (Class B) 4.60 10/04/2047 68,544 0.09 51,000 Commercial 2014-UBS3 Mortgage Trust (Class AM) 4.01 10/06/2047 55,376 0.07 39,000 Commercial 2014-UBS6 Mortgage Trust (Class AM) 4.05 10/12/2047 42,793 0.05 44,000 Commercial 2014-UBS6 Mortgage Trust (Class C) 4.45 10/12/2047 42,895 0.05 1,309,928 Commercial 2014-UBS6 Mortgage Trust (Class XA) 0.89 10/12/2047 34,578 0.04 44,000 Commercial 2015-DC1 Mortgage Trust (Class AM) 3.72 10/02/2048 47,841 0.06 1,028,195 CSAIL 2015-C1 Commercial Mortgage Trust (Class XA) 0.83 15/04/2050 28,708 0.04 111,000 CSMC Trust 2016-NXSR (Class C) 4.36 15/12/2049 94,101 0.12 166,000 DBUBS 2011-LC3 Mortgage Trust (Class D) 5.34 10/08/2044 156,639 0.20 58,149 EquiFirst Mortgage Loan Trust 2004-1 (Class M2) 1.57 25/01/2034 58,886 0.07 93,000 GS Mortgage Securities Trust 2014-GC22 (Class AS) 4.11 10/06/2047 102,429 0.13 135,000 GS Mortgage Securities Trust 2014-GC22 (Class C) 4.69 10/06/2047 132,253 0.16 1,288,326 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 (Class XA) 1.55 15/05/2045 19,327 0.02 40,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class AS) 3.22 15/04/2046 41,579 0.05 25,000 JPMBB Commercial Mortgage Securities Trust 2013-C12 (Class B) 4.10 15/07/2045 26,073 0.03 1,090,438 JPMBB Commercial Mortgage Securities Trust 2013-C17 (Class XA) 0.74 15/01/2047 20,549 0.03 65,000 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class C) 4.55 15/09/2047 56,035 0.07 999,263 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class XA) 0.83 15/09/2047 25,304 0.03 34,532 Long Beach Mortgage Loan Trust 2004-5 (Class A5) 0.71 25/09/2034 34,160 0.04 168,000 LSTAR Commercial Mortgage Trust 2015-3 (Class B) 3.19 20/04/2048 175,087 0.21 31,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 (Class B) 3.56 15/12/2048 32,055 0.04 82,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16 (Class AS) 4.09 15/06/2047 88,244 0.11 41,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 (Class C) 4.48 15/08/2047 37,572 0.05 696,825 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 (Class XA) 1.08 15/08/2047 18,182 0.02 23,000 Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 (Class B) 4.34 15/05/2048 24,763 0.03 632,465 Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 (Class XA) 1.05 15/10/2048 24,399 0.03 57,000 Morgan Stanley Capital I Trust 2016-BNK2 (Class C) 3.90 15/11/2049 56,715 0.07 32,994 Multifamily Connecticut Avenue Securities Trust 2019-01 (Class M7) 1.85 15/10/2049 31,510 0.04 80,206 Towd Point Asset Trust 2018-SL1 (Class A) 0.75 25/01/2046 80,088 0.10 38,000 UBS Commercial Mortgage Trust 2012-C1 (Class C) 5.57 10/05/2045 37,230 0.05 42,000 UBS Commercial Mortgage Trust 2017-C5 (Class B) 4.10 15/11/2050 46,917 0.06 2,058,026 UBS-Barclays Commercial Mortgage Trust 2012-C2 (Class XA) 1.29 10/05/2063 31,428 0.04 41,000 Wells Fargo Commercial Mortgage Trust 2013-LC12 (Class AS) 4.27 15/07/2046 41,830 0.05 22,000 Wells Fargo Commercial Mortgage Trust 2018-C47 (Class B) 4.85 15/09/2061 25,535 0.03 56,000 Wells Fargo Commercial Mortgage Trust 2018-C48 (Class B) 4.90 15/01/2052 66,538 0.08 30,640 WF-RBS Commercial Mortgage Trust 2011-C2 (Class D) 5.52 15/02/2044 30,600 0.04 155,000 WFRBS Commercial Mortgage Trust 2011-C4 (Class D) 5.19 15/06/2044 133,402 0.17 740,238 WFRBS Commercial Mortgage Trust 2012-C10 (Class XA) 1.52 15/12/2045 16,267 0.02 38,000 WFRBS Commercial Mortgage Trust 2012-C6 (Class B) 4.70 15/04/2045 39,140 0.05 47,000 WFRBS Commercial Mortgage Trust 2012-C9 (Class B) 3.84 15/11/2045 47,956 0.06

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 123

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (6.48%) (30 June 2020: 5.70%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (3.92%) cont. USD 2,058,000 WFRBS Commercial Mortgage Trust 2012-C9 (Class XB) 0.71 15/11/2045 USD 23,667 0.03 86,000 WFRBS Commercial Mortgage Trust 2014-C19 (Class B) 4.72 15/03/2047 84,745 0.11 26,000 WFRBS Commercial Mortgage Trust 2014-C22 (Class B) 4.37 15/09/2057 28,115 0.04 939,130 WFRBS Commercial Mortgage Trust 2014-C24 (Class XA) 0.83 15/11/2047 22,588 0.03 3,143,771 3.92 Residential Mortgage-Backed Securities (non-agency) (2.24%) 125,503 Bellemeade Re 2018-2 Limited (Class M1C) 1.75 25/08/2028 124,509 0.16 20,000 Fannie Mae Connecticut Avenue Securities (Class 1EB1) 1.40 25/07/2029 20,365 0.03 28,001 Fannie Mae Connecticut Avenue Securities (Class 1M2) 3.70 25/07/2029 28,805 0.04 44,655 Fannie Mae Connecticut Avenue Securities (Class 1M2) 4.40 25/04/2029 46,204 0.06 111,714 Fannie Mae Connecticut Avenue Securities (Class 1M2) 4.40 25/01/2029 116,052 0.14 125,918 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.15 25/09/2028 132,982 0.16 205,436 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.90 25/08/2028 216,093 0.26 14,386 Fannie Mae Connecticut Avenue Securities (Class 1M2) 5.05 25/11/2024 14,750 0.02 33,429 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.50 25/05/2029 34,699 0.04 59,256 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.60 25/01/2029 61,535 0.08 19,551 Fannie Mae Connecticut Avenue Securities (Class 2M2) 7.10 25/08/2028 20,905 0.03 6,550 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.70 25/04/2028 6,877 0.01 16,039 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.15 25/07/2025 16,372 0.02 19,895 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.15 25/05/2025 20,190 0.03 5,945 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.15 25/11/2024 6,075 0.01 16,366 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.05 25/07/2024 16,319 0.02 37,438 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.75 25/05/2024 37,041 0.05 174,289 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.80 25/10/2028 181,178 0.22 198,823 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 5.70 25/07/2028 207,453 0.25 121,544 MortgageIT Trust 2005-1 (Class 1M1) 0.87 25/02/2035 116,516 0.15 202,434 WaMu Mortgage Pass-Through Certificates Series 2005-AR11 Trust (Class A1A) 0.79 25/08/2045 199,138 0.24 91,846 WaMu Mortgage Pass-Through Certificates Series 2005-AR8 (Class 2A1A) 0.73 25/07/2045 88,762 0.11 90,209 WaMu Mortgage Pass-Through Certificates Series 2006-AR1 Trust (Class 2A1A) 1.68 25/01/2046 87,034 0.11 1,799,854 2.24 Total Mortgage-Backed Securities USD 5,202,824 6.48

REPURCHASE AGREEMENTS (6.76%) (30 June 2020: 12.55%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 5,431,000 Repurchase Agreement - Barclays Capital Incorporated* 0.05 04/01/2021 USD 5,431,000 6.76 Total Repurchase Agreements USD 5,431,000 6.76

*Interest in USD50,000,000 bulk repurchase agreement dated 31 December 2020 with Barclays Capital Incorporated due 4 January 2021 maturity value of USD5,431,030 for an effective yield of 0.050% (collateralised by a U.S. Treasury note with a coupon rate of 2.500% and a due date of 15 February 2046, valued at USD51,015,130).

NON-U.S. CORPORATE BONDS AND NOTES (3.77%) (30 June 2020: 5.24%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (2.33%) USD 3,000 Bank of Montreal (Canada) 3.80 15/12/2032 USD 3,400 - 65,000 Bank of Montreal (Canada) 3.10 13/04/2021 65,524 0.08 126,000 Bank of Nova Scotia (Canada) 2.70 07/03/2022 129,615 0.16 200,000 BPCE SA (France) 5.15 21/07/2024 225,823 0.28 200,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 218,500 0.27 200,000 DNB Bank ASA (Norway) 2.15 02/12/2022 207,102 0.26 105,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 3.54 26/07/2021 106,903 0.13 23,000 Royal Bank of Canada (Canada) 4.65 27/01/2026 27,152 0.03 200,000 Santander UK Group Holdings PLC (United Kingdom) 4.75 15/09/2025 225,214 0.28 200,000 Sumitomo Mitsui Trust Bank Limited (Japan) 0.80 12/09/2023 201,810 0.25 27,000 Toronto-Dominion Bank (Canada) 3.63 15/09/2031 30,599 0.04 150,000 Toronto-Dominion Bank (Canada) 1.90 01/12/2022 154,691 0.19

The accompanying notes form an integral part of these financial statements.

124 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (3.77%) (30 June 2020: 5.24%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (2.33%) cont. USD 235,000 UBS AG (Switzerland) 1.75 21/04/2022 USD 239,182 0.31 30,000 Westpac Banking Corporation (Australia) 2.96 16/11/2040 31,946 0.04 8,000 Westpac Banking Corporation (Australia) 4.42 24/07/2039 10,213 0.01 1,877,674 2.33 Building Materials (0.05%) 18,000 Johnson Controls International PLC (Ireland) 4.95 02/07/2064 24,507 0.03 14,000 Johnson Controls International PLC (Ireland) 4.50 15/02/2047 18,401 0.02 42,908 0.05 Chemicals (0.08%) 9,000 Nutrien Limited (Canada) 5.25 15/01/2045 12,258 0.02 11,000 Nutrien Limited (Canada) 4.13 15/03/2035 13,100 0.02 14,000 Nutrien Limited (Canada) 2.95 13/05/2030 15,396 0.02 20,000 Nutrien Limited (Canada) 4.20 01/04/2029 23,914 0.02 64,668 0.08 Commercial Services (0.11%) 6,000 IHS Markit Limited (Bermuda) 4.75 01/08/2028 7,373 0.01 68,000 IHS Markit Limited (Bermuda) 4.75 15/02/2025 78,030 0.10 85,403 0.11 Environmental Control (0.01%) 6,000 Waste Connections Incorporated (Canada) 3.50 01/05/2029 6,844 0.01 6,844 0.01 Insurance (0.17%) 105,000 Fairfax Financial Holdings Limited (Canada) 4.85 17/04/2028 117,518 0.15 15,000 Willis Towers Watson PLC (Ireland) 5.75 15/03/2021 15,151 0.02 132,669 0.17 Media (0.07%) 27,000 Quebecor Media Incorporated (Canada) 5.75 15/01/2023 29,126 0.04 22,000 Videotron Limited (Canada) 5.13 15/04/2027 23,348 0.03 52,474 0.07 Medical Technology (0.01%) 6,000 DH Europe Finance II Sarl (Luxembourg) 3.40 15/11/2049 7,103 0.01 7,103 0.01 Oil and Natural Gas Utilities (0.72%) 3,000 Equinor ASA (Norway) 5.10 17/08/2040 4,197 0.01 19,000 Petrobras Global Finance BV (Netherlands) 6.00 27/01/2028 22,206 0.03 56,000 Petrobras Global Finance BV (Netherlands) 7.38 17/01/2027 69,305 0.09 6,000 Petrobras Global Finance BV (Netherlands) 5.30 27/01/2025 6,780 0.01 85,000 Petrobras Global Finance BV (Netherlands) 6.25 17/03/2024 96,688 0.11 100,000 Petroleos Mexicanos (Mexico) 6.84 23/01/2030 104,678 0.13 275,000 Total Capital International SA (France) 2.75 19/06/2021 278,206 0.34 582,060 0.72 Pipelines (0.10%) 11,000 Enbridge Incorporated (Canada) 4.25 01/12/2026 12,806 0.02 64,000 Transcanada Trust (Canada) 5.30 15/03/2077 67,840 0.08 80,646 0.10 Retail (0.02%) 4,000 Alimentation Couche-Tard Incorporated (Canada) 2.95 25/01/2030 4,371 0.01 8,000 Alimentation Couche-Tard Incorporated (Canada) 3.55 26/07/2027 9,000 0.01 13,371 0.02 Semiconductors (0.05%) 38,000 Broadcom Corporation (International) 3.50 15/01/2028 41,884 0.05 41,884 0.05 Telecommunications (0.05%) 13,000 Deutsche Telekom International Finance BV (Netherlands) 8.75 15/06/2030 20,568 0.03 15,000 Rogers Communications Incorporated (Canada) 4.50 15/03/2043 19,015 0.02 39,583 0.05 Total Non-U.S. Corporate Bonds and Notes USD 3,027,287 3.77

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 125

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (9.94%) (30 June 2020: 23.78%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.15%) USD 69,000 Interpublic Group of Companies Incorporated 4.65 01/10/2028 USD 83,338 0.10 32,000 Omnicom Group Incorporated 3.60 15/04/2026 36,515 0.05 119,853 0.15 Aerospace and Defense (0.10%) 17,000 L3Harris Technologies Incorporated 4.40 15/06/2028 20,384 0.03 23,000 L3Harris Technologies Incorporated 3.85 15/12/2026 26,577 0.04 22,000 Northrop Grumman Corporation 3.25 15/01/2028 24,878 0.03 3,000 Raytheon Technologies Corporation 4.88 15/10/2040 3,908 - 3,000 Raytheon Technologies Corporation 4.13 16/11/2028 3,576 - 79,323 0.10 Automotive (0.20%) 2,000 BMW US Capital LLC 3.95 14/08/2028 2,331 - 95,000 BMW US Capital LLC 2.00 11/04/2021 95,287 0.12 34,000 General Motors Financial Company Incorporated 4.00 06/10/2026 38,280 0.05 14,000 General Motors Financial Company Incorporated 4.30 13/07/2025 15,696 0.02 6,000 General Motors Financial Company Incorporated 4.00 15/01/2025 6,604 0.01 158,198 0.20 Banking (1.59%) 97,000 Bank of America Corporation 6.10 29/12/2049 109,852 0.14 49,000 Citigroup Incorporated 4.75 18/05/2046 65,465 0.08 20,000 Citigroup Incorporated 3.67 24/07/2028 22,714 0.03 4,000 Citigroup Incorporated 3.89 10/01/2028 4,584 0.01 42,000 Citigroup Incorporated 4.45 29/09/2027 49,650 0.06 46,000 Citigroup Incorporated 4.60 09/03/2026 53,907 0.07 60,000 Citigroup Incorporated 4.50 14/01/2022 62,561 0.08 24,000 Fifth Third Bancorp 5.10 29/12/2049 24,352 0.03 19,000 Goldman Sachs Group Incorporated 2.60 07/02/2030 20,319 0.03 76,000 Goldman Sachs Group Incorporated 4.22 01/05/2029 90,164 0.11 27,000 Huntington Bancshares Incorporated 4.35 04/02/2023 28,949 0.04 70,000 JPMorgan Chase & Company 4.60 31/12/2099 72,275 0.09 16,000 JPMorgan Chase & Company 6.10 29/10/2049 17,548 0.02 55,000 JPMorgan Chase & Company 3.96 15/11/2048 69,219 0.09 31,000 JPMorgan Chase & Company 1.22 15/05/2047 25,420 0.03 17,000 JPMorgan Chase & Company 2.96 13/05/2031 18,642 0.02 140,000 JPMorgan Chase & Company 3.38 01/05/2023 149,631 0.19 34,000 Morgan Stanley 4.38 22/01/2047 46,286 0.06 190,000 Morgan Stanley 3.13 23/01/2023 200,519 0.24 41,000 Morgan Stanley 5.50 28/07/2021 42,206 0.05 18,000 PNC Financial Services Group Incorporated 3.30 08/03/2022 18,592 0.02 35,000 Truist Financial Corporation 4.80 31/12/2099 36,968 0.05 31,000 US Bancorp 2.95 15/07/2022 32,214 0.04 10,000 Wells Fargo & Company 5.88 29/12/2049 11,263 0.01 1,273,300 1.59 Beverages (0.13%) 10,000 Anheuser-Busch InBev Worldwide Incorporated 5.55 23/01/2049 14,219 0.02 13,000 Anheuser-Busch InBev Worldwide Incorporated 4.75 23/01/2029 16,054 0.02 10,000 Anheuser-Busch InBev Worldwide Incorporated 4.15 23/01/2025 11,387 0.01 20,000 Keurig Dr Pepper Incorporated 4.60 25/05/2028 24,342 0.03 24,000 Keurig Dr Pepper Incorporated 4.42 25/05/2025 27,670 0.04 10,000 Keurig Dr Pepper Incorporated 4.06 25/05/2023 10,865 0.01 104,537 0.13 Biotechnology (0.06%) 21,000 Amgen Incorporated 4.66 15/06/2051 28,645 0.04 16,000 Amgen Incorporated 2.60 19/08/2026 17,467 0.02 46,112 0.06 Building Materials (0.05%) 35,000 Standard Industries Incorporated 5.00 15/02/2027 36,575 0.05 36,575 0.05

The accompanying notes form an integral part of these financial statements.

126 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (9.94%) (30 June 2020: 23.78%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Chemicals (0.32%) USD 26,000 Celanese US Holdings LLC 3.50 08/05/2024 USD 28,156 0.04 57,000 CF Industries Incorporated 4.50 01/12/2026 67,531 0.08 67,000 Dow Chemical Company 3.50 01/10/2024 73,392 0.09 28,000 Ecolab Incorporated 3.25 01/12/2027 31,775 0.04 16,000 International Flavors & Fragrances Incorporated 4.45 26/09/2028 18,941 0.02 7,000 Nutrition & Biosciences Incorporated 3.47 01/12/2050 7,604 0.01 13,000 Nutrition & Biosciences Incorporated 2.30 01/11/2030 13,390 0.02 14,000 Sherwin-Williams Company 3.45 01/06/2027 15,816 0.02 256,605 0.32 Commercial Services (0.16%) 9,000 ERAC USA Finance LLC 5.63 15/03/2042 12,639 0.02 33,000 ERAC USA Finance LLC 7.00 15/10/2037 51,182 0.06 30,000 Global Payments Incorporated 2.90 15/05/2030 32,666 0.04 3,000 Global Payments Incorporated 4.00 01/06/2023 3,244 - 6,000 Moody's Corporation 2.55 18/08/2060 5,618 0.01 4,000 S&P Global Incorporated 1.25 15/08/2030 3,943 - 5,000 Service Corporation International 3.38 15/08/2030 5,201 0.01 14,000 Service Corporation International 4.63 15/12/2027 14,910 0.02 129,403 0.16 Computers (0.14%) 23,000 Apple Incorporated 4.38 13/05/2045 31,521 0.04 36,000 Apple Incorporated 3.85 04/05/2043 45,715 0.06 14,000 Apple Incorporated 3.45 06/05/2024 15,411 0.02 11,000 Dell International LLC 8.35 15/07/2046 16,641 0.02 109,288 0.14 Diversified Financial Services (0.43%) 56,000 Air Lease Corporation 3.25 01/10/2029 59,184 0.07 47,000 Air Lease Corporation 4.63 01/10/2028 53,990 0.07 60,000 American Express Company 2.65 02/12/2022 62,630 0.08 5,000 BGC Partners Incorporated 5.13 27/05/2021 5,034 0.01 10,000 Blackstone Holdings Finance Company LLC 1.60 30/03/2031 9,944 0.01 48,000 Cantor Fitzgerald LP 6.50 17/06/2022 51,863 0.06 10,000 Capital One Financial Corporation 4.20 29/10/2025 11,417 0.01 36,000 Intercontinental Exchange Incorporated 2.65 15/09/2040 36,948 0.05 17,000 Intercontinental Exchange Incorporated 1.85 15/09/2032 17,147 0.02 33,000 Neuberger Berman Group LLC 4.88 15/04/2045 37,421 0.05 345,578 0.43 Electric Utilities (0.52%) 40,000 AES Corporation 2.45 15/01/2031 40,540 0.05 6,000 American Electric Power Company Incorporated 4.30 01/12/2028 7,171 0.01 50,000 Calpine Corporation 4.50 15/02/2028 52,000 0.06 5,000 Commonwealth Edison Company 5.90 15/03/2036 7,220 0.01 6,000 Consolidated Edison Company of New York Incorporated 4.20 15/03/2042 7,276 0.01 22,000 Duke Energy Corporation 3.15 15/08/2027 24,551 0.03 11,000 Duke Energy Indiana LLC 6.45 01/04/2039 17,092 0.02 25,000 Duke Energy Progress LLC 3.38 01/09/2023 26,895 0.03 12,000 IPALCO Enterprises Incorporated 3.70 01/09/2024 13,080 0.02 41,000 NRG Energy Incorporated 4.45 15/06/2029 47,545 0.06 24,000 NRG Energy Incorporated 3.75 15/06/2024 26,140 0.03 68,000 Oncor Electric Delivery Company LLC 3.75 01/04/2045 83,057 0.11 6,000 Oncor Electric Delivery Company LLC 5.30 01/06/2042 8,576 0.01 2,000 Pacific Gas and Electric Company 2.10 01/08/2027 2,035 - 4,000 Pacific Gas and Electric Company 3.30 15/03/2027 4,285 0.01 8,000 PPL Capital Funding Incorporated 3.40 01/06/2023 8,496 0.01 10,000 PPL Capital Funding Incorporated 4.20 15/06/2022 10,450 0.01 16,000 Vistra Operations Company LLC 4.30 15/07/2029 18,160 0.02 14,000 Vistra Operations Company LLC 3.55 15/07/2024 15,161 0.02 419,730 0.52

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 127

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (9.94%) (30 June 2020: 23.78%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Electronics (-%) USD 3,000 Honeywell International Incorporated 3.81 21/11/2047 USD 3,840 - 3,840 - Food (0.40%) 70,000 Albertsons Companies Incorporated 4.63 15/01/2027 74,463 0.09 8,000 Kraft Heinz Foods Company 3.88 15/05/2027 8,619 0.01 74,000 Lamb Weston Holdings Incorporated 4.88 01/11/2026 77,352 0.10 9,000 Mondelez International Incorporated 2.13 13/04/2023 9,348 0.01 150,000 Nestle Holdings Incorporated 0.38 15/01/2024 150,151 0.19 319,933 0.40 Forest Products & Paper (0.06%) 42,000 Georgia-Pacific LLC 2.10 30/04/2027 44,342 0.06 44,342 0.06 Health-Care Services (0.28%) 6,000 HCA Incorporated 5.50 15/06/2047 8,014 0.01 36,000 HCA Incorporated 4.13 15/06/2029 41,763 0.05 75,000 Tenet Healthcare Corporation 4.88 01/01/2026 78,458 0.11 32,000 UnitedHealth Group Incorporated 2.00 15/05/2030 33,942 0.04 50,000 UnitedHealth Group Incorporated 3.85 15/06/2028 59,449 0.07 221,626 0.28 Home Builders (0.02%) 15,000 PulteGroup Incorporated 5.50 01/03/2026 17,849 0.02 17,849 0.02 Insurance (0.33%) 2,000 American International Group Incorporated 8.18 15/05/2058 2,930 - 14,000 Berkshire Hathaway Finance Corporation 2.85 15/10/2050 14,994 0.02 8,000 Berkshire Hathaway Finance Corporation 4.30 15/05/2043 10,555 0.01 111,000 Berkshire Hathaway Finance Corporation 4.25 15/01/2021 111,123 0.14 10,000 Marsh & McLennan Companies Incorporated 4.38 15/03/2029 12,175 0.02 68,000 Prudential Financial Incorporated 5.20 15/03/2044 73,270 0.09 15,000 Prudential Financial Incorporated 5.63 15/06/2043 16,069 0.02 21,000 Swiss Re Treasury US Corporation 4.25 06/12/2042 26,449 0.03 267,565 0.33 Internet (0.35%) 12,000 Alphabet Incorporated 2.25 15/08/2060 11,604 0.01 15,000 Alphabet Incorporated 2.00 15/08/2026 16,083 0.02 145,000 Alphabet Incorporated 3.63 19/05/2021 146,877 0.18 38,000 Amazon.com Incorporated 3.15 22/08/2027 43,265 0.05 49,000 Netflix Incorporated 6.38 15/05/2029 60,515 0.09 278,344 0.35 Investment Companies (0.06%) 41,000 Ares Capital Corporation 3.88 15/01/2026 44,427 0.06 44,427 0.06 Lodging (0.18%) 86,000 Hilton Worldwide Finance LLC 4.88 01/04/2027 91,024 0.11 28,000 Hyatt Hotels Corporation 4.85 15/03/2026 31,256 0.04 14,000 Marriott International Incorporated 4.63 15/06/2030 16,429 0.02 8,000 Marriott International Incorporated 5.75 01/05/2025 9,358 0.01 148,067 0.18 Machinery (0.01%) 10,000 Otis Worldwide Corporation 2.57 15/02/2030 10,738 0.01 10,738 0.01 Machinery-Construction and Mining (0.05%) 6,000 Oshkosh Corporation 3.10 01/03/2030 6,544 0.01 26,000 Oshkosh Corporation 4.60 15/05/2028 30,689 0.04 37,233 0.05 Media (0.59%) 3,000 Charter Communications Operating LLC 5.38 01/05/2047 3,744 - 54,000 Charter Communications Operating LLC 6.48 23/10/2045 76,381 0.10 24,000 Charter Communications Operating LLC 3.75 15/02/2028 26,910 0.03 21,000 Comcast Corporation 4.05 01/11/2052 26,858 0.03

The accompanying notes form an integral part of these financial statements.

128 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (9.94%) (30 June 2020: 23.78%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Media (0.59%) cont. USD 22,000 Comcast Corporation 4.00 01/11/2049 USD 27,773 0.03 17,000 Comcast Corporation 3.97 01/11/2047 21,217 0.03 6,000 Comcast Corporation 6.50 15/11/2035 9,275 0.01 29,000 Cox Communications Incorporated 2.95 01/10/2050 29,650 0.04 12,000 Cox Communications Incorporated 3.50 15/08/2027 13,566 0.02 14,000 Discovery Communications LLC 3.63 15/05/2030 16,037 0.02 14,000 Fox Corporation 4.03 25/01/2024 15,419 0.02 95,000 Sirius XM Radio Incorporated 5.00 01/08/2027 100,225 0.12 14,000 TCI Communications Incorporated 7.13 15/02/2028 19,390 0.02 24,000 ViacomCBS Incorporated 4.20 01/06/2029 28,709 0.04 33,000 ViacomCBS Incorporated 2.90 15/01/2027 36,211 0.05 9,000 ViacomCBS Incorporated 4.00 15/01/2026 10,301 0.01 7,000 Walt Disney Company 7.75 01/12/2045 12,561 0.02 474,227 0.59 Mining (0.09%) 16,000 Glencore Funding LLC 1.63 01/09/2025 16,410 0.02 28,000 Glencore Funding LLC 4.00 16/04/2025 31,332 0.04 21,000 Glencore Funding LLC 4.63 29/04/2024 23,452 0.03 71,194 0.09 Oil and Natural Gas Utilities (0.41%) 18,000 BP Capital Markets America Incorporated 3.94 21/09/2028 21,132 0.03 6,000 Diamondback Energy Incorporated 3.25 01/12/2026 6,406 0.01 21,000 EOG Resources Incorporated 2.63 15/03/2023 21,915 0.03 280,000 Exxon Mobil Corporation 2.22 01/03/2021 280,401 0.34 329,854 0.41 Packaging and Containers (0.03%) 11,000 Packaging Corporation of America 4.50 01/11/2023 12,102 0.01 6,000 WestRock MWV LLC 7.95 15/02/2031 8,567 0.01 3,000 WestRock MWV LLC 8.20 15/01/2030 4,275 0.01 24,944 0.03 Pharmaceuticals (0.71%) 6,000 AbbVie Incorporated 3.20 21/11/2029 6,724 0.01 19,000 Becton Dickinson and Company 2.82 20/05/2030 20,883 0.03 25,000 Bristol-Myers Squibb Company 1.45 13/11/2030 25,123 0.03 11,000 Bristol-Myers Squibb Company 3.40 26/07/2029 12,806 0.02 115,000 Bristol-Myers Squibb Company 3.25 20/02/2023 120,979 0.14 70,000 Bristol-Myers Squibb Company 3.25 15/08/2022 73,337 0.08 55,000 Bristol-Myers Squibb Company 2.25 15/08/2021 55,598 0.07 20,000 Cigna Corporation 3.75 15/07/2023 21,621 0.03 54,000 Cigna Corporation 3.90 15/02/2022 56,100 0.07 41,000 CVS Health Corporation 4.78 25/03/2038 51,946 0.06 12,000 CVS Health Corporation 3.70 09/03/2023 12,838 0.02 18,064 CVS Pass-Through Trust 6.04 10/12/2028 20,952 0.03 21,000 Merck & Company Incorporated 3.70 10/02/2045 26,170 0.03 20,000 Viatris Incorporated 2.30 22/06/2027 21,292 0.03 30,000 Zoetis Incorporated 2.00 15/05/2030 31,063 0.04 14,000 Zoetis Incorporated 3.90 20/08/2028 16,494 0.02 573,926 0.71 Pipelines (0.52%) 20,000 Cheniere Corpus Christi Holdings LLC 5.13 30/06/2027 23,660 0.03 69,000 Energy Transfer Operating LP 6.63 31/12/2099 58,304 0.08 13,000 Energy Transfer Operating LP 6.13 15/12/2045 15,357 0.02 27,000 Energy Transfer Operating LP 3.75 15/05/2030 29,124 0.04 13,000 Energy Transfer Operating LP 2.90 15/05/2025 13,754 0.02 28,000 Energy Transfer Operating LP 5.88 15/01/2024 31,474 0.04 3,000 Energy Transfer Operating LP 5.20 01/02/2022 3,109 - 34,000 Enterprise Products Operating LLC 4.25 15/02/2048 39,649 0.05 7,000 Kinder Morgan Energy Partners LP 5.40 01/09/2044 8,569 0.01 14,000 Kinder Morgan Energy Partners LP 3.45 15/02/2023 14,734 0.02 34,000 Kinder Morgan Energy Partners LP 3.50 01/03/2021 34,003 0.04

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 129

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (9.94%) (30 June 2020: 23.78%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Pipelines (0.52%) cont. USD 40,000 Kinder Morgan Incorporated 3.15 15/01/2023 USD 42,068 0.05 30,000 Sabine Pass Liquefaction LLC 4.20 15/03/2028 34,399 0.04 17,000 Sabine Pass Liquefaction LLC 5.00 15/03/2027 20,044 0.02 45,000 Targa Resources Partners LP 5.00 15/01/2028 47,500 0.06 415,748 0.52 Private Equity (0.02%) 15,000 KKR Group Finance Company III LLC 5.13 01/06/2044 19,690 0.02 19,690 0.02 Real Estate (0.44%) 42,000 American Tower Corporation 2.75 15/01/2027 45,567 0.06 12,000 American Tower Corporation 3.13 15/01/2027 13,238 0.02 10,000 Camden Property Trust 4.88 15/06/2023 10,897 0.01 16,000 CBRE Services Incorporated 4.88 01/03/2026 18,904 0.02 11,000 Crown Castle International Corporation 3.80 15/02/2028 12,678 0.02 9,000 Crown Castle International Corporation 3.65 01/09/2027 10,161 0.01 28,000 Crown Castle International Corporation 3.70 15/06/2026 31,563 0.04 16,000 Crown Castle International Corporation 4.45 15/02/2026 18,514 0.02 38,000 Digital Realty Trust LP 4.45 15/07/2028 45,689 0.06 22,000 Digital Realty Trust LP 4.75 01/10/2025 25,754 0.03 31,000 Equinix Incorporated 3.20 18/11/2029 34,031 0.04 30,000 Equinix Incorporated 2.90 18/11/2026 32,810 0.04 5,000 Prologis LP 2.25 15/04/2030 5,358 0.01 2,000 Prologis LP 2.13 15/04/2027 2,146 - 28,000 Weyerhaeuser Company 7.38 15/03/2032 41,989 0.06 349,299 0.44 Retail (0.04%) 6,000 Home Depot Incorporated 5.95 01/04/2041 9,271 0.01 18,000 QVC Incorporated 4.85 01/04/2024 19,395 0.03 28,666 0.04 Semiconductors (0.18%) 9,000 Analog Devices Incorporated 3.90 15/12/2025 10,264 0.01 72,000 Broadcom Incorporated 4.15 15/11/2030 83,359 0.11 45,000 Microchip Technology Incorporated 4.33 01/06/2023 48,713 0.06 142,336 0.18 Software (0.70%) 29,000 Fidelity National Information Services Incorporated 3.75 21/05/2029 34,046 0.04 10,000 Fidelity National Information Services Incorporated 4.25 15/05/2028 11,903 0.01 9,000 Fidelity National Information Services Incorporated 3.00 15/08/2026 10,014 0.01 3,000 Fiserv Incorporated 3.50 01/07/2029 3,426 - 22,000 Fiserv Incorporated 4.20 01/10/2028 26,231 0.03 3,000 Microsoft Corporation 2.53 01/06/2050 3,164 - 195,000 Microsoft Corporation 1.55 08/08/2021 196,341 0.25 85,000 Oracle Corporation 2.50 15/10/2022 88,350 0.11 81,000 Oracle Corporation 2.50 15/05/2022 83,166 0.10 60,000 Oracle Corporation 1.90 15/09/2021 60,604 0.09 33,000 salesforce.com Incorporated 3.70 11/04/2028 38,937 0.05 12,000 ServiceNow Incorporated 1.40 01/09/2030 11,706 0.01 567,888 0.70 Telecommunications (0.57%) 148,000 AT&T Incorporated 3.55 15/09/2055 147,499 0.18 30,000 AT&T Incorporated 4.75 15/05/2046 37,005 0.05 24,000 AT&T Incorporated 2.55 01/12/2033 24,603 0.03 12,000 AT&T Incorporated 4.30 15/02/2030 14,334 0.02 20,000 T-Mobile USA Incorporated 2.25 15/11/2031 20,527 0.03 23,000 T-Mobile USA Incorporated 3.88 15/04/2030 26,639 0.03 51,000 T-Mobile USA Incorporated 3.75 15/04/2027 58,079 0.07 7,000 Verizon Communications Incorporated 5.25 16/03/2037 9,486 0.01 27,000 Verizon Communications Incorporated 4.40 01/11/2034 33,717 0.04 75,000 Verizon Communications Incorporated 4.33 21/09/2028 90,317 0.11 462,206 0.57

The accompanying notes form an integral part of these financial statements.

130 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (9.94%) (30 June 2020: 23.78%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Transportation (0.03%) USD 18,000 CSX Corporation 4.10 15/03/2044 USD 22,469 0.03 2,000 FedEx Corporation 2.63 01/08/2022 2,072 - 24,541 0.03 Trucking and Leasing (0.02%) 10,000 Penske Truck Leasing Company LP 3.40 15/11/2026 11,119 0.01 9,000 Penske Truck Leasing Company LP 3.90 01/02/2024 9,808 0.01 20,927 0.02 Total U.S. Corporate Bonds and Notes USD 7,977,912 9.94

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (1.41%) (30 June 2020: 1.00%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund USD 190,000 Dominican Republic International Bond (Dominican Republic) 6.50 15/02/2048 USD 224,202 0.28 205,000 Indonesia Government International Bond (Indonesia) 4.75 08/01/2026 239,596 0.30 EUR 100,000 Ivory Coast Government International Bond (Ivory Coast) 5.25 22/03/2030 130,658 0.16 USD 219,000 Mexico Government International Bond (Mexico) 4.50 22/04/2029 256,923 0.33 10,000 Peruvian Government International Bond (Peru) 5.63 18/11/2050 15,725 0.02 71,000 Peruvian Government International Bond (Peru) 2.39 23/01/2026 75,722 0.09 EUR 100,000 Senegal Government International Bond (Senegal) 4.75 13/03/2028 130,106 0.16 USD 40,000 Uruguay Government International Bond (Uruguay) 5.10 18/06/2050 55,950 0.07 Total Foreign Government and Agency Bonds and Notes USD 1,128,882 1.41

ASSET-BACKED COMMERCIAL PAPER (1.99%) (30 June 2020: -%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 500,000 Atlantic Asset Securitization 0.20 10/02/2021 USD 499,889 0.62 600,000 FMS Wertmanagement 0.20 26/01/2021 599,916 0.75 500,000 Matchpoint Finance PLC 0.20 01/02/2021 499,914 0.62 Total Asset-Backed Commercial Paper USD 1,599,719 1.99

COMMERCIAL PAPER (14.57%) (30 June 2020: 1.01%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 400,000 ABN AMRO Funding USA LLC 0.20 29/01/2021 USD 399,938 0.50 450,000 ABN AMRO Funding USA LLC 0.20 08/02/2021 449,905 0.56 400,000 Atlantic Asset Securitization 0.20 02/02/2021 399,929 0.50 400,000 Australia & New Zealand Banking Group Limited 0.21 17/03/2021 399,825 0.50 550,000 Bank of Montreal 0.17 05/01/2021 549,989 0.69 400,000 BPCE 0.20 15/01/2021 399,969 0.50 400,000 Commonwealth Bank of Australia 0.21 18/02/2021 399,891 0.50 500,000 DNB Bank ASA 0.18 08/01/2021 499,983 0.62 500,000 Lloyds Bank PLC 0.22 12/03/2021 499,786 0.62 500,000 Mitsubishi UFJ 0.26 19/04/2021 499,618 0.62 500,000 Mizuho Bank Limited 0.22 10/02/2021 499,878 0.62 500,000 National Australia Bank Limited 0.17 21/01/2021 499,953 0.62 400,000 National Australia Bank Limited 0.20 10/03/2021 399,849 0.50 550,000 National Bank of Canada 0.17 04/01/2021 549,992 0.69 400,000 National Bank of Canada 0.21 01/04/2021 399,790 0.50 400,000 Nationwide Building Society 0.23 19/01/2021 399,954 0.50 400,000 Nationwide Building Society 0.23 20/01/2021 399,951 0.50 500,000 NRW. Bank 0.21 15/03/2021 499,787 0.62 400,000 NRW. Bank 0.22 22/01/2021 399,949 0.50 400,000 Skandinaviska Enskilda Banken AB 0.21 01/03/2021 399,866 0.50 500,000 Societe Generale 0.20 01/02/2021 499,914 0.62 500,000 Sumitomo Mitsui Banking Corporation 0.21 10/02/2021 499,886 0.62 400,000 Toronto-Dominion Bank 0.21 22/03/2021 399,813 0.50 400,000 Toronto-Dominion Bank 0.25 16/03/2021 399,794 0.50 550,000 Total Capital Canada Limited 0.15 12/01/2021 549,975 0.67 400,000 Westpac Banking Corporation 0.16 01/02/2021 399,945 0.50 Total Commercial Paper USD 11,697,129 14.57

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 131

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

PREFERRED STOCKS (-%) (30 June 2020: 0.04%)

U.S. TREASURY OBLIGATIONS (9.34%) (30 June 2020: 2.49%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 2,500,000 United States Treasury Bill1 0.09 25/03/2021 USD 2,499,507 3.11 2,500,000 United States Treasury Bill 0.09 19/01/2021 2,499,886 3.12 2,500,000 United States Treasury Bill2 0.09 23/02/2021 2,499,669 3.11 Total U.S. Treasury Obligations USD 7,499,062 9.34

1 Security is partly held as collateral by NatWest Markets PLC (USD 190,007). 2 Security is partly held as collateral by NatWest Markets PLC (USD 40,791).

(F) This security is valued by the Investment Advisor at fair value. Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 102 (“FRS 102”), “Fair Value: Disclosure”, based on the securities' valuation inputs.

PURCHASED CURRENCY OPTIONS OUTSTANDING (-%) (30 June 2020: 0.06%)

PURCHASED EQUITY OPTIONS OUTSTANDING (0.29%) (30 June 2020: 0.91%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. S&P 500 Index (Put) Oct-21/USD 2,750.00 USD 3,680,949 USD 980 USD 65,246 0.09 S&P 500 Index (Put) May-21/2,350.00 2,941,003 783 9,462 0.01 Citibank, N.A. S&P 500 Index (Put) Aug-21/2,750.00 3,940,117 1,049 53,684 0.07 S&P 500 Index (Put) Jul-21/2,550.00 2,952,271 786 23,157 0.03 JPMorgan Chase Bank N.A. S&P 500 Index (Put) Sep-21/2,700.00 3,842,460 1,023 55,221 0.07 S&P 500 Index (Put) Jun-21/2,500.00 2,941,003 783 16,893 0.02 Total Purchased Equity Options Outstanding USD 223,663 0.29 Total Value of Investments* USD 91,915,367 114.48

* Excluding financial derivative instruments with the exception of purchased equity options.

WRITTEN CURRENCY OPTIONS OUTSTANDING (-%) (30 June 2020: -0.02%)

FUTURES CONTRACTS OUTSTANDING (0.16%) (30 June 2020: 0.15%) Unrealised Appreciation/ Number of Notional (Depreciation) % of contracts Amount Value Expiration Date USD Fund Canadian Government Bond 10 yr (Long) 135 USD 15,813,104 USD 15,813,104 Mar-21 USD 31,393 0.04 Euro-Bobl 5 yr (Long) 18 2,972,568 2,972,568 Mar-21 (2,019) - Euro-BTP Italian Government Bond (Long) 22 4,085,466 4,085,467 Mar-21 (513) - Euro-Bund 10 yr (Long) 43 9,331,598 9,331,599 Mar-21 20,918 0.03 Euro-Buxl 30 yr (Long) 21 5,778,453 5,778,454 Mar-21 65,117 0.08 Euro-OAT 10 yr (Long) 69 14,149,566 14,149,567 Mar-21 41,995 0.05 Euro-Schatz 2 yr (Long) 15 2,057,411 2,057,411 Mar-21 (1,865) - Japanese Government Bond 10 yr (Long) 18 26,483,560 26,483,560 Mar-21 (5,333) (0.01) MSCI EAFE Index (Long) 64 6,872,080 6,818,560 Mar-21 (8,754) (0.01) MSCI EAFE Index (Short) 7 751,634 745,780 Mar-21 (12,606) (0.02) S&P 500 Index E-Mini (Long) 61 11,456,014 11,433,840 Mar-21 89,300 0.11 U.K. Gilt 10 yr (Long) 88 16,310,884 16,310,893 Mar-21 150,208 0.20 U.S. Treasury Bond 30 yr (Long) 74 12,815,875 12,815,876 Mar-21 (125,042) (0.16) U.S. Treasury Bond Ultra 30 yr (Long) 4 854,250 854,250 Mar-21 (16,618) (0.02) U.S. Treasury Note 2 yr (Long) 7 1,546,836 1,546,836 Mar-21 1,461 - U.S. Treasury Note 2 yr (Short) 39 8,618,086 8,618,086 Mar-21 (8,314) (0.01) U.S. Treasury Note 5 yr (Long) 12 1,513,969 1,513,969 Mar-21 3,442 - U.S. Treasury Note 10 yr (Long) 22 3,037,719 3,037,719 Mar-21 2,911 - U.S. Treasury Note Ultra 10 yr (Long) 124 19,388,563 19,388,563 Mar-21 (102,826) (0.13) Unrealised Appreciation on Futures Contracts Outstanding USD 406,745 0.51 Unrealised Depreciation on Futures Contracts Outstanding USD (283,890) (0.36) Net Unrealised Appreciation on Futures Contracts Outstanding USD 122,855 0.15 Variation Margin Settlement to Date USD 2,064 0.01 Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 124,919 0.16

The Brokers for Futures Contracts in the Fund are BofA Securities Incorporated and JPMorgan Securities Incorporated.

The accompanying notes form an integral part of these financial statements.

132 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

TBA SALES COMMITMENTS OUTSTANDING (-10.43%) (30 June 2020: -5.29%) Principal Coupon Settlement Value % of Amount Agency Rate % Dates USD Fund USD 2,000,000 Uniform Mortgage-Backed Securities 3.00 14/01/2021 USD (2,095,625) (2.61) 3,000,000 Uniform Mortgage-Backed Securities 2.50 14/01/2021 (3,161,016) (3.94) 3,000,000 Uniform Mortgage-Backed Securities 2.00 14/01/2021 (3,117,188) (3.88) Total TBA Sales Commitments Outstanding USD (8,373,829) (10.43)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2020: -0.05%) Upfront Unrealised Premium Payments Payments Appreciation/ Notional received/ Termination made by received by (Depreciation) % of Amount Value (paid) Date Fund Fund USD Fund USD 2,987,000 USD 3,339 (E) USD (2,825) 17/03/2023 3 month USD-LIBOR-BBA - Quarterly 0.25% - Semiannually USD 515 - 5,039,000 2,303 (E) (8,088) 17/03/2026 3 month USD-LIBOR-BBA - 0.45% - Semiannually Quarterly (5,786) (0.01) 2,955,000 14,713 (E) (22,322) 17/03/2031 3 month USD-LIBOR-BBA - 0.90% - Semiannually Quarterly (7,609) (0.01) 17,000 85 (E) 127 17/03/2031 3 month USD-LIBOR-BBA - Quarterly 0.90% - Semiannually 43 - 140,000 5,909 (E) 6,755 17/03/2051 3 month USD-LIBOR-BBA - Quarterly 1.25% - Semiannually 845 - 416,000 519 (3) 31/12/2025 3 month USD-LIBOR-BBA - Quarterly 0.4515% - Semiannually 512 - Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 1,915 - Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (13,395) (0.02) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (11,480) (0.02) Variation Margin Settlement to Date USD 5,174 0.01 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (6,306) (0.01)

(E) See Note 2 to the audited annual Financial Statements for the year ended 30 June 2020 regarding extended effective dates.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.32%) (30 June 2020: 0.16%) Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Bank of America, N.A. USD 4,956,391 USD 5,018,756 USD - 20/06/2023 (3 month USD-LIBOR-BBA A basket (MLFCF15) of common plus 0.10%) - Quarterly stocks - Quarterly USD 64,402 0.08 4,993,121 5,062,560 - 20/06/2023 3 month USD-LIBOR-BBA Russell 1000 Total Return Index - minus 0.07% - Quarterly Quarterly (69,221) (0.09) Barclays Bank PLC 27,787 27,787 - 12/01/2041 5.00% (1 month USD-LIBOR) - Synthetic MBX Index 5.00% 30 Monthly year Fannie Mae pools - Monthly 62 - 8,433 8,424 - 12/01/2040 5.00% (1 month USD-LIBOR) - Synthetic MBX Index 5.00% 30 Monthly year Fannie Mae pools - Monthly 10 - 4,870 4,873 - 12/01/2038 (6.50%) 1 month USD-LIBOR - Synthetic MBX Index 6.50% 30 Monthly year Fannie Mae pools - Monthly (16) - 1,584 1,558 - 12/01/2043 3.50% (1 month USD-LIBOR) - Synthetic TRS Index 3.50% 30 Monthly year Fannie Mae pools - Monthly (4) - 17,265 16,805 - 12/01/2041 4.00% (1 month USD-LIBOR) - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly (202) - 5,315 5,173 - 12/01/2041 4.00% (1 month USD-LIBOR) - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly (62) - 1,957 1,904 - 12/01/2042 4.00% (1 month USD-LIBOR) - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly (25) - 2,531 2,485 - 12/01/2041 (5.00%) 1 month USD-LIBOR - Synthetic TRS Index 5.00% 30 Monthly year Fannie Mae pools - Monthly 5 - Citibank, N.A. 4,621,641 4,886,297 - 04/11/2021 S&P GSCI Total Return Gold 0.13% - Monthly Official Close Index - Monthly (264,285) (0.33) Credit Suisse International 14,789 14,395 - 12/01/2041 (4.00%) 1 month USD-LIBOR - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly 173 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 133

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.32%) (30 June 2020: 0.16%) cont. Upfront Unrealised Premium Payments Total return Appreciation/ Swap Counterparty/ received/ Termination received/(paid) received by (Depreciation) % of Notional Amount Value (paid) Date by Fund or paid by Fund USD Fund Goldman Sachs International USD 1,977,572 USD 1,993,663 USD - 15/12/2025(1 month USD-LIBOR-BBA plus A basket (GSGLPHCL) of 0.35%) - Monthly common stocks - Monthly USD 15,899 0.02 4,849 4,718 - 12/01/2042 4.00% (1 month USD-LIBOR) - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly (61) - 4,849 4,718 - 12/01/2042 4.00% (1 month USD-LIBOR) - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly (61) - 825 803 - 12/01/2041 4.00% (1 month USD-LIBOR) - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly (10) - JPMorgan Securities LLC 8,616 8,387 - 12/01/2041 (4.00%) 1 month USD-LIBOR - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly 101 - 11,656 11,339 - 12/01/2042 (4.00%) 1 month USD-LIBOR - Synthetic TRS Index 4.00% 30 Monthly year Fannie Mae pools - Monthly 147 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 80,799 0.10 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (333,947) (0.42) Net Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (253,148) (0.32)

CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-%) (30 June 2020: 0.04%)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-0.01%) (30 June 2020: -0.07%) Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination received by (Depreciation) % of Referenced Debt* Rating*** (paid)** Amount Value Date Fund USD Fund Bank of America, N.A. CMBX NA BBB-.6 Index BB/P USD 370 USD 6,000 USD 1,602 11/05/2063 300 bp - Monthly USD (1,228) - CMBX NA BBB-.6 Index BB/P 478 7,000 1,869 11/05/2063 300 bp - Monthly (1,386) - CMBX NA BBB-.6 Index BB/P 1,085 18,000 4,806 11/05/2063 300 bp - Monthly (3,711) - Citigroup Global Markets, Inc. CMBX NA A.6 Index A/P 1,730 16,000 1,205 11/05/2063 200 bp - Monthly 531 - Goldman Sachs International CMBX NA A.6 Index A/P 52 1,000 75 11/05/2063 200 bp - Monthly (23) - CMBX NA A.6 Index A/P 30 1,000 75 11/05/2063 200 bp - Monthly (44) - CMBX NA A.6 Index A/P 119 1,000 75 11/05/2063 200 bp - Monthly 44 - CMBX NA A.6 Index A/P 99 2,000 151 11/05/2063 200 bp - Monthly (51) - CMBX NA A.6 Index A/P 304 6,000 452 11/05/2063 200 bp - Monthly (145) - CMBX NA A.6 Index A/P 1,406 12,000 904 11/05/2063 200 bp - Monthly 507 - CMBX NA BBB-.7 Index BB+/P 3,308 42,000 8,350 17/01/2047 300 bp - Monthly (5,017) (0.01) JPMorgan Securities LLC CMBX NA A.6 Index A/P 2,993 24,000 1,807 11/05/2063 200 bp - Monthly 1,195 - CMBX NA BBB-.7 Index BB+/P 11,503 49,000 9,741 17/01/2047 300 bp - Monthly 1,791 - Morgan Stanley & Co. International PLC CMBX NA A.6 Index A/P 200 2,000 151 11/05/2063 200 bp - Monthly 50 - CMBX NA A.6 Index A/P 1,136 9,000 678 11/05/2063 200 bp - Monthly 462 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 4,580 - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (11,605) (0.01) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (7,025) (0.01)

The accompanying notes form an integral part of these financial statements.

134 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-0.04%) (30 June 2020: 0.02%) Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) by (Depreciation) % of Referenced Debt* (paid)** Amount Value Date Fund USD Fund Citigroup Global Markets, Inc. CMBX NA A.6 Index USD (1,211) USD 12,000 USD 904 11/05/2063 (200 bp) - Monthly USD (312) - CMBX NA BBB- .10 Index (954) 4,000 494 17/11/2059 (300 bp) - Monthly (462) - CMBX NA BBB- .10 Index (738) 3,000 371 17/11/2059 (300 bp) - Monthly (369) - CMBX NA BBB- .12 Index (612) 3,000 237 17/08/2061 (300 bp) - Monthly (376) - CMBX NA BBB- .12 Index (204) 1,000 79 17/08/2061 (300 bp) - Monthly (125) - CMBX NA BBB-.11 Index (10,658) 53,000 4,039 18/11/2054 (300 bp) - Monthly (6,650) (0.02) CMBX NA BBB-.12 Index (5,081) 30,000 2,370 17/08/2061 (300 bp) - Monthly (2,729) - CMBX NA BBB-.12 Index (2,664) 14,000 1,106 17/08/2061 (300 bp) - Monthly (1,566) - CMBX NA BBB-.6 Index (64) 1,000 267 11/05/2063 (300 bp) - Monthly 203 - Credit Suisse International CMBX NA BBB-.6 Index (1,890) 12,000 3,204 11/05/2063 (300 bp) - Monthly 1,307 - CMBX NA BBB-.7 Index (3,575) 67,000 13,320 17/01/2047 (300 bp) - Monthly 9,706 0.02 CMBX NA BBB-.7 Index (1,296) 24,000 4,771 17/01/2047 (300 bp) - Monthly 3,461 - JPMorgan Securities LLC CMBX NA BBB- .10 Index (990) 6,000 742 17/11/2059 (300 bp) - Monthly (251) - CMBX NA BBB- .12 Index (696) 3,000 237 17/08/2061 (300 bp) - Monthly (460) - CMBX NA BBB- .12 Index (612) 3,000 237 17/08/2061 (300 bp) - Monthly (376) - CMBX NA BBB-.10 Index (1,409) 5,000 618 17/11/2059 (300 bp) - Monthly (793) - CMBX NA BBB-.11 Index (9,071) 45,000 3,429 18/11/2054 (300 bp) - Monthly (5,669) (0.02) CMBX NA BBB-.6 Index (5,755) 18,000 4,806 11/05/2063 (300 bp) - Monthly (959) - Merrill Lynch International CMBX NA BBB- .10 Index (1,083) 5,000 618 17/11/2059 (300 bp) - Monthly (468) - CMBX NA BBB-.9 Index (8,151) 44,000 5,232 17/09/2058 (300 bp) - Monthly (2,945) - CMBX NA BBB-.9 Index (8,151) 44,000 5,232 17/09/2058 (300 bp) - Monthly (2,945) - Morgan Stanley & Co. International PLC CMBX NA BBB- .10 Index (1,219) 5,000 618 17/11/2059 (300 bp) - Monthly (604) - CMBX NA BBB- .10 Index (710) 3,000 371 17/11/2059 (300 bp) - Monthly (340) - CMBX NA BBB- .12 Index (3,959) 17,000 1,343 17/08/2061 (300 bp) - Monthly (2,626) - CMBX NA BBB- .12 Index (828) 4,000 316 17/08/2061 (300 bp) - Monthly (514) - CMBX NA BBB- .12 Index (417) 2,000 158 17/08/2061 (300 bp) - Monthly (261) - CMBX NA BBB- .12 Index (417) 2,000 158 17/08/2061 (300 bp) - Monthly (261) - CMBX NA BBB-.11 Index (10,821) 42,000 3,200 18/11/2054 (300 bp) - Monthly (7,646) (0.02) CMBX NA BBB-.11 Index (5,832) 29,000 2,210 18/11/2054 (300 bp) - Monthly (3,639) - CMBX NA BBB-.12 Index (3,501) 17,000 1,343 17/08/2061 (300 bp) - Monthly (2,168) - CMBX NA BBB-.12 Index (1,694) 9,000 711 17/08/2061 (300 bp) - Monthly (988) - CMBX NA BBB-.9 Index (5,067) 33,000 3,924 17/09/2058 (300 bp) - Monthly (1,162) - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 14,677 0.02 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (47,664) (0.06) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (32,987) (0.04)

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-%) (30 June 2020: 0.08%) Upfront Premium Payments Unrealised received/ Notional Termination received by Appreciation % of Referenced Debt* Rating*** (paid)** Amount Value Date Fund USD Fund NA HY Series 35 Index B+/P USD (105,929) USD 2,582,000 USD 240,449 20/12/2025 500 bp - Quarterly USD 138,464 0.17 NA IG Series 35 Index BBB+/P (3,117) 150,000 3,670 20/12/2025 100 bp - Quarterly 599 - Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold USD 139,063 0.17 Variation Margin Settlement to Date USD (138,835) (0.17) Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 228 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 135

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-%) (30 June 2020: -%) Upfront Premium Payments Unrealised received/ Notional Termination (paid) by Depreciation % of Referenced Debt* (paid)** Amount Value Date Fund USD Fund EM Series 34 Index USD (325,039) USD 4,451,000 USD 107,193 20/12/2025 (100 bp) - Quarterly USD (219,205) (0.27) Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Purchased USD (219,205) (0.27) Variation Margin Settlement to Date USD 219,205 0.27 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD - -

* 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. *** Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at 31 December 2020. Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor’s classifications.

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) 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 Buy 20/01/2021 USD 239,039 USD 222,644 USD 16,395 0.02 Australian Dollar Buy 20/01/2021 169,795 157,707 12,088 0.02 Australian Dollar Sell 20/01/2021 137,178 125,761 (11,417) (0.02) Australian Dollar Sell 20/01/2021 157,843 145,963 (11,880) (0.02) Australian Dollar Sell 20/01/2021 134,787 124,855 (9,932) (0.01) British Pound Buy 17/03/2021 2,545,788 2,507,698 38,090 0.06 Canadian Dollar Buy 20/01/2021 37,869 36,794 1,075 - Canadian Dollar Sell 20/01/2021 308,296 300,131 (8,165) (0.01) Canadian Dollar Sell 20/01/2021 189,267 181,678 (7,589) (0.01) Chinese Yuan (offshore) Sell 18/02/2021 74,887 73,210 (1,677) - Euro Buy 17/03/2021 16,899,150 16,820,731 78,419 0.11 Euro Buy 17/03/2021 1,064,441 1,059,502 4,939 0.01 Euro Buy 17/03/2021 485,539 483,286 2,253 - Euro Buy 17/03/2021 82,718 82,183 535 - Euro Buy 17/03/2021 79,659 79,492 167 - Euro Sell 17/03/2021 209,609 208,636 (973) - Hong Kong Dollar Sell 17/02/2021 108,111 108,080 (31) - Japanese Yen Buy 17/02/2021 221,590 218,820 2,770 - Japanese Yen Buy 17/02/2021 345,775 343,094 2,681 - Japanese Yen Buy 17/02/2021 118,477 118,061 416 - Japanese Yen Buy 17/02/2021 118,478 117,603 875 - Japanese Yen Sell 17/02/2021 65,620 64,800 (820) - Mexican Peso Buy 20/01/2021 66,730 64,016 2,714 - Mexican Peso Sell 20/01/2021 70,773 66,153 (4,620) (0.01) New Zealand Dollar Buy 20/01/2021 97,358 89,923 7,435 0.01 New Zealand Dollar Sell 20/01/2021 171,617 156,746 (14,870) (0.03) Swedish Krona Buy 17/03/2021 318,433 312,989 5,444 0.01 Swedish Krona Sell 17/03/2021 209,641 210,319 678 - Swiss Franc Buy 17/03/2021 397,767 396,986 781 - Barclays Bank PLC Australian Dollar Buy 20/01/2021 200,716 186,901 13,815 0.02 British Pound Buy 17/03/2021 49,663 48,912 751 - British Pound Buy 17/03/2021 81,813 80,944 869 - British Pound Sell 17/03/2021 319,592 314,761 (4,831) (0.01) Canadian Dollar Sell 20/01/2021 100,801 100,714 (87) - Euro Buy 17/03/2021 2,019,612 2,010,118 9,494 0.01 Euro Sell 17/03/2021 450,420 448,303 (2,117) - Euro Sell 17/03/2021 2,527,176 2,515,296 (11,880) (0.02) Euro Sell 17/03/2021 521,147 518,697 (2,450) - Hong Kong Dollar Sell 17/02/2021 147,937 147,902 (35) - Japanese Yen Buy 17/02/2021 242,076 239,051 3,025 -

The accompanying notes form an integral part of these financial statements.

136 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Barclays Bank PLC cont. New Zealand Dollar Buy 20/01/2021 USD 148,375 USD 137,030 USD 11,345 0.01 New Zealand Dollar Sell 20/01/2021 121,032 118,349 (2,683) - Polish Zloty Buy 17/03/2021 187,764 190,572 (2,808) - Swedish Krona Sell 17/03/2021 170,231 167,170 (3,061) - Citibank, N.A. Australian Dollar Sell 20/01/2021 33,928 32,229 (1,699) - British Pound Buy 17/03/2021 81,129 79,089 2,040 - British Pound Sell 17/03/2021 258,984 255,125 (3,859) - British Pound Sell 17/03/2021 437,660 431,139 (6,521) (0.01) Canadian Dollar Buy 20/01/2021 2,449,712 2,351,623 98,090 0.13 Canadian Dollar Buy 20/01/2021 33,312 32,410 902 - Canadian Dollar Buy 20/01/2021 80,452 80,199 253 - Canadian Dollar Buy 20/01/2021 80,610 80,692 (82) - Canadian Dollar Sell 20/01/2021 79,981 79,739 (242) - Canadian Dollar Sell 20/01/2021 89,330 85,754 (3,576) - Chilean Peso Buy 20/01/2021 170,720 152,701 18,019 0.03 Chilean Peso Sell 20/01/2021 125,839 119,836 (6,003) (0.01) Chilean Peso Sell 20/01/2021 34,994 32,431 (2,563) - Danish Krone Buy 17/03/2021 306,520 305,093 1,427 - Euro Buy 17/03/2021 6,790,569 6,758,570 31,999 0.05 Euro Buy 17/03/2021 106,212 105,711 501 - Euro Buy 17/03/2021 79,781 79,806 (25) - Euro Buy 17/03/2021 79,903 80,099 (196) - Euro Sell 17/03/2021 360,361 358,663 (1,698) - Euro Sell 17/03/2021 120,039 120,223 184 - Hong Kong Dollar Sell 17/02/2021 41,361 41,352 (9) - Japanese Yen Buy 17/02/2021 73,931 73,020 911 - Japanese Yen Sell 17/02/2021 3,516 3,474 (42) - New Zealand Dollar Sell 20/01/2021 80,952 79,810 (1,142) - New Zealand Dollar Sell 20/01/2021 146,720 135,493 (11,227) (0.02) New Zealand Dollar Sell 20/01/2021 25,905 23,793 (2,112) - Swedish Krona Sell 17/03/2021 81,484 80,009 (1,475) - Swiss Franc Sell 17/03/2021 31,129 31,067 (62) - Credit Suisse International Australian Dollar Buy 20/01/2021 771 719 52 - Australian Dollar Buy 20/01/2021 134,479 123,002 11,477 0.01 British Pound Sell 17/03/2021 142,284 140,152 (2,132) - Canadian Dollar Buy 20/01/2021 37,398 36,175 1,223 - Canadian Dollar Sell 20/01/2021 80,138 76,926 (3,212) - Euro Sell 17/03/2021 152,710 151,970 (740) - Japanese Yen Buy 17/02/2021 2,123,129 2,096,422 26,707 0.04 New Zealand Dollar Buy 20/01/2021 46,988 43,393 3,595 - Swiss Franc Sell 17/03/2021 120,666 120,128 (538) - Goldman Sachs International Australian Dollar Buy 20/01/2021 540 503 37 - Australian Dollar Buy 20/01/2021 120,291 113,643 6,648 0.01 Australian Dollar Buy 20/01/2021 123,066 117,236 5,830 0.01 Australian Dollar Buy 20/01/2021 95,924 91,477 4,447 0.01 Australian Dollar Buy 20/01/2021 151,057 144,986 6,071 0.01 Australian Dollar Buy 20/01/2021 151,134 144,491 6,643 0.01 Australian Dollar Sell 20/01/2021 38,169 35,971 (2,198) - Brazilian Real Buy 02/02/2021 245,156 227,769 17,387 0.02 Brazilian Real Sell 02/02/2021 223,523 211,552 (11,971) (0.02) British Pound Buy 17/03/2021 43,096 42,450 646 - Canadian Dollar Buy 20/01/2021 368,400 353,686 14,714 0.02 Canadian Dollar Buy 20/01/2021 75,660 73,930 1,730 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 137

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Goldman Sachs International cont. Canadian Dollar Buy 20/01/2021 USD 105,908 USD 103,006 USD 2,902 - Canadian Dollar Buy 20/01/2021 201,602 198,078 3,524 - Canadian Dollar Buy 20/01/2021 80,688 80,230 458 - Canadian Dollar Buy 20/01/2021 81,002 80,153 849 - Canadian Dollar Sell 20/01/2021 80,531 79,643 (888) - Chinese Yuan (offshore) Buy 18/02/2021 428,180 422,773 5,407 0.01 Euro Buy 17/03/2021 16,945,036 16,863,524 81,513 0.11 Euro Buy 17/03/2021 122 121 1 - Euro Buy 17/03/2021 1,303,784 1,297,513 6,271 0.01 Euro Sell 17/03/2021 71,827 71,482 (345) - Hong Kong Dollar Buy 17/02/2021 40,419 40,413 6 - Japanese Yen Buy 17/02/2021 999,964 987,415 12,549 0.02 Japanese Yen Buy 17/02/2021 80,174 79,221 953 - Japanese Yen Buy 17/02/2021 120,830 120,082 748 - Japanese Yen Sell 17/02/2021 79,806 79,374 (432) - Japanese Yen Sell 17/02/2021 57,280 56,561 (719) - Japanese Yen Sell 17/02/2021 74,347 73,501 (846) - New Zealand Dollar Buy 20/01/2021 40,008 36,875 3,133 - New Zealand Dollar Buy 20/01/2021 65,121 60,263 4,858 0.01 New Zealand Dollar Sell 20/01/2021 138,733 133,236 (5,497) (0.01) New Zealand Dollar Sell 20/01/2021 100,812 97,622 (3,190) - New Zealand Dollar Sell 20/01/2021 67,424 65,548 (1,876) - New Zealand Dollar Sell 20/01/2021 121,176 118,492 (2,684) - New Zealand Dollar Sell 20/01/2021 161,543 158,165 (3,378) - New Zealand Dollar Sell 20/01/2021 152,621 140,940 (11,681) (0.02) New Zealand Dollar Sell 20/01/2021 42,599 39,028 (3,571) - Norwegian Krone Buy 17/03/2021 251,493 247,830 3,663 - Norwegian Krone Sell 17/03/2021 81,713 80,227 (1,486) - Norwegian Krone Sell 17/03/2021 81,188 80,483 (705) - South African Rand Sell 20/01/2021 107,214 94,017 (13,197) (0.03) South African Rand Sell 20/01/2021 114,580 114,625 45 - Swedish Krona Buy 17/03/2021 533,669 524,081 9,588 0.01 Swiss Franc Sell 17/03/2021 138,324 138,056 (268) - Swiss Franc Sell 17/03/2021 120,892 120,299 (593) - Taiwan Dollar Buy 17/02/2021 39,747 39,921 (174) - Taiwan Dollar Buy 17/02/2021 150,183 150,725 (542) - Taiwan Dollar Sell 17/02/2021 162,553 160,575 (1,978) - HSBC Bank USA, National Association Australian Dollar Buy 20/01/2021 293,324 273,218 20,106 0.04 Australian Dollar Sell 20/01/2021 82,044 80,228 (1,816) - Australian Dollar Sell 20/01/2021 39,326 36,437 (2,889) - Australian Dollar Sell 20/01/2021 38,323 36,114 (2,209) - British Pound Buy 17/03/2021 54,314 53,500 814 - British Pound Buy 17/03/2021 80,856 78,782 2,074 - Canadian Dollar Buy 20/01/2021 125,000 120,015 4,985 0.01 Canadian Dollar Buy 20/01/2021 147,313 143,782 3,531 - Canadian Dollar Sell 20/01/2021 120,443 118,182 (2,261) - Canadian Dollar Sell 20/01/2021 147,313 142,614 (4,699) (0.01) Chinese Yuan (offshore) Sell 18/02/2021 173,771 171,243 (2,528) - Chinese Yuan (offshore) Sell 18/02/2021 31,908 31,413 (495) - Chinese Yuan (offshore) Sell 18/02/2021 74,872 73,190 (1,682) - Chinese Yuan (offshore) Sell 18/02/2021 74,887 73,214 (1,673) - Euro Buy 17/03/2021 14,663,444 14,597,473 65,971 0.09 Euro Buy 17/03/2021 1,789,446 1,781,395 8,051 0.01 Euro Buy 17/03/2021 9,465,682 9,423,096 42,586 0.06 Euro Buy 17/03/2021 252,559 251,422 1,137 -

The accompanying notes form an integral part of these financial statements.

138 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) 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. Hong Kong Dollar Buy 17/02/2021 USD 396,115 USD 396,012 USD 103 - Hong Kong Dollar Buy 17/02/2021 37,297 37,304 (7) - Hong Kong Dollar Buy 17/02/2021 165,972 165,954 18 - Hong Kong Dollar Sell 17/02/2021 40,496 40,479 (17) - Hong Kong Dollar Sell 17/02/2021 381,459 381,360 (99) - Indian Rupee Buy 17/02/2021 146,692 144,534 2,158 - Indian Rupee Sell 17/02/2021 147,189 143,413 (3,776) - Japanese Yen Buy 17/02/2021 364,835 360,325 4,510 0.01 Japanese Yen Buy 17/02/2021 109,750 108,394 1,356 - Japanese Yen Buy 17/02/2021 73,708 72,407 1,301 - New Zealand Dollar Sell 20/01/2021 80,880 79,738 (1,142) - New Zealand Dollar Sell 20/01/2021 7,268 6,710 (558) - Norwegian Krone Buy 17/03/2021 64,701 63,780 921 - South Korean Won Buy 17/02/2021 170,037 159,298 10,739 0.01 South Korean Won Buy 17/02/2021 21,390 21,021 369 - South Korean Won Sell 17/02/2021 39,702 38,835 (867) - South Korean Won Sell 17/02/2021 151,725 148,626 (3,099) - Swedish Krona Buy 17/03/2021 32,149 31,573 576 - Swiss Franc Sell 17/03/2021 120,666 119,439 (1,227) - Swiss Franc Sell 17/03/2021 64,295 64,157 (138) - JPMorgan Chase Bank, N.A. Australian Dollar Buy 20/01/2021 120,213 113,572 6,641 0.01 Australian Dollar Buy 20/01/2021 150,980 144,914 6,066 0.01 Australian Dollar Sell 20/01/2021 2,005 1,867 (138) - Australian Dollar Sell 20/01/2021 38,863 36,144 (2,719) - British Pound Buy 17/03/2021 246,261 243,181 3,080 - British Pound Sell 17/03/2021 183,191 180,451 (2,740) - British Pound Sell 17/03/2021 443,680 437,045 (6,635) (0.01) Canadian Dollar Buy 20/01/2021 460,716 442,286 18,430 0.03 Canadian Dollar Buy 20/01/2021 37,633 36,944 689 - Canadian Dollar Sell 20/01/2021 80,452 80,280 (172) - Canadian Dollar Sell 20/01/2021 68,275 65,543 (2,732) - Canadian Dollar Sell 20/01/2021 37,712 36,582 (1,130) - Canadian Dollar Sell 20/01/2021 62,382 59,572 (2,810) - Chinese Yuan (offshore) Buy 18/02/2021 75,715 73,523 2,192 - Chinese Yuan (offshore) Sell 18/02/2021 74,535 71,940 (2,595) - Euro Buy 17/03/2021 8,406,503 8,365,947 40,556 0.06 Euro Buy 17/03/2021 1,074,720 1,069,535 5,185 0.01 Euro Sell 17/03/2021 524,695 522,164 (2,531) - Euro Sell 17/03/2021 80,271 79,972 (299) - Euro Sell 17/03/2021 80,760 79,944 (816) - Euro Sell 17/03/2021 91,528 91,086 (442) - Indian Rupee Buy 17/02/2021 146,691 144,474 2,217 - Indian Rupee Sell 17/02/2021 147,189 143,527 (3,662) - Japanese Yen Buy 17/02/2021 39,496 38,998 498 - Japanese Yen Buy 17/02/2021 59,575 59,196 379 - Japanese Yen Buy 17/02/2021 199,282 197,504 1,778 - Japanese Yen Sell 17/02/2021 319,191 315,218 (3,973) - New Zealand Dollar Buy 20/01/2021 26,336 24,325 2,011 - New Zealand Dollar Sell 20/01/2021 67,352 65,478 (1,874) - New Zealand Dollar Sell 20/01/2021 192,125 187,657 (4,468) (0.01) Norwegian Krone Buy 17/03/2021 32,135 31,664 471 - Norwegian Krone Sell 17/03/2021 83,555 82,331 (1,224) - Singapore Dollar Buy 17/02/2021 221,179 214,131 7,048 0.01 South Korean Won Buy 17/02/2021 170,307 158,943 11,364 0.01 South Korean Won Buy 17/02/2021 20,307 19,950 357 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 139

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) 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. South Korean Won Sell 17/02/2021 USD 80,672 USD 78,684 USD (1,988) - South Korean Won Sell 17/02/2021 38,887 37,928 (959) - South Korean Won Sell 17/02/2021 151,725 148,720 (3,005) - Swedish Krona Buy 17/03/2021 308,325 302,781 5,544 0.01 Swedish Krona Sell 17/03/2021 271,943 267,054 (4,889) (0.01) Swiss Franc Sell 17/03/2021 433,423 432,594 (829) - Taiwan Dollar Buy 17/02/2021 150,183 150,682 (499) - Taiwan Dollar Sell 17/02/2021 162,984 162,423 (561) - Morgan Stanley & Co. International PLC Australian Dollar Buy 20/01/2021 85,206 79,357 5,849 0.01 Australian Dollar Buy 20/01/2021 95,924 91,478 4,446 0.01 Australian Dollar Buy 20/01/2021 150,980 144,913 6,067 0.01 Australian Dollar Buy 20/01/2021 151,211 144,566 6,645 0.01 Australian Dollar Buy 20/01/2021 82,661 79,717 2,944 - Australian Dollar Sell 20/01/2021 535,756 533,565 (2,191) - British Pound Buy 17/03/2021 194,956 192,054 2,902 - British Pound Buy 17/03/2021 170,741 168,199 2,542 - British Pound Buy 17/03/2021 83,045 80,899 2,146 - British Pound Buy 17/03/2021 164,037 161,819 2,218 - British Pound Sell 17/03/2021 81,540 81,093 (447) - British Pound Sell 17/03/2021 1,025,128 1,011,154 (13,973) (0.03) Canadian Dollar Buy 20/01/2021 20,663 19,754 909 - Canadian Dollar Buy 20/01/2021 125,078 120,088 4,990 0.01 Canadian Dollar Buy 20/01/2021 62,853 60,083 2,770 - Canadian Dollar Buy 20/01/2021 37,084 35,995 1,089 - Canadian Dollar Buy 20/01/2021 105,829 102,929 2,900 - Canadian Dollar Sell 20/01/2021 69,453 67,938 (1,515) - Canadian Dollar Sell 20/01/2021 80,531 79,644 (887) - Canadian Dollar Sell 20/01/2021 323,931 313,829 (10,102) (0.02) Canadian Dollar Sell 20/01/2021 182,039 178,406 (3,633) - Euro Buy 17/03/2021 41,237 41,039 198 - Euro Buy 17/03/2021 369,660 368,353 1,307 - Euro Buy 17/03/2021 254,394 253,173 1,221 - Euro Sell 17/03/2021 161,153 160,134 (1,019) - Euro Sell 17/03/2021 121,385 121,663 278 - Euro Sell 17/03/2021 5,303,362 5,277,912 (25,449) (0.04) Euro Sell 17/03/2021 2,037,232 2,027,456 (9,776) (0.01) Japanese Yen Buy 17/02/2021 190,495 188,106 2,389 - Japanese Yen Buy 17/02/2021 85,259 84,190 1,069 - Japanese Yen Buy 17/02/2021 73,932 73,022 910 - Japanese Yen Buy 17/02/2021 177,468 175,553 1,915 - Japanese Yen Buy 17/02/2021 59,575 59,196 379 - Japanese Yen Buy 17/02/2021 118,477 117,158 1,319 - Japanese Yen Buy 17/02/2021 160,658 159,582 1,076 - Japanese Yen Sell 17/02/2021 73,310 72,444 (866) - Japanese Yen Sell 17/02/2021 1,719,950 1,715,140 (4,810) (0.01) New Zealand Dollar Buy 20/01/2021 88,651 81,867 6,784 0.01 New Zealand Dollar Buy 20/01/2021 157,010 146,196 10,814 0.01 New Zealand Dollar Buy 20/01/2021 38,497 35,405 3,092 - New Zealand Dollar Buy 20/01/2021 38,569 35,992 2,577 - New Zealand Dollar Sell 20/01/2021 42,886 39,519 (3,367) - Norwegian Krone Buy 17/03/2021 35,155 34,645 510 - Swedish Krona Buy 17/03/2021 81,728 79,137 2,591 - Swedish Krona Buy 17/03/2021 25,313 24,863 450 - Swedish Krona Sell 17/03/2021 80,110 80,254 144 - Swiss Franc Buy 17/03/2021 225,145 224,769 376 -

The accompanying notes form an integral part of these financial statements.

140 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Morgan Stanley & Co. International PLC cont. Swiss Franc Buy 17/03/2021 USD 8,037 USD 8,023 USD 14 - Swiss Franc Sell 17/03/2021 120,553 120,340 (213) - Swiss Franc Sell 17/03/2021 80,482 80,602 120 - Swiss Franc Sell 17/03/2021 152,700 152,787 87 - Swiss Franc Sell 17/03/2021 629,137 629,840 703 - NatWest Markets PLC Australian Dollar Buy 20/01/2021 120,213 113,573 6,640 0.01 Australian Dollar Buy 20/01/2021 122,989 117,164 5,825 0.01 Australian Dollar Buy 20/01/2021 95,924 91,478 4,446 0.01 Australian Dollar Buy 20/01/2021 85,977 82,111 3,866 - Australian Dollar Buy 20/01/2021 151,134 144,491 6,643 0.01 Australian Dollar Buy 20/01/2021 166,016 159,002 7,014 0.01 Australian Dollar Buy 20/01/2021 124,146 119,925 4,221 0.01 Australian Dollar Sell 20/01/2021 229,015 218,716 (10,299) (0.02) Australian Dollar Sell 20/01/2021 127,693 119,006 (8,687) (0.01) Australian Dollar Sell 20/01/2021 67,933 64,346 (3,587) - British Pound Buy 17/03/2021 300,028 295,557 4,471 0.01 British Pound Buy 17/03/2021 235,453 231,460 3,993 - British Pound Buy 17/03/2021 220,130 216,850 3,280 - British Pound Buy 17/03/2021 82,497 79,736 2,761 - Canadian Dollar Buy 20/01/2021 20,742 19,830 912 - Canadian Dollar Buy 20/01/2021 100,487 96,480 4,007 - Canadian Dollar Buy 20/01/2021 40,069 39,206 863 - Canadian Dollar Buy 20/01/2021 100,880 100,341 539 - Canadian Dollar Sell 20/01/2021 161,298 158,680 (2,618) - Euro Buy 17/03/2021 400,251 395,043 5,208 0.01 Euro Buy 17/03/2021 243,504 242,347 1,157 - Euro Sell 17/03/2021 20,961,255 20,861,708 (99,546) (0.13) Euro Sell 17/03/2021 495,328 492,976 (2,352) - Euro Sell 17/03/2021 588,324 585,530 (2,794) - Hong Kong Dollar Buy 17/02/2021 96,229 96,238 (9) - Hong Kong Dollar Sell 17/02/2021 202,586 202,593 7 - Japanese Yen Buy 17/02/2021 368 364 4 - Japanese Yen Buy 17/02/2021 73,931 73,020 911 - Japanese Yen Buy 17/02/2021 199,282 197,504 1,778 - Japanese Yen Sell 17/02/2021 574,629 567,363 (7,266) (0.01) Japanese Yen Sell 17/02/2021 306,328 300,484 (5,844) (0.01) New Zealand Dollar Sell 20/01/2021 138,805 133,304 (5,501) (0.01) New Zealand Dollar Sell 20/01/2021 192,125 187,658 (4,467) (0.01) New Zealand Dollar Sell 20/01/2021 80,448 78,871 (1,577) - New Zealand Dollar Sell 20/01/2021 80,952 79,255 (1,697) - New Zealand Dollar Sell 20/01/2021 33,460 30,895 (2,565) - Norwegian Krone Sell 17/03/2021 81,759 79,564 (2,195) - South African Rand Buy 20/01/2021 222,385 196,097 26,288 0.04 Swedish Krona Buy 17/03/2021 80,365 80,597 (232) - Swedish Krona Sell 17/03/2021 128,412 126,188 (2,224) - Swiss Franc Sell 17/03/2021 85,009 84,830 (179) - State Street Bank & Trust Company Australian Dollar Buy 20/01/2021 26,217 24,036 2,181 - Australian Dollar Buy 20/01/2021 120,213 113,572 6,641 0.01 Australian Dollar Buy 20/01/2021 82,276 78,524 3,752 - Australian Dollar Buy 20/01/2021 165,091 159,447 5,644 0.01 Australian Dollar Buy 20/01/2021 82,199 80,156 2,043 - Australian Dollar Buy 20/01/2021 81,350 80,361 989 - Australian Dollar Buy 20/01/2021 81,196 80,937 259 - Australian Dollar Sell 20/01/2021 80,733 80,805 72 -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 141

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) 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 20/01/2021 USD 203,106 USD 189,142 USD (13,963) (0.03) Australian Dollar Sell 20/01/2021 39,557 36,783 (2,774) - Australian Dollar Sell 20/01/2021 39,943 36,742 (3,201) - Australian Dollar Sell 20/01/2021 71,943 65,547 (6,396) (0.01) Australian Dollar Sell 20/01/2021 38,786 35,429 (3,357) - Australian Dollar Sell 20/01/2021 39,249 37,032 (2,217) - British Pound Buy 17/03/2021 361,866 356,465 5,401 0.01 British Pound Buy 17/03/2021 162,395 160,258 2,137 - British Pound Sell 17/03/2021 443,680 437,057 (6,623) (0.01) British Pound Sell 17/03/2021 80,856 80,822 (34) - Canadian Dollar Buy 20/01/2021 10,764 10,334 430 - Canadian Dollar Buy 20/01/2021 41,326 39,673 1,653 - Canadian Dollar Buy 20/01/2021 41,012 39,307 1,705 - Canadian Dollar Buy 20/01/2021 38,105 36,928 1,177 - Canadian Dollar Buy 20/01/2021 62,775 60,008 2,767 - Canadian Dollar Buy 20/01/2021 36,769 35,819 950 - Canadian Dollar Buy 20/01/2021 80,452 80,442 10 - Canadian Dollar Buy 20/01/2021 80,924 80,149 775 - Canadian Dollar Buy 20/01/2021 100,801 100,258 543 - Canadian Dollar Sell 20/01/2021 119,893 117,117 (2,776) - Canadian Dollar Sell 20/01/2021 160,119 159,126 (993) - Canadian Dollar Sell 20/01/2021 81,474 80,257 (1,217) - Canadian Dollar Sell 20/01/2021 100,801 100,714 (87) - Canadian Dollar Sell 20/01/2021 62,461 59,648 (2,813) - Canadian Dollar Sell 20/01/2021 161,926 156,612 (5,314) (0.01) Chinese Yuan (offshore) Buy 18/02/2021 123,816 121,512 2,304 - Danish Krone Sell 17/03/2021 207,060 208,320 1,260 - Euro Buy 17/03/2021 4,527,332 4,505,498 21,834 0.04 Euro Buy 17/03/2021 938,774 928,350 10,424 0.01 Euro Buy 17/03/2021 22,760 22,825 (65) - Euro Buy 17/03/2021 465,349 463,105 2,244 - Euro Buy 17/03/2021 79,903 80,096 (193) - Euro Sell 17/03/2021 161,031 159,371 (1,660) - Euro Sell 17/03/2021 782,026 778,254 (3,772) - Euro Sell 17/03/2021 80,271 79,972 (299) - Euro Sell 17/03/2021 80,271 79,854 (417) - Euro Sell 17/03/2021 240,567 239,187 (1,380) - Euro Sell 17/03/2021 81,005 80,878 (127) - Euro Sell 17/03/2021 80,760 81,025 265 - Euro Sell 17/03/2021 121,262 121,540 278 - Euro Sell 17/03/2021 120,039 120,223 184 - Euro Sell 17/03/2021 4,251,646 4,231,142 (20,503) (0.04) Euro Sell 17/03/2021 8,443 8,472 29 - Euro Sell 17/03/2021 2,267,520 2,273,687 6,167 0.01 Hong Kong Dollar Sell 17/02/2021 595,036 594,880 (156) - Israeli Shekel Buy 20/01/2021 152,214 143,869 8,345 0.01 Japanese Yen Buy 17/02/2021 5,701,167 5,630,491 70,676 0.10 Japanese Yen Buy 17/02/2021 36,932 36,305 627 - Japanese Yen Buy 17/02/2021 177,468 175,553 1,915 - Japanese Yen Buy 17/02/2021 199,282 197,504 1,778 - Japanese Yen Buy 17/02/2021 80,221 79,556 665 - Japanese Yen Buy 17/02/2021 80,328 79,498 830 - Japanese Yen Sell 17/02/2021 80,810 80,667 (143) - Japanese Yen Sell 17/02/2021 80,788 80,505 (283) - Japanese Yen Sell 17/02/2021 159,174 158,694 (480) - Japanese Yen Sell 17/02/2021 80,283 80,008 (275) -

The accompanying notes form an integral part of these financial statements.

142 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) 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. Japanese Yen Sell 17/02/2021 USD 531,934 USD 525,340 USD (6,594) (0.01) Japanese Yen Sell 17/02/2021 36,911 36,800 (111) - New Zealand Dollar Buy 20/01/2021 39,720 36,345 3,375 - New Zealand Dollar Buy 20/01/2021 39,432 36,625 2,807 - New Zealand Dollar Buy 20/01/2021 39,073 36,467 2,606 - New Zealand Dollar Buy 20/01/2021 77,642 71,215 6,427 0.01 New Zealand Dollar Buy 20/01/2021 39,289 36,949 2,340 - New Zealand Dollar Buy 20/01/2021 33,676 32,243 1,433 - New Zealand Dollar Buy 20/01/2021 33,820 32,583 1,237 - New Zealand Dollar Buy 20/01/2021 80,952 80,542 410 - New Zealand Dollar Buy 20/01/2021 80,592 80,685 (93) - New Zealand Dollar Sell 20/01/2021 121,176 118,490 (2,686) - New Zealand Dollar Sell 20/01/2021 80,376 80,434 58 - New Zealand Dollar Sell 20/01/2021 296,535 273,896 (22,638) (0.13) New Zealand Dollar Sell 20/01/2021 42,886 39,631 (3,255) - New Zealand Dollar Sell 20/01/2021 40,080 37,004 (3,076) - Norwegian Krone Buy 17/03/2021 199,735 196,773 2,962 - Norwegian Krone Buy 17/03/2021 81,643 80,002 1,641 - Norwegian Krone Sell 17/03/2021 54,067 53,265 (802) - Norwegian Krone Sell 17/03/2021 82,482 80,927 (1,555) - Swedish Krona Buy 17/03/2021 553,301 543,445 9,856 0.01 Swedish Krona Buy 17/03/2021 91,945 90,307 1,638 - Swedish Krona Sell 17/03/2021 81,935 79,267 (2,668) - Swiss Franc Buy 17/03/2021 959,326 957,471 1,855 - Swiss Franc Buy 17/03/2021 80,255 80,316 (61) - Swiss Franc Sell 17/03/2021 253,104 252,614 (490) - Swiss Franc Sell 17/03/2021 80,368 80,495 127 - Toronto-Dominion Bank Australian Dollar Buy 20/01/2021 130,700 121,730 8,970 0.01 British Pound Sell 17/03/2021 27,362 26,954 (408) - Canadian Dollar Sell 20/01/2021 226,744 217,672 (9,072) (0.01) Euro Buy 17/03/2021 818,857 814,875 3,982 - Euro Sell 17/03/2021 344,698 343,022 (1,676) - Euro Sell 17/03/2021 161,520 160,212 (1,308) - Japanese Yen Buy 17/02/2021 177,468 175,555 1,913 - Japanese Yen Buy 17/02/2021 79,400 78,591 809 - New Zealand Dollar Sell 20/01/2021 41,375 38,208 (3,167) - Norwegian Krone Buy 17/03/2021 81,585 79,173 2,412 - Norwegian Krone Buy 17/03/2021 80,593 80,146 447 - Swedish Krona Sell 17/03/2021 42,305 41,544 (761) - Swiss Franc Sell 17/03/2021 34,638 34,571 (67) - Swiss Franc Sell 17/03/2021 80,482 80,153 (329) - UBS AG Australian Dollar Buy 15/03/2021 63,872 59,309 4,563 0.01 Australian Dollar Buy 15/03/2021 151,040 140,319 10,721 0.01 Australian Dollar Buy 20/01/2021 1,346,020 1,254,868 91,153 0.12 Australian Dollar Buy 20/01/2021 137,178 126,673 10,505 0.01 Australian Dollar Buy 20/01/2021 166,402 161,083 5,319 0.01 Australian Dollar Buy 20/01/2021 82,121 80,300 1,821 - Australian Dollar Sell 15/03/2021 214,912 201,048 (13,864) (0.03) Australian Dollar Sell 20/01/2021 132,551 123,575 (8,976) (0.01) Australian Dollar Sell 20/01/2021 150,980 140,285 (10,695) (0.02) Australian Dollar Sell 20/01/2021 40,020 36,986 (3,034) - Australian Dollar Sell 20/01/2021 78,420 71,270 (7,150) (0.01) Australian Dollar Sell 20/01/2021 71,943 65,547 (6,396) (0.01) Australian Dollar Sell 20/01/2021 38,940 36,844 (2,096) -

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 143

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (1.01%) (30 June 2020: 0.18%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund UBS AG cont. Australian Dollar Sell 20/01/2021 USD 68,396 USD 65,007 USD (3,389) - British Pound Sell 17/03/2021 171,698 169,156 (2,542) - Canadian Dollar Buy 20/01/2021 132,621 127,339 5,282 0.01 Canadian Dollar Buy 20/01/2021 73,617 71,363 2,254 - Euro Buy 17/03/2021 3,719,487 3,702,020 17,467 0.03 Euro Buy 17/03/2021 179,752 178,908 844 - Euro Buy 17/03/2021 1,650,073 1,642,325 7,748 0.01 Euro Buy 17/03/2021 174,001 173,184 817 - Euro Sell 17/03/2021 80,026 79,892 (134) - Hong Kong Dollar Sell 17/02/2021 41,722 41,722 - - Hong Kong Dollar Sell 17/02/2021 224,504 224,449 (55) - Japanese Yen Buy 17/02/2021 398,809 393,913 4,896 0.01 Japanese Yen Buy 17/02/2021 177,467 175,553 1,914 - Japanese Yen Sell 17/02/2021 979,266 971,178 (8,088) (0.01) Japanese Yen Sell 17/02/2021 738,886 731,846 (7,040) (0.01) New Zealand Dollar Buy 20/01/2021 407,204 376,134 31,070 0.05 New Zealand Dollar Sell 20/01/2021 138,733 133,237 (5,496) (0.01) New Zealand Dollar Sell 20/01/2021 100,740 97,552 (3,188) - New Zealand Dollar Sell 20/01/2021 67,352 65,478 (1,874) - New Zealand Dollar Sell 20/01/2021 121,176 118,490 (2,686) - New Zealand Dollar Sell 20/01/2021 192,125 187,656 (4,469) (0.01) New Zealand Dollar Sell 20/01/2021 81,455 80,204 (1,251) - Norwegian Krone Sell 17/03/2021 490 482 (8) - Swedish Krona Buy 17/03/2021 258,636 254,049 4,587 0.01 Swiss Franc Buy 17/03/2021 49,806 49,697 109 - Swiss Franc Buy 17/03/2021 80,368 80,435 (67) - Swiss Franc Sell 17/03/2021 328,944 328,224 (720) - Westpac Banking Corporation Australian Dollar Buy 20/01/2021 1,234 1,149 85 - Australian Dollar Buy 20/01/2021 124,069 119,854 4,215 0.01 Australian Dollar Sell 20/01/2021 39,788 36,414 (3,374) - Australian Dollar Sell 20/01/2021 38,478 35,735 (2,743) - British Pound Buy 17/03/2021 611,958 602,817 9,141 0.01 British Pound Buy 17/03/2021 127,782 125,873 1,909 - British Pound Sell 17/03/2021 80,856 79,692 (1,164) - Canadian Dollar Buy 20/01/2021 160,669 154,225 6,444 0.01 Canadian Dollar Buy 20/01/2021 36,769 35,973 796 - Chinese Yuan (offshore) Buy 18/02/2021 75,715 73,519 2,196 - Chinese Yuan (offshore) Sell 18/02/2021 74,535 71,934 (2,601) - Euro Buy 17/03/2021 12,569,558 12,510,655 58,903 0.08 Euro Buy 17/03/2021 2,306,799 2,295,989 10,810 0.01 Euro Sell 17/03/2021 5,506 5,481 (25) - Euro Sell 17/03/2021 80,638 80,678 40 - Euro Sell 17/03/2021 113,186 113,288 102 - Japanese Yen Buy 17/02/2021 166,137 164,062 2,075 - Japanese Yen Sell 17/02/2021 47,505 46,912 (593) - New Zealand Dollar Sell 20/01/2021 192,125 187,655 (4,470) (0.01) New Zealand Dollar Sell 20/01/2021 28,711 26,514 (2,197) - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 1,608,486 2.00 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (798,779) (0.99) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 809,707 1.01 Total Financial Assets at Fair Value through Profit or Loss USD 93,749,056 116.76 Total Financial Liabilities at Fair Value through Profit or Loss USD (9,572,130) (11.92)

* The exchange currency for all contracts listed is the United States Dollar.

The accompanying notes form an integral part of these financial statements.

144 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 31 December 2020

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 34.85 Transferable securities dealt on another regulated market 28.55 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 22.79 OTC financial derivative instruments 1.61 Exchange traded financial derivative instruments 0.33 Centrally cleared financial derivative instruments - Other assets 11.87 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 145

Putnam U.S. Large Cap Growth Fund

Schedule of Investments 31 December 2020

NON-U.S. EQUITIES (5.79%) (30 June 2020: 6.70%) U.S. EQUITIES (91.16%) (30 June 2020: 91.02%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Consumer Services (-%) Diversified Financial Services (5.64%) 2 HC Brillant Services GmbH (Germany) USD 2 - 7,231 Mastercard Incorporated USD 2,581,033 2.74 2 - 12,455 Visa Incorporated 2,724,282 2.90 Diversified Financial Services (0.73%) 5,305,315 5.64 5,600 London Stock Exchange Group PLC Entertainment (1.05%) (United Kingdom) 690,284 0.73 13,348 DraftKings Incorporated 621,482 0.66 690,284 0.73 4,947 Live Nation Entertainment Incorporated 363,506 0.39 Environmental Control (0.62%) 984,988 1.05 5,731 Waste Connections Incorporated (Canada) 587,829 0.62 Health-Care Services (2.51%) 587,829 0.62 6,732 UnitedHealth Group Incorporated 2,360,778 2.51 Health-Care Services (1.19%) 2,360,778 2.51 1,742 Lonza Group AG (Switzerland) 1,118,825 1.19 Internet (16.24%) 1,118,825 1.19 3,054 Airbnb Incorporated 448,327 0.48 Insurance (0.65%) 2,435 Alphabet Incorporated 4,265,828 4.53 49,714 AIA Group Limited (Hong Kong) 612,361 0.65 2,243 Amazon.com Incorporated 7,305,293 7.76 612,361 0.65 262 Booking Holdings Incorporated 583,545 0.62 Internet (0.82%) 9,810 Facebook Incorporated 2,679,700 2.85 26,452 Alibaba Group Holding Limited (Cayman 15,282,693 16.24 Islands) 772,865 0.82 Media (2.32%) 772,865 0.82 2,495 Charter Communications Incorporated 1,650,568 1.75 Semiconductors (0.88%) 2,936 Walt Disney Company 531,944 0.57 7,591 Taiwan Semiconductor Manufacturing Company Limited (Taiwan) 827,723 0.88 2,182,512 2.32 827,723 0.88 Medical Technology (3.03%) Software (0.90%) 5,810 Danaher Corporation 1,290,633 1.37 4,232 Sea Limited (Cayman Islands) 842,379 0.90 3,130 IDEXX Laboratories Incorporated 1,564,594 1.66 842,379 0.90 2,855,227 3.03 Total Non-U.S. Equities USD 5,452,268 5.79 Pharmaceuticals (2.95%) 2,946 DexCom Incorporated 1,089,195 1.16 U.S. EQUITIES (91.16%) (30 June 2020: 91.02%) 10,016 Eli Lilly and Company 1,691,102 1.79 Number of Value % of 2,780,297 2.95 Shares USD Fund Real Estate (1.78%) Aerospace and Defense (2.49%) 4,774 American Tower Corporation 1,071,572 1.14 2,759 Boeing Company USD 590,592 0.63 2,143 SBA Communications Corporation 604,605 0.64 3,426 Northrop Grumman Corporation 1,043,970 1.11 1,676,177 1.78 1,140 TransDigm Group Incorporated 705,489 0.75 Retail (4.52%) 600 Chipotle Mexican Grill Incorporated 832,026 0.88 2,340,051 2.49 Apparel (2.26%) 3,864 Home Depot Incorporated 1,026,356 1.09 15,028 NIKE Incorporated 2,126,011 2.26 2,901 Lululemon Athletica Incorporated 1,009,634 1.07 2,126,011 2.26 13,430 TJX Companies Incorporated 917,135 0.97 Automotive (3.35%) 3,305 Walmart Incorporated 476,416 0.51 4,470 Tesla Incorporated 3,154,345 3.35 4,261,567 4.52 3,154,345 3.35 Semiconductors (4.89%) Biotechnology (2.19%) 10,595 Advanced Micro Devices Incorporated 971,667 1.03 4,669 Seagen Incorporated 817,729 0.87 3,292 NVIDIA Corporation 1,719,083 1.83 5,251 Vertex Pharmaceuticals Incorporated 1,241,021 1.32 10,682 QUALCOMM Incorporated 1,627,296 1.73 2,058,750 2.19 1,742 Texas Instruments Incorporated 285,914 0.30 Chemicals (1.02%) 4,603,960 4.89 1,307 Sherwin-Williams Company 960,527 1.02 Software (14.78%) 960,527 1.02 4,858 Adobe Incorporated 2,429,583 2.58 Commercial Services (7.13%) 3,103 DocuSign Incorporated 689,797 0.73 5,434 Avalara Incorporated 896,012 0.95 18,705 Dynatrace Incorporated 809,365 0.86 1,644 CoStar Group Incorporated 1,519,516 1.61 39,784 Microsoft Corporation 8,848,758 9.41 13,527 PayPal Holdings Incorporated 3,168,024 3.37 2,681 salesforce.com Incorporated 596,603 0.63 3,436 S&P Global Incorporated 1,129,516 1.20 975 ServiceNow Incorporated 536,669 0.57 6,713,068 7.13 13,910,775 14.78 Computers (9.58%) Telecommunications (0.88%) 67,971 Apple Incorporated 9,019,072 9.58 6,109 T-Mobile US Incorporated 823,799 0.88 9,019,072 9.58 823,799 0.88 Cosmetics/Personal Care (1.32%) Transportation (1.23%) 4,671 Estee Lauder Companies Incorporated 1,243,373 1.32 1,726 FedEx Corporation 448,104 0.48 1,243,373 1.32 3,393 Union Pacific Corporation 706,491 0.75 1,154,595 1.23 Total U.S. Equities USD 85,797,880 91.16

The accompanying notes form an integral part of these financial statements.

146 Putnam World Trust

Putnam U.S. Large Cap Growth Fund

Schedule of Investments cont. 31 December 2020

WARRANTS (-%) (30 June 2020: -%) Number of Value % of Warrants USD Fund 854 Neuralstem Incorporated (F) USD - - Total Warrants USD - -

REPURCHASE AGREEMENTS (2.41%) (30 June 2020: 0.52%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 2,272,000 Repurchase Agreement - BofA Securities Incorporated* 0.05 04/01/2021 USD 2,272,000 2.41 Total Repurchase Agreements USD 2,272,000 2.41

* Interest in USD22,177,000 bulk repurchase agreement dated 31 December 2020 with BofA Securities Incorporated due 4 January 2021 - maturity value of USD2,272,013 for an effective yield of 0.050% (collateralised by a U.S. Treasury note with a coupon rate of 0.625% and a due date of 31 December 2027, valued at USD22,621,821).

U.S. TREASURY OBLIGATIONS (0.32%) (30 June 2020: 1.31%) Principal Maturity Value % of Amount Yield (%) Date USD Fund USD 300,000 United States Treasury Bill1 0.13 02/02/2021 USD 299,981 0.32 Total U.S. Treasury Obligations USD 299,981 0.32

1 Security is partly held as collateral by Barclays Bank PLC (USD 140,281). (F) This security is valued by the Investment Advisor at fair value. Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 102 (“FRS 102”), “Fair Value: Disclosure”, based on the securities' valuation inputs.

PURCHASED EQUITY OPTIONS OUTSTANDING (0.19%) (30 June 2020: -%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Citibank, N.A. S&P 500 Index (Call) Dec-21/USD 4,150.00 USD 7,132,777 USD 1,899 USD 174,425 0.19 Total Purchased Equity Options Outstanding USD 174,425 0.19 Total Value of Investments* USD 93,996,554 99.87

* Excluding financial derivative instruments with the exception of purchased equity options.

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.05%) (30 June 2020: -%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Citibank, N.A. S&P 500 Index (Call) Dec-21/USD 4,150.00 USD 7,132,777 USD 1,899 USD (53,170) (0.05) Total Written Equity Options Outstanding USD (53,170) (0.05)

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-%) (30 June 2020: -0.04%)

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.43%) (30 June 2020: 0.23%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Bank of America, N.A. Euro Buy 17/03/2021 USD 19,395,735 USD 19,305,730 USD 90,006 0.10 Barclays Bank PLC Euro Sell 17/03/2021 12,376,223 12,318,045 (58,178) (0.06) Citibank, N.A. Euro Buy 17/03/2021 11,532,282 11,477,938 54,344 0.06 Goldman Sachs International Euro Buy 17/03/2021 12,019,411 11,961,593 57,818 0.06 HSBC Bank Euro Buy 17/03/2021 17,021,146 16,944,568 76,578 0.08 JPMorgan Chase Bank, N.A. Euro Buy 17/03/2021 5,905,758 5,877,267 28,491 0.03 Morgan Stanley & Co. International PLC Euro Buy 17/03/2021 3,051,259 3,066,137 (14,877) (0.02) Euro Sell 17/03/2021 1,813,674 1,804,970 (8,704) (0.01) NatWest Markets PLC Euro Buy 17/03/2021 3,753,259 3,735,435 17,824 0.02

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 147

Putnam U.S. Large Cap Growth Fund

Schedule of Investments cont. 31 December 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.43%) (30 June 2020: 0.23%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund State Street Bank & Trust Company Euro Buy 17/03/2021 USD 15,525,741 USD 15,450,865 USD 74,877 0.08 UBS AG Euro Buy 17/03/2021 2,903,933 2,890,297 13,636 0.01 Westpac Banking Corporation Euro Buy 17/03/2021 15,541,770 15,468,939 72,831 0.08 Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 486,405 0.52 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (81,759) (0.09) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 404,646 0.43 Total Financial Assets at Fair Value Through Profit or Loss USD 94,482,959 100.39 Total Financial Liabilities at Fair Value Through Profit or Loss USD (134,929) (0.14)

* The exchange currency for all contracts listed is the United States Dollar.

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 95.38 Transferable securities dealt on another regulated market - Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 2.69 OTC financial derivative instruments 0.51 Exchange traded financial derivative instruments 0.18 Other assets 1.24 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

148 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments 31 December 2020

U.S. GOVERNMENT AGENCY OBLIGATIONS (0.53%) (30 June 2020: 0.75%) Principal Maturity Value % of Amount Yield (%) Date USD Fund USD 7,000,000 Federal Farm Credit Banks Funding Corporation 0.57 07/11/2022 USD 7,045,747 0.53 Total U.S. Government Agency Obligations USD 7,045,747 0.53

MORTGAGE-BACKED SECURITIES (10.33%) (30 June 2020: 11.28%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (7.15%) USD 870,515 Ally Auto Receivables Trust 2017-4 (Class A4) 1.96 15/07/2022 USD 873,240 0.07 2,500,000 Ally Auto Receivables Trust 2018-3 (Class A4) 3.12 17/07/2023 2,564,063 0.19 1,387,000 American Express Credit Account Master Trust (Class A) 3.06 15/02/2024 1,408,486 0.11 620,000 Ameriquest Mortgage Securities Incorporated Asset Backed Pass-Through Ctfs Ser 2005-R11 (Class M2) 0.85 25/01/2036 613,800 0.05 363,522 Ameriquest Mortgage Securities Incorporated Asset-Backed Pass-Through Ctfs Ser 2005-R8 (Class M2) 0.88 25/10/2035 363,522 0.03 85,361 Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series 2004-W8 (Class A2) 1.11 25/05/2034 85,402 0.01 4,370,000 BA Credit Card Trust (Class A1) 2.70 17/07/2023 4,382,909 0.33 1,008,566 Bank of The West Auto Trust 2018-1 (Class A3) 3.43 15/12/2022 1,016,714 0.08 3,615 Bear Stearns Asset Backed Securities I Trust 2005-TC2 (Class M2) 1.15 25/08/2035 3,613 - 5,150,000 Capital One Multi-Asset Execution Trust (Class A2) 0.57 15/01/2025 5,162,289 0.39 1,970,782 CarMax Auto Owner Trust (Class A3) 3.13 15/06/2023 2,003,444 0.15 1,618,418 Carmax Auto Owner Trust 2018-4 (Class A3) 3.36 15/09/2023 1,652,764 0.12 275,119 Carrington Mortgage Loan Trust Series 2006-RFC1 (Class A4) 0.63 25/03/2036 273,325 0.02 93,325 Carrington Mortgage Loan Trust Series 2007-FRE1 (Class A2) 0.35 25/02/2037 93,791 0.01 923,877 Centex Home Equity Loan Trust 2005-A (Class M1) 0.87 25/01/2035 911,622 0.07 5,000,000 Citibank Credit Card Issuance Trust (Class A2) 2.19 20/11/2023 5,086,859 0.38 1,800,000 Citigroup Mortgage Loan Trust Incorporated (Class M4) 0.90 25/01/2036 1,789,347 0.14 175,619 Countrywide Asset-Backed Certificates (Class M3) 0.90 25/01/2036 175,522 0.01 345,901 Countrywide Asset-Backed Certificates (Class M6) 1.20 25/08/2035 344,273 0.03 2,661,172 Credit-Based Asset Servicing and Securitization LLC (Class M1) 0.76 25/11/2035 2,627,733 0.20 388,078 CWABS Asset-Backed Certificates Trust 2004-10 (Class MV3) 1.27 25/12/2034 383,015 0.03 61,959 CWABS Asset-Backed Certificates Trust 2004-AB2 (Class M2) 1.00 25/05/2036 61,959 - 836,234 CWABS Asset-Backed Certificates Trust 2005-4 (Class MV4) 1.11 25/10/2035 850,868 0.06 3,217 Ellington Loan Acquisition Trust 2007-1 (Class A2C) 1.40 25/05/2037 3,168 - 243,178 EquiFirst Mortgage Loan Trust 2005-1 (Class M3) 0.63 25/04/2035 243,100 0.02 123,382 First Franklin Mortgage Loan Trust 2004-FF7 (Class M1) 1.02 25/09/2034 121,462 0.01 94,976 First Franklin Mortgage Loan Trust 2005-FF9 (Class A4) 0.87 25/10/2035 94,650 0.01 285,004 First Franklin Mortgage Loan Trust Series 2005-FF12 (Class M1) 0.82 25/11/2036 282,133 0.02 375,585 GM Financial Consumer Automobile Receivables Trust 2018-1 (Class A3) 2.32 18/07/2022 377,239 0.03 366,103 GM Financial Consumer Automobile Receivables Trust 2018-3 (Class A3) 3.02 16/05/2023 371,115 0.03 2,875,315 GM Financial Consumer Automobile Receivables Trust 2018-4 (Class A3) 3.21 16/10/2023 2,928,813 0.22 5,400,000 GMF Floorplan Owner Revolving Trust (Class A1) 3.50 15/09/2023 5,522,057 0.42 4,750,000 Golden Credit Card Trust (Class A) 3.44 15/08/2025 5,135,135 0.39 448,711 GSAA Home Equity Trust 2005-8 (Class A3) 1.01 25/06/2035 448,711 0.03 694,991 Home Equity Asset Trust 2006-1 (Class M2) 0.61 25/04/2036 694,095 0.05 3,495,000 Honda Auto Receivables 2018-2 Owner Trust (Class A4) 3.16 19/08/2024 3,568,752 0.27 291,087 Honda Auto Receivables 2018-3 Owner Trust (Class A3) 2.95 22/08/2022 294,535 0.02 318,398 HSI Asset Securitization Corporation Trust 2007-WF1 (Class 2A4) 0.40 25/05/2037 311,617 0.02 1,700,000 Hyundai Auto Receivables Trust 2016-B (Class D) 2.68 15/09/2023 1,706,268 0.13 177,641 Hyundai Auto Receivables Trust 2017-A (Class A4) 2.09 17/04/2023 177,877 0.01 198,896 JP Morgan Mortgage Acquisition Trust 2007-CH1 (Class MV2) 0.43 25/11/2036 198,795 0.02 490,000 JP Morgan Mortgage Acquisition Trust 2007-CH2 (Class MV1) 0.43 25/01/2037 478,996 0.04 56,633 Mastr Asset-Backed Securities Trust 2006-Fre1 (Class A4) 0.73 25/12/2035 55,056 - 214,709 Morgan Stanley ABS Capital I Incorporated Trust 2006-NC1 (Class M1) 0.72 25/12/2035 213,411 0.02 441,951 Morgan Stanley Capital I Incorporated Trust 2006-HE1 (Class A4) 0.73 25/01/2036 417,422 0.03 4,399,359 New Century Home Equity Loan Trust 2005-2 (Class M3) 0.88 25/06/2035 4,382,862 0.33 81,806 New Century Home Equity Loan Trust 2005-3 (Class M3) 0.91 25/07/2035 81,618 0.01 960,515 Nissan Auto Receivables 2017-A Owner Trust (Class A4) 2.11 15/05/2023 963,797 0.07 1,350,959 Nissan Auto Receivables 2017-B Owner Trust (Class A4) 1.95 16/10/2023 1,358,365 0.10 145,847 Nissan Auto Receivables 2017-C Owner Trust (Class A3) 2.12 18/04/2022 146,224 0.01 3,200,000 Nissan Auto Receivables 2018-A Owner Trust (Class A4) 2.89 17/06/2024 3,268,196 0.25

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 149

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (10.33%) (30 June 2020: 11.28%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (7.15%) cont. USD 758,814 Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4 (Class M1) 0.81 25/11/2035 USD 758,119 0.06 57,046 Park Place Securities Incorporated Asset-Backed Pass-Through Ctfs Ser 2004- WHQ2 (Class M3) 1.18 25/02/2035 57,010 - 448,957 RASC Series 2004-KS10 Trust (Class M1) 1.05 25/11/2034 445,472 0.03 90,253 RASC Series 2006-KS2 Trust (Class M1) 0.70 25/03/2036 90,129 0.01 508,118 RASC Series 2006-KS6 Trust (Class A4) 0.40 25/08/2036 501,026 0.04 800,959 RASC Series 2006-KS7 Trust (Class A4) 0.39 25/09/2036 793,246 0.06 4,100,000 Santander Consumer Auto Receivables Trust 2020-B (Class A2) 0.38 15/02/2023 4,101,620 0.31 575,000 Santander Consumer Auto Receivables Trust 2020-B (Class A4) 0.54 15/04/2025 575,167 0.04 6,400,000 Santander Retail Auto Lease Trust 2020-B (Class A2) 0.42 20/11/2023 6,392,713 0.48 399,437 Securitized Asset Backed Receivables LLC Trust 2006-CB1 (Class AV1) 0.63 25/01/2036 395,834 0.03 240,557 Securitized Term Auto Receivables Trust 2018-1 (Class A3) 3.07 25/01/2022 241,358 0.02 2,358,000 Soundview Home Loan Trust 2005-OPT3 (Class M1) 0.62 25/11/2035 2,345,581 0.18 111,889 Structured Asset Investment Loan Trust 2005-1 (Class M2) 0.87 25/02/2035 111,122 0.01 5,228 Structured Asset Investment Loan Trust 2005-HE1 (Class M1) 0.86 25/07/2035 5,305 - 981,403 Structured Asset Investment Loan Trust 2005-HE3 (Class M1) 0.87 25/09/2035 976,764 0.07 239,585 Structured Asset Securities Corporation 2005-WF1 (Class M1) 0.81 25/02/2035 238,234 0.02 34,823 Structured Asset Securities Corporation Mortgage Loan Trust 2006-GEL3 (Class A3) 0.75 25/07/2036 34,744 - 125,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-WF1 (Class M4) 0.79 25/02/2036 124,112 0.01 1,928,437 Structured Asset Securities Corporation Mortgage Loan Trust 2006-WF3 (Class M1) 0.40 25/09/2036 1,911,709 0.14 3,300,000 Toyota Auto Receivables 2017-C Owner Trust (Class A4) 1.98 15/12/2022 3,320,275 0.25 390,000 Toyota Auto Receivables 2017-D Owner Trust (Class A4) 2.12 15/02/2023 393,832 0.03 2,800,000 Toyota Auto Receivables 2018-D Owner Trust (Class A4) 3.30 15/02/2024 2,927,422 0.22 115,000 Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust (Class M6) 1.15 25/11/2035 114,033 0.01 382,558 World Omni Auto Receivables Trust 2018-A (Class A3) 2.50 17/04/2023 386,702 0.03 831,508 World Omni Auto Receivables Trust 2018-C (Class A3) 3.13 15/11/2023 845,483 0.06 94,661,041 7.15 Residential Mortgage-Backed Securities (non-agency) (3.18%) 153,337 Alternative Loan Trust 2004-J5 (Class M1) 1.05 25/08/2034 153,337 0.01 702,336 Angel Oak Mortgage Trust I LLC 2018-3 (Class A1) 3.65 25/09/2048 716,047 0.05 3,137,148 Angel Oak Mortgage Trust I LLC 2019-4 (Class A1) 2.99 26/07/2049 3,170,716 0.24 709,392 Bellemeade Re 2018-1 Limited (Class M1B) 1.75 25/04/2028 699,522 0.05 113,142 Citigroup Mortgage Loan Trust 2006-AR9 (Class 1A3) 0.63 25/11/2036 112,173 0.01 421,893 COLT 2020-1R Mortgage Loan Trust (Class A1) 1.26 25/09/2065 422,947 0.03 52,606 Deephaven Residential Mortgage Trust 2017-1 (Class A1) 2.73 26/12/2046 52,654 - 40,379 Deephaven Residential Mortgage Trust 2017-3 (Class A1) 2.58 25/10/2047 40,742 - 4,424,946 Deephaven Residential Mortgage Trust 2018-1 (Class A1) 2.98 25/12/2057 4,434,472 0.34 484,780 Deephaven Residential Mortgage Trust 2018-4 (Class A1) 4.08 25/10/2058 488,653 0.04 1,279,235 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.15 25/09/2028 1,350,994 0.10 931,978 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.90 25/08/2028 980,325 0.07 100,000 Fannie Mae Connecticut Avenue Securities (Class 1M2A) 4.40 25/01/2029 100,499 0.01 240,578 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.15 25/07/2025 245,576 0.02 156,338 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.70 25/02/2025 158,910 0.01 450,068 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.05 25/07/2024 448,775 0.03 131,033 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.75 25/05/2024 129,645 0.01 364,772 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.50 25/04/2030 369,260 0.03 1,994,694 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 3.40 25/07/2029 2,042,403 0.15 8,966 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.35 25/02/2024 8,965 - 1,463,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2AR) 0.90 25/03/2030 1,443,214 0.11 770,111 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2AS) 1.20 25/12/2029 757,638 0.06 238,520 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.95 25/03/2029 246,376 0.02 145,979 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.05 25/12/2027 148,131 0.01 52,429 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.95 25/03/2025 52,491 - 171,662 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.30 25/01/2025 173,170 0.01 992,621 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.70 25/10/2024 1,013,130 0.08 344,815 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.90 25/10/2024 349,586 0.03 534,796 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.15 25/08/2024 544,702 0.04

The accompanying notes form an integral part of these financial statements.

150 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

MORTGAGE-BACKED SECURITIES (10.33%) (30 June 2020: 11.28%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (3.18%) cont. USD 236,158 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M1) 1.65 25/08/2050 USD 236,693 0.02 221,757 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M1) 1.70 25/07/2050 221,965 0.02 17,835 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M1) 0.90 25/10/2048 17,832 - 4,261,044 FWD Securitization Trust 2019-INV1 (Class A1) 2.81 25/06/2049 4,325,544 0.34 954,559 FWD Securitization Trust 2020-INV1 (Class A1) 2.24 25/01/2050 978,423 0.07 95,759 Galton Funding Mortgage Trust 2017-1 (Class A43) 3.50 25/11/2057 95,141 0.01 392,844 Galton Funding Mortgage Trust 2018-2 (Class A41) 4.50 25/10/2058 399,981 0.03 145,008 Home Re 2018-1 Limited (Class M1) 1.75 25/10/2028 143,433 0.01 351,262 HomeBanc Mortgage Trust 2005-4 (Class A1) 0.69 25/10/2035 345,551 0.03 625,027 Homeward Opportunities Fund I Trust 2018-1 (Class A1) 3.77 25/06/2048 628,939 0.05 92,195 JP Morgan Resecuritization Trust Series 2014-1 (Class 7A1) 3.00 26/06/2035 92,595 0.01 1,794,257 Merrill Lynch Mortgage Investors Trust Series 2005-A8 (Class A2A) 0.69 25/08/2036 1,787,466 0.13 2,609,577 New Residential Mortgage Loan Trust 2018-4 (Class A1S) 0.90 25/01/2048 2,609,577 0.20 288,830 Opteum Mortgage Acceptance Corporation Asset Backed Pass-Through Certificates Series 20 (Class M1) 0.84 25/07/2035 286,794 0.02 11,109 STACR Trust 2018-DNA2 (Class M1) 0.95 25/12/2030 11,109 - 590 STACR Trust 2018-DNA3 (Class M1) 0.90 25/09/2048 590 - 399,549 STACR Trust 2018-HRP2 (Class M2) 1.40 25/02/2047 398,989 0.03 1,000,000 STACR Trust 2018-HRP2 (Class M3AS) 1.15 25/02/2047 969,063 0.07 737,920 Starwood Mortgage Residential Trust 2018-IMC2 (Class A1) 4.12 25/10/2048 754,014 0.06 1,207,666 Verus Securitization Trust 2018-2 (Class A1) 3.68 01/06/2058 1,209,129 0.09 1,202,599 Verus Securitization Trust 2019-2 (Class A1) 3.21 25/05/2059 1,211,885 0.09 1,418,219 Verus Securitization Trust 2019-3 (Class A1) 2.78 25/07/2059 1,450,004 0.11 2,510,581 Verus Securitization Trust 2019-INV3 (Class A1) 2.69 25/11/2059 2,578,549 0.19 493,038 WaMu Mortgage Pass-Through Certificates Series 2005-AR11 Trust (Class A1A) 0.79 25/08/2045 485,013 0.04 42,093,332 3.18 Total Mortgage-Backed Securities USD 136,754,373 10.33

NON-U.S. CORPORATE BONDS AND NOTES (24.53%) (30 June 2020: 25.21%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (23.20%) USD 5,360,000 ABN AMRO Bank NV (Netherlands) 0.80 27/08/2021 USD 5,377,302 0.41 3,315,000 ABN AMRO Bank NV (Netherlands) 0.63 19/01/2021 3,315,550 0.25 245,000 ABN AMRO Bank NV (Netherlands) 2.65 19/01/2021 245,231 0.02 820,000 Australia & New Zealand Banking Group Limited (Australia) 0.70 21/11/2022 825,461 0.06 1,150,000 Australia & New Zealand Banking Group Limited (Australia) 0.68 17/05/2021 1,151,934 0.09 1,800,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 0.88 18/09/2023 1,812,627 0.14 2,250,000 Banco Santander SA (Spain) 1.78 11/04/2022 2,275,510 0.17 1,480,000 Banco Santander SA (Spain) 3.50 11/04/2022 1,536,912 0.12 3,606,000 Bank of Montreal (Canada) 0.77 10/03/2023 3,636,977 0.27 4,534,000 Bank of Montreal (Canada) 0.82 26/03/2022 4,559,940 0.34 500,000 Bank of Montreal (Canada) 1.02 27/08/2021 502,346 0.04 1,490,000 Bank of Montreal (Canada) 0.68 13/04/2021 1,491,800 0.11 3,083,000 Bank of Montreal (Canada) 0.62 22/01/2021 3,083,647 0.23 2,077,000 Bank of Nova Scotia (Canada) 1.63 01/05/2023 2,136,765 0.16 4,263,000 Bank of Nova Scotia (Canada) 0.87 07/03/2022 4,289,985 0.32 26,000 Bank of Nova Scotia (Canada) 0.66 20/04/2021 26,036 - 900,000 Bank of Nova Scotia (Canada) 0.63 25/01/2021 900,236 0.07 2,808,000 Banque Federative du Credit Mutuel SA (France) 0.65 27/02/2024 2,815,906 0.21 760,000 Banque Federative du Credit Mutuel SA (France) 1.18 20/07/2023 772,556 0.06 1,445,000 Banque Federative du Credit Mutuel SA (France) 2.13 21/11/2022 1,492,165 0.11 3,854,000 Barclays PLC (United Kingdom) 4.61 15/02/2023 4,023,322 0.30 1,750,000 Barclays PLC (United Kingdom) 3.20 10/08/2021 1,778,857 0.13 8,349,000 Barclays PLC (United Kingdom) 3.25 12/01/2021 8,353,506 0.63 8,398,000 BNP Paribas SA (France) 2.95 23/05/2022 8,696,836 0.65 3,470,000 BPCE SA (France) 1.46 12/09/2023 3,534,140 0.27 500,000 BPCE SA (France) 1.11 31/05/2022 504,549 0.04 965,000 BPCE SA (France) 1.43 22/05/2022 976,095 0.07 3,500,000 BPCE SA (France) 0.53 17/02/2022 3,505,961 0.26 1,600,000 BPCE SA (France) 0.53 14/01/2022 1,602,709 0.12

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 151

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (24.53%) (30 June 2020: 25.21%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (23.20%) cont. USD 778,000 Canadian Imperial Bank of Commerce (Canada) 0.88 13/09/2023 USD 786,681 0.06 6,306,000 Canadian Imperial Bank of Commerce (Canada) 0.90 17/03/2023 6,365,588 0.48 410,000 Canadian Imperial Bank of Commerce (Canada) 0.94 16/06/2022 413,429 0.03 4,092,000 Cooperatieve Rabobank UA (Netherlands) 1.11 26/09/2023 4,143,783 0.31 2,354,000 Cooperatieve Rabobank UA (Netherlands) 1.05 10/01/2022 2,372,286 0.18 3,000,000 Credit Agricole Corporate & Investment Bank SA (France) 0.62 03/05/2021 3,003,183 0.23 6,112,000 Credit Agricole SA (France) 1.23 24/04/2023 6,183,195 0.47 825,000 Credit Agricole SA (France) 1.65 10/01/2022 834,092 0.06 2,685,000 Credit Suisse AG (Switzerland) 0.54 04/02/2022 2,689,714 0.20 500,000 Credit Suisse Group Funding Guernsey Limited (Guernsey) 2.51 16/04/2021 502,686 0.04 5,045,000 Credit Suisse Group Funding Guernsey Limited (Guernsey) 2.51 16/04/2021 5,077,218 0.38 2,100,000 Danske Bank A/S (Denmark) 2.80 10/03/2021 2,109,034 0.16 4,489,000 Deutsche Bank AG (Germany) 4.25 14/10/2021 4,603,141 0.35 315,000 Deutsche Bank AG (Germany) 3.38 12/05/2021 317,828 0.02 400,000 Deutsche Bank AG (Germany) 3.38 12/05/2021 403,851 0.03 660,000 Deutsche Bank AG (Germany) 4.25 04/02/2021 661,782 0.05 2,185,000 Deutsche Bank AG (Germany) 3.15 22/01/2021 2,187,423 0.17 3,275,000 DNB Bank ASA (Norway) 0.85 02/12/2022 3,303,107 0.25 1,900,000 DNB Bank ASA (Norway) 1.30 02/06/2021 1,907,697 0.14 2,371,000 ING Bank NV (Netherlands) 1.10 15/08/2021 2,382,706 0.18 6,034,000 ING Groep NV (Netherlands) 1.24 02/10/2023 6,125,798 0.46 1,050,000 ING Groep NV (Netherlands) 1.40 29/03/2022 1,061,129 0.08 1,666,000 Intesa Sanpaolo SpA (Italy) 6.50 24/02/2021 1,679,261 0.13 4,602,000 Lloyds Bank PLC (United Kingdom) 0.70 07/05/2021 4,608,891 0.35 1,642,000 Lloyds Banking Group PLC (United Kingdom) 1.33 15/06/2023 1,660,096 0.13 4,241,000 Lloyds Banking Group PLC (United Kingdom) 2.86 17/03/2023 4,358,394 0.33 3,195,000 Lloyds Banking Group PLC (United Kingdom) 1.04 21/06/2021 3,205,570 0.24 1,750,000 Macquarie Bank Limited (Australia) 0.65 24/11/2021 1,755,020 0.13 2,090,000 Macquarie Bank Limited (Australia) 6.63 07/04/2021 2,122,621 0.16 1,400,000 Macquarie Group Limited (Australia) 6.25 14/01/2021 1,402,021 0.11 3,669,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 0.97 02/03/2023 3,693,127 0.28 378,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.00 25/07/2022 381,076 0.03 1,313,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.12 22/02/2022 1,323,897 0.10 4,033,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.28 13/09/2021 4,059,748 0.31 3,332,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 0.86 26/07/2021 3,342,069 0.25 512,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 2.11 01/03/2021 513,303 0.04 6,470,000 Mizuho Financial Group Incorporated (Japan) 1.10 11/09/2022 6,542,734 0.49 3,408,000 Mizuho Financial Group Incorporated (Japan) 1.16 28/02/2022 3,437,769 0.26 3,865,000 Mizuho Financial Group Incorporated (Japan) 1.36 13/09/2021 3,893,308 0.29 1,650,000 Mizuho Financial Group Incorporated (Japan) 1.70 12/04/2021 1,656,262 0.13 3,350,000 National Australia Bank Limited (Australia) 0.63 13/12/2022 3,367,155 0.25 2,500,000 National Australia Bank Limited (Australia) 0.93 04/11/2021 2,514,495 0.19 1,800,000 National Australia Bank Limited (Australia) 0.82 20/09/2021 1,806,042 0.14 2,100,000 National Australia Bank Limited (Australia) 0.57 12/01/2021 2,100,076 0.16 2,750,000 National Bank of Canada (Canada) 0.90 15/08/2023 2,766,523 0.21 500,000 National Bank of Canada (Canada) 0.64 21/03/2021 500,350 0.04 5,303,000 Natwest Group PLC (United Kingdom) 1.69 15/05/2023 5,362,230 0.40 1,575,000 Natwest Group PLC (United Kingdom) 3.50 15/05/2023 1,635,241 0.12 1,197,000 Nordea Bank Abp (Finland) 1.22 27/05/2021 1,201,492 0.09 3,200,000 Nordea Bank Abp (Finland) 4.88 13/05/2021 3,249,228 0.25 2,981,000 Royal Bank of Canada (Canada) 0.54 26/10/2023 2,992,229 0.23 3,050,000 Royal Bank of Canada (Canada) 3.70 05/10/2023 3,325,469 0.25 2,950,000 Royal Bank of Canada (Canada) 0.58 17/01/2023 2,963,528 0.22 2,200,000 Royal Bank of Canada (Canada) 0.49 05/08/2022 2,204,231 0.17 800,000 Royal Bank of Canada (Canada) 0.68 29/04/2022 803,912 0.06 5,310,000 Royal Bank of Canada (Canada) 0.60 30/04/2021 5,316,310 0.40 2,800,000 Santander UK Group Holdings PLC (United Kingdom) 2.88 05/08/2021 2,839,215 0.21 4,855,000 Santander UK PLC (United Kingdom) 0.85 01/06/2021 4,866,107 0.37 3,043,000 Skandinaviska Enskilda Banken AB (Sweden) 0.55 01/09/2023 3,043,270 0.23 3,692,000 Skandinaviska Enskilda Banken AB (Sweden) 0.55 01/09/2023 3,696,124 0.28 2,100,000 Skandinaviska Enskilda Banken AB (Sweden) 0.86 12/12/2022 2,118,154 0.16

The accompanying notes form an integral part of these financial statements.

152 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

NON-U.S. CORPORATE BONDS AND NOTES (24.53%) (30 June 2020: 25.21%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (23.20%) cont. USD 4,780,000 Skandinaviska Enskilda Banken AB (Sweden) 0.65 17/05/2021 USD 4,787,105 0.36 1,408,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 1.03 16/10/2023 1,419,886 0.11 2,998,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 1.00 12/07/2022 3,021,072 0.23 2,080,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 1.19 11/01/2022 2,095,533 0.16 3,340,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 1.36 19/10/2021 3,367,359 0.25 5,600,000 Sumitomo Mitsui Trust Bank Limited (Japan) 0.80 12/09/2023 5,650,689 0.43 3,362,000 Svenska Handelsbanken AB (Sweden) 0.67 24/05/2021 3,367,981 0.25 2,700,000 Svenska Handelsbanken AB (Sweden) 1.39 30/03/2021 2,706,966 0.20 2,625,000 Swedbank AB (Sweden) 0.60 25/09/2023 2,630,145 0.20 1,300,000 Swedbank AB (Sweden) 1.30 02/06/2023 1,321,486 0.10 1,390,000 Swedbank AB (Sweden) 0.92 14/03/2022 1,398,688 0.11 5,101,000 Toronto-Dominion Bank (Canada) 0.45 11/09/2023 5,115,655 0.39 2,705,000 Toronto-Dominion Bank (Canada) 0.57 27/01/2023 2,715,131 0.21 3,000,000 Toronto-Dominion Bank (Canada) 0.57 22/07/2022 3,009,720 0.23 1,716,000 Toronto-Dominion Bank (Canada) 1.24 07/04/2021 1,720,396 0.13 775,000 Toronto-Dominion Bank (Canada) 0.50 17/03/2021 775,434 0.06 530,000 Toronto-Dominion Bank (Canada) 0.45 25/01/2021 530,091 0.04 390,000 UBS AG (Switzerland) 1.75 21/04/2022 396,939 0.03 4,014,000 UBS Group AG (Switzerland) 1.17 15/08/2023 4,052,924 0.31 3,070,000 UBS Group AG (Switzerland) 2.86 15/08/2023 3,182,584 0.24 1,122,000 UBS Group AG (Switzerland) 1.43 23/05/2023 1,134,869 0.09 1,420,000 UBS Group AG (Switzerland) 1.74 01/02/2022 1,441,238 0.11 2,277,000 UBS Group AG (Switzerland) 3.00 15/04/2021 2,294,582 0.17 2,449,000 UBS Group AG (Switzerland) 2.00 14/04/2021 2,460,355 0.19 2,700,000 Westpac Banking Corporation (Australia) 0.61 13/01/2023 2,705,886 0.20 1,440,000 Westpac Banking Corporation (Australia) 1.08 11/01/2022 1,450,857 0.11 1,550,000 Westpac Banking Corporation (Australia) 0.55 25/01/2021 1,550,302 0.12 307,270,633 23.20 Chemicals (0.13%) 1,615,000 Nutrien Limited (Canada) 1.90 13/05/2023 1,668,208 0.13 1,668,208 0.13 Food (0.20%) 2,100,000 Mondelez International Holdings Netherlands BV (Netherlands) 2.13 19/09/2022 2,160,158 0.17 444,000 Mondelez International Holdings Netherlands BV (Netherlands) 2.00 28/10/2021 449,479 0.03 2,609,637 0.20 Insurance (0.18%) 1,147,000 Trinity Acquisition PLC (United Kingdom) 3.50 15/09/2021 1,167,548 0.09 1,206,000 Willis Towers Watson PLC (Ireland) 5.75 15/03/2021 1,218,145 0.09 2,385,693 0.18 Miscellaneous Manufacturer (0.23%) 3,050,000 Siemens Financieringsmaatschappij NV (Netherlands) 0.83 16/03/2022 3,068,453 0.23 3,068,453 0.23 Pharmaceuticals (0.19%) 840,000 AstraZeneca PLC (United Kingdom) 0.89 17/08/2023 847,021 0.06 1,690,000 GlaxoSmithKline Capital PLC (United Kingdom) 0.57 14/05/2021 1,691,991 0.13 2,539,012 0.19 Savings&Loans (0.40%) 5,157,000 Nationwide Building Society (United Kingdom) 3.62 26/04/2023 5,356,666 0.40 5,356,666 0.40 Total Non-U.S. Corporate Bonds And Notes USD 324,898,302 24.53

U.S. CORPORATE BONDS AND NOTES (29.50%) (30 June 2020: 36.06%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Aerospace and Defense (0.47%) USD 6,108,000 L3Harris Technologies Incorporated 0.98 10/03/2023 USD 6,160,827 0.47 6,160,827 0.47 Automotive (1.87%) 1,561,000 American Honda Finance Corporation 0.65 08/09/2023 1,569,309 0.12 7,650,000 American Honda Finance Corporation 0.58 10/05/2023 7,677,536 0.57 2,606,000 BMW US Capital LLC 0.71 13/08/2021 2,612,017 0.20 1,000,000 BMW US Capital LLC 0.63 12/04/2021 1,000,683 0.08

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 153

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (29.50%) (30 June 2020: 36.06%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Automotive (1.87%) cont. USD 2,450,000 Toyota Motor Credit Corporation 0.35 14/10/2022 USD 2,456,642 0.19 1,500,000 Toyota Motor Credit Corporation 0.43 14/10/2022 1,501,072 0.11 2,900,000 Toyota Motor Credit Corporation 0.53 07/10/2021 2,905,605 0.22 5,000,000 Toyota Motor Credit Corporation 0.42 12/03/2021 5,001,971 0.38 24,724,835 1.87 Banking (10.87%) 5,407,000 Bank of America Corporation 1.02 05/03/2024 5,447,959 0.40 1,050,000 Bank of America Corporation 3.00 20/12/2023 1,105,136 0.08 785,000 Bank of America Corporation 1.21 24/04/2023 793,145 0.06 2,185,000 Bank of America Corporation 1.38 20/01/2023 2,207,490 0.17 1,073,000 Bank of America Corporation 0.90 25/06/2022 1,075,720 0.08 2,416,000 Bank of America Corporation 0.59 23/01/2022 2,416,445 0.18 2,872,000 Bank of America Corporation 1.64 19/04/2021 2,883,545 0.22 2,055,000 Bank of New York Mellon Corporation 1.95 23/08/2022 2,110,368 0.16 2,505,000 BBVA USA 2.88 29/06/2022 2,595,886 0.20 3,600,000 BBVA USA 0.95 11/06/2021 3,608,200 0.27 400,000 BBVA USA 3.50 11/06/2021 404,519 0.03 2,000,000 Citibank NA 0.82 20/05/2022 2,003,501 0.15 559,000 Citigroup Incorporated 1.25 01/06/2024 565,227 0.04 926,000 Citigroup Incorporated 1.66 01/09/2023 941,842 0.07 850,000 Citigroup Incorporated 1.17 25/04/2022 857,588 0.06 2,914,000 Citigroup Incorporated 1.30 08/12/2021 2,935,761 0.22 3,656,000 Citigroup Incorporated 1.40 02/08/2021 3,679,503 0.28 3,745,000 Citigroup Incorporated 1.62 30/03/2021 3,756,872 0.28 775,000 Citizens Bank NA 1.04 26/05/2022 781,223 0.06 2,000,000 Citizens Bank NA 0.94 14/02/2022 2,009,302 0.15 1,265,000 Citizens Bank NA 2.55 13/05/2021 1,272,812 0.10 839,000 Fifth Third Bancorp 1.63 05/05/2023 865,363 0.07 1,780,000 Fifth Third Bank NA 1.80 30/01/2023 1,830,610 0.14 1,400,000 Fifth Third Bank NA 0.65 26/07/2021 1,402,631 0.11 800,000 Goldman Sachs Group Incorporated 0.63 17/11/2023 800,581 0.06 1,281,000 Goldman Sachs Group Incorporated 1.28 05/06/2023 1,294,044 0.10 4,805,000 Goldman Sachs Group Incorporated 0.96 23/02/2023 4,849,750 0.37 810,000 Goldman Sachs Group Incorporated 0.99 31/10/2022 813,300 0.06 1,187,000 Goldman Sachs Group Incorporated 1.32 26/04/2022 1,190,286 0.09 1,000,000 Goldman Sachs Group Incorporated 5.25 27/07/2021 1,028,080 0.08 770,000 Goldman Sachs Group Incorporated 2.63 25/04/2021 774,004 0.06 897,000 Huntington Bancshares Incorporated 3.15 14/03/2021 899,768 0.07 5,397,000 JPMorgan Chase & Company 0.94 23/04/2024 5,442,765 0.40 7,694,000 JPMorgan Chase & Company 1.44 24/10/2023 7,831,807 0.58 271,000 JPMorgan Chase & Company 1.11 25/04/2023 273,553 0.02 1,750,000 KeyBank NA 0.42 03/01/2024 1,751,733 0.13 2,250,000 KeyBank NA 0.44 03/01/2024 2,250,698 0.17 2,950,000 KeyBank NA 0.87 01/02/2022 2,967,156 0.22 1,445,000 KeyBank NA 1.02 22/11/2021 1,454,695 0.11 1,005,000 Manufacturers & Traders Trust Company 0.87 01/12/2021 1,005,284 0.08 4,720,000 Manufacturers & Traders Trust Company 0.48 25/01/2021 4,720,751 0.36 1,500,000 Morgan Stanley 0.56 10/11/2023 1,503,472 0.11 1,100,000 Morgan Stanley 0.79 20/01/2023 1,103,531 0.08 2,360,000 Morgan Stanley 1.15 22/07/2022 2,370,125 0.18 4,386,000 Morgan Stanley 1.40 20/01/2022 4,388,236 0.33 1,802,000 Morgan Stanley 1.61 21/04/2021 1,809,213 0.14 3,935,000 PNC Bank NA 0.53 24/02/2023 3,942,128 0.30 1,300,000 PNC Bank NA 0.66 09/12/2022 1,303,573 0.10 200,000 PNC Bank NA 0.72 27/07/2022 201,179 0.02 3,880,000 PNC Bank NA 0.67 22/07/2022 3,887,746 0.29 2,860,000 Regions Bank 0.62 01/04/2021 2,859,251 0.22 2,500,000 Regions Financial Corporation 3.20 08/02/2021 2,500,954 0.19 1,110,000 Truist Bank 0.82 09/03/2023 1,118,633 0.08 200,000 Truist Bank 0.80 02/08/2022 200,537 0.02 3,400,000 Truist Bank 0.81 17/05/2022 3,420,667 0.26

The accompanying notes form an integral part of these financial statements.

154 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (29.50%) (30 June 2020: 36.06%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (10.87%) cont. USD 2,315,000 Truist Financial Corporation 0.89 01/04/2022 USD 2,328,775 0.18 1,060,000 US Bancorp 0.85 24/01/2022 1,065,856 0.08 2,500,000 US Bank NA 0.63 09/12/2022 2,508,623 0.19 5,250,000 US Bank NA 0.65 23/05/2022 5,274,964 0.39 400,000 US Bank NA 0.60 16/11/2021 401,031 0.03 5,026,000 Wells Fargo & Company 1.44 31/10/2023 5,105,409 0.39 2,647,000 Wells Fargo & Company 1.32 24/01/2023 2,669,787 0.20 1,168,000 Wells Fargo & Company 1.14 11/02/2022 1,168,992 0.09 2,615,000 Wells Fargo & Company 1.24 26/07/2021 2,629,080 0.20 1,700,000 Wells Fargo Bank NA 2.08 09/09/2022 1,719,433 0.13 1,750,000 Wells Fargo Bank NA 0.73 22/10/2021 1,755,265 0.13 144,135,363 10.87 Beverages (0.44%) 5,707,000 Keurig Dr Pepper Incorporated 3.55 25/05/2021 5,778,178 0.44 5,778,178 0.44 Biotechnology (0.28%) 2,732,000 Gilead Sciences Incorporated 0.75 29/09/2023 2,740,303 0.20 1,000,000 Gilead Sciences Incorporated 0.38 17/09/2021 1,000,500 0.08 3,740,803 0.28 Building Materials (0.23%) 3,025,000 Vulcan Materials Company 0.88 01/03/2021 3,026,281 0.23 3,026,281 0.23 Chemicals (0.28%) 1,402,000 Celanese US Holdings LLC 5.88 15/06/2021 1,432,865 0.11 2,318,000 Nutrition & Biosciences Incorporated 0.70 15/09/2022 2,324,955 0.17 3,757,820 0.28 Commercial Services (0.02%) 236,000 ERAC USA Finance LLC 4.50 16/08/2021 241,973 0.02 241,973 0.02 Computers (0.22%) 1,652,000 IBM Credit LLC 0.48 20/01/2021 1,652,211 0.12 1,320,000 International Business Machines Corporation 0.62 13/05/2021 1,321,916 0.10 2,974,127 0.22 Diversified Financial Services (2.48%) 3,000,000 AIG Global Funding 0.48 15/12/2023 2,997,336 0.23 1,810,000 AIG Global Funding 0.71 25/06/2021 1,813,544 0.14 3,107,000 AIG Global Funding 0.87 22/01/2021 3,107,961 0.23 1,045,000 American Express Company 0.97 03/08/2023 1,058,501 0.08 465,000 American Express Company 0.88 27/02/2023 468,981 0.04 540,000 American Express Company 0.82 01/08/2022 543,812 0.04 826,000 American Express Company 2.50 01/08/2022 852,239 0.06 1,455,000 American Express Company 0.84 20/05/2022 1,464,240 0.11 3,590,000 American Express Company 0.82 05/11/2021 3,604,722 0.27 1,400,000 American Express Company 0.75 17/05/2021 1,402,100 0.11 930,000 Aviation Capital Group LLC 0.88 30/07/2021 921,292 0.07 2,600,000 Aviation Capital Group LLC 1.18 01/06/2021 2,584,011 0.20 2,993,000 Capital One Financial Corporation 0.93 30/01/2023 3,001,841 0.23 1,090,000 Capital One Financial Corporation 1.18 09/03/2022 1,098,509 0.08 70,000 Capital One Financial Corporation 3.05 09/03/2022 72,140 0.01 1,500,000 Charles Schwab Corporation 0.53 21/05/2021 1,501,325 0.11 5,134,000 Intercontinental Exchange Incorporated 0.87 15/06/2023 5,147,415 0.38 1,000,000 Nasdaq Incorporated 0.45 21/12/2022 1,001,170 0.08 175,000 USAA Capital Corporation 2.00 01/06/2021 176,267 0.01 32,817,406 2.48 Electric Utilities (2.13%) 1,500,000 American Electric Power Company Incorporated 0.68 01/11/2023 1,502,224 0.11 500,000 American Electric Power Company Incorporated 0.75 01/11/2023 501,122 0.04 3,420,000 Consolidated Edison Company of New York Incorporated 0.65 25/06/2021 3,426,057 0.25 1,000,000 Consumers Energy Company 0.35 01/06/2023 1,001,344 0.08 1,617,000 Dominion Energy Incorporated 0.75 15/09/2023 1,619,975 0.12 426,000 Dominion Energy Incorporated 2.00 15/08/2021 429,559 0.03

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 155

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (29.50%) (30 June 2020: 36.06%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Electric Utilities (2.13%) cont. USD 750,000 Dominion Energy Incorporated 2.72 15/08/2021 USD 759,254 0.06 500,000 Dominion Energy Incorporated 4.10 01/04/2021 504,441 0.04 1,800,000 Duke Energy Corporation 0.87 11/03/2022 1,809,683 0.14 3,950,000 Duke Energy Corporation 0.72 14/05/2021 3,955,884 0.29 1,000,000 Duke Energy Florida LLC 0.48 26/11/2021 1,001,584 0.08 800,000 Duke Energy Progress LLC 0.40 18/02/2022 800,139 0.06 2,700,000 Entergy Louisiana LLC 0.62 17/11/2023 2,708,971 0.20 1,610,000 Florida Power & Light Company 0.60 28/07/2023 1,610,327 0.12 910,000 Pacific Gas and Electric Company 1.70 16/06/2022 910,276 0.07 1,718,000 Pacific Gas and Electric Company 1.75 16/06/2022 1,722,848 0.13 1,000,000 PPL Electric Utilities Corporation 0.50 28/09/2023 1,000,906 0.08 1,944,000 Public Service Enterprise Group Incorporated 2.00 15/11/2021 1,967,541 0.15 1,111,000 Xcel Energy Incorporated 0.50 15/10/2023 1,114,153 0.08 28,346,288 2.13 Electronics (0.19%) 2,500,000 Honeywell International Incorporated 0.46 19/08/2022 2,502,504 0.19 2,502,504 0.19 Food (0.50%) 2,500,000 Mondelez International Incorporated 0.63 01/07/2022 2,510,857 0.19 4,062,000 Nestle Holdings Incorporated 0.38 15/01/2024 4,066,094 0.31 6,576,951 0.50 Forest Products & Paper (0.24%) 3,105,000 Georgia-Pacific LLC 0.63 15/05/2024 3,115,191 0.24 3,115,191 0.24 Gas (0.13%) 1,680,000 Eastern Energy Gas Holdings LLC 0.82 15/06/2021 1,683,847 0.13 1,683,847 0.13 Health-Care Services (0.13%) 1,750,000 UnitedHealth Group Incorporated 0.48 15/06/2021 1,751,697 0.13 1,751,697 0.13 Insurance (2.71%) 3,250,000 Jackson National Life Global Funding 0.70 06/01/2023 3,263,364 0.25 1,308,000 Jackson National Life Global Funding 0.98 27/06/2022 1,319,700 0.10 4,392,000 Jackson National Life Global Funding 0.70 11/06/2021 4,399,954 0.32 1,400,000 MassMutual Global Funding II 2.25 01/07/2022 1,439,396 0.11 1,000,000 Met Tower Global Funding 0.64 17/01/2023 1,003,390 0.08 2,000,000 Met Tower Global Funding 0.55 13/07/2022 2,005,242 0.15 2,745,000 Metropolitan Life Global Funding I 0.66 13/01/2023 2,759,010 0.21 1,500,000 Metropolitan Life Global Funding I 2.40 17/06/2022 1,544,820 0.12 450,000 Metropolitan Life Global Funding I 0.60 28/05/2021 450,751 0.03 640,000 Metropolitan Life Global Funding I 0.46 08/01/2021 640,017 0.05 514,000 New York Life Global Funding 0.40 21/10/2023 514,949 0.04 500,000 New York Life Global Funding 0.45 21/10/2023 501,334 0.04 3,250,000 New York Life Global Funding 0.50 10/01/2023 3,263,368 0.25 3,350,000 New York Life Global Funding 0.75 10/06/2022 3,370,502 0.25 3,000,000 New York Life Global Funding 0.49 21/01/2022 3,006,910 0.23 1,770,000 New York Life Global Funding 0.55 06/08/2021 1,772,753 0.13 2,317,000 Pacific Life Global Funding II 0.50 23/09/2023 2,320,276 0.18 2,250,000 Protective Life Global Funding 0.63 13/10/2023 2,263,192 0.17 35,838,928 2.71 Internet (0.35%) 4,600,000 TD Ameritrade Holding Corporation 0.64 01/11/2021 4,612,183 0.35 4,612,183 0.35 Lodging (0.12%) 1,558,000 Marriott International Incorporated 0.88 08/03/2021 1,558,591 0.12 1,558,591 0.12 Machinery (0.20%) 2,685,000 Otis Worldwide Corporation 0.69 05/04/2023 2,685,636 0.20 2,685,636 0.20 Media (0.47%) 3,668,000 Time Warner Cable LLC 4.00 01/09/2021 3,720,066 0.28

The accompanying notes form an integral part of these financial statements.

156 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

U.S. CORPORATE BONDS AND NOTES (29.50%) (30 June 2020: 36.06%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Media (0.47%) cont. USD 2,000,000 Walt Disney Company 0.48 01/09/2021 USD 2,002,246 0.15 500,000 Walt Disney Company 4.50 15/02/2021 502,333 0.04 6,224,645 0.47 Medical Technology (0.08%) 1,000,000 Stryker Corporation 0.60 01/12/2023 1,001,580 0.08 1,001,580 0.08 Oil and Natural Gas Utilities (0.42%) 1,000,000 BP Capital Markets America Incorporated 4.74 11/03/2021 1,008,127 0.08 2,707,000 Chevron USA Incorporated 0.41 11/08/2023 2,713,564 0.20 1,804,000 Chevron USA Incorporated 0.32 12/08/2022 1,805,037 0.14 5,526,728 0.42 Pharmaceuticals (3.21%) 3,259,000 AbbVie Incorporated 0.86 21/11/2022 3,280,226 0.25 2,925,000 AbbVie Incorporated 5.00 15/12/2021 3,019,649 0.23 3,000,000 AbbVie Incorporated 0.69 19/11/2021 3,007,683 0.23 2,464,000 AbbVie Incorporated 2.15 19/11/2021 2,503,686 0.19 549,000 AbbVie Incorporated 3.38 14/11/2021 563,425 0.04 635,000 AbbVie Incorporated 2.30 14/05/2021 638,793 0.05 2,428,000 Becton Dickinson and Company 3.13 08/11/2021 2,481,828 0.19 2,600,000 Bristol-Myers Squibb Company 0.54 13/11/2023 2,604,708 0.20 700,000 Bristol-Myers Squibb Company 0.60 16/05/2022 702,412 0.05 1,246,000 CVS Health Corporation 2.13 01/06/2021 1,253,381 0.09 2,939,000 CVS Health Corporation 0.95 09/03/2021 2,942,404 0.22 840,000 CVS Health Corporation 3.35 09/03/2021 844,606 0.06 6,330,000 Utah Acquisition Sub Incorporated 3.15 15/06/2021 6,391,190 0.48 7,790,000 Viatris Incorporated 1.13 22/06/2022 7,863,624 0.59 4,520,000 Zoetis Incorporated 0.66 20/08/2021 4,529,820 0.34 42,627,435 3.21 Pipelines (0.70%) 3,051,000 Kinder Morgan Energy Partners LP 5.00 01/10/2021 3,116,922 0.23 1,705,000 Kinder Morgan Energy Partners LP 5.80 01/03/2021 1,718,881 0.13 784,000 Kinder Morgan Incorporated 5.00 15/02/2021 786,314 0.06 504,000 Williams Companies Incorporated 3.60 15/03/2022 520,256 0.04 2,997,000 Williams Companies Incorporated 7.88 01/09/2021 3,142,051 0.24 9,284,424 0.70 Real Estate (0.13%) 1,703,000 American Tower Corporation 0.60 15/01/2024 1,704,788 0.13 1,704,788 0.13 Retail (0.31%) 4,148,000 McDonald's Corporation 0.65 28/10/2021 4,159,104 0.31 4,159,104 0.31 Semiconductors (0.20%) 2,560,000 Microchip Technology Incorporated 3.92 01/06/2021 2,596,350 0.20 2,596,350 0.20 Telecommunications (0.12%) 1,560,000 Verizon Communications Incorporated 1.22 16/03/2022 1,577,016 0.12 1,577,016 0.12 Total U.S. Corporate Bonds And Notes USD 390,731,499 29.50

CERTIFICATES OF DEPOSIT (3.32%) (30 June 2020: 6.10%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 500,000 Bank of Montreal 0.35 02/03/2021 USD 500,127 0.04 5,000,000 Bank of Nova Scotia 0.31 09/12/2021 4,999,524 0.38 3,500,000 Canadian Imperial Bank of Commerce 0.35 03/01/2022 3,500,000 0.26 750,000 Canadian Imperial Bank of Commerce 0.35 03/03/2021 750,231 0.06 1,500,000 Cooperatieve Rabobank UA 0.54 24/09/2021 1,502,684 0.11 2,500,000 Cooperatieve Rabobank UA 0.53 17/06/2021 2,503,239 0.19 4,000,000 Credit Suisse New York 0.43 15/01/2021 4,000,483 0.30 3,000,000 Morgan Stanley Bank NA 0.39 02/12/2021 3,053,544 0.23 2,500,000 Natixis 0.35 10/12/2021 2,500,047 0.19

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 157

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

CERTIFICATES OF DEPOSIT (3.32%) (30 June 2020: 6.10%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 3,000,000 Nordea Bank AB 0.55 19/11/2021 USD 3,005,764 0.23 2,000,000 Nordea Bank AB 0.50 12/02/2021 2,000,696 0.15 3,000,000 Nordea Bank AB 0.39 12/02/2021 3,000,696 0.23 2,100,000 Sumitomo Mitsui Banking Corporation 0.57 12/07/2021 2,103,051 0.16 2,000,000 Sumitomo Mitsui Banking Corporation 0.59 05/11/2021 2,004,339 0.15 2,000,000 Sumitomo Mitsui Banking Corporation 0.58 13/05/2021 2,002,167 0.15 3,500,000 Sumitomo Mitsui Trust Holdings Incorporated 0.29 16/06/2021 3,500,049 0.26 3,000,000 Svenska Handelsbanken AB 0.49 06/01/2022 3,004,803 0.23 Total Certificates of Deposit USD 43,931,444 3.32

ASSET-BACKED COMMERCIAL PAPER (0.23%) (30 June 2020: -%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,300,000 Arabella Finance Limited 0.42 25/02/2021 USD 1,299,139 0.10 1,700,000 Arabella Finance Limited 0.44 16/02/2021 1,699,074 0.13 Total Asset-Backed Commercial Paper USD 2,998,213 0.23

COMMERCIAL PAPER (29.85%) (30 June 2020: 19.37%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 3,500,000 Albemarle Corporation 0.55 06/01/2021 USD 3,499,767 0.26 10,000,000 Alexandria Real Estate Equities Incorporated 0.27 13/01/2021 9,998,753 0.74 3,000,000 Amcor Finance USA Incorporated 0.28 17/02/2021 2,999,024 0.23 3,250,000 Amcor Finance USA Incorporated 0.28 16/02/2021 3,248,969 0.25 1,000,000 American Electric Power Company Incorporated 0.30 26/03/2021 999,346 0.08 2,250,000 American Electric Power Company Incorporated 0.27 18/02/2021 2,249,250 0.17 3,500,000 American Electric Power Company Incorporated 0.30 26/01/2021 3,499,477 0.26 1,250,000 American Honda Finance Corporation 0.29 05/03/2021 1,249,280 0.09 1,750,000 American Honda Finance Corporation 0.32 26/02/2021 1,749,116 0.13 1,000,000 American Honda Finance Corporation 0.28 22/01/2021 999,833 0.08 400,000 Arabella Finance Limited 0.45 11/03/2021 399,660 0.03 3,000,000 Arabella Finance Limited 0.43 02/03/2021 2,997,809 0.23 2,500,000 Arabella Finance Limited 0.44 19/02/2021 2,498,542 0.19 1,500,000 Arabella Finance Limited 0.44 05/02/2021 1,499,391 0.11 1,600,000 Arabella Finance Limited 0.44 04/02/2021 1,599,370 0.12 750,000 Arabella Finance Limited 0.45 15/01/2021 749,891 0.06 550,000 Arabella Finance Limited 0.65 04/01/2021 549,980 0.04 600,000 Banco Santander SA 0.53 23/08/2021 598,986 0.05 750,000 Banco Santander SA 0.57 16/08/2021 748,808 0.06 1,000,000 Bemis Company Incorporated 0.25 15/01/2021 999,929 0.08 2,500,000 Bemis Company Incorporated 0.25 12/01/2021 2,499,874 0.19 1,490,000 BP Capital Markets PLC 0.29 04/05/2021 1,488,784 0.11 1,350,000 CenterPoint Energy Incorporated 0.26 04/02/2021 1,349,702 0.10 500,000 CenterPoint Energy Incorporated 0.26 26/01/2021 499,929 0.04 500,000 CenterPoint Energy Incorporated 0.25 21/01/2021 499,950 0.04 750,000 CenterPoint Energy Incorporated 0.26 13/01/2021 749,966 0.06 500,000 CenterPoint Energy Incorporated 0.25 08/01/2021 499,988 0.04 1,750,000 Cigna Corporation 0.30 21/01/2021 1,749,806 0.13 2,000,000 Cigna Corporation 0.30 11/01/2021 1,999,908 0.15 2,000,000 Cigna Corporation 0.30 04/01/2021 1,999,971 0.15 3,000,000 Conagra Foods Incorporated 0.65 16/02/2021 2,997,646 0.23 3,750,000 Conagra Foods Incorporated 0.37 11/01/2021 3,749,370 0.28 5,000,000 Conagra Foods Incorporated 0.37 05/01/2021 4,999,617 0.38 4,500,000 Consolidated Edison Company of New York Incorporated 0.40 12/02/2021 4,498,726 0.34 5,250,000 Consolidated Edison Company of New York Incorporated 0.28 08/02/2021 5,248,681 0.40 4,000,000 Crown Castle International Corporation 0.46 20/01/2021 3,999,038 0.30 2,000,000 Crown Castle International Corporation 0.46 13/01/2021 1,999,689 0.15 8,000,000 DNB Bank ASA 0.08 07/01/2021 7,999,844 0.60 1,000,000 Dominion Resources Incorporated 0.23 12/01/2021 999,946 0.08 1,000,000 Duke Energy Corporation 0.26 17/02/2021 999,675 0.08 500,000 Energy Transfer Partners 0.80 27/01/2021 499,835 0.04

The accompanying notes form an integral part of these financial statements.

158 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

COMMERCIAL PAPER (29.85%) (30 June 2020: 19.37%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,000,000 Energy Transfer Partners 0.80 20/01/2021 USD 999,754 0.08 1,500,000 Energy Transfer Partners 0.70 15/01/2021 1,499,723 0.11 1,500,000 Energy Transfer Partners 0.65 08/01/2021 1,499,865 0.11 4,000,000 Energy Transfer Partners 0.70 06/01/2021 3,999,733 0.30 3,000,000 Energy Transfer Partners 0.65 05/01/2021 2,999,833 0.23 1,750,000 Energy Transfer Partners 0.65 04/01/2021 1,749,922 0.13 2,000,000 ENGIE 0.28 08/03/2021 1,999,014 0.15 1,500,000 ENGIE 0.29 22/02/2021 1,499,446 0.11 500,000 ENGIE 0.27 18/02/2021 499,833 0.04 2,000,000 ENGIE 0.28 11/02/2021 1,999,449 0.15 3,500,000 ENGIE 0.28 09/02/2021 3,499,094 0.26 3,500,000 ENGIE 0.28 05/02/2021 3,499,202 0.26 1,500,000 Eni Finance USA Incorporated 0.40 23/02/2021 1,499,186 0.11 1,750,000 Eni Finance USA Incorporated 0.38 16/02/2021 1,749,194 0.13 1,500,000 Eni Finance USA Incorporated 0.38 08/02/2021 1,499,483 0.11 1,750,000 Eni Finance USA Incorporated 0.38 05/02/2021 1,749,472 0.13 1,500,000 Eni Finance USA Incorporated 0.38 02/02/2021 1,499,607 0.11 1,500,000 Eni Finance USA Incorporated 0.39 28/01/2021 1,499,704 0.11 1,500,000 Eni Finance USA Incorporated 0.37 27/01/2021 1,499,723 0.11 1,750,000 Eni Finance USA Incorporated 0.38 21/01/2021 1,749,798 0.13 1,500,000 Entergy Corporation 0.40 24/05/2021 1,497,840 0.11 2,000,000 Entergy Corporation 0.40 14/05/2021 1,997,320 0.15 1,000,000 Entergy Corporation 0.31 16/03/2021 999,271 0.08 1,250,000 Entergy Corporation 0.32 12/03/2021 1,249,145 0.09 1,500,000 Entergy Corporation 0.32 04/03/2021 1,499,102 0.11 2,600,000 Entergy Corporation 0.32 01/03/2021 2,598,527 0.20 750,000 ERP Operating Limited Partnership 0.32 18/03/2021 749,565 0.06 6,000,000 ERP Operating Limited Partnership 0.30 22/02/2021 5,997,783 0.45 500,000 ERP Operating Limited Partnership 0.25 15/01/2021 499,965 0.04 2,250,000 Eversource Energy 0.25 13/01/2021 2,249,878 0.17 1,750,000 Eversource Energy 0.25 08/01/2021 1,749,942 0.13 5,000,000 Eversource Energy 0.18 07/01/2021 4,999,854 0.38 1,000,000 Exelon Generation Company LLC 0.25 19/01/2021 999,903 0.08 1,750,000 Exelon Generation Company LLC 0.23 12/01/2021 1,749,877 0.13 1,750,000 Exelon Generation Company LLC 0.25 11/01/2021 1,749,880 0.13 3,000,000 Fidelity National Information Services Incorporated 0.32 20/01/2021 2,999,688 0.23 1,750,000 Fidelity National Information Services Incorporated 0.27 13/01/2021 1,749,899 0.13 1,750,000 Fidelity National Information Services Incorporated 0.30 11/01/2021 1,749,920 0.13 3,500,000 Fidelity National Information Services Incorporated 0.30 08/01/2021 3,499,895 0.26 3,093,000 Fidelity National Information Services Incorporated 0.30 06/01/2021 3,092,933 0.23 5,966,000 FMC Corporation 0.45 04/01/2021 5,965,619 0.45 500,000 General Motors Financial Company Incorporated 0.75 01/04/2021 499,010 0.04 1,250,000 General Motors Financial Company Incorporated 0.80 15/03/2021 1,248,091 0.09 1,500,000 General Motors Financial Company Incorporated 0.70 03/03/2021 1,498,153 0.11 1,000,000 General Motors Financial Company Incorporated 0.70 02/03/2021 998,794 0.08 1,000,000 General Motors Financial Company Incorporated 0.70 01/03/2021 998,817 0.08 1,000,000 General Motors Financial Company Incorporated 0.80 25/02/2021 998,903 0.08 2,500,000 General Motors Financial Company Incorporated 0.77 23/02/2021 2,497,368 0.19 1,000,000 General Motors Financial Company Incorporated 0.80 22/02/2021 998,968 0.08 500,000 General Motors Financial Company Incorporated 0.80 17/02/2021 499,537 0.04 500,000 General Motors Financial Company Incorporated 0.75 11/02/2021 499,600 0.04 1,000,000 General Motors Financial Company Incorporated 0.75 08/02/2021 999,261 0.08 1,000,000 General Motors Financial Company Incorporated 0.70 27/01/2021 999,512 0.08 3,750,000 HSBC USA Incorporated 0.39 09/07/2021 3,742,024 0.28 2,500,000 HSBC USA Incorporated 0.45 22/03/2021 2,498,290 0.19 3,000,000 HSBC USA Incorporated 0.50 03/03/2021 2,998,497 0.23 400,000 HSBC USA Incorporated 0.50 05/02/2021 399,906 0.03 500,000 Humana Incorporated 0.35 23/02/2021 499,561 0.04 2,000,000 Humana Incorporated 0.35 17/02/2021 1,998,448 0.15 2,665,000 Humana Incorporated 0.30 03/02/2021 2,663,558 0.20

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 159

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

COMMERCIAL PAPER (29.85%) (30 June 2020: 19.37%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 3,500,000 Humana Incorporated 0.30 02/02/2021 USD 3,498,165 0.26 1,000,000 Humana Incorporated 0.30 01/02/2021 999,492 0.08 2,500,000 Humana Incorporated 0.29 20/01/2021 2,499,267 0.19 530,000 Humana Incorporated 0.30 13/01/2021 529,899 0.04 555,000 Humana Incorporated 0.29 11/01/2021 554,910 0.04 2,700,000 Hyundai Capital America 0.35 08/03/2021 2,698,291 0.20 1,500,000 Hyundai Capital America 0.35 02/03/2021 1,499,136 0.11 1,500,000 Hyundai Capital America 0.32 19/02/2021 1,499,319 0.11 1,500,000 Hyundai Capital America 0.32 17/02/2021 1,499,352 0.11 2,500,000 Hyundai Capital America 0.35 09/02/2021 2,499,131 0.19 1,500,000 Hyundai Capital America 0.32 03/02/2021 1,499,568 0.11 1,500,000 Hyundai Capital America 0.35 01/02/2021 1,499,596 0.11 2,000,000 Intercontinental Exchange Incorporated 0.42 22/06/2021 1,995,478 0.15 2,000,000 Intercontinental Exchange Incorporated 0.42 21/06/2021 1,995,514 0.15 2,000,000 Intercontinental Exchange Incorporated 0.36 11/05/2021 1,996,864 0.15 1,035,000 Intercontinental Exchange Incorporated 0.33 24/03/2021 1,034,079 0.08 1,000,000 Intercontinental Exchange Incorporated 0.35 17/03/2021 999,199 0.08 5,000,000 Intesa Sanpaolo Funding LLC 0.35 23/04/2021 4,990,771 0.38 1,750,000 Intesa Sanpaolo Funding LLC 0.34 21/04/2021 1,746,833 0.13 1,150,000 Intesa Sanpaolo Funding LLC 0.32 01/03/2021 1,148,927 0.09 2,000,000 Intesa Sanpaolo Funding LLC 0.41 25/02/2021 1,998,267 0.15 1,250,000 Intesa Sanpaolo Funding LLC 0.43 25/01/2021 1,249,551 0.09 3,500,000 LVMH 0.40 04/01/2021 3,499,961 0.26 1,500,000 McCormick & Company Incorporated 0.22 14/01/2021 1,499,913 0.11 1,750,000 McCormick & Company Incorporated 0.22 13/01/2021 1,749,905 0.13 3,750,000 McCormick & Company Incorporated 0.20 05/01/2021 3,749,922 0.28 5,000,000 Mid-America Apartment Communities Incorporated 0.25 07/01/2021 4,999,874 0.38 3,000,000 Mid-America Apartment Communities Incorporated 0.27 05/01/2021 2,999,946 0.23 3,000,000 National Grid Holdings 0.30 18/02/2021 2,999,000 0.23 500,000 National Grid PLC 0.32 25/01/2021 499,930 0.04 750,000 National Grid PLC 0.31 19/01/2021 749,928 0.06 601,000 National Grid PLC 0.32 13/01/2021 600,965 0.05 4,000,000 National Grid PLC 0.27 05/01/2021 3,999,928 0.30 3,750,000 Nationwide Building Society 0.23 20/01/2021 3,749,656 0.28 7,000,000 NRW. Bank 0.20 28/01/2021 6,999,095 0.52 5,750,000 NRW. Bank 0.21 19/01/2021 5,749,565 0.43 400,000 Plains All American Pipeline LP 0.80 13/01/2021 399,976 0.03 1,000,000 Plains All American Pipeline LP 0.76 06/01/2021 999,975 0.08 5,100,000 Plains All American Pipeline LP 0.65 05/01/2021 5,099,893 0.39 1,750,000 Plains Midstream Canada ULC 0.70 14/01/2021 1,749,681 0.13 1,750,000 Plains Midstream Canada ULC 0.70 11/01/2021 1,749,751 0.13 3,250,000 Plains Midstream Canada ULC 0.68 06/01/2021 3,249,751 0.25 4,250,000 PPG Industries Incorporated 0.42 02/08/2021 4,240,122 0.32 2,750,000 PPL Capital Funding Incorporated 0.29 06/01/2021 2,749,931 0.21 1,310,000 PPL Capital Funding Incorporated 0.29 04/01/2021 1,309,978 0.10 5,000,000 Puget Sound Energy Capital Trust 0.33 25/02/2021 4,998,017 0.38 1,250,000 Schlumberger Holdings Corporation 0.47 13/08/2021 1,247,750 0.09 500,000 Schlumberger Holdings Corporation 0.40 11/02/2021 499,943 0.04 2,000,000 Shell International Finance BV 0.52 22/06/2021 1,997,905 0.15 2,000,000 Shell International Finance BV 0.55 14/06/2021 1,998,029 0.15 2,000,000 Shell International Finance BV 0.51 03/05/2021 1,998,627 0.15 1,750,000 Simon Property Group Incorporated 0.35 09/04/2021 1,749,119 0.13 5,000,000 Societe Generale 0.35 10/12/2021 5,000,170 0.38 3,500,000 Societe Generale 0.32 03/12/2021 3,499,307 0.26 1,000,000 Societe Generale 0.65 14/06/2021 1,001,197 0.08 1,000,000 Societe Generale 0.66 08/06/2021 1,001,168 0.08 2,000,000 Societe Generale 0.67 02/06/2021 2,002,290 0.15 1,500,000 Southern Company Gas Capital Corporation 0.30 11/01/2021 1,499,927 0.11

The accompanying notes form an integral part of these financial statements.

160 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 31 December 2020

COMMERCIAL PAPER (29.85%) (30 June 2020: 19.37%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,250,000 Suncor Energy Incorporated 0.38 18/03/2021 USD 1,249,275 0.09 750,000 Suncor Energy Incorporated 0.35 16/03/2021 749,578 0.06 2,000,000 Suncor Energy Incorporated 0.36 15/03/2021 1,998,894 0.15 1,500,000 Suncor Energy Incorporated 0.32 09/03/2021 1,499,249 0.11 3,000,000 Suncor Energy Incorporated 0.33 08/03/2021 2,998,520 0.23 500,000 Suncor Energy Incorporated 0.32 03/03/2021 499,775 0.04 2,250,000 Suncor Energy Incorporated 0.31 24/02/2021 2,249,130 0.17 1,000,000 Suncor Energy Incorporated 0.31 22/02/2021 999,630 0.08 1,000,000 Suncor Energy Incorporated 0.33 18/02/2021 999,667 0.08 3,750,000 TransCanada PipeLines Limited 0.31 27/01/2021 3,749,409 0.28 4,200,000 TransCanada PipeLines Limited 0.30 19/01/2021 4,199,594 0.32 2,000,000 TransCanada PipeLines Limited 0.30 15/01/2021 1,999,858 0.15 3,300,000 TransCanada PipeLines Limited 0.30 14/01/2021 3,299,786 0.25 1,000,000 UDR Incorporated 0.25 14/01/2021 999,935 0.08 4,000,000 UDR Incorporated 0.25 07/01/2021 3,999,883 0.30 2,000,000 Walgreens Boots Alliance Incorporated 0.33 19/02/2021 1,999,075 0.15 1,937,000 Walgreens Boots Alliance Incorporated 0.35 12/02/2021 1,936,267 0.15 3,500,000 Walgreens Boots Alliance Incorporated 0.34 10/02/2021 3,498,744 0.26 2,000,000 Walgreens Boots Alliance Incorporated 0.30 12/01/2021 1,999,838 0.15 2,250,000 Walgreens Boots Alliance Incorporated 0.41 07/01/2021 2,249,899 0.17 1,500,000 Walgreens Boots Alliance Incorporated 0.30 06/01/2021 1,499,943 0.11 3,750,000 Walt Disney Company 0.50 15/06/2021 3,744,207 0.28 3,000,000 Waste Management Incorporated 0.45 10/09/2021 2,993,591 0.23 Total Commercial Paper USD 395,373,716 29.85

U.S. TREASURY OBLIGATIONS (2.27%) (30 June 2020: -%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 10,000,000 United States Treasury Bill 0.06 19/01/2021 USD 9,999,833 0.76 20,000,000 United States Treasury Bill 0.08 12/01/2021 19,999,823 1.51 Total U.S. Treasury Obligations USD 29,999,656 2.27 Total Financial Assets at Fair Value through Profit or Loss USD 1,331,732,950 100.56

% of Total Analysis of Total Assets Assets Transferable securities admitted to official stock exchange listing 29.92 Transferable securities dealt on another regulated market 6.90 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 62.85 Other assets 0.33 Total Assets 100.00

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 161

Statement of Comprehensive Income

Putnam European High Yield Fund

Six months ended Six months ended 31 December 2020 31 December 2019 EUR EUR Operating Income Interest Income € 379,137 € 362,528 Other Income -2,315 Net Realised Gains/(Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss 75,521 (127,589) Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 713,742 294,316 € 1,168,400 € 531,570 Operating Expenses Management Fees (Note 11) 52,977 53,036 Depositary Fees (Note 8) 11,392 4,381 Administrator Fees (Note 8) 16,603 17,516 Auditors’ Fees 10,817 10,817 Professional Fees (Note 11) 740 1,840 Other Expenses 2,784 3,784 €95,313€91,374 Operating Profit € 1,073,087 € 440,196 Profit for Financial Period before Tax € 1,073,087 € 440,196 Non-reclaimable withholding tax -- Total Comprehensive Income for the period € 1,073,087 € 440,196

There are no recognised gains or losses arising in the period other than the total comprehensive income. 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.

162 Putnam World Trust

Statement of Comprehensive Income cont.

Putnam Fixed Income Global Alpha Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Operating Income Interest Income $ 3,890,616 $ 5,093,941 Other Income -3,833 Net Realised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 16,055,862 5,212,497 Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 5,523,227 3,097,560 $ 25,469,705 $ 13,407,831 Operating Expenses Management Fees (Note 11) 450,430 619,412 Depositary Fees (Note 8) 67,123 84,042 Administrator Fees (Note 8) 86,517 107,051 Auditors’ Fees 50,600 50,600 Professional Fees (Note 11) 13,400 10,400 Other Expenses 19,168 - $ 687,238 $ 871,505 Expense reimbursement from Manager (Note 11) (71,636) (1,141) $ 615,602 $ 870,364 Operating Profit $ 24,854,103 $ 12,537,467 Profit for Financial Period before Tax $ 24,854,103 $ 12,537,467 Non-reclaimable withholding tax -(10,505) Increase in Net Assets attributable to redeemable participating Unitholders from operations $ 24,854,103 $ 12,526,962

There are no recognised gains or losses arising in the period other than the increase in Net Assets attributable to redeemable participating Unitholders from operations. 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 163

Statement of Comprehensive Income cont.

Putnam Global High Yield Bond Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Operating Income Interest Income $ 7,791,130 $ 9,131,772 Dividend Income 106,322 32,475 Net Realised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 13,207,315 4,300,219 Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 32,659,175 11,436,003 $ 53,763,942 $ 24,900,469 Operating Expenses Management Fees (Note 11) 748,116 830,205 Depositary Fees (Note 8) 52,475 84,009 Administrator Fees (Note 8) 176,228 205,135 Auditors’ Fees 20,240 20,240 Professional Fees (Note 11) 18,808 9,808 Other Expenses 47,700 25,489 $ 1,063,567 $ 1,174,886 Expense reimbursement from Manager (Note 11) (51,698) (90,947) $ 1,011,869 $ 1,083,939 Operating Profit $ 52,752,073 $ 23,816,530 Finance Costs Distributions to redeemable participating Unitholders (Note 3) (5,306,560) (6,159,235) Profit for Financial Period after Distributions and before Tax $ 47,445,513 $ 17,657,295 Non-reclaimable withholding tax (27,940) (14,450) Increase in Net Assets attributable to redeemable participating Unitholders from operations $ 47,417,573 $ 17,642,845

There are no recognised gains or losses arising in the period other than the increase in Net Assets attributable to redeemable participating Unitholders from operations. 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.

164 Putnam World Trust

Statement of Comprehensive Income cont.

Putnam Multi-Asset Absolute Return Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Operating Income/(Loss) Interest Income $ 1,121,340 $ 4,583,385 Dividend Income 1,720,736 2,778,419 Net Realised Gains/(Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss 11,540,761 (31,645,181) Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 12,956,855 3,649,271 $ 27,339,692 $ (20,634,106) Operating Expenses Management Fees (Note 11) 1,400,119 1,695,394 Depositary Fees (Note 8) 149,733 132,696 Administrator Fees (Note 8) 198,999 235,615 Auditors’ Fees 44,160 39,160 Professional Fees (Note 11) 28,000 14,000 Other Expenses 57,839 74,440 $ 1,878,850 $ 2,191,305 Expense reimbursement from Manager (Note 11) (201,559) (200,112) $ 1,677,291 $ 1,991,193 Operating Profit/(Loss) $ 25,662,401 $ (22,625,299) Finance Costs Distributions to redeemable participating Unitholders (Note 3) (4,121,076) (4,802,266) Profit/(Loss) for Financial Period after Distributions and before Tax $ 21,541,325 $ (27,427,565) Non-reclaimable withholding tax (196,309) (313,550) Increase/(Decrease) in Net Assets attributable to redeemable participating Unitholders from operations $ 21,345,016 $ (27,741,115)

There are no recognised gains or losses arising in the period other than the increase/(decrease) in Net Assets attributable to redeemable participating Unitholders from operations. 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 165

Statement of Comprehensive Income cont.

Putnam Securitised Credit Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Operating Income Interest Income $ 6,658,543 $ 972,948 Other Income - 2,875 Net Realised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 9,886,330 1,478,654 Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 27,931,770 5,539,020 $ 44,476,643 $ 7,993,497 Operating Expenses Management Fees (Note 11) 757,401 130,361 Depositary Fees (Note 8) 72,018 5,476 Administrator Fees (Note 8) 190,987 59,783 Auditors' Fees 14,163 12,163 Professional Fees (Note 11) 21,840 1,840 Other Expenses 79,442 - $ 1,135,851 $ 209,623 Expense reimbursement from Manager (Note 11) -(14,353) $ 1,135,851 $ 195,270 Operating Profit $ 43,340,792 $ 7,798,227 Finance Costs Distributions to redeemable participating Unitholders (Note 3) (3,547,973) - Profit for Financial Period after Distributions and before Tax $ 39,792,819 $ 7,798,227 Non-reclaimable withholding tax - - Increase in Net Assets attributable to redeemable participating Unitholders from operations $ 39,792,819 $ 7,798,227

There are no recognised gains or losses arising in the period other than the increase in Net Assets attributable to redeemable participating Unitholders from operations. 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.

166 Putnam World Trust

Statement of Comprehensive Income cont.

Putnam Total Return Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Operating Income Interest Income $ 528,576 $ 1,038,389 Dividend Income 392,505 957,640 Net Realised Gains/(Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss 8,059,393 (2,437,764) Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 4,450,742 1,989,206 $ 13,431,216 $ 1,547,471 Operating Expenses Management Fees (Note 11) 465,370 624,041 Depositary Fees (Note 8) 70,277 61,813 Administrator Fees (Note 8) 95,584 98,562 Auditors’ Fees 45,080 45,080 Professional Fees (Note 11) 4,720 14,720 Other Expenses 21,564 14,528 $ 702,595 $ 858,744 Expense reimbursement from Manager (Note 11) (89,500) (46,653) $ 613,095 $ 812,091 Operating Profit $ 12,818,121 $ 735,380 Finance Costs Distributions to redeemable participating Unitholders (Note 3) (1,283,420) (2,166,201) Profit/(Loss) for Financial Period after Distributions and before Tax $ 11,534,701 $ (1,430,821) Non-reclaimable withholding tax (87,202) (224,985) Increase/(Decrease) in Net Assets attributable to redeemable participating Unitholders from operations $ 11,447,499 $ (1,655,806)

There are no recognised gains or losses arising in the period other than the increase/(decrease) in Net Assets attributable to redeemable participating Unitholders from operations. 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 167

Statement of Comprehensive Income cont.

Putnam U.S. Large Cap Growth Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Operating Income Dividend Income $ 242,998 $ 396,268 Other Income 852 11,720 Net Realised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 18,164,067 1,649,517 Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 5,634,545 3,346,293 $ 24,042,462 $ 5,403,798 Operating Expenses Management Fees (Note 11) 291,804 210,845 Depositary Fees (Note 8) 29,949 23,012 Administrator Fees (Note 8) 81,891 75,511 Auditors’ Fees 10,856 10,856 Professional Fees (Note 11) 8,400 13,400 Other Expenses 12,285 8,349 $ 435,185 $ 341,973 Operating Profit $ 23,607,277 $ 5,061,825 Profit for Financial Period before Tax $ 23,607,277 $ 5,061,825 Non-reclaimable withholding tax (70,448) (152,425) Increase in Net Assets attributable to redeemable participating Unitholders from operations $ 23,536,829 $ 4,909,400

There are no recognised gains or losses arising in the period other than the increase in Net Assets attributable to redeemable participating Unitholders from operations. 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.

168 Putnam World Trust

Statement of Comprehensive Income cont.

Putnam Ultra Short Duration Income Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Operating Income Interest Income $ 4,764,404 $ 16,031,894 Net Realised Gains/(Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss 180,518 (287,680) Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 1,555,735 621,825 $ 6,500,657 $ 16,366,039 Operating Expenses Management Fees (Note 11) 2,913,453 3,062,479 Depositary Fees (Note 8) 169,090 182,432 Administrator Fees (Note 8) 580,203 744,283 Auditors’ Fees 10,120 10,120 Professional Fees (Note 11) 78,600 48,600 Other Expenses 91,672 123,994 $ 3,843,138 $ 4,171,908 Expense reimbursement from Manager (Note 11) (574,128) (506,653) $ 3,269,010 $ 3,665,255 Operating Profit $ 3,231,647 $ 12,700,784 Finance Costs Distributions to redeemable participating Unitholders (Note 3) (455,963) (4,004,652) Profit for Financial Period after Distributions and before Tax $ 2,775,684 $ 8,696,132 Non-reclaimable withholding tax -- Increase in Net Assets attributable to redeemable participating Unitholders from operations $ 2,775,684 $ 8,696,132

There are no recognised gains or losses arising in the period other than the increase in Net Assets attributable to redeemable participating Unitholders from operations. 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 169

Statement of Financial Position

Putnam European High Yield Fund

31 December 2020 30 June 2020 EUR EUR Current Assets Financial Assets at Fair Value through Profit or Loss € 16,039,010 € 14,579,922 Cash at Bank 574,851 916,983 Sales of Investments Awaiting Settlement -181,559 Interest Income Receivable 229,486 158,364 Other Debtors -3,636 Total Assets € 16,843,347 € 15,840,464 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 15,131 6,007 Purchase of Investments Awaiting Settlement 4,566 104,375 Expenses Payable 120,845 100,364 Other Payables 10,572 10,572 Total Current Liabilities € 151,114 € 221,318

Equity Capital and Reserves Attributable to Equity Unitholders 16,657,075 16,100,151 Retained Earnings 35,158 (481,005) Total Equity € 16,692,233 € 15,619,146

Total Equity and Current Liabilities € 16,843,347 € 15,840,464

The accompanying notes form an integral part of these financial statements.

170 Putnam World Trust

Statement of Financial Position cont.

Putnam Fixed Income Global Alpha Fund

31 December 2020 30 June 2020 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 388,463,930 $ 451,217,817 Cash at Bank - 1,934,361 Cash Pledged as Collateral for Financial Derivative Instruments 1,578,623 4,509,241 Broker Cash Held as Collateral for Financial Derivative Instruments 1,770,000 896,000 Receivable for Expense Reimbursement from Manager (Note 11) 42,113 - Sales of Investments Awaiting Settlement 71,271,735 16,491,844 Premium Paid on Swap Contracts 1,918,593 2,523,188 Interest Income Receivable 1,726,146 2,455,602 Total Assets $ 466,771,140 $ 480,028,053 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 82,881,718 63,266,010 Purchase of Investments Awaiting Settlement 207,713,868 173,683,901 Broker Cash due to Counterparties for Financial Derivative Instruments 1,770,000 896,000 Premium Received on Swap Contracts 1,625,487 3,456,204 Redemption of Units Awaiting Settlement - 455,209 Expenses Payable 881,871 836,665 Interest Payable 53,264 43,514 Bank Overdraft 729,785 - Total Current Liabilities $ 295,655,993 $ 242,637,503 Net Assets attributable to redeemable participating Unitholders $ 171,115,147 $ 237,390,550

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 171

Statement of Financial Position cont.

Putnam Global High Yield Bond Fund

31 December 2020 30 June 2020 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 289,770,616 $ 274,962,691 Cash at Bank 1,041,654 256,338 Broker Cash Held as Collateral for Financial Derivative Instruments 1,371,000 350,000 Receivable for Expense Reimbursement from Manager (Note 11) 48,384 32,503 Sales of Investments Awaiting Settlement - 1,978,997 Subscription of Units Awaiting Settlement 432,441 153,729 Interest Income Receivable 3,865,087 3,539,327 Total Assets $ 296,529,182 $ 281,273,585 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 1,088,043 3,912,109 Purchase of Investments Awaiting Settlement 1,383,613 2,131,347 Broker Cash due to Counterparties for Financial Derivative Instruments 1,371,000 350,000 Redemption of Units Awaiting Settlement 931 147,946 Distributions Payable 467,806 - Expenses Payable 1,095,293 837,045 Total Current Liabilities $ 5,406,686 $ 7,378,447 Net Assets attributable to redeemable participating Unitholders $ 291,122,496 $ 273,895,138

The accompanying notes form an integral part of these financial statements.

172 Putnam World Trust

Statement of Financial Position cont.

Putnam Multi-Asset Absolute Return Fund

31 December 2020 30 June 2020 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 505,319,419 $ 644,055,378 Cash at Bank 1,693,120 7,211,250 Cash Pledged as Collateral for Financial Derivative Instruments 6,482,432 12,353,427 Broker Cash Held as Collateral for Financial Derivative Instruments 8,104,000 3,386,000 Receivable for Expense Reimbursement from Manager (Note 11) 210,804 170,147 Sales of Investments Awaiting Settlement 46,642,136 21,751,942 Subscription of Units Awaiting Settlement 20,328 - Premium Paid on Swap Contracts 3,887 90,704 Dividend Income Receivable 160,413 540,150 Interest Income Receivable 565,224 677,020 Total Assets $ 569,201,763 $ 690,236,018 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 89,990,918 67,050,941 Purchase of Investments Awaiting Settlement 126,573,187 150,965,585 Broker Cash due to Counterparties for Financial Derivative Instruments 8,104,000 3,386,000 Redemption of Units Awaiting Settlement 109,956 - Premium Received on Swap Contracts 3,844,890 1,530,061 Expenses Payable 2,039,896 1,540,427 Interest Payable 49,653 44,417 Total Current Liabilities $ 230,712,500 $ 224,517,431 Net Assets attributable to redeemable participating Unitholders $ 338,489,263 $ 465,718,587

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 173

Statement of Financial Position cont.

Putnam Securitised Credit Fund

31 December 2020 30 June 2020 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 804,735,123 $ 685,673,262 Cash at Bank 533,469 - Cash Pledged as Collateral for Financial Derivative Instruments 11,339,615 7,400,236 Broker Cash Held as Collateral for Financial Derivative Instruments 2,973,000 1,133,000 Sales of Investments Awaiting Settlement 151,479,924 56,844,070 Subscription of Units Awaiting Settlement -54,365,280 Premium Paid on Swap Contracts 7,678,860 7,972,352 Interest Income Receivable 2,801,854 2,144,613 Other Receivables 3,858 336 Total Assets $ 981,545,703 $ 815,533,149 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 230,182,197 150,924,494 Purchase of Investments Awaiting Settlement 358,672,278 253,810,765 Broker Cash due to Counterparties for Financial Derivative Instruments 2,973,000 1,133,000 Premium Received on Swap Contracts 12,193,664 18,729,688 Redemption of Units Awaiting Settlement -9,329,108 Expenses Payable 1,036,551 616,118 Interest Payable 154,787 121,688 Bank Overdraft - 124,621 Total Current Liabilities $ 605,212,477 $ 434,789,482 Net Assets attributable to redeemable participating Unitholders $ 376,333,226 $ 380,743,667

The accompanying notes form an integral part of these financial statements.

174 Putnam World Trust

Statement of Financial Position cont.

Putnam Total Return Fund

31 December 2020 30 June 2020 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 93,749,056 $ 112,644,318 Cash at Bank 391,629 - Cash Pledged as Collateral for Financial Derivative Instruments 3,694,866 4,430,393 Broker Cash Held as Collateral for Financial Derivative Instruments 810,000 990,000 Receivable for Expense Reimbursement from Manager (Note 11) 25,240 22,324 Sales of Investments Awaiting Settlement 7,393,958 3,620,655 Subscription of Units Awaiting Settlement - 12,303 Premium Paid for Swap Contracts 99,330 64,113 Dividend Income Receivable 34,154 80,764 Interest Income Receivable 179,933 390,493 Total Assets $ 106,378,166 $ 122,255,363 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 9,572,130 5,917,429 Purchase of Investments Awaiting Settlement 14,779,424 15,210,159 Broker Cash due to Counterparties for Financial Derivative Instruments 810,000 990,000 Premium Received on Swap Contracts 24,813 66,973 Redemption of Units Awaiting Settlement 1,268 12,303 Expenses Payable 894,131 732,793 Interest Payable 7,042 5,056 Bank Overdraft -106,175 Total Current Liabilities $ 26,088,808 $ 23,040,888 Net Assets attributable to redeemable participating Unitholders $ 80,289,358 $ 99,214,475

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 175

Statement of Financial Position cont.

Putnam U.S. Large Cap Growth Fund

31 December 2020 30 June 2020 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 94,482,959 $ 80,078,524 Broker Cash Held as Collateral for Financial Derivative Instruments 470,000 10,000 Sales of Investments Awaiting Settlement 700,000 1,409,507 Dividend Income Receivable 12,674 15,448 Total Assets $ 95,665,633 $81,513,479 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 134,929 60,907 Purchase of Investments Awaiting Settlement 105,675 917,626 Broker Cash due to Counterparties for Financial Derivative Instruments 470,000 10,000 Redemption of Units Awaiting Settlement 12,419 - Expenses Payable 518,177 293,822 Bank Overdraft 309,941 4,387 Total Current Liabilities $ 1,551,141 $ 1,286,742 Net Assets attributable to redeemable participating Unitholders $ 94,114,492 $80,226,737

The accompanying notes form an integral part of these financial statements.

176 Putnam World Trust

Statement of Financial Position cont.

Putnam Ultra Short Duration Income Fund

31 December 2020 30 June 2020 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 1,331,732,950 $ 929,427,805 Cash at Bank 776,209 16,195 Receivable for Expense Reimbursement from Manager (Note 11) 686,607 570,784 Subscription of Units Awaiting Settlement 851,467 19,337,640 Interest Income Receivable 2,094,085 1,994,574 Total Assets $ 1,336,141,318 $ 951,346,998 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement 6,033,610 5,965,773 Redemption of Units Awaiting Settlement 1,243,436 1,254,016 Expenses Payable 4,467,242 3,072,308 Distributions Payable 53,381 80,303 Total Current Liabilities $ 11,797,669 $ 10,372,400 Net Assets attributable to redeemable participating Unitholders $ 1,324,343,649 $ 940,974,598

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 177

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

Putnam Fixed Income Global Alpha Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 237,390,550 $ 245,749,204 Increase in Net Assets attributable to redeemable participating Unitholders from operations 24,854,103 12,526,962 Issue of redeemable participating Units 135,034 1,927,251 Redemption of redeemable participating Units (91,264,540) - Net (Decrease)/Increase in Net Assets resulting from Unit Transactions (91,129,506) 1,927,251 (Decrease)/Increase in Net Assets (66,275,403) 14,454,213 Net Assets attributable to redeemable participating Unitholders at end of period $ 171,115,147 $ 260,203,417

Putnam Global High Yield Bond Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 273,895,138 $ 326,922,536 Increase in Net Assets attributable to redeemable participating Unitholders from operations 47,417,573 17,642,845 Issue of redeemable participating Units 10,447,220 15,154,399 Redemption of redeemable participating Units (44,009,541) (21,641,644) Net Decrease in Net Assets resulting from Unit Transactions (33,562,321) (6,487,245) Dividends Reinvested 3,372,106 3,977,715 Increase in Net Assets 17,227,358 15,133,315 Net Assets attributable to redeemable participating Unitholders at end of period $ 291,122,496 $ 342,055,851

Putnam Multi-Asset Absolute Return Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 465,718,587 $ 544,935,342 Increase/(Decrease) in Net Assets attributable to redeemable participating Unitholders from operations 21,345,016 (27,741,115) Issue of redeemable participating Units 11,587,811 37,942,491 Redemption of redeemable participating Units (164,291,278) (45,351,575) Net Decrease in Net Assets resulting from Unit Transactions (152,703,467) (7,409,084) Dividends Reinvested 4,129,127 4,569,786 Decrease in Net Assets (127,229,324) (30,580,413) Net Assets attributable to redeemable participating Unitholders at end of period $ 338,489,263 $ 514,354,929

Putnam Securitised Credit Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 380,743,667 $ 10,337,987 Increase in Net Assets attributable to redeemable participating Unitholders from operations 39,792,819 7,798,227 Issue of redeemable participating Units 754,926,546 239,364,972 Redemption of redeemable participating Units (799,136,341) (607,664) Net (Decrease)/Increase in Net Assets resulting from Unit Transactions (44,209,795) 238,757,308 Dividends Reinvested 6,535 - (Decrease)/Increase in Net Assets (4,410,441) 246,555,535 Net Assets attributable to redeemable participating Unitholders at end of period $ 376,333,226 $ 256,893,522

The accompanying notes form an integral part of these financial statements.

178 Putnam World Trust

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

Putnam Total Return Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 99,214,475 $ 138,872,148 Increase/(Decrease) in Net Assets attributable to redeemable participating Unitholders from operations 11,447,499 (1,655,806) Issue of redeemable participating Units 2,927,803 1,323,469 Redemption of redeemable participating Units (34,586,414) (20,642,105) Net Decrease in Net Assets resulting from Unit Transactions (31,658,611) (19,318,636) Dividends Reinvested 1,285,995 2,166,054 Decrease in Net Assets (18,925,117) (18,808,388) Net Assets attributable to redeemable participating Unitholders at end of period $ 80,289,358 $ 120,063,760

Putnam U.S. Large Cap Growth Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 80,226,737 $ 78,315,809 Increase in Net Assets attributable to redeemable participating Unitholders from operations 23,536,829 4,909,400 Issue of redeemable participating Units 11,362,135 469,328 Redemption of redeemable participating Units (21,011,209) (3,252,564) Net Decrease in Net Assets resulting from Unit Transactions (9,649,074) (2,783,236) Increase in Net Assets 13,887,755 2,126,164 Net Assets attributable to redeemable participating Unitholders at end of period $ 94,114,492 $ 80,441,973

Putnam Ultra Short Duration Income Fund

Six months ended Six months ended 31 December 2020 31 December 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 940,974,598 $ 1,203,664,159 Increase in Net Assets attributable to redeemable participating Unitholders from operations 2,775,684 8,696,132 Issue of redeemable participating Units 820,536,892 845,094,755 Redemption of redeemable participating Units (440,246,009) (749,756,458) Net Increase in Net Assets resulting from Unit Transactions 380,290,883 95,338,297 Dividends Reinvested 302,484 2,255,526 Increase in Net Assets 383,369,051 106,289,955 Net Assets attributable to redeemable participating Unitholders at end of period $ 1,324,343,649 $ 1,309,954,114

The accompanying notes form an integral part of these financial statements.

Putnam World Trust 179

Statement of Changes in Equity*

Putnam European High Yield Fund

Six months ended Six months ended 31 December 2020 31 December 2019 EUR EUR Total Equity at beginning of period € 15,619,146 € 15,961,543 Total Comprehensive Income for the period 1,073,087 440,196 Capital contributions 556,923 566,315 Net capital contributions 556,923 566,315 Distributions to equity Unitholders (556,923) (566,315) Increase in Equity 1,073,087 440,196 Total Equity at end of period € 16,692,233 € 16,401,739

* The Statement of Changes for Putnam European High Yield Fund is prepared under the equity method and is therefore called the Statement of Changes in Equity.

The accompanying notes form an integral part of these financial statements.

180 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020

1. Basis of Preparation The condensed interim unaudited financial statements (the “Financial Statements”) have been prepared for the six months ended 31 December 2020. All references to net assets throughout the documents refers to Net assets attributable to holders of Redeemable Participating Units/ Equity unless otherwise stated. Statement of compliance These financial statements have been prepared on a going concern basis and in accordance with FRS 102; the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended, (the “UCITS Regulations”). Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those issued by the Financial Reporting Council (“FRC”). The Trust has continued to avail of the exemption available to open-ended investment funds under FRS 102 and is not presenting a Cash Flow Statement. Critical accounting estimates and assumptions The critical accounting estimates and assumptions applied in preparing the Financial Statements are consistent with those applied and disclosed in the Trust’s annual audited Financial Statements as at and for the year ended 30 June 2020. Fair Value Hierarchy FRS 102 Section 11.27 on “Fair Value: Disclosure” requires disclosure relating to the fair valuation hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. 2. Accounting Policies The accounting policies set out in this note have, unless otherwise stated, been applied consistently to all financial years/periods presented in these financial statements. Functional and Presentation Currency The Board of Directors of the Manager considers the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions to be U.S. Dollar for all Funds except for Putnam European High Yield Fund, where the currency is Euro. The U.S. Dollar is the currency in which each Fund (other than Putnam European High Yield Fund) measures its performance and reports its results. For Putnam European High Yield Fund, Euro is the currency in which this Fund measures its performance and reports its results. Assets and liabilities, including net assets attributable to redeemable participating Unitholders/holders of Equity, are translated at the closing rate at each Statement of Financial Position date. Exchange differences arising between the rate of translation of subscriptions and redemptions are also attributed to the redeemable participating Unitholders/ holders of Equity. The units of all Funds are classified as financial liabilities with the exception of Putnam European High Yield Fund, whose units are classified as equity. 3. Number of Units in Issue and Net Assets attributable to redeemable Participating Unitholder/Equity Unitholder 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.

Putnam World Trust 181

Notes to the Financial Statements for the period ended 31 December 2020 cont.

3. Number of Units in Issue and Net Assets attributable to redeemable Participating Unitholder/Equity Unitholder cont. 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/Total Equity. The amount payable to a Unitholder in respect of each unit upon liquidation of the relevant Funds will equal the Net Asset Value of the Units/Total Equity of that Fund. Net assets attributable to Unitholders/Total Equity represent a liability on the Statement of Financial Position, carried at the redemption amount that would be payable at the Statement of Financial Position date if the Unitholder exercised the right to redeem his/her Units to the Fund. 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/Equity Holders Distributions to holders of redeemable units are recognised in the Statement of Comprehensive Income when the Funds, with the exception of Putnam European High Yield Fund, incur a legal or constructive obligation to pay such a distribution. The distribution on these redeemable units is recognised in the Statement of Comprehensive Income as a finance cost. For Putnam European High Yield Fund, distributions to Equity holders, if applicable, are recognised in the Statement of Changes in Equity. Certain classes of the Funds were certified as reporting funds by HM Revenue & Customs in the UK for the period ending 31 December 2020. The Trust has been approved for the UK reporting regime for the period ending 31 December 2020. There was no change in the nature of the Trust’s business during the period. During the period ended 31 December 2020, distributions of USD 5,306,560 were declared and paid from Putnam Global High Yield Bond Fund (period ended 31 December 2019: USD 6,159,235), USD 4,121,076 from Putnam Multi-Asset Absolute Return Fund (period ended 31 December 2019: USD 4,802,266), USD 455,963 from Putnam Ultra Short Duration Income Fund (period ended 31 December 2019: USD 4,004,652), USD 1,283,420 from Putnam Total Return Fund (period ended 31 December 2019: USD 2,166,201) and USD 3,547,973 from Putnam Securitised Credit Fund (period ended 31 December 2019: USD Nil). There were no distributions paid from any of the other Funds for the periods ended 31 December 2020 or 31 December 2019. 4. Current and Prior Period/Year NAV/Equity Details The Net Assets for each unit class of each Fund in the following tables are denominated in U.S. Dollar, with the exception of Putnam European High Yield Fund where Total Equity is denominated in Euro. The Net Asset Value/Equity Value per Unit for each unit class of each Fund is denominated in the hedged currency of each respective unit class, as denoted by the relevant currency symbol.

31 December 2020 30 June 2020 31 December 2019 Putnam European High Yield Fund EUR EUR EUR Total Equity Value € 16,692,233 € 15,619,146 € 16,401,739 Class E Units in Issue 16,455 15,905 15,905 Total Equity 16,692,233 15,619,146 16,401,739 Equity Value per Unit € 1,014.40 € 982.00 € 1,031.20

31 December 2020 30 June 2020 31 December 2019 Putnam Fixed Income Global Alpha Fund USD USD USD Total Net Asset Value $ 171,115,147 $ 237,390,550 $ 260,203,417 Class E Units in Issue 5,893,555 5,893,303 5,887,708 Net Assets 73,483,115 65,792,790 68,765,786 Net Asset Value per Unit € 10.21 € 9.93 € 10.41 Class S Units in Issue 9,032,030 18,052,129 18,040,818 Net Assets 97,632,032 171,597,760 191,437,631 Net Asset Value per Unit £ 7.90 £ 7.67 £ 8.01

182 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

4. Current and Prior Period/Year NAV/ Equity Details cont.

31 December 2020 30 June 2020 31 December 2019 Putnam Global High Yield Bond Fund USD USD USD Total Net Asset Value $ 291,122,496 $ 273,895,138 $ 342,055,851 Class A Units in Issue 848,041 864,356 992,121 Net Assets 5,742,258 5,405,000 6,745,259 Net Asset Value per Unit $ 6.77 $ 6.25 $ 6.80 Class B Units in Issue 229,653 231,776 211,104 Net Assets 1,553,020 1,445,878 1,430,942 Net Asset Value per Unit $ 6.76 $ 6.24 $ 6.78 Class C Units in Issue 277,402 303,466 308,425 Net Assets 2,374,254 2,398,570 2,650,100 Net Asset Value per Unit $ 8.56 $ 7.90 $ 8.59 Class E Units in Issue 3,536,113 3,308,655 3,131,225 Net Assets 29,019,989 23,116,603 24,070,419 Net Asset Value per Unit € 6.69 € 6.23 € 6.85 Class E2 Units in Issue 38,485 38,485 38,485 Net Assets 516,759 429,905 460,306 Net Asset Value per Unit € 10.94 € 9.95 € 10.65 Class I Units in Issue 13,144,043 13,102,814 13,367,736 Net Assets 34,018,634 31,303,278 34,713,431 Net Asset Value per Unit $2.59 $ 2.39 $ 2.60 Class S Units in Issue 26,252,088 31,582,445 31,012,817 Net Assets 163,784,578 164,904,807 190,877,672 Net Asset Value per Unit £ 4.57 £ 4.22 £ 4.66 Class S2 Units in Issue 2,832,762 2,853,640 4,628,255 Net Assets 51,814,273 42,635,566 79,224,081 Net Asset Value per Unit £ 13.40 £ 12.07 £ 12.96 Class S3 Units in Issue 155,064 185,796 135,132 Net Assets 2,298,731 2,255,531 1,883,641 Net Asset Value per Unit £ 10.86 £ 9.80 £ 10.55

Putnam World Trust 183

Notes to the Financial Statements for the period ended 31 December 2020 cont.

4. Current and Prior Period/Year NAV/ Equity Details cont.

31 December 2020 30 June 2020 31 December 2019 Putnam Multi-Asset Absolute Return Fund USD USD USD Total Net Asset Value $ 338,489,263 $ 465,718,587 $ 514,354,929 Class E Units in Issue 14,746,869 22,559,200 21,679,121 Net Assets 140,704,045 208,371,567 215,964,009 Net Asset Value per Unit € 7.77 € 8.23 € 8.87 Class E2 Units in Issue 18,703,646 21,067,175 22,626,317 Net Assets 197,372,203 209,413,054 243,214,381 Net Asset Value per Unit € 8.60 € 8.86 € 9.57 Class I Units in Issue 1,005 1,005 1,005 Net Assets 9,630 9,819 10,524 Net Asset Value per Unit $ 9.58 $ 9.77 $ 10.47 Class S Units in Issue 35,108 4,498,748 4,491,084 Net Assets 403,385 47,924,147 55,166,015 Net Asset Value per Unit £8.42 £ 8.60 £ 9.30

31 December 2020 30 June 2020 31 December 2019 Putnam Securitised Credit Fund USD USD USD Total Net Asset Value $ 376,333,226 $ 380,743,667 $ 256,893,522 Class E Units in Issue 37,905 35,377,195 19,891,960 Net Assets 443,264 371,334,220 236,359,289 Net Asset Value per Unit € 9.53 € 9.35 € 10.58 Class E2* Units in Issue 28,980,474 - - Net Assets 362,264,536 - - Net Asset Value per Unit €10.18 €-€ - Class I Units in Issue 1,313,326 907,619 1,806,619 Net Assets 13,112,826 8,961,196 19,993,217 Net Asset Value per Unit $ 9.98 $ 9.87 $ 11.07 Class S Units in Issue 38,360 37,836 37,836 Net Assets 512,600 448,251 541,016 Net Asset Value per Unit £ 9.79 £ 9.57 £ 10.83

* Class E2 Units of Putnam Securitised Credit Fund launched on 30 October 2020.

184 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

4. Current and Prior Period/Year NAV/ Equity Details cont.

31 December 2020 30 June 2020 31 December 2019 Putnam Total Return Fund USD USD USD Total Net Asset Value $ 80,289,358 $ 99,214,475 $ 120,063,760 Class A Units in Issue 978,527 1,062,048 1,273,399 Net Assets 15,550,795 15,664,045 20,279,776 Net Asset Value per Unit $ 15.89 $ 14.75 $ 15.93 Class B Units in Issue 28,001 35,870 35,870 Net Assets 378,323 450,927 488,034 Net Asset Value per Unit $13.51 $ 12.57 $ 13.61 Class C Units in Issue 338,306 419,185 618,317 Net Assets 4,725,657 5,440,672 8,675,236 Net Asset Value per Unit $13.97 $ 12.98 $ 14.03 Class E Units in Issue 4,622,659 6,868,633 6,839,727 Net Assets 57,283,799 74,470,415 80,826,067 Net Asset Value per Unit € 10.10 € 9.66 € 10.53 Class I Units in Issue 69,651 126,550 149,859 Net Assets 897,719 1,508,108 1,920,774 Net Asset Value per Unit $ 12.89 $ 11.92 $ 12.82 Class M Units in Issue 115,337 155,195 664,601 Net Assets 1,453,065 1,680,308 7,873,873 Net Asset Value per Unit € 10.26 € 9.65 € 10.55

31 December 2020 30 June 2020 31 December 2019 Putnam U.S. Large Cap Growth Fund USD USD USD Total Net Asset Value $ 94,114,492 $ 80,226,737 $ 80,441,973 Class A Units in Issue 3,235 4,990 5,240 Net Assets 117,502 151,297 139,051 Net Asset Value per Unit $ 36.32 $ 30.32 $ 26.53 Class E Units in Issue 3,275,659 3,630,919 4,134,256 Net Assets 93,985,700 80,075,440 80,302,922 Net Asset Value per Unit € 23.38 € 19.65 € 17.30 Class I* Units in Issue 1,000 - - Net Assets 11,290 - - Net Asset Value per Unit $ 11.29 $ - $ -

* Class I Units of Putnam U.S. Large Cap Growth Fund launched on 30 October 2020.

Putnam World Trust 185

Notes to the Financial Statements for the period ended 31 December 2020 cont.

4. Current and Prior Period/Year NAV/ Equity Details cont.

31 December 2020 30 June 2020 31 December 2019 Putnam Ultra Short Duration Income Fund USD USD USD Total Net Asset Value $ 1,324,343,649 $ 940,974,598 $ 1,309,954,114 Class A Units in Issue 16,344,871 17,757,808 28,958,136 Net Assets 163,871,089 177,747,596 289,654,883 Net Asset Value per Unit $ 10.03 $ 10.01 $ 10.00 Class A2 Units in Issue 85,635,415 50,129,652 68,295,740 Net Assets 905,642,877 528,716,821 714,832,610 Net Asset Value per Unit $ 10.58 $ 10.55 $ 10.47 Class I Units in Issue 11,893,962 10,811,365 13,885,011 Net Assets 119,396,393 108,342,232 139,028,913 Net Asset Value per Unit $ 10.04 $ 10.02 $ 10.01 Class I2 Units in Issue 12,697,288 11,874,487 15,800,514 Net Assets 135,433,290 126,167,949 166,437,708 Net Asset Value per Unit $10.67 $ 10.63 $ 10.53

5. Risks Associated with Financial Instruments As defined in FRS 102 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. Market conditions In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The Funds may be exposed to additional credit risk that an institution or other entity with which the Funds have unsettled or open transactions will default as discussed in previous notes. On 27 July 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.

186 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy FRS 102 Section 11.27 on “Fair Value: Disclosure” requires disclosure relating to the fair valuation hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. The fair valuation hierarchy as required under the amendment to FRS 102 is based on the valuation inputs used to fair value the financial assets and liabilities and consideration of the market activity for each individual financial asset and liability. The definition for levels 1, 2 and 3 are set out below. • Level 1: The best evidence of fair value is a quoted price for an identical asset in an active market. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted price is usually the last traded market value price. • Level 2: When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the entity can demonstrate that the last transaction price is not a good estimate of fair value (e.g., because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted. • Level 3: If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, an entity estimates the fair value by using a valuation technique. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations.

Investments typically classified within level 1 include active listed equities, exchange traded derivatives and exchange traded investment funds/companies. Investments typically classified as level 2 include investments in fixed income securities, rights and warrants, certain listed equities, repurchases agreements and over-the-counter derivatives. Investment funds/companies are also considered level 2 investments if there is evidence that redemptions occurred during the period and there were no restrictions preventing redemptions at the period end. Investments typically classified within level 3 include certain corporate bonds and certain equities.

Some equities have been classified as Level 2 and Level 3. These are securities which the Investment Advisor has fair valued taking into account several factors, which are outlined in Note 2 (A) (i) of the annual audited Financial Statements as at 30 June 2020, under “Fair Value Estimation”. Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the Funds will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the Funds to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the Schedules of Investments.

Putnam World Trust 187

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. The following tables are a summary of the fair value hierarchy applied under FRS 102 in valuing the Funds’ financial assets and liabilities measured at fair value at 31 December 2020 and 30 June 2020. Putnam European High Yield Fund

31 December 2020 Level 1 Level 2 Level 3 EUR EUR EUR Assets Corporate Bonds and Notes - 16,033,678 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 5,332 - Total Financial Assets at Fair Value through Profit or Loss - 16,039,010 - Liabilities Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (15,131) - Total Financial Liabilities at Fair Value through Profit or Loss - (15,131) -

30 June 2020 Level 1 Level 2 Level 3 EUR EUR EUR Assets Corporate Bonds and Notes - 14,550,459 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 29,463 - Total Financial Assets at Fair Value through Profit or Loss - 14,579,922 - Liabilities Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (6,007) - Total Financial Liabilities at Fair Value through Profit or Loss - (6,007) -

Putnam Fixed Income Global Alpha Fund

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 4,956 117 - U.S. Government and Agency Mortgage Obligations - 212,148,587 - Mortgage-Backed Securities - 70,567,695 - Repurchase Agreements - 7,478,000 - Corporate Bonds and Notes - 59,078,349 - Foreign Government and Agency Bonds and Notes - 9,188,432 - Commercial Paper - 13,796,050 - U.S. Treasury Obligations - 2,799,781 - Purchased Currency Options Outstanding - 473,483 - Purchased Swap Options Outstanding - 4,687,904 - Unrealised Appreciation on Forward Premium Swap Option Contracts Outstanding - 2,973,853 - Cumulative Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - 50,918 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 95,038 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold - 287,067 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 1,095,068 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 3,738,632 - Total Financial Assets at Fair Value through Profit or Loss 4,956 388,458,974 -

188 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam Fixed Income Global Alpha Fund cont.

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Liabilities Written Currency Options Outstanding - (133,940) - Written Swap Options Outstanding - (5,982,189) - Unrealised Depreciation on Forward Premium Swap Option Contracts Outstanding - (1,985,712) - Cumulative Unrealised Depreciation on Futures Contracts Outstanding (67,188) - - TBA Sales Commitments Outstanding - (70,978,282) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (44,577) - Cumulative Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding - (17,806) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (949,294) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (875,272) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (1,847,458) - Total Financial Liabilities at Fair Value through Profit or Loss (67,188) (82,814,530) -

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 3,428 436 - U.S. Government and Agency Mortgage Obligations - 203,587,918 - U.S. Government Agency Obligations - 4,999,667 - Mortgage-Backed Securities - 91,152,119 - Repurchase Agreements - 9,857,000 - Corporate Bonds and Notes - 88,560,907 - Foreign Government and Agency Bonds and Notes - 12,525,193 - Commercial Paper - 5,798,698 - U.S. Treasury Obligations - 19,969,286 - Purchased Currency Options Outstanding - 252,905 - Purchased Equity Options Outstanding - 21,582 - Purchased Swap Options Outstanding - 5,937,334 - Cumulative Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - 52,176 - Unrealised Appreciation on Forward Premium Swap Option Contracts Outstanding - 4,779,661 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 28,053 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold - 109,546 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 2,107,880 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 1,474,028 - Total Financial Assets at Fair Value through Profit or Loss 3,428 451,214,389 - Liabilities Written Currency Options Outstanding - (87,806) - Written Equity Options Outstanding - (25,668) - Written Swap Options Outstanding - (5,340,235) - Unrealised Depreciation on Forward Premium Swap Option Contracts Outstanding - (2,993,181) - Cumulative Unrealised Depreciation on Futures Contracts Outstanding (73,390) - - TBA Sales Commitments Outstanding - (45,078,046) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (209,802) - Cumulative Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding - (25,313) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (4,754,208) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (634,306) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (4,044,055) - Total Financial Liabilities at Fair Value through Profit or Loss (73,390) (63,192,620) -

Putnam World Trust 189

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam Global High Yield Bond Fund

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 1,992,001 587,284 13,244 Warrants 89,081 - 8,537 Repurchase Agreements - 2,650,000 - Corporate Bonds and Notes - 274,537,125 - Foreign Government and Agency Bonds and Notes - 45,579 - Convertible Preferred Stocks 2,329,321 - - Preferred Stocks 672,454 - - U.S. Treasury Obligations - 2,773,847 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 4,072,143 - Total Financial Assets at Fair Value through Profit or Loss 5,082,857 284,665,978 21,781 Liabilities Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (1,088,043) - Total Financial Liabilities at Fair Value through Profit or Loss - (1,088,043) -

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 510,965 715 6,328 Warrants 52,992 - 8,537 Repurchase Agreements - 1,500,000 - Corporate Bonds and Notes - 260,422,810 - Foreign Government and Agency Bonds and Notes - 43,023 - Convertible Preferred Stocks 894,334 1,305,567 - Preferred Stocks - 527,781 - U.S. Treasury Obligations - 9,140,598 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 504,041 - Total Financial Assets at Fair Value through Profit or Loss 1,458,291 273,489,535 14,865 Liabilities Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (3,912,109) - Total Financial Liabilities at Fair Value through Profit or Loss - (3,912,109) -

190 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam Multi-Asset Absolute Return Fund

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 35,039,802 5,792,559 5 Warrants - 5,728,663 - U.S. Government and Agency Mortgage Obligations - 151,854,989 - U.S. Government Agency Obligations - 10,999,748 - Mortgage-Backed Securities - 20,003,458 - Repurchase Agreements - 46,204,000 - Corporate Bonds and Notes - 566,138 - Foreign Government and Agency Bonds and Notes - 4,337,592 - Asset-Backed Commercial Paper - 4,649,079 - Commercial Paper - 52,638,519 - U.S. Treasury Obligations - 143,982,488 - Purchased Equity Options Outstanding - 697,987 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 13,345,051 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold - 1,439,431 - Cumulative Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold - 530 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 8,039,380 - Total Financial Assets at Fair Value through Profit or Loss 35,039,802 470,279,612 5 Liabilities Cumulative Unrealised Depreciation on Futures Contracts Outstanding (667,687) - - TBA Sales Commitments Outstanding - (71,512,892) - Cumulative Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - (17,863) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (11,844,318) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (4,215) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (2,352) - Cumulative Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Purchased - (1,368) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (5,940,223) - Total Financial Liabilities at Fair Value through Profit or Loss (667,687) (89,323,231) -

Putnam World Trust 191

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam Multi-Asset Absolute Return Fund cont.

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 38,005,201 72,461,692 5 Warrants - 14,982,708 - U.S. Government and Agency Mortgage Obligations - 177,286,597 - U.S. Government Agency Obligations - 64,991,410 - Mortgage-Backed Securities - 25,296,869 - Repurchase Agreements - 28,938,000 - Corporate Bonds and Notes - 1,093,397 - Foreign Government and Agency Bonds and Notes - 4,555,714 - Commercial Paper - 10,897,991 - Preferred Stocks 468,103 - - U.S. Treasury Obligations - 181,954,132 - Purchased Currency Options Outstanding - 535,473 - Purchased Equity Options Outstanding - 3,230,003 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 15,036,920 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold - 45,233 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 451,626 - Cumulative Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold - 193,172 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 3,631,132 - Total Financial Assets at Fair Value through Profit or Loss 38,473,304 605,582,069 5 Liabilities Written Currency Options Outstanding - (186,601) - Cumulative Unrealised Depreciation on Futures Contracts Outstanding (1,489,685) - - TBA Sales Commitments Outstanding - (45,141,445) - Cumulative Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - (64,046) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (16,209,422) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (389,760) - Cumulative Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Purchased - (248,500) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (3,321,482) - Total Financial Liabilities at Fair Value through Profit or Loss (1,489,685) (65,561,256) -

192 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam Securitised Credit Fund

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Assets U.S. Government and Agency Mortgage Obligations - 430,386,201 - U.S. Government Agency Obligations - 8,999,913 - Mortgage-Backed Securities - 276,700,229 - Repurchase Agreements - 8,142,000 - Commercial Paper - 42,114,338 - U.S. Treasury Obligations - 26,997,638 - Purchased Equity Options Outstanding - 1,493,467 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold - 5,044,899 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 2,191,728 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 2,664,710 - Total Financial Assets at Fair Value through Profit or Loss - 804,735,123 - Liabilities Written Equity Options Outstanding - (549,191) - TBA Sales Commitments Outstanding - (221,051,720) - Cumulative Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - (228,198) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (2,998,080) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (4,411,869) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (943,139) - Total Financial Liabilities at Fair Value through Profit or Loss - (230,182,197) -

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets U.S. Government and Agency Mortgage Obligations - 309,137,417 - U.S. Government Agency Obligations - 12,497,442 - Mortgage-Backed Securities - 210,326,085 - Repurchase Agreements - 11,521,000 - Commercial Paper - 7,348,602 - U.S. Treasury Obligations - 128,475,029 - Purchased Equity Options Outstanding - 976,186 - Cumulative Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - 55,294 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold 1,338,811 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 3,269,755 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts 727,641 Total Financial Assets at Fair Value through Profit or Loss - 685,673,262 - Liabilities Written Equity Options Outstanding - (654,420) - TBA Sales Commitments Outstanding - (118,853,984) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (28,599,655) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (2,675,038) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (141,397) - Total Financial Liabilities at Fair Value through Profit or Loss - (150,924,494) -

Putnam World Trust 193

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam Total Return Fund

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 20,767,221 7,188,894 - U.S. Government and Agency Mortgage Obligations - 17,671,807 - U.S. Government Agency Obligations - 2,499,967 - Mortgage-Backed Securities - 5,202,824 - Repurchase Agreements - 5,431,000 - Corporate Bonds and Notes - 11,005,199 - Foreign Government and Agency Bonds and Notes - 1,128,882 - Asset-Backed Commercial Paper - 1,599,719 - Commercial Paper - 11,697,129 - U.S. Treasury Obligations - 7,499,062 - Purchased Equity Options Outstanding - 223,663 - Cumulative Unrealised Appreciation on Futures Contracts Outstanding 124,919 - - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 80,799 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold - 4,580 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 14,677 - Cumulative Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold - 228 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 1,608,486 - Total Financial Assets at Fair Value through Profit or Loss 20,892,140 72,856,916 - Liabilities TBA Sales Commitments Outstanding - (8,373,829) - Cumulative Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - (6,306) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (333,947) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (11,605) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (47,664) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (798,779) - Total Financial Liabilities at Fair Value through Profit or Loss - (9,572,130) -

194 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam Total Return Fund cont.

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 27,683,905 11,493,244 - Warrants - 564,505 - U.S. Government and Agency Mortgage Obligations - 19,374,735 - Mortgage-Backed Securities - 5,656,574 - Repurchase Agreements - 12,456,000 - Corporate Bonds and Notes - 28,796,576 - Foreign Government and Agency Bonds and Notes - 996,439 - Commercial Paper - 999,858 - Preferred Stocks 17,664 28,249 - U.S. Treasury Obligations - 2,455,602 - Purchased Currency Options Outstanding - 62,844 - Purchased Equity Options Outstanding - 895,141 - Cumulative Unrealised Appreciation on Futures Contracts Outstanding 149,089 - - Cumulative Unrealised Appreciation on Centrally Cleared Total Return Swap Contracts Outstanding - 42,073 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 312,935 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold - 1,465 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 19,008 - Cumulative Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold - 83,901 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 554,511 - Total Financial Assets at Fair Value through Profit or Loss 27,850,658 84,793,660 - Liabilities Written Currency Options Outstanding - (21,898) - TBA Sales Commitments Outstanding - (5,245,038) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (150,432) - Cumulative Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - (50,066) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold - (71,064) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (2,800) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (376,131) - Total Financial Liabilities at Fair Value through Profit or Loss - (5,917,429) -

Putnam World Trust 195

Notes to the Financial Statements for the period ended 31 December 2020 cont.

6. Fair Valuation Hierarchy cont. Putnam U.S. Large Cap Growth Fund

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 88,055,811 3,194,335 2 Repurchase Agreements - 2,272,000 - U.S. Treasury Obligations - 299,981 - Purchased Equity Options Outstanding - 174,425 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 486,405 - Total Financial Assets at Fair Value through Profit or Loss 88,055,811 6,427,146 2 Liabilities Written Equity Options Outstanding - (53,170) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (81,759) - Total Financial Liabilities at Fair Value through Profit or Loss - (134,929) -

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 75,112,731 3,287,951 2 Repurchase Agreements - 415,000 - U.S. Treasury Obligations - 1,053,984 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 208,856 - Total Financial Assets at Fair Value through Profit or Loss 75,112,731 4,965,791 2 Liabilities Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (34,987) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (25,920) - Total Financial Liabilities at Fair Value through Profit or Loss - (60,907) -

Putnam Ultra Short Duration Income Fund

31 December 2020 Level 1 Level 2 Level 3 USD USD USD Assets U.S. Government Agency Obligations - 7,045,747 - Mortgage-Backed Securities - 136,754,373 - Corporate Bonds and Notes - 715,629,801 - Certificates of Deposit - 43,931,444 - Asset-Backed Commercial Paper - 2,998,213 - Commercial Paper - 395,373,716 - U.S. Treasury Obligations - 29,999,656 - Total Financial Assets at Fair Value through Profit or Loss - 1,331,732,950 -

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets U.S. Government Agency Obligations - 7,023,363 - Mortgage-Backed Securities - 106,261,968 - Corporate Bonds and Notes - 576,537,953 - Certificates of Deposit - 57,373,248 - Commercial Paper - 182,231,273 - Total Financial Assets at Fair Value through Profit or Loss - 929,427,805 -

196 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

7. Taxation Under current law and practice, the 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 the Depositary is resident in lreland or a majority of the trustees (if more than one) are resident in Ireland. 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 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"). The Trust also intends to comply with any applicable regulations issued with respect to the Common Reporting Standard ("CRS") and to implement the terms of the CRS in line with OECD guidance, where applicable. There are significant similarities between both reporting regimes and under the CRS, the Trust has similar obligations in terms of account onboarding and annual reporting. The Trust, in conjunction with assistance from its service providers where necessary, will endeavour to ensure that it satisfies any applicable obligations imposed on it in relation to the CRS. Under the IGA and any related Irish regulations, Irish financial institutions (as defined under the IGA) are required to report annually to the Irish Revenue Commissioners 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 and CRS on their interest in the Trust. 8. Fees The fees of the Manager, the Administrator and the Depositary are borne individually by each of the Funds. Administrator, Depositary and Transfer Agent The Administrator, Depositary 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). The Depositary shall also be entitled to receive out of the assets of each Fund an annual safekeeping (depositary) fee not to exceed 0.50% of the average Net Asset Value of each Fund. The Administrator and the Depositary shall also be entitled to be paid any transaction charges and expenses and any sub-depositary 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 relevant Funds 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 for all Funds except Putnam Fixed Income Global Alpha Fund, receives its fees out of the assets of the relevant Funds. State Street Fund Services (Ireland) Limited, the Transfer Agent for Putnam Fixed Income Global Alpha Fund, receives its fee out of the assets of the Fund. For the period ended 31 December 2020 a fixed fee of $22,500 was paid (period ended 31 December 2019: $22,500) to State Street Fund Services (Ireland) Limited for its role as Transfer Agent for the Fund. 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 11. 9. Soft Commission Arrangements, Directed Brokerage and Transaction Costs 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 of 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. There were no directed brokerage arrangements entered into by the Funds during the periods ended 31 December 2020 and 31 December 2019.

Putnam World Trust 197

Notes to the Financial Statements for the period ended 31 December 2020 cont.

10. Master Agreements Each Fund is a party to International Swap and Derivatives Association, Inc. ("ISDA") 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. Under the terms of ISDA Master Agreements with certain brokers, the Funds allow certain counterparties the right to hold and re-register collateral in the name of the counterparty or in another name other than the Funds, to pledge, repledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of the collateral, and to use or invest cash collateral at its own risk. 11. 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 Statement of Comprehensive Income and the Statement of Financial Position (as part of Expenses Payable), respectively. Management fees The fees of the Manager are borne individually by each of the Funds. At 31 December 2020, 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. All management fee rates as disclosed in the table below are the same as at 30 June 2020, unless otherwise stated in the footnotes to the table.

Putnam Putnam Putnam Fixed Putnam Multi- Putnam Putnam Putnam U.S. Putnam Ultra Global High European High Income Global Asset Absolute Securitised Total Return Large Cap Short Duration Yield Bond Yield Fund Alpha Fund Return Fund Credit Fund Fund Growth Fund Income Fund Unit Classes Fund A n/a n/a 1.35% n/a n/a 1.50% 1.50% 0.55% A2 n/a n/a n/a n/a n/a n/a n/a 0.55% B n/a n/a 1.85% n/a n/a 2.00% n/a n/a Retail C n/a n/a 1.75% n/a n/a 1.75% n/a n/a M 1.35% n/a 1.35% n/a n/a 1.50% 1.50% 0.55% T n/a n/a 1.35% n/a n/a 1.50% n/a 0.55% D n/a n/a n/a 0.75% n/a n/a n/a 0.30% E 0.65% 0.50% 0.50% 0.75%# 0.40% 0.75% 0.55% 0.30% E2 n/a n/a 0.50%‡ 0.75% 0.40% 0.75% n/a n/a I n/a 0.50% 0.50% 0.75% 0.40% 0.75% 0.55% 0.30% I2 n/a n/a n/a n/a n/a n/a n/a 0.30% Institutional NK n/a 0.50% 0.50% 0.75% 0.40% 0.75% n/a n/a S 0.65% 0.50% 0.50% 0.75% 0.40% 0.75% 0.55% 0.30% S2 n/a 0.50% 0.50%‡ n/a n/a n/a n/a n/a S3 n/a n/a 0.50% n/a n/a n/a n/a n/a SK n/a 0.50% 0.50% 0.75% 0.40% 0.75% n/a n/a Y n/a 0.50% 0.50% 0.75%# n/a 0.75% n/a n/a

‡ The fee stated in the above table is the maximum management fee with respect to Class E2 Units and Class S2 Units for this Fund, as stated in the Prospectus. Currently, the Manager charges a management fee of 0.35%. # The fee stated in the above table is the maximum management fee for Class E Units and Class Y Units for this Fund, as stated in the Prospectus. Currently, the Manager charges a management fee of 0.45% for Class E Units.

198 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

11. Significant Agreements and Related Party Transactions cont. Management fees cont. The Manager has currently agreed to cap the non-management fee expenses at 0.30% for all Classes of Units of Putnam Multi-Asset Absolute Return Fund, Putnam Securitised Credit Fund and Putnam Total Return Fund, 0.20% for all Classes of Units of Putnam Fixed Income Global Alpha Fund and 0.05% for all Classes of Units of Putnam Ultra Short Duration Income Fund. In addition, with respect to Class E Units of Putnam Multi-Asset Absolute Return Fund, the Manager has currently agreed to waive all or such part of its management fee as is required to ensure that overall Class E Units operating expenses do not exceed 0.45% per annum. With respect to Class E2 Units and Class S2 Units of Putnam Global High Yield Bond Fund, the Manager has currently agreed to waive all or such part of its management fee as is required to ensure that overall Class E2 Units and Class S2 Units operating expenses do not exceed 0.35% per annum. The Manager may terminate these caps at any time. They are currently expected to continue through 30 June 2021 and may be extended at the Manager’s discretion. During the period/year/period ended 31 December 2020, 30 June 2020 and 31 December 2019 the Manager received the following fees:

Payable Payable Six months ended Six months ended to Manager as at to Manager Fund 31 December 2020 31 December 2019 31 December 2020 at 30 June 2020 Putnam European High Yield Fund € 52,977 € 53,036 € 60,786 € 40,749 Putnam Fixed Income Global Alpha Fund $ 450,430 $ 619,412 $ 562,207 $ 507,219 Putnam Global High Yield Bond Fund $ 748,116 $ 830,205 $ 809,662 $ 563,497 Putnam Multi-Asset Absolute Return Fund $ 1,400,119 $ 1,695,394 $ 1,611,206 $ 1,158,740 Putnam Securitised Credit Fund $ 757,401 $ 130,361 $ 830,786 $ 446,362 Putnam Total Return Fund $ 465,370 $ 624,041 $ 540,331 $ 409,212 Putnam U.S. Large Cap Growth Fund $ 291,804 $ 210,845 $ 361,714 $ 170,453 Putnam Ultra Short Duration Income Fund $ 2,913,453 $ 3,062,479 $ 3,852,113 $ 2,644,588

The Manager or Investment Advisor may from time to time voluntarily undertake to waive fees and/or reimburse certain fund expenses. Any such waiver may be effected by way of a rebate to the relevant Unitholder’s account and/or by fixing the management fee for all Unitholders in a given Class of Units at a lower level than the maximum rate stated in the Prospectus. 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. In addition, in accordance with the powers of the Manager pursuant to the Trust Deed of the Trust, the Manager may also restrict access to a given Class of Units based on an investor’s country of domicile, platform or channel of distribution, strategic or overall business relationship, or status as an affiliate of the Manager. During the period/year/period ended 31 December 2020, 30 June 2020 and 31 December 2019 the Manager waived and/or reimbursed the following management fees:

Receivable Receivable Six months ended Six months ended from Manager as at from Manager at Fund 31 December 2020 31 December 2019 31 December 2020 30 June 2020 Putnam Fixed Income Global Alpha Fund $ 71,636 $ 1,141 $ 42,113 $ - Putnam Global High Yield Bond Fund $ 51,698 $ 90,947 $ 48,384 $ 32,503 Putnam Multi-Asset Absolute Return Fund $ 201,559 $ 200,112 $ 210,804 $ 170,147 Putnam Securitised Credit Fund $ - $ 14,353 $ - $ - Putnam Total Return Fund $ 89,500 $ 46,653 $ 25,240 $ 22,324 Putnam Ultra Short Duration Income Fund $ 574,128 $ 506,653 $ 686,607 $ 570,784

There were no fees waived and/or reimbursed by the Manager during the periods ended 31 December 2020 and 31 December 2019 on Putnam European High Yield Fund and Putnam U.S. Large Cap Growth Fund.

Putnam World Trust 199

Notes to the Financial Statements for the period ended 31 December 2020 cont.

11. Significant Agreements and Related Party Transactions cont. 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 16 St. James’s Street, London SW1A 1ER and is a company organised under the laws of England and Wales (the “Sub-investment advisor”). The Sub-investment advisor is licensed as a 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 and Putnam European High Yield Fund during the period. The fees of the Sub-investment advisor are being paid out of the fees of the Investment Advisor. Transactions with Depositary affiliate State Street Bank and Trust Company, an affiliate of the Depositary, 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 2020 are listed in each Fund’s respective Schedule of Investments. Transactions with key management personnel Professional fees David Dillon, is a Director and shareholder of Bridge Consulting which provide governance and monitoring support services to the Manager. During the period ended 31 December 2020, the Trust incurred fees of EUR 24,200, relating to consultancy fees provided by Bridge Consulting (31 December 2019: EUR 26,138). There were no fees payable to Bridge Consulting at 31 December 2020 (30 June 2020: EUR 12,300).

Other transactions with the Manager For the period/year ended 31 December 2020 and 30 June 2020, the number and value of Units held in the Funds by the Manager for the period/year then ended, were as follows:

Number of Units Value of Units Number of Units Value of Units as at 31 December as at 31 December 2020 as at 30 June at 30 June 2020 Fund 2020 USD 2020 USD Putnam Global High Yield Bond Fund 39,485 531,584 76,485 891,218 Putnam Multi-Asset Absolute Return Fund 36,005 411,769 36,005 382,666 Putnam Securitised Credit Fund 122,292 1,528,634 39,966 469,986 Putnam Total Return Fund 989 12,499 989 10,857 Putnam U.S. Large Cap Growth Fund 1,100 14,922 100 3,032

The subscriptions of Units awaiting settlement relating to the Manager as at 31 December 2020 was $71,182, all relating to the Putnam Global High Yield Bond Fund. There were no redemptions of Units awaiting settlement relating to the Manager as at 31 December 2020. The redemptions of Units awaiting settlement relating to the Manager as at 30 June 2020 was $9,329,108, all relating to the Putnam Securitised Credit Fund. There were no subscriptions of Units awaiting settlement relating to the Manager as at 30 June 2020.

Significant Unitholders The following table details Funds in which Unitholders hold at least 20% of the value of that Fund’s total Units in issue as of 31 December 2020:

Fund Number of Significant Unitholders Value of Holding % of Fund’s Net Assets Putnam European High Yield Fund One € 16,692,233 100.00 Putnam Fixed Income Global Alpha Fund Two $ 169,218,396 98.89 Putnam Global High Yield Bond Fund One $ 110,393,556 37.92 Putnam Multi-Asset Absolute Return Fund One $ 163,092,067 48.18 Putnam Securitised Credit Fund One $ 347,786,757 92.41 Putnam Total Return Fund One $ 57,283,798 71.35 Putnam U.S. Large Cap Growth Fund One $ 93,985,699 99.86 Putnam Ultra Short Duration Income Fund One $ 344,322,567 26.00

200 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

11. Significant Agreements and Related Party Transactions cont. Significant Unitholders cont.

The following table details Funds in which Unitholders hold at least 20% of the value of that Fund’s total Units in issue as of 30 June 2020:

Fund Number of Significant Unitholders Value of Holding % of Fund’s Net Assets Putnam European High Yield Fund One € 15,619,146 100.00 Putnam Fixed Income Global Alpha Fund Two $ 235,647,729 99.27 Putnam Global High Yield Bond Fund One $ 104,011,562 37.97 Putnam Multi-Asset Absolute Return Fund Two $ 283,045,658 60.78 Putnam Securitised Credit Fund One $ 316,993,638 83.26 Putnam Total Return Fund One $ 74,470,415 75.06 Putnam U.S. Large Cap Growth Fund One $ 80,075,440 99.81

There were no distributions made to the related parties during the periods ended 31 December 2020 and 31 December 2019.

The Manager is not aware of any other transactions with related parties during the period, other than those disclosed in these financial statements. 12. 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 Regulations; (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 direct and indirect operational costs and fees are not readily identifiable and therefore are not split out separately on the face of the Statements of Comprehensive Income. All of the Trust’s Funds are actively managed in reference to either LIBOR or a specific index, as highlighted in the “Investment Objectives” section. 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 Fixed Income Global Alpha Fund, Putnam Global High Yield Bond Fund, Putnam Multi-Asset Absolute Return Fund, Putnam Securitised Credit Fund, Putnam Total Return Fund and Putnam Ultra Short Duration Income 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 Statement of Comprehensive Income. Repurchase agreements are secured by collateral, typically U.S. government or agency securities. It is the Funds’ policy that the Depositary 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.

Putnam World Trust 201

Notes to the Financial Statements for the period ended 31 December 2020 cont.

13. Foreign Exchange

The exchange rates ruling at 31 December 2020 were: The exchange rates ruling at 30 June 2020 were:

Currency Vs. EUR Rate Vs. USD Rate Currency Vs. EUR Rate Vs. USD Rate Argentine Peso 102.72104 84.08385 Argentine Peso 79.15908 70.45760 Australian Dollar 1.58460 1.29710 Australian Dollar 1.62802 1.44907 Brazilian Real 6.34549 5.19420 Brazilian Real 6.10970 5.43810 British Pound 0.89335 0.73126 British Pound 0.90671 0.80704 Canadian Dollar 1.55504 1.27290 Canadian Dollar 1.52526 1.35760 Chilean Peso 867.98238 710.50000 Czech Koruna 26.65300 23.72320 Chinese Yuan (offshore) 7.94421 6.50285 Danish Krone 7.45161 6.63250 Czech Koruna 26.23799 21.47750 Euro 1.00000 0.89008 Danish Krone 7.44278 6.09240 Hong Kong Dollar 8.70768 7.75050 Euro 1.00000 0.81857 Hungarian Forint 354.10993 315.18475 Hong Kong Dollar 9.47078 7.75245 Indian Rupee 84.82843 75.50375 Indian Rupee 89.26292 73.06750 Indonesian Rupiah 16,049.19131 14,285.00000 Indonesian Rupiah 17,164.18366 14,050.00000 Israeli Shekel 3.89175 3.46395 Israeli Shekel 3.92571 3.21345 Japanese Yen 121.30987 107.97500 Japanese Yen 126.14148 103.25500 Malaysian Ringgit 4.81420 4.28500 Malaysian Ringgit 4.91409 4.02250 Mexican Peso 25.82308 22.98450 Mexican Peso 24.31023 19.89950 New Zealand Dollar 1.74105 1.54967 New Zealand Dollar 1.69792 1.38985 Norwegian Krone 10.81396 9.62525 Norwegian Krone 10.47473 8.57425 Philippine Peso 55.97837 49.82500 Philippine Peso 58.66791 48.02350 Polish Zloty 4.44490 3.95630 Polish Zloty 4.56372 3.73570 Russian Ruble 79.95666 71.16750 Russian Ruble 90.33644 73.94625 Singapore Dollar 1.56571 1.39360 Singapore Dollar 1.61453 1.32160 South African Rand 19.49553 17.35250 South African Rand 17.95215 14.69500 South Korean Won 1,351.40145 1,202.85000 South Korean Won 1,327.07848 1,086.30000 Swedish Krona 10.46899 9.31820 Swedish Krona 10.05125 8.22760 Swiss Franc 1.06446 0.94745 Swiss Franc 1.08153 0.88530 Taiwan Dollar 33.14829 29.50450 Taiwan Dollar 34.32592 28.09800 Thailand Baht 34.72456 30.90750 Thailand Baht 36.60064 29.96000 Turkish Lira 7.69990 6.85350 Turkish Lira 9.08053 7.43300 US Dollar 1.12350 1.00000 US Dollar 1.22165 1.00000

14. Significant Events during the Period A First Addendum dated 15 September 2020 to the Prospectus of the Trust dated 17 June 2020 adding Class I Units to Putnam U.S. Large Cap Growth Fund and Class E2 Units to Putnam Securitised Credit Fund was approved by the Central Bank on 15 September 2020. These two new Classes both launched on 30 October 2020.

Important Information for Investors in Finland The Finnish language translations of the Key Investor Information Documents (“KIIDs”) are in the process of being phased out. Beginning in 2021, Swedish language translations of the KIIDs will be available to Investors in Finland. Investors can obtain copies of the most recent KIIDs at www.putnam.com/ucits.

15. Subsequent Events There are no significant events to disclose subsequent to the financial period end.

202 Putnam World Trust

Notes to the Financial Statements for the period ended 31 December 2020 cont.

16. Availability of Portfolio Information Unitholders may obtain information about certain Funds’ portfolio holdings on www.putnam.com or 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.

17. Availability of Semi-Annual Reports The Trust is no longer mailing copies of its semi-annual reports to Unitholders. The audited annual reports will continue to be mailed to Unitholders. The most recent versions of the annual report and semi-annual report will continue to be available at www.putnam.com/ucits and for investors in Switzerland at www.fundinfo.com.

18. Approval of the Financial Statements The financial statements were approved by the Directors of the Manager on 23 February 2021.

Putnam World Trust 203

Putnam European High Yield Fund

Schedule of Portfolio Changes* for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost EUR EUR 255,000 Stichting AK Rabobank Certificaten (Netherlands) 6.50% 29/12/2049 332,525 200,000 Electricite de France SA (France) 5.38% 29/01/2049 220,125 200,000 CMA CGM SA (France) 7.50% 15/01/2026 195,696 USD 200,000 Credit Suisse Group AG (Switzerland) 6.38% 31/12/2099 182,271 EUR 145,000 Altice France Holding SA (Luxembourg) 8.00% 15/05/2027 154,425 160,000 Autostrade per l'Italia SpA (Italy) 1.88% 26/09/2029 154,400 USD 200,000 Deutsche Bank AG (Germany) 6.00% 31/12/2099 152,997 EUR 135,000 CANPACK SA (International) 2.38% 01/11/2027 135,000 125,000 VZ Vendor Financing II BV (Netherlands) 2.88% 15/01/2029 125,000 100,000 Fiat Chrysler Automobiles NV (Netherlands) 4.50% 07/07/2028 115,875 100,000 Electricite de France SA (France) 5.00% 22/01/2049 108,000 100,000 Faurecia SE (France) 3.75% 15/06/2028 100,000 100,000 Volvo Car AB (Sweden) 2.50% 07/10/2027 100,000 100,000 CMA CGM SA (France) 6.50% 15/07/2022 100,000 100,000 Banca Monte dei Paschi di Siena SpA (Italy) 1.88% 09/01/2026 99,250 100,000 FCE Bank PLC (United Kingdom) 0.87% 13/09/2021 98,850 100,000 Motion Bondco DAC (Ireland) 4.50% 15/11/2027 97,500 100,000 Banca Monte dei Paschi di Siena SpA (Italy) 5.38% 18/01/2028 92,000

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds EUR USD 205,000 Credit Suisse Group AG (Switzerland) 6.25% 29/12/2049 190,412 GBP 100,000 Ardagh Packaging Finance PLC (International) 4.75% 15/07/2027 111,165 EUR 100,000 Altice France SA (France) 5.88% 01/02/2027 107,000 100,000 Ziggo BV (Netherlands) 2.88% 15/01/2030 102,750 GBP 105,000 Pinnacle Bidco PLC (United Kingdom) 6.38% 15/02/2025 98,105 EUR 100,000 CMA CGM SA (France) 5.25% 15/01/2025 92,625 100,000 EC Finance PLC (United Kingdom) 2.38% 15/11/2022 84,750 100,000 Eagle Intermediate Global Holding BV (International) 5.38% 01/05/2023 68,000

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

204 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 224,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 234,634,063 198,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 206,585,449 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 128,023,809 110,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 114,871,309 110,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 114,742,793 104,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 108,335,859 86,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 88,762,793 80,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/09/2050 82,607,383 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/10/2050 74,152,207 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 15/11/2050 74,088,711 52,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 13/08/2050 53,605,469 49,495,803 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/09/2050 51,639,220 47,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/01/2051 49,084,844 48,300,000 Federal Home Loan Bank Discount Notes 07/08/2020 48,299,933 43,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/01/2051 44,415,996 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/12/2050 38,005,195 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/11/2050 37,990,000 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 37,974,922 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/08/2049 37,895,918 35,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 12/02/2051 36,218,594 32,999,997 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/05/2040 34,540,779 29,997,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/10/2050 31,266,033 29,418,478 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/08/2050 30,657,226 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 27,407,422

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 224,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 234,700,527 224,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 233,969,941 182,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 189,428,906 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 127,948,594 110,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 114,871,309 110,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 114,742,793 86,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 88,927,813 80,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/09/2050 82,613,008 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/10/2050 74,162,012 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 15/11/2050 74,153,477 52,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 13/08/2050 53,769,766 49,495,803 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/09/2050 51,896,635 43,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/01/2051 44,558,672 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/12/2050 38,008,516 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/11/2050 37,989,531 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 37,962,031 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/08/2049 37,908,262 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/07/2050 37,902,891 32,999,997 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/05/2040 34,377,478 29,997,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/10/2050 31,520,051 29,418,478 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/08/2050 30,926,881 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 27,406,484

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

Putnam World Trust 205

Putnam Global High Yield Bond Fund

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 7,600,000 United States Treasury Bill 08/12/2020 7,598,246 4,000,000 United States Treasury Bill 22/12/2020 3,999,173 1,918,000 United States Treasury Bill 26/01/2021 1,917,613 1,500,000 Mitsubishi UFJ 14/12/2020 1,499,311 1,450,000 Canadian Imperial Bank of Commerce 30/10/2020 1,449,780 1,450,000 Nationwide Building Society 26/10/2020 1,449,755 1,285,000 Petroleos Mexicanos (Mexico) 6.84% 23/01/2030 1,190,231 1,340,000 Petroleos Mexicanos (Mexico) 5.35% 12/02/2028 1,178,195 EUR 955,000 CMA CGM SA (France) 6.50% 15/07/2022 1,125,038 USD 950,000 Ford Motor Credit Company LLC 4.00% 13/11/2030 971,240 EUR 815,000 CMA CGM SA (France) 7.50% 15/01/2026 933,389 600,000 Stichting AK Rabobank Certificaten (Netherlands) 6.50% 29/12/2049 926,636 USD 900,000 Townsquare Media Incorporated 6.88% 01/02/2026 906,038 805,000 Ford Motor Credit Company LLC 5.11% 03/05/2029 864,369 845,000 Delta Air Lines Incorporated (International) 4.75% 20/10/2028 845,000 840,000 PM General Purchaser LLC 9.50% 01/10/2028 840,000 756,000 United States Treasury Bill 12/01/2021 755,846 EUR 600,000 Electricite de France SA (France) 5.38% 29/01/2049 748,195 USD 690,000 Credit Suisse Group AG (Switzerland) 6.38% 31/12/2099 719,325 EUR 550,000 CANPACK SA (International) 2.38% 01/11/2027 643,748

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 6,600,000 United States Treasury Bill 08/12/2020 6,599,331 1,370,000 HCA Incorporated 5.25% 15/06/2026 1,616,894 1,500,000 Mitsubishi UFJ 14/12/2020 1,499,693 1,400,000 United States Treasury Bill 22/12/2020 1,399,915 1,295,000 Level 3 Financing Incorporated 5.25% 15/03/2026 1,341,212 1,155,000 CHS 6.25% 31/03/2023 1,185,297 930,000 Boise Cascade Company 5.63% 01/09/2024 957,528 EUR 800,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 8.88% 29/12/2049 956,178 USD 935,000 Townsquare Media Incorporated 6.50% 01/04/2023 952,017 900,000 RBS Global Incorporated 4.88% 15/12/2025 923,594 850,000 NRG Energy Incorporated 3.75% 15/06/2024 914,812 865,000 Nexstar Broadcasting Incorporated 5.63% 01/08/2024 889,869 737,000 Dell International LLC 6.02% 15/06/2026 886,229 EUR 700,000 CMA CGM SA (France) 6.50% 15/07/2022 827,418 USD 785,000 Big River Steel LLC 7.25% 01/09/2025 813,652 545,000 Ally Financial Incorporated 8.00% 01/11/2031 747,430 715,000 Novelis Corporation 5.88% 30/09/2026 740,781 640,000 Navistar International Corporation 9.50% 01/05/2025 719,362 680,000 Tennant Company 5.63% 01/05/2025 709,158 670,000 Louisiana-Pacific Corporation 4.88% 15/09/2024 689,881

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

206 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 150,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 157,173,398 134,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 140,628,008 128,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 133,556,953 96,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 99,008,887 96,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 15/11/2050 98,860,078 94,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 98,265,840 73,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 76,044,336 56,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/10/2050 57,683,594 50,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 52,155,371 50,000,000 Federal Home Loan Bank Discount Notes 18/11/2020 49,999,958 50,000,000 Federal Home Loan Bank Discount Notes 11/12/2020 49,999,958 46,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/01/2051 47,506,055 40,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 42,100,938 37,938,000 United States Treasury Bill 17/12/2020 37,934,890 37,033,000 United States Treasury Bill 19/11/2020 37,032,969 37,000,000 United States Treasury Bill 10/12/2020 36,997,007 36,000,000 United States Treasury Bill 17/11/2020 35,997,245 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/12/2050 35,892,500 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/11/2050 35,879,648 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 35,865,313 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/08/2049 35,791,621 35,601,000 Federal Home Loan Bank Discount Notes 07/08/2020 35,600,951

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

Putnam World Trust 207

Putnam Multi-Asset Absolute Return Fund cont.

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 150,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 157,203,770 146,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 152,511,250 134,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 140,558,633 128,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 133,218,672 96,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 99,224,297 96,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 15/11/2050 98,888,359 94,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 98,262,949 56,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/10/2050 57,691,133 50,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 52,155,371 46,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/01/2051 47,614,063 40,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 42,109,141 40,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 42,094,883 39,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 41,039,844 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/12/2050 35,895,469 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/11/2050 35,879,180 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 35,853,984 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/08/2049 35,803,965 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/07/2050 35,798,906 29,997,799 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/10/2050 31,559,833 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/10/2050 27,736,680 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 12/11/2050 27,730,391 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/12/2050 27,717,031 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/09/2050 27,706,094 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 13/08/2049 27,622,891 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/07/2050 27,613,945 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/09/2050 27,240,722 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/09/2050 26,836,641 24,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 25,299,531 24,000,010 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/08/2050 25,216,105 23,656,346 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/05/2040 24,656,738

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

208 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 538,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 15/11/2050 553,837,207 426,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/10/2050 438,759,609 358,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 369,254,590 346,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/09/2050 357,138,457 224,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 13/08/2050 230,913,984 218,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 228,430,488 186,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 196,047,969 179,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/01/2051 184,860,684 160,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 166,912,109 134,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 140,152,930 120,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 125,958,418 118,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 12/02/2051 122,097,344 109,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 114,563,633 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 20/08/2050 110,038,906 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/09/2050 109,398,047 87,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.00% 01/11/2050 89,405,938 76,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 79,338,691 68,994,403 Uniform Mortgage Backed Securities Pass-Through Certificates 2.00% 01/10/2050 71,128,258 70,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 1.50% 14/12/2050 70,540,645 65,587,814 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/05/2050 69,124,926 64,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 66,666,914 62,157,917 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/08/2050 64,431,500

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 538,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 15/11/2050 554,021,250 426,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/10/2050 438,830,508 358,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 370,124,375 346,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/09/2050 357,059,414 224,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 13/08/2050 231,540,078 218,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 228,603,086 186,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 196,047,969 179,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/01/2051 185,424,980 176,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 183,783,125 134,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 140,154,023 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 128,196,719 120,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 125,921,641 112,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 116,335,352 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/07/2050 110,410,625 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 20/08/2050 109,882,500 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/09/2050 109,398,047 87,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.00% 01/11/2050 89,637,188 76,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 79,338,691 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 75,766,230 68,994,403 Uniform Mortgage Backed Securities Pass-Through Certificates 2.00% 01/10/2050 71,090,115 70,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 1.50% 14/12/2050 70,540,645 65,587,814 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/05/2050 69,182,171 62,157,917 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/08/2050 64,884,567 54,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.00% 01/01/2051 55,898,438 53,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/09/2050 55,480,664 52,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 54,708,672 52,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/12/2050 54,223,320 52,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/10/2050 54,205,938 52,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 19/11/2050 54,167,344

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

Putnam World Trust 209

Putnam Total Return Fund

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 15,258,000 Federal Home Loan Bank Discount Notes 17/11/2020 15,257,987 14,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 14,690,938 14,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 14,672,051 14,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 14,628,691 12,629,000 Federal Home Loan Bank Discount Notes 27/07/2020 12,628,947 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 10,434,785 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 8,422,109 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 8,348,281 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 7,380,078 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 6,327,930 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 6,325,664 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 6,318,125 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 6,206,602 5,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/01/2051 5,223,125 5,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 5,204,414 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 13/08/2049 4,244,219 3,999,799 Government National Mortgage Association Pass-Through Certificates 3.50% 20/12/2049 4,226,506 4,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/10/2050 4,213,672 4,000,098 Government National Mortgage Association Pass-Through Certificates 3.50% 20/03/2050 4,212,135 4,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 20/08/2050 4,209,375 4,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/09/2050 4,202,969 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 4,195,938 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 4,181,406 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 4,179,766 3,999,600 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/10/2050 4,172,922

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

210 Putnam World Trust

Putnam Total Return Fund cont.

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 14,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/10/2050 14,679,492 14,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/09/2050 14,672,051 14,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 12/11/2050 14,628,691 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/08/2050 10,440,996 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/12/2050 10,434,785 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 8,429,746 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 8,422,109 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 8,322,344 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 6,326,758 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 6,326,328 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00% 14/12/2050 6,208,008 5,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 5,265,039 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/07/2050 4,253,164 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 13/08/2049 4,244,219 4,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/07/2050 4,226,953 4,000,098 Government National Mortgage Association Pass-Through Certificates 3.50% 20/03/2050 4,216,666 4,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/10/2050 4,213,672 3,999,600 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/10/2050 4,211,766 3,999,799 Government National Mortgage Association Pass-Through Certificates 3.50% 20/12/2049 4,209,398 4,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 20/08/2050 4,209,375 4,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/09/2050 4,202,969 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 4,195,938 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 4,181,406 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 4,179,766 3,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/01/2051 3,161,016 2,999,998 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/05/2050 3,149,803 3,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/05/2040 3,136,211 2,999,997 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/09/2040 3,130,524

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

Putnam World Trust 211

Putnam U.S. Large Cap Growth Fund

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

No. of Shares/ Principal Amount Cost USD 10,719 Microsoft Corporation 2,273,771 3,055 Tesla Incorporated 2,014,675 11,587 QUALCOMM Incorporated 1,729,252 5,556 Apple Incorporated 1,257,993 4,368 Facebook Incorporated 1,215,941 USD 1,200,000 United States Treasury Bill 22/12/2020 1,199,759 365 Amazon.com Incorporated 1,180,047 14,065 Advanced Micro Devices Incorporated 1,167,024 2,213 ServiceNow Incorporated 1,088,850 6,333 Eli Lilly and Company 987,116 USD 950,000 United States Treasury Bill 02/02/2021 949,820 15,066 TJX Companies Incorporated 925,876 462 Booking Holdings Incorporated 911,930 6,375 T-Mobile US Incorporated 831,071 6,171 Avalara Incorporated 825,181 4,806 Sea Limited (Cayman Islands) 789,731 1,294 TransDigm Group Incorporated 751,000 8,621 Taiwan Semiconductor Manufacturing Company Limited (Taiwan) 720,057 2,114 Mastercard Incorporated 718,208 3,290 FedEx Corporation 712,371 USD 700,000 United States Treasury Bill 05/11/2020 699,861 3,133 Boeing Company 685,925 417 Alphabet Incorporated 654,172 14,740 DraftKings Incorporated 622,211 15,614 Dynatrace Incorporated 620,455 2,498 Visa Incorporated 511,216 2,936 Walt Disney Company 510,035 1,019 Adobe Incorporated 488,445 2,057 Vertex Pharmaceuticals Incorporated 479,698 1,338 UnitedHealth Group Incorporated 432,843 3,054 Airbnb Incorporated 414,155 2,084 PayPal Holdings Incorporated 408,192 1,590 Snowflake Incorporated 382,358 1,169 Northrop Grumman Corporation 375,749 940 DexCom Incorporated 365,541

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

212 Putnam World Trust

Putnam U.S. Large Cap Growth Fund cont.

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative sales in excess of 1% of total sales

No. of Shares/ Principal Amount Proceeds USD 9,817 Microsoft Corporation 2,096,100 13,723 Apple Incorporated 2,066,828 10,346 Fidelity National Information Services Incorporated 1,502,965 450 Amazon.com Incorporated 1,448,479 6,168 salesforce.com Incorporated 1,417,484 660 Booking Holdings Incorporated 1,184,890 7,046 Texas Instruments Incorporated 1,050,788 2,025 NVIDIA Corporation 1,017,746 USD 1,000,000 United States Treasury Bill 22/12/2020 999,916 4,870 PayPal Holdings Incorporated 988,856 2,332 IDEXX Laboratories Incorporated 985,360 4,576 Danaher Corporation 982,126 1,648 Regeneron Pharmaceuticals Incorporated 913,656 497 Alphabet Incorporated 853,405 2,913 Facebook Incorporated 812,873 3,604 Visa Incorporated 736,828 3,972 Union Pacific Corporation 735,679 2,524 RingCentral Incorporated 707,263 13,819 Edenred (France) 678,908 2,826 Linde PLC (Ireland) 663,286 1,579 Roper Technologies Incorporated 655,112 USD 650,000 United States Treasury Bill 02/02/2021 649,924 1,238 ServiceNow Incorporated 638,328 2,258 Home Depot Incorporated 621,121 1,843 UnitedHealth Group Incorporated 595,081 4,943 Everbridge Incorporated 591,122 2,454 American Tower Corporation 588,470 886 Tesla Incorporated 570,502 1,104 TransDigm Group Incorporated 538,585 2,371 DocuSign Incorporated 505,000 4,964 Waste Connections Incorporated (Canada) 500,194 1,476 Mastercard Incorporated 496,869 1,832 Vertex Pharmaceuticals Incorporated 471,138 2,667 Dassault Systemes SE (France) 461,630 2,035 Estee Lauder Companies Incorporated 459,536 757 Lonza Group AG (Switzerland) 454,874 933 Adobe Incorporated 447,428 690 Charter Communications Incorporated 443,533 1,564 FedEx Corporation 428,907 1,590 Snowflake Incorporated 402,829 4,800 Merck & Company Incorporated 402,460 3,164 NIKE Incorporated 401,997 1,127 S&P Global Incorporated 392,629

* In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

Putnam World Trust 213

Putnam Ultra Short Duration Income Fund

Schedule of Portfolio Changes* cont. for the financial period ended 31 December 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 85,450,000 United States Treasury Bill 15/10/2020 85,449,218 74,900,000 United States Treasury Bill 22/10/2020 74,898,794 62,650,000 United States Treasury Bill 05/11/2020 62,648,702 51,425,000 United States Treasury Bill 06/10/2020 51,424,530 49,250,000 United States Treasury Bill 03/11/2020 49,248,720 47,875,000 United States Treasury Bill 20/08/2020 47,874,934 43,200,000 United States Treasury Bill 10/11/2020 43,199,538 40,000,000 United States Treasury Bill 01/10/2020 39,999,467 40,000,000 United States Treasury Bill 13/10/2020 39,999,339 33,350,000 United States Treasury Bill 14/07/2020 33,349,537 33,150,000 Federal Home Loan Bank Discount Notes 15/07/2020 33,149,936 32,920,000 United States Treasury Bill 19/11/2020 32,919,354 32,750,000 United States Treasury Bill 09/07/2020 32,749,832 23,925,000 Federal Home Loan Bank Discount Notes 22/07/2020 23,924,953 20,000,000 United States Treasury Bill 12/01/2021 19,999,326 19,925,000 United States Treasury Bill 27/10/2020 19,924,967 19,400,000 United States Treasury Bill 13/08/2020 19,399,957 17,400,000 United States Treasury Bill 24/11/2020 17,399,700 16,773,000 United States Treasury Bill 17/11/2020 16,772,825 14,375,000 United States Treasury Bill 29/12/2020 14,374,964

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 4,500,000 Viatris Incorporated 14/01/2021 4,498,290 3,250,000 Intercontinental Exchange Incorporated 29/09/2020 3,249,122 3,150,000 American Honda Finance Corporation 04/11/2020 3,147,719 2,500,000 JPMorgan Chase & Company 3.25% 23/09/2022 2,633,250 2,070,000 Georgia-Pacific LLC 0.63% 15/05/2024 2,071,739 2,000,000 Albemarle Corporation 21/01/2021 1,998,411 1,980,000 International Business Machines Corporation 0.62% 13/05/2021 1,984,187 1,978,000 Toronto-Dominion Bank (Canada) 0.65% 11/06/2021 1,983,776 1,490,000 Mondelez International Incorporated 2.13% 13/04/2023 1,544,743 1,500,000 Honeywell International Incorporated 0.48% 19/08/2022 1,502,115 1,440,000 VF Corporation 2.05% 23/04/2022 1,471,972 1,408,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 1.36% 19/10/2021 1,420,123 1,400,000 BPCE SA (France) 0.53% 14/01/2022 1,401,638 1,321,000 New York Life Global Funding 0.40% 21/10/2023 1,323,589 1,050,000 Toyota Motor Credit Corporation 0.35% 14/10/2022 1,050,609 1,034,000 Nestle Holdings Incorporated 0.38% 15/01/2024 1,031,229 1,000,000 Albemarle Corporation 22/01/2021 999,181 898,000 Pacific Gas and Electric Company 1.75% 16/06/2022 900,146 847,000 Metropolitan Life Global Funding I 0.68% 07/09/2020 847,601 823,000 UBS AG (Switzerland) 0.83% 01/12/2020 823,148 689,000 Xcel Energy Incorporated 0.50% 15/10/2023 689,537 581,000 Phillips 66 0.83% 26/02/2021 581,052 570,000 Chevron Corporation 1.14% 11/05/2023 580,280 559,000 Citigroup Incorporated 1.62% 30/03/2021 561,029 492,000 Bank of America Corporation 1.64% 19/04/2021 495,095 446,000 IBM Credit LLC 0.48% 20/01/2021 446,311 * In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales.

214 Putnam World Trust

Securities Financing Transactions Regulation

Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements, introduces new disclosure requirements in the Trust’s financial statements published after 13 January 2017 detailing the Funds’ use of securities financing transactions (“SFTs”) and/or total return swaps (“TRSs”). As a result, additional disclosures have been included in this Appendix.

Putnam Fixed Income Global Alpha Fund Repurchase Agreements Total Return Swaps*

Below is the value of assets engaged in securities financing transactions and total return swaps at 31 December 2020 as disclosed in the Fund’s Schedule of Investments Unrealised Appreciation Value /(Depreciation) USD USD 7,478,000 32,655 % of Fund 4.37% 0.02%

Listed below are the Counterparties used for each type of SFT & TRS at 31 December 2020 USD USD Counterparty Name Barclays Capital Incorporated Barclays Bank PLC Value of outstanding transactions 7,478,000 9,552 Country of Establishment United Kingdom United Kingdom

Counterparty Name - Citibank, N.A. Value of outstanding transactions - 2,105 Country of Establishment - United States

Counterparty Name - Credit Suisse International Value of outstanding transactions - 88 Country of Establishment - Switzerland

Counterparty Name - Goldman Sachs International Value of outstanding transactions - (26,722) Country of Establishment - United States

Counterparty Name - JPMorgan Chase Bank N.A. Value of outstanding transactions - 62,875 Country of Establishment - United States

Counterparty Name - JPMorgan Securities LLC Value of outstanding transactions - 2,563 Country of Establishment - United States

Counterparty Name - State Street Custodial Services (Ireland) Limited Value of outstanding transactions - (17,806) Country of Establishment - Ireland

Putnam World Trust 215

Securities Financing Transactions Regulation cont.

Putnam Fixed Income Global Alpha Fund cont. Repurchase Agreements Total Return Swaps*

Settlement/clearing for each type of SFT & TRS Bi-Lateral Bi-Lateral

Maturity tenor of the SFTs & TRSs USD USD Less than 1 day 7,478,000 - 1 week to 1 month - 62,773 Greater than 1 year - (30,118)

Type, Quality and Currency of Collateral received USD USD Bonds 7,629,823 655,408 Cash and Cash Equivalents - 1,770,000

Quality: USD USD AAA 7,629,823 655,408 Cash and Cash Equivalents - 1,770,000

Type, Quality and Currency of Collateral pledged USD USD Bonds - (346,965) Cash and Cash Equivalents - (1,377,623)

Quality: USD USD AAA - (346,965) Cash and Cash Equivalents - (1,377,623)

Maturity tenor of the Collateral received USD USD 3 months to 1 year - 211,936 Greater than 1 year 7,629,823 443,472 Open maturity - 1,770,000

Maturity tenor of the Collateral pledged USD USD 1 to 3 months - (346,965) Open Maturity - (1,377,623)

Largest Collateral Issuers for received collateral USD USD State Street Institutional U.S. Government Money Market Collateral Issuer U.S. Treasury Bond 15/02/2046 Fund, Premier Class 0.03% Volume of collateral received 7,629,823 1,770,000

Collateral Issuer - United States Treasury Note/Bond 30/11/2022 Volume of collateral received - 327,822

Collateral Issuer - United States Treasury Bill 06/05/2021 Volume of collateral received - 211,936

Collateral Issuer - United States Treasury Note/Bond 15/05/2047 Volume of collateral received - 115,650

216 Putnam World Trust

Securities Financing Transactions Regulation cont.

Putnam Fixed Income Global Alpha Fund cont. Repurchase Agreements Total Return Swaps*

Largest Collateral Issuers for pledged collateral

USD USD State Street Institutional U.S. Government Money Market Collateral Issuer - Fund, Premier Class 0.03% Volume of collateral pledged - (1,377,623)

Collateral Issuer - United States Treasury Bill 02/02/2021 Volume of collateral pledged - (346,965)

Safe-keeping of Collateral received

Detailed in the table below are the number and names of the depositaries/counterparties who are responsible for the safe-keeping of the collateral received in relation to the SFTs and TRSs held on the Fund. Number of Depositaries/Counterparties One Six

Depositary/Counterparty State Street Custodial Services (Ireland) Limited Morgan Stanley USD USD Value of Collateral received 7,629,823 810,000 % of Total Collateral received 100.00% 33.40%

Counterparty - Bank of America USD USD Value of Collateral received - 655,408 % of Total Collateral received - 27.02%

Counterparty - Credit Suisse USD USD Value of Collateral received - 400,000 % of Total Collateral received - 16.49%

Counterparty - Goldman Sachs USD USD Value of Collateral received - 270,000 % of Total Collateral received - 11.13%

Counterparty - JP Morgan Securities Inc. USD USD Value of Collateral received - 180,000 % of Total Collateral received - 7.42%

Counterparty - HSBC USD USD Value of Collateral received - 110,000 % of Total Collateral received - 4.54%

Putnam World Trust 217

Securities Financing Transactions Regulation cont.

Putnam Fixed Income Global Alpha Fund cont. Repurchase Agreements Total Return Swaps*

Safe-keeping of Collateral pledged

Included in the table below are details of the safe-keeping of the collateral pledged from the Fund to the relevant counterparties in relation to the TRSs held on the Fund. Number of Counterparties - Two

Counterparty - Barclays Bank PLC USD USD Value of Collateral pledged to Counterparty - (1,377,623) % of Total Collateral pledged - 79.88%

Counterparty - JP Morgan Chase USD USD Value of Collateral pledged to Counterparty - (346,965) % of Total Collateral pledged - 20.12%

Returns and costs of the SFTs and TRSs USD USD Income received 2,632 - Gains/Losses - (802,752) Net returns 2,632 (802,752)

*Collateral pledged and received amounts disclosed in the above table may also include collateral pertaining to credit default contracts and interest rate swaps held on the Fund, in addition to total return swaps. Collateral amounts pertains solely to total return swaps cannot be practically or reasonably identified and separated from collateral pertaining to other swap instruments held on the Fund.

218 Putnam World Trust

Securities Financing Transactions Regulation cont.

Putnam Global High Yield Bond Fund Repurchase Agreements

Below is the value of assets engaged in securities financing transactions at 31 December 2020 as disclosed in the Fund's Schedule of Investments Value USD 2,650,000 % of Fund 0.91%

Listed below are the Counterparties used for each type of SFT at 31 December 2020 USD Counterparty Name Barclays Capital Incorporated Value of outstanding transactions 2,650,000 Country of Establishment United Kingdom

Settlement/clearing for each type of SFT Bi-Lateral

Maturity tenor of the SFTs USD Less than 1 day 2,650,000

Type, Quality and Currency of Collateral received USD Bonds 2,703,802

Quality: USD AAA 2,703,802

Maturity tenor of the Collateral received USD Greater than 1 year 2,703,802

Largest Collateral Issuers for received collateral

USD Collateral Issuer U.S. Treasury Bond 15/02/2046 Volume of collateral received 2,703,802

Safe-keeping of Collateral received

Detailed in the table below are the number and names of the depositaries who are responsible for the safe-keeping of the collateral received in relation to each of the SFTs held on the Fund. Number of Depositaries One Depositary State Street Custodial Services (Ireland) Limited USD Value of Collateral received 2,703,802 % of Total Collateral received 100.00%

Returns and costs of the SFTs USD Income received 1,506 Gains/Losses - Net returns 1,506

Putnam World Trust 219

Securities Financing Transactions Regulation cont.

Putnam Multi-Asset Absolute Return Fund Repurchase Agreements Total Return Swaps*

Below is the value of assets engaged in securities financing transactions and total return swaps at 31 December 2020 as disclosed in the Fund's Schedule of Investments Unrealised Value Appreciation/(Depreciation) USD USD 46,204,000 1,500,733 % of Fund 13.65% 0.44%

Listed below are the Counterparties used for each type of SFT & TRS at 31 December 2020 USD USD Counterparty Name Barclays Capital Incorporated Bank of America, N.A. Value of outstanding transactions 26,299,000 (591,328) Country of Establishment United Kingdom United States

Counterparty Name BofA Securities Incorporated Citibank, N.A. Value of outstanding transactions 19,905,000 1,362,034 Country of Establishment United States United States

Counterparty Name - Credit Suisse International Value of outstanding transactions - (1,151,841) Country of Establishment - Switzerland

Counterparty Name - Goldman Sachs International Value of outstanding transactions - 1,692,527 Country of Establishment - United States

Counterparty Name - JPMorgan Chase Bank N.A. Value of outstanding transactions - 1,441,934 Country of Establishment - United States

Counterparty Name - JPMorgan Securities LLC Value of outstanding transactions - 5,901 Country of Establishment - United States

Counterparty Name - UBS AG Value of outstanding transactions - (1,258,494) Country of Establishment - Switzerland

Settlement/clearing for each type of SFT & TRS Bi-Lateral Bi-Lateral

Maturity tenor of the SFTs & TRSs USD USD Less than 1 day 46,204,000 - 1 to 3 months - 667,598 3 months to 1 year - 1,369,148 Greater than 1 year - (536,013)

220 Putnam World Trust

Securities Financing Transactions Regulation cont.

Putnam Multi-Asset Absolute Return Fund cont. Repurchase Agreements Total Return Swaps*

Type, Quality and Currency of Collateral received USD USD Bonds 47,137,188 1,524,541 Cash and Cash Equivalents - 8,104,000

Quality: USD USD AAA 47,137,188 1,524,541 Cash and Cash Equivalents - 8,104,000

Type, Quality and Currency of Collateral pledged USD USD Bonds - (5,890,912) Cash and Cash Equivalents - (2,510,217)

Quality: USD USD AAA - (5,890,912) Cash and Cash Equivalents - (2,510,217)

Maturity tenor of the Collateral received USD USD 1 to 3 months - 311,637 3 months to 1 year - 513,846 Greater than 1 year 47,137,188 699,058 Open Maturity - 8,104,000

Maturity tenor of the Collateral pledged USD USD 1 week to 1 month - (203,000) 1 to 3 months - (484,952) 3 months to 1 year - (5,202,960) Open Maturity - (2,510,217)

Largest Collateral Issuers for received collateral USD USD State Street Institutional U.S. Government Money Market Collateral Issuer U.S. Treasury Bond 15/02/2046 Fund, Premier Class 0.03% Volume of Collateral received 26,832,938 8,104,000

Collateral Issuer U.S. Treasury Bond 31/12/2027 United States Treasury Note/Bond 31/10/2024 Volume of Collateral received 20,304,250 699,058

Collateral Issuer - United States Treasury Bill 20/05/2021 Volume of Collateral received - 332,900

Putnam World Trust 221

Securities Financing Transactions Regulation cont.

Putnam Multi-Asset Absolute Return Fund cont. Repurchase Agreements Total Return Swaps*

Largest Collateral Issuers for received collateral cont. USD USD Collateral Issuer - United States Treasury Note/Bond 28/02/2021 Volume of Collateral received - 311,637

Collateral Issuer - United States Treasury Bill 22/04/2021 Volume of Collateral received - 180,946

Largest Collateral Issuers for pledged collateral USD USD Collateral Issuer - United States Treasury Bill 15/04/2021 Volume of collateral pledged - (4,752,050)

State Street Institutional U.S. Government Money Market Collateral Issuer - Fund, Premier Class 0.03% Volume of collateral pledged - (2,510,217)

Collateral Issuer - United States Treasury Bill 08/04/2021 Volume of collateral pledged - (450,910)

Collateral Issuer - United States Treasury Bill 02/02/2021 Volume of collateral pledged - (247,975)

Collateral Issuer - United States Treasury Bill 19/01/2021 Volume of collateral pledged - (193,000)

Collateral Issuer - United States Cash Management Bill 09/03/2021 Volume of collateral pledged - (122,988)

Collateral Issuer - United States Treasury Bill 16/02/2021 Volume of collateral pledged - (103,990)

Collateral Issuer - United States Treasury Bill 26/01/2021 Volume of collateral pledged - (10,000)

Collateral Issuer - United States Treasury Bill 25/02/2021 Volume of collateral pledged - (9,999)

Safe-keeping of Collateral received

Detailed in the table below are the number and names of the depositaries/counterparties who are responsible for the safe-keeping of the collateral received in relation to the SFTs and TRSs held on the Fund. Number of Depositaries/Counterparties One Seven

Depositary/Counterparty State Street Custodial Services (Ireland) Limited JP Morgan Chase USD USD Value of Collateral received 47,137,188 2,723,000 % of Total Collateral received 100.00% 28.28%

Counterparty - Goldman Sachs USD USD Value of Collateral received - 2,438,000 % of Total Collateral received - 25.32%

222 Putnam World Trust

Securities Financing Transactions Regulation cont.

Putnam Multi-Asset Absolute Return Fund cont. Repurchase Agreements Total Return Swaps*

Safe-keeping of Collateral received cont.

Counterparty - Citibank USD USD Value of Collateral received - 2,053,000 % of Total Collateral received - 21.32%

Counterparty - HSBC USD USD Value of Collateral received - 890,000 % of Total Collateral received - 9.24%

Counterparty - Westpac USD USD Value of Collateral received - 699,058 % of Total Collateral received - 7.26%

Counterparty - Bank of America USD USD Value of Collateral received - 492,583 % of Total Collateral received - 5.12%

Counterparty - Barclays Bank PLC USD USD Value of Collateral received - 332,900 % of Total Collateral received - 3.46%

Safe-keeping of Collateral pledged

Included in the table below are details of the safe-keeping of the collateral pledged from the Fund to the relevant counterparties in relation to the TRSs held on the Fund. Number of Counterparties - Eight

Counterparty - Barclays Bank PLC USD USD Value of Collateral pledged to Counterparty - (2,510,217) % of Total Collateral pledged - 29.88%

Counterparty - JP Morgan Securities Inc USD USD Value of Collateral pledged to Counterparty - (1,761,674) % of Total Collateral pledged - 20.97%

Counterparty - State Street Bank USD USD Value of Collateral pledged to Counterparty - (1,342,757) % of Total Collateral pledged - 15.98%

Putnam World Trust 223

Securities Financing Transactions Regulation cont.

Putnam Multi-Asset Absolute Return Fund cont. Repurchase Agreements Total Return Swaps*

Safe-keeping of Collateral pledged cont.

Counterparty - UBS USD USD Value of Collateral pledged to Counterparty - (1,168,777) % of Total Collateral pledged - 13.91%

Counterparty - Credit Suisse USD USD Value of Collateral pledged to Counterparty - (1,071,785) % of Total Collateral pledged - 12.76%

Counterparty - Citigroup Global Markets Inc USD USD Value of Collateral pledged to Counterparty - (373,950) % of Total Collateral pledged - 4.45%

Counterparty - Natwest Markets PLC USD USD Value of Collateral pledged to Counterparty - (170,969) % of Total Collateral pledged - 2.04%

Counterparty - Toronto-Dominion Bank USD USD Value of Collateral pledged to Counterparty - (1,000) % of Total Collateral pledged - 0.01%

Returns and costs of the SFTs and TRSs USD USD Income received 12,257 - Gains/Losses - (19,980,160) Net returns 12,257 (19,980,160)

*Collateral pledged and received amounts disclosed in the above table may also include collateral pertaining to credit default contracts and interest rate swaps held on the Fund, in addition to total return swaps. Collateral amounts pertains solely to total return swaps cannot be practically or reasonably identified and separated from collateral pertaining to other swap instruments held on the Fund.

224 Putnam World Trust

Securities Financing Transactions Regulation cont.

Putnam Securitised Credit Fund Repurchase Agreements

Below is the value of assets engaged in securities financing transactions at 31 December 2020 as disclosed in the Fund's Schedule of Investments Value USD 8,142,000 % of Fund 2.16%

Listed below are the Counterparties used for each type of SFT at 31 December 2020 USD Counterparty Name Barclays Capital Incorporated Value of outstanding transactions 8,142,000 Country of Establishment United Kingdom

Settlement/clearing for each type of SFT Bi-Lateral

Maturity tenor of the SFTs USD Less than 1 day 8,142,000

Type, Quality and Currency of Collateral received USD Bonds 8,307,304

Quality: USD AAA 8,307,304

Maturity tenor of the Collateral received USD Greater than 1 year 8,307,304

Largest Collateral Issuers for received collateral USD Collateral Issuer U.S. Treasury Bond 15/02/2046 Volume of Collateral received 8,307,304

Safe-keeping of Collateral received

Detailed in the table below are the number and names of the depositaries who are responsible for the safe-keeping of the collateral received in relation to each of the SFTs held on the Fund. Number of Depositaries One

Depositary State Street Custodial Services (Ireland) Limited USD Value of Collateral received 8,307,304 % of Total Collateral received 100.00%

Returns and costs of the SFTs USD Income received 4,826 Gains/Losses - Net returns 4,826

Putnam World Trust 225

Securities Financing Transactions Regulation cont.

Putnam Total Return Fund Repurchase Agreements Total Return Swaps*

Below is the value of assets engaged in securities financing transactions and total return swaps at 31 December 2020 as disclosed in the Fund's Schedule of Investments Unrealised Appreciation Value /(Depreciation) USD USD 5,431,000 (253,148) % of Fund 6.76% (0.32%)

Listed below are the Counterparties used for SFT & TRS at 31 December 2020 USD USD Counterparty Name Barclays Capital Incorporated Bank of America, N.A. Value of outstanding transactions 5,431,000 (4,819) Country of Establishment United Kingdom United States

Counterparty Name - Barclays Bank PLC Value of outstanding transactions - (232) Country of Establishment - United Kingdom

Counterparty Name - Citibank, N.A. Value of outstanding transactions - (264,285) Country of Establishment - United States

Counterparty Name - Credit Suisse International Value of outstanding transactions - 173 Country of Establishment - Switzerland

Counterparty Name - Goldman Sachs International Value of outstanding transactions - 15,767 Country of Establishment - United States

Counterparty Name - JPMorgan Securities LLC Value of outstanding transactions - 248 Country of Establishment - United States

Settlement/clearing for each type of SFT & TRS: Bi-Lateral Bi-Lateral

Maturity tenor of the SFTs & TRSs USD USD Less than 1 day 5,431,000 - 3 months to 1 year - (264,285) Greater than 1 year - 11,137

Type, Quality and Currency of Collateral received USD USD Bonds 5,541,263 368,065 Cash and Cash Equivalents - 810,000

Quality: USD USD AAA 5,541,263 368,065 Cash and Cash Equivalents - 810,000

226 Putnam World Trust

Securities Financing Transactions Regulation cont.

Putnam Total Return Fund cont. Repurchase Agreements Total Return Swaps*

Type, Quality and Currency of Collateral pledged USD USD Bonds - (231,958) Cash and Cash Equivalents - (572,975)

Quality: USD USD AAA - (231,958) Cash and Cash Equivalents - (572,975)

Maturity tenor of the Collateral received USD USD Greater than 1 year 5,541,263 368,065 Open Maturity - 810,000

Maturity tenor of the Collateral pledged USD USD 1 to 3 months - (231,958) Open Maturity - (572,975)

Largest Collateral Issuers for received collateral USD USD State Street Institutional U.S. Government Money Market Collateral Issuer U.S. Treasury Bond 15/02/2046 Fund, Premier Class 0.03% Volume of collateral received 5,541,263 810,000

Collateral Issuer - United States. Treasury Note/Bond 31/12/2022 Volume of collateral received - 202,755

Collateral Issuer - United States Treasury Note/Bond 31/10/2024 Volume of collateral received - 165,310

Largest Collateral Issuers for pledged collateral USD USD State Street Institutional U.S. Government Money Market Collateral Issuer - Fund, Premier Class 0.03% Volume of collateral pledged - (572,975)

Collateral Issuer - United States. Treasury Note/Bond 25/03/2021 Volume of collateral received - (190,962)

Collateral Issuer - United States Treasury Note/Bond 23/02/2021 Volume of collateral received - (40,996)

Putnam World Trust 227

Securities Financing Transactions Regulation cont.

Putnam Total Return Fund cont. Repurchase Agreements Total Return Swaps*

Safe-keeping of Collateral received

Detailed in the table below are the number and names of the depositaries/counterparties who are responsible for the safe-keeping of the collateral received in relation to the SFTs and TRSs held on the Fund. Number of Depositaries/Counterparties One Six

Depositary/Counterparty State Street Custodial Services (Ireland) Limited HSBC USD USD Value of Collateral received to Counterparty 5,541,263 300,000 % of Total Collateral received 100.00% 25.47%

Counterparty - JPMorgan Chase Bank N.A. USD USD Value of Collateral received to Counterparty - 220,000 % of Total Collateral received - 18.67%

Counterparty - Bank of America USD USD Value of Collateral received to Counterparty - 202,755 % of Total Collateral received - 17.21%

Counterparty - Westpac USD USD Value of Collateral received to Counterparty - 165,310 % of Total Collateral received - 14.03%

Counterparty - Goldman Sachs USD USD Value of Collateral received to Counterparty - 160,000 % of Total Collateral received - 13.58%

Counterparty - UBS USD USD Value of Collateral received to Counterparty - 130,000 % of Total Collateral received - 11.04%

228 Putnam World Trust

Securities Financing Transactions Regulation cont.

Putnam Total Return Fund cont. Repurchase Agreements Total Return Swaps*

Safe-keeping of Collateral pledged

Included in the table below are details of the safe-keeping of the collateral pledged from the Fund to the relevant counterparties in relation to the TRSs held on the Fund. Number of Counterparties - Two

Counterparty - Barclays Bank PLC USD USD Value of Collateral pledged to Counterparty - (572,975) % of Total Collateral pledged - 71.18%

Counterparty - NatWest Markets PLC USD USD Value of Collateral pledged to Counterparty - (231,958) % of Total Collateral pledged - 28.82%

Returns and costs of the SFTs and TRSs USD USD Income received 3,600 - Gains/Losses - (1,949,554) Net returns 3,600 (1,949,554)

*Collateral pledged and received amounts disclosed in the above table may also include collateral pertaining to credit default contracts and interest rate swaps held on the Fund, in addition to total return swaps. Collateral amounts pertains solely to total return swaps cannot be practically or reasonably identified and separated from collateral pertaining to other swap instruments held on the Fund.

Putnam World Trust 229

Securities Financing Transactions Regulation cont.

Putnam U.S. Large Cap Growth Fund Repurchase Agreements

Below is the value of assets engaged in securities financing transactions at 31 December 2020 as disclosed in the Fund's Schedule of Investments Value USD 2,272,000 % of Fund 2.41%

Listed below are the Counterparties used for each type of SFT at 31 December 2020 USD BofA Securities Incorporated Counterparty Name

2,272,000 Value of outstanding transactions United States Country of Establishment

Settlement/clearing for each type of SFT

Bi-Lateral

Maturity tenor of the SFTs USD Less than 1 day 2,272,000

Type, Quality and Currency of Collateral received

USD Bond 2,317,571

Quality: USD

AAA 2,317,571

Maturity tenor of the Collateral received USD Greater than 1 year 2,317,571

Largest Collateral Issuers for received collateral USD Collateral Issuer U.S. Treasury Bond 31/12/2027 Volume of collateral received 2,317,571

Safe-keeping of Collateral received

Detailed in the table below are the number and names of the depositaries who are responsible for the safe-keeping of the collateral received in relation to each of the SFTs held on the Fund. Number of Depositaries One

Depositary State Street Custodial Services (Ireland) Limited USD Value of Collateral received 2,317,571 % of Total Collateral received 100.00%

Returns and costs of the SFTs USD Income received 494 Gains/Losses - Net returns 494

230 Putnam World Trust

Important Information for Investors in Germany

1. J.P. Morgan AG, Taunus Turm, Taunustor 1, 60310 Frankfurt, 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) Prospectus; (b) Most recent Key Investor Information Documents; (c) Semi-Annual and Annual Reports; (d) Trust Deed pursuant to which the Depositary acts as depository to the Trust and its Funds; (e) Investment Advisory Agreement 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 pursuant to which the Administrator will act as administrator to the Trust and as transfer agent to the Putnam Fixed Income Global Alpha Fund; (g) Transfer Agency Agreement pursuant to which the Transfer Agent was appointed to act as transfer agent to the relevant Funds of the Trust; and with the exception of Fixed Income Global Alpha Fund; and. (h) Distribution Agreement 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 Unitholders 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. 6. The Funds will not invest in other collective investment schemes unless they meet the requirements of section 26, number 1 to 7 of the German Investment Tax Act (GITA).

Putnam World Trust 231

Remuneration disclosure

Summary of the Remuneration Policy of Putnam Investments (Ireland) Limited In line with the requirements of Directive 2009/65/EC, as amended by Directive 2014/91/EU (the “UCITS Directive”), effective as of 18 March, 2016, Putnam Investments (Ireland) Limited (the “Company”), which is also the Manager of the Trust, has a remuneration policy in place, which includes the relevant principles governing how the Company remunerates its members of staff and recognised “Identified Staff”.

As outlined in the remuneration policy, the remuneration arrangements of the Company have been designed in a manner that (i) are consistent with and promote sound and effective risk management, (ii) do not encourage risk-taking that is inconsistent with the risk profile of the Funds of the Trust, and (iii) do not impair compliance with the Company’s duty to act in the best interests of the Unitholders of the Funds.

Identified Staff As at the date of the Company’s remuneration policy, the “Identified Staff” of the Company are the Board of Directors and the Designated Persons performing the designated functions for the Company.

Remuneration paid Certain members of the Board of Directors of the Company receive an annual fixed directorship fee and such Board members do not receive performance-based remuneration therefore avoiding a potential conflict of interest. The fixed fee of an independent Board member is set at a level that is on par with the rest of the market and reflects the qualifications and contribution required in view of the nature, scope and complexity of the Company’s activities, the extent of the responsibilities and the number of board meetings. No pension contributions are payable on Board members’ fees.

Each of the other members of the Board, being the executive Board members, does not receive any directorship fee in respect of the Company given their association with the Putnam group.

Disapplication of certain principles The Company does not pay any variable remuneration to any of its “Identified Staff”. Accordingly, the Board of Directors is satisfied that the principles in respect of variable remuneration (i.e., the pay out process requirements of payment of variable remuneration in instruments, retention, deferral and ex post incorporation of risk for variable remuneration) as outlined in the UCITS Directive are not applicable to the Company. For the same reason, the Company has not established a remuneration committee.

ESMA Guidelines on Remuneration On 31 March 2016, the European Securities and Markets Authority (“ESMA”) published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD (the “ESMA Guidelines”). The ESMA Guidelines provide clarity on the requirements under the UCITS Directive for management companies when establishing and implementing a remuneration policy for certain staff. The ESMA Guidelines apply from 1 January, 2017. Accordingly, the remuneration policy is reviewed and updated where necessary.

Approval and up to date information The remuneration policy has been adopted and will be reviewed on an annual basis by the non-executive members of the Board of Directors of the Company in their supervisory function, and any revisions to the remuneration policy require approval of such members. A paper copy of the remuneration policy will be made available free of charge upon request from the registered office of the Company, 1 North Wall Quay, Dublin 1, Ireland.

232 Putnam World Trust

Organisation

Manager: Legal Advisors: Putnam Investments (Ireland) Limited® Dechert Second Floor Registered Office of the Manager: 5 Earlsfort Terrace Citibank Europe plc Dublin 2 1 North Wall Quay D02 CK83 Dublin 1 Ireland Ireland Paying and Information Agent in Austria: Directors of the Manager: Erste Bank der Oesterreichischen Sparkassen AG David Dillon (Ireland) (non-Executive Director) Graben 21 F. Peter Ferrelli (U.S.) A-1010 Wien Susan G. Malloy (U.S.) Austria Stephen J. Tate (U.S.) Wyndham Williams (Ireland) (Independent non-Executive Director) Paying and Information Agent in Germany*: J.P. Morgan AG Investment Advisor: Taunus Turm The Putnam Advisory Company, LLC Taunustor 1 100 Federal Street 60310 Frankfurt Boston, Massachusetts 02110 Germany United States of America Paying and Information Agent in Sweden: Sub-Investment Advisor SKANDINAVISKA ENSKILDA BANKEN AB Putnam Investments Limited SEB Merchant Banking 16 St. James's Street Securities Services London SW1A 1ER Global Funds, RA6 United Kingdom Rissenleden 110 SE-106 40 Stockholm Depositary: Sweden State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Representative and Paying Agent in Switzerland*: Dublin 2 BNP Paribas Securities Services, Paris, Succursale de Ireland Zurich Selnaustrasse 16 Administrator: CH-8002 Zurich State Street Fund Services (Ireland) Limited Switzerland 78 Sir John Rogerson’s Quay Dublin 2 Ireland

Transfer Agent: Citibank Europe plc 1 North Wall Quay Dublin 1 Ireland

State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

Independent Auditors: PricewaterhouseCoopers Chartered Accountants and Registered Auditors Leggettsrath Business Park Dublin Road Kilkenny 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 depositary or paying agents, at the paying and information agent in Germany, and at the Representative and Paying Agent in Switzerland.

Putnam World Trust 233

This page left blank intentionally

Putnam Investments (Ireland) Limited® Putnam Investments Limited® Putnam Investments Limited® 1 North Wall Quay 16 St. James’s Street Niederlassung Deutschland Dublin 1 London SW1A IER Siemensstrasse 8 Ireland United Kingdom D-63263 Neu-Isenburg Germany Authorised and regulated by the Tel: +44 (0)20-7907-8200 Central Bank of Ireland. Tel: +49 (0)6102 56059-00 Authorised and regulated by the Financial Conduct For activities carried out in Germany, the German Authority. branch of Putnam Investments Limited holds a permit as a financial investment broker in accordance with Sec.34f para. 1 sentence 1 no. 1 of the German Trade Ordinance and is registered under registration number D-F-16077N8-19 in the publicly available broker register.

The website is not intended for use by investors in certain jurisdictions. Please refer to the Prospectus. putnam.com/ucits EU030 324229 02/2021