Putnam World Trust

Annual report 30 | 06 | 20

Annual report and audited fi nancial statements for the fi nancial year ended 30 June 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 192

Investment Objectives 3 Schedule of Portfolio Changes (unaudited) Putnam European High Yield Fund 246 Policies 5 Putnam Fixed Income Global Alpha Fund 249 Manager’s Report 7 Putnam Global High Yield Bond Fund 251 Total Expense Ratio (“TER”) (unaudited) 17 Putnam Multi-Asset Absolute Return Fund 253 Statement of Manager’s Responsibilities 18 Putnam Securitised Credit Fund 255 Putnam Total Return Fund 257 Report of the Depository to the Unitholders 19 Putnam U.S. Large Cap Growth Fund 259 Independent Auditors’ Report 20 Putnam Ultra Short Duration Income Fund 261 Schedule of Investments Securities Financing Transactions Regulation Putnam European High Yield Fund 23 (unaudited) 263 Putnam Fixed Income Global Alpha Fund 27 Important Information for Investors in Germany Putnam Global High Yield Bond Fund 68 (unaudited) 282 Putnam Multi-Asset Absolute Return Fund 86 Remuneration Disclosure (unaudited) 283 Putnam Securitised Credit Fund 109 Organisation 284 Putnam Total Return Fund 123 Putnam U.S. Large Cap Growth Fund 158 Putnam Ultra Short Duration Income Fund 161

Statement of Comprehensive Income 173

Statement of Financial Position 181

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 189

Statement of Changes in Equity 191

This Report includes, inter alia , information in relation to Putnam European High Yield Fund, Putnam Securitised Credit Fund and Putnam Ultra Short Duration Income Fund. These Funds have not been registered for distribution with the German Financial Regulator (the BaFin) pursuant to section 310 of the German Capital Investment Code and Units in those Funds will not be marketed to investors within Germany. 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 30 June 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, 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 and E U.S. Dollar Putnam Ultra Short Duration Income Fund Classes A, A2, I and I2 U.S. Dollar

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.

For Funds with Class Y Units, unit values of this unit class are stated in yen (¥) throughout this report.

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

Putnam Emerging Markets Equity Fund and Putnam Global Core Equity Fund, two Funds of the Trust, fully redeemed on 15 November 2019. A separate set of audited financial statements was prepared for these Funds for the period from 1 July 2019 to 30 November 2019. The Directors of the Manager have requested the revocation of these Funds from the Central Bank.

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 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 A Units, Class B Units, Class C Units, Class E2 Units, Class I Certain Class A Units, including those of Putnam Ultra Short Units, Class M Units, Class NK Units, Class SK Units, Class T Duration Income Fund, that are part of a subscription of USD Units and Class Y Units of Putnam Total Return Fund; 1 million or more (USD500,000 or more for Putnam Global High Yield Bond Fund and Putnam Total Return Fund), may be subject • Class A Units, Class E Units, Class M Units and Class S Units of to a 1.00% CDSC if redeemed within nine months of purchase, Putnam U.S. Large Cap Growth Fund; provided, however, that no other initial sales charge has been • Class A2 Units and Class I2 Units of Putnam Ultra Short imposed in respect of the Class A Units to which the CDSC is Duration Income Fund. applied. This CDSC will not apply to Units of Putnam Ultra Short Duration Income Fund except where Class A Units that were part If, in the future, it is determined that these Classes will distribute of a sufficiently large subscription of a different Fund of the Trust net investment income, the amount to be distributed to (and thus had no initial sales charge) are switched for Units of the Unitholders will be decided upon by the Manager. Putnam Ultra Short Duration Income Fund and redeemed within 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: In the final months of 2020, the world continues to confront the challenges of the COVID-19 pandemic. Economic activity and employment remain well below levels at the start of the year. The stock and bond markets have fared better, displaying confidence in the early stages of recovery and indicating optimism that successful vaccines will be approved by early next year. Putnam, as in all market conditions, continues to pursue superior investment performance for you and your fellow unitholders. Committed to racial equity, Putnam is also working toward its goals of improving diversity and inclusion within its organisation. Although no one can predict the direction of markets in the months ahead, Putnam’s experienced investment professionals actively seek to position their fund portfolios for all types of conditions. They 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 September 2020

The views expressed here are exclusively those of Putnam as of 30 September 2020. They are not meant as investment advice. Expectations about future market performance are subject to change. Please note that the holdings discussed in this report may not have been held by the relevant Fund for the financial year ended 30 June 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 year ended 30 June 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 year ended 30 June 2020, the Fund generated the following returns by unit class. At the sector/industry level, security selection in services and food & beverages, along with favourable overall positioning in Unit value Class E NAV% automotive, aided relative performance. Conversely, selection in 1 year (2.15) gaming, lodging & leisure and consumer products, hampered 5 years performance versus the benchmark, as did avoiding the energy Cumulative 11.81 sector, which outperformed the benchmark. Annualised 2.26 In terms of individual holdings, an overweight investment in food 10 years ingredients provider Sigma Holdco and not owning vending and Cumulative 66.84 coffee services company and index member Selecta Group added Annualised 5.25 the most value on a relative basis. On the downside, greater-than- Life of Fund (since 14/07/17) * benchmark positions in gaming company Codere Finance and Cumulative 202.49 apparel retailer Takko Luxembourg were the biggest relative Annualised 5.48 detractors.

Looking ahead, following the significant sell-off due to the global * Performance prior to the Fund's inception date reflects that of Putnam pandemic and the incredibly synchronised recessions that the New Flag Euro High Yield Fund (launched on 30 September 1999), a lockdown measures created, we have seen an unprecedented and UCITS that merged into the Fund on its inception date and which had a equally synchronised response from monetary and fiscal policy virtually identical investment objective and set of investment strategies. makers. These responses led to strong returns in the second quarter of 2020 in nearly all risk assets, and particularly in Distributions Number Income Capital gain Total European high-yield bonds. The substantial liquidity produced by Class E 1 €36.8797 - €36.8797 government stimulus, along with low global yields, has helped boost the market’s supply-and-demand backdrop. This has The views expressed here are exclusively those of Putnam as of occurred despite deteriorating fundamentals and a rising default 30 July 2020. They are not meant as investment advice. rate. Furthermore, contrasting with the U.S. high-yield and Expectations about future market performance are subject to investment-grade markets, the European high-yield market has change. seen very limited issuance so far in 2020. As major economies start to reopen, we are closely monitoring sectors vulnerable to the disruption caused by the coronavirus. Within these groups, we are focusing on the health of issuers’ balance sheets and liquidity metrics, as well as the increasing risk of defaults or credit-rating downgrades. From a valuation standpoint, spreads look attractive, given the widening on the heels of COVID-19 uncertainty. (Spreads are the yield advantage high-yield bonds offer over comparable-maturity developed- market sovereign debt.) Moreover, we think the market’s yield remains compelling in the face of much lower global yields. For the 12 months ended 30 June 2020, the Fund’s Class E Units returned -2.15% and trailed the -1.73% 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 Unit value Class E NAV% Class S NAV% For the 12 months ended 30 June 2020, the Fund’s unit classes 1 year (2.93) (1.92) posted negative returns and lagged their benchmarks. 5 years Looking at the various strategies within the portfolio, our Cumulative - 5.36 mortgage credit holdings were the biggest detractor. Commercial Annualised - 1.05 mortgage-backed securities (CMBS) – both cash bonds and 10 years synthetic exposure via CMBX – hampered performance this Cumulative - 16.57 period. (CMBX includes a group of tradeable indexes that reference a basket of 25 CMBS issued in a particular year.) Unlike Annualised - 1.55 other riskier fixed-income sectors, CMBS did not directly benefit Life of Fund (since 25/2/08) * from the government stimulus programs launched in response to Cumulative (0.70) 30.03 the coronavirus pandemic. Positive performance from residential Annualised (0.14) 2.15 mortgage-backed securities partially offset the negative result from our CMBS exposure. * With the exception of Class E Units which launched on 17 July 2015.

Positions in emerging-market (EM) debt also worked against the The Fund made no distributions during the year. Fund’s performance. Spreads on EM bonds widened in March and into April, along with other risk-driven assets, amid the market Global investing involves certain risks, such as currency selloff sparked by coronavirus fears. Risk sentiment improved in fluctuations, economic instability, and political developments. late April and performance improved. However, the recovery was Lower-rated bonds may offer higher yields in return for more not enough to fully offset earlier weakness. (Spreads are the yield risk. Funds that invest in government securities are not advantage credit-sensitive bonds offer over comparable-maturity guaranteed. Mortgage-backed securities are subject to U.S. Treasuries. Bond prices rise as spreads tighten and decline as prepayment risk. The use of derivatives involves special risks spreads widen.) and may result in losses. Funds that invest in bonds are subject The Fund’s active currency strategies modestly detracted. Returns to certain risks including interest-rate risk, credit risk, and were mixed, as most currencies ended the period weaker versus inflation risk. As interest rates rise, the prices of bonds fall. the U.S. dollar. Long positions in the euro and the Norwegian Long-term bonds are more exposed to interest-rate risk than krone during March were the primary detractors for the period. short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Corporate credit holdings were a further moderate dampener on Fund performance. During an extremely volatile period for both investment-grade and high-yield corporate bonds, spreads The views expressed here are exclusively those of Putnam as of widened dramatically in March then snapped back in April. 30 July 2020. They are not meant as investment advice. Expectations about future market performance are subject to On the plus side, interest-rate and yield-curve positioning change. provided the biggest boost to performance. The Fund’s positioning benefitted from declining interest rates across the yield curve and a general flattening of the curve. Strategies targeting prepayment risk also contributed, led by our mortgage basis positioning. Mortgage basis is a strategy that seeks to exploit the yield differential between 30-year agency pass-throughs and 30-year U.S. Treasuries. Shifting from a short to a long position around the time that the U.S. Federal Reserve launched a series of borrower-friendly programs proved beneficial. Government-agency interest-only (IO) collateralised mortgage obligations and inverse IO securities also added value, as mortgage refinancing remained generally subdued until the latter months of the period. As the period came to a close, coronavirus cases began to reaccelerate, particularly in areas of the U.S. that were the first to open. As a result, plans to fully reopen certain parts of the economy, such as restaurants and bars, have been put on hold in the areas most affected. Amid stronger-than-expected economic reports, investors seem to be shrugging off the increase in infection rates, at least for now. As we begin the second half of 2020, it is likely that the coronavirus will continue to dominate the news. Investors, meanwhile, will remain focused on economic data, indications of progress toward a vaccine and the impact of second-quarter earnings on corporate balance sheets. The Fund’s benchmark, the 1-Month ICE BofA LIBOR Index, returned -0.45% in euro terms and 0.60% in sterling terms. See page 8 for ICE BofA benchmark disclosure. For the year ended 30 June 2020, the Fund generated the following returns by unit class. 10 Putnam World Trust Manager's Report cont.

Putnam Global High Yield Bond Fund For the year ended 30 June 2020, the Fund generated the following returns by unit class. For the 12 months ended 30 June 2020, the Fund’s unit classes Class B Class C posted negative returns and underperformed the benchmark. Class A Unit value NAV% NAV% CDSC % NAV% CDSC % At the sector/industry level, security selection in services and 1 year (2.39) (2.82) (6.58) (2.79) (3.72) health care, along with overall positioning in cable & satellite TV, 5 years aided relative performance. On the downside, underweight Cumulative 16.34 13.53 13.53 14.00 14.00 allocations in financials and telecommunications — sectors that Annualised 3.07 2.57 2.57 2.66 2.66 outperformed the benchmark — detracted, as did selection in 10 years gaming, lodging & leisure. Cumulative 68.01 59.77 59.77 61.23 61.23 The top individual relative contributors included underweighting Annualised 5.33 4.80 4.80 4.89 4.89 financially troubled energy exploration and production (E&P) Life of Fund (since 18/02/00) * company Chesapeake Energy and not owning bankrupt index Cumulative 162.41 136.67 136.67 143.85 143.85 member and rental car provider The Hertz Corporation. The biggest individual relative detractors were greater-than- Annualised 4.85 4.32 4.32 4.47 4.47 benchmark positions in energy E&P company Denbury Resources Class E Class E2 Class I Class S Class S2 Class S3 and resort and casino operator Golden Nugget. Unit value NAV% NAV% NAV% NAV% NAV% NAV% We currently have a moderately constructive outlook overall. The 1 year (4.07) (3.86) (1.61) (3.34) (3.05) (3.54) biggest risk on the horizon is the still-to-be-determined impact of 5 years the coronavirus pandemic on economic growth, corporate Cumulative 9.21 - 21.43 13.62 - - earnings growth, and cash flows. Annualised 1.78 - 3.96 2.59 - - That said, except for the energy sector, we have a fairly positive 10 years intermediate-term view on corporate fundamentals and the Cumulative 60.21 - 81.50 70.47 - - market’s supply-and-demand backdrop. Also, even though high- Annualised 4.83 - 6.14 5.48 - - yield spreads retightened somewhat following their sizable Life of Fund (since 18/02/00) * widening in March, we think valuations remain relatively attractive. Cumulative 153.66 (0.50) 192.89 155.23 20.70 (2.00) (Spreads are the yield advantage high-yield bonds offer over Annualised 5.59 (0.26) 5.42 5.87 4.03 (1.79) comparable-maturity U.S. Treasuries.) * With the exception of Class I Units which launched on 8 June 2000, From a fundamental perspective, we are closely watching sectors Class E Units which launched on 23 May 2003, Class S Units which vulnerable to the disruption caused by the coronavirus. In addition launched on 30 January 2004, Class C Units which launched on 27 to energy, we are monitoring the impact on gaming, lodging & February 2004, Class S2 Units which launched on 25 September 2015, leisure, retail, and several other cohorts. Within these groups, we Class E2 Units which launched on 31 July 2018 and Class S3 Units which are focusing on the health of issuers’ balance sheets and liquidity launched on 17 May 2019. Returns shown for Class C Units and Class I metrics, as well as the increasing risk of defaults or credit-rating Units for the years prior to inception are derived from the historical performance of Class A Units adjusted to reflect the lower operating downgrades. expenses applicable to such Units. As for supply/demand dynamics, new issuance of high-yield debt Distributions Number Income Capital gain Total resurfaced in April and remained strong through period end. Class A 12 $0.2640 - $0.2640 Overall, we think a resurgence in new-issue supply is being met by renewed demand. Class B 12 $0.2260 - $0.2260 Class C 12 $0.3000 - $0.3000 From a valuation standpoint, the average spread of the Fund’s Class E 12 € 0.3290 - € 0.3290 benchmark rose 3.65 percentage points during March to about 9.5 Class E2 - - - - percentage points over Treasuries. As of 30 June, spreads had tightened to 7.2 percentage points over Treasuries and the Class I 12 $0.1200 - $0.1200 benchmark’s yield was at 7.6%. In our view, spreads at this level Class S 12 £0.2310 - £0.2310 continue to offer a broad range of attractive relative-value Class S2 - - - - investment opportunities. Moreover, we think the market’s yield Class S3 - - - - remains compelling in the face of much lower global yields. International investing involves certain risks, such as currency The Fund’s benchmark, the ICE BofA Global High Yield Investment fluctuations, economic instability, and political developments. Grade Country Constrained Index (100% USD Hedged), returned Additional risks may be associated with emerging-market -0.12% in U.S. dollar terms, -2.46% in euro terms, and -1.77% in securities, including illiquidity and volatility Lower-rated bonds sterling terms. All index returns were fully hedged. See page 8 for may offer higher yields in return for more risk. Funds that invest ICE BofA benchmark disclosure. 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 30 July 2020. 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 Multi-Asset Absolute Return Fund For the year ended 30 June 2020, the Fund generated the following returns by unit class. For the 12 months ended 30 June 2020, the Fund’s unit classes Class E Class E2 Class I Class S posted negative returns and lagged their cash benchmarks. Unit value NAV% NAV% NAV% NAV% Non-directional strategies weighed on the Fund’s results this 1 year (10.44) (10.87) (8.69) (9.85) period, with declines that could not be fully offset by the positive Life of Fund (since 16/11/15)* outcome of our directional strategies. Specifically, equity selection Cumulative (10.21) (11.40) (2.30) (14.00) alpha strategies – market-neutral trades designed to perform Annualised (2.32) (2.61) (0.50) (6.05) independently of global stock markets – were the primary detractor. Our forensic accounting long/short strategy, which * With the exception of Class E Units and Class E2 Units which seeks to identify companies that employ aggressive accounting launched on 1 December 2015 and 4 December 2015, practices and profit from stock price movements, hampered respectively, and Class S Units which launched on 31 January performance. A low-beta stock selection strategy and a 2018. quantitative long/short strategy focused on U.S. stocks also detracted. (Beta is a measure of a stock’s volatility relative to the market as a whole.) Distributions Number Income Capital gain Total Class E 1 € 0.2042 - € 0.2042 On the plus side, a fixed-income strategy concentrated on Class E2 - - - - structured credit, primarily mortgage-backed securities, contributed to performance. A strategy focused on commodity- Class I - - - - related securities also proved beneficial. Class S - - - -

Within directional strategies, long exposure to interest-rate risk added value. Exposure to inflation risk via commodities produced The views expressed here are exclusively those of Putnam as of negative results, but this was more than offset by active 30 July 2020. They are not meant as investment advice. management of the Fund’s exposure. Expectations about future market performance are subject to change. Looking ahead, investors are continuing to assess the economic impact of the novel coronavirus pandemic. U.S. Treasuries continue to be in high demand relative to other developed-market government bonds. That said, economic weakness, continued pandemic surges and ensuing economic shutdowns could cause the yield on the bellwether 10-year Treasury to decline further. Liquidity in the corporate credit market has improved, in our view, while yields have fallen and spreads have tightened. (Spreads are the yield advantage bonds carrying credit risk offer over comparable-maturity U.S. Treasuries.) The U.S. Federal Reserve continues to provide a backstop to the credit market through its purchases of investment-grade corporate bonds. Oil prices have continued to rise in response to improved investor sentiment. The Organisation of Petroleum Exporting Countries (OPEC) has re-established cooperation among its members. However, we see downside risks until demand becomes more robust and ongoing OPEC production cuts lower inventories further. Within this environment, as of 30 June 2020, the portfolio is slightly underweight equity and interest-rate risk, neutral with respect to commodity risk and slightly overweight credit risk. The Fund’s cash benchmark, the ICE BofA U.S. Dollar 1-Month LIBOR Index returned 1.65% in U.S. dollar terms, -0.59% in euro terms and 0.49% in sterling terms. See page 8 for ICE BofA benchmark disclosure.

12 Putnam World Trust Manager's Report cont.

Putnam Securitised Credit Fund In our view, prepayment-sensitive areas of the market directly benefit when there are increased frictions in the housing finance For the 12 months ended 30 June 2020, the Fund’s unit classes industry. Given the potential for a deepening of the recession, posted negative returns and lagged their benchmarks. there are ongoing risks related to high unemployment, weaker projected home-price appreciation, lower home turnover and Synthetic exposure to commercial mortgage-backed securities reduced homeowner mobility. Even as the use of mortgage (CMBS) via CMBX was the biggest detractor, as spreads there forbearance grows, cash flows to investors from agency widened considerably. (Spreads are the yield advantage bonds mortgages are guaranteed by government-sponsored carrying credit risk offer over comparable-maturity U.S. enterprises. As a result, we continue to have confidence in the Treasuries. CMBX includes a group of tradeable indexes that Fund’s holdings of interest-only (IO) collateralised mortgage reference a basket of 25 CMBS deals issued in a particular year.) obligations and inverse IOs backed by more seasoned collateral. During the first half of the period, strong investor demand, buying to cover short positions and a favourable research report aided The Fund’s benchmark, the ICE BofA U.S. Dollar 1-Month LIBOR CMBX. The tide turned in January and February, however, amid a Index, returned 1.65% in U.S. Dollar terms, -0.59% in euro terms technically driven sell-off. In March, investors worried that the and 0.49% in sterling terms. See page 8 for ICE BofA pandemic could severely impact cash flows in various segments of benchmark disclosure. the commercial real estate market, and this negative sentiment For the year ended 30 June 2020, the Fund generated the continued into April. The supply-and-demand environment for following returns by unit class. CMBS remained weak into May because, unlike other riskier fixed- income sectors, CMBS did not directly benefit from the Unit value Class E NAV% Class I NAV% Class S NAV% government stimulus programs launched in response to the 1 year (7.43) (5.10) (6.27) coronavirus pandemic. Life of Fund (since 11/07/18) Exposure to residential mortgage credit through the agency credit Cumulative (6.50) (1.30) (4.30) risk transfer (CRT) sector moderately detracted for the period. Annualised (3.36) (0.66) (2.21) Spreads on CRT securities and other credit-sensitive assets widened substantially in March. Market liquidity issues, along with The Fund made no distributions during the year. selling pressure sparked by concerns about unemployment and home-price appreciation, hampered the sector during that time. The views expressed here are exclusively those of Putnam as of CRTs rebounded during the second quarter of 2020. 30 July 2020. They are not meant as investment advice. Unprecedented stimulus measures implemented by government Expectations about future market performance are subject to policymakers boosted investor confidence by helping to offset change. some of the near-term economic uncertainty sparked by the COVID-19 pandemic. On the plus side, strategies targeting prepayment risk helped the Fund’s performance, led by our mortgage basis positioning. Mortgage basis is a strategy that seeks to exploit the yield differential between 30-year agency pass-throughs and 30-year U.S. Treasuries. Shifting from a short to a long position around the time that the U.S. Federal Reserve launched a series of borrower- friendly programs proved beneficial. Looking ahead, the COVID-19 pandemic created significant headwinds for the CMBS market because of its potentially major impact on commercial real estate. Uncertainty about the duration of social distancing measures makes for a challenging backdrop, particularly for hotel and retail properties, which have only recently begun reopening. We believe most properties that were functioning well prior to the crisis and have reasonable levels of equity will survive, buoyed by government support, operator reserves, and/or debt-service modifications. We continue to have conviction in the Fund’s CMBX positions, which we believe offer value at the single A and BBB levels for indexes representing 2012-2014 issuance. In addition, we think the relatively large sell-off in newer vintages has presented additional value in that part of the market.

Putnam World Trust 13 Manager's Report cont.

Putnam Total Return Fund For the year ended 30 June 2020, the Fund generated the following returns by unit class. For the 12 months ended 30 June 2020, the Fund’s unit classes Class B Class C posted negative returns and lagged their cash benchmarks. The Class A Unit value NAV% NAV% CDSC % NAV% CDSC % Fund also trailed the global 60/40 benchmark. 1 year (5.02) (5.49) (9.27) (5.26) (6.20) Active implementation decisions worked against performance this 5 years period, while dynamic asset allocation was marginally negative. Cumulative 4.98 2.44 2.44 3.67 3.67 Within dynamic allocation, we kept the Fund’s asset class Annualised 0.98 0.48 0.48 0.72 0.72 allocations mostly in line with the benchmarks during the second 10 years half of 2019. However, active allocation decisions during the first Cumulative 45.18 38.13 38.13 41.70 41.70 half of 2020 proved modestly negative overall. The Fund Annualised 3.80 3.28 3.28 3.55 3.55 benefited from slightly overweight exposure to interest-rate risk Life of Fund (since 30/6/06)* in the first quarter of 2020 as rates declined. This gain was then Cumulative 75.94 48.37 48.37 53.25 53.25 erased when we shifted to a moderate underweight in 2020’s second quarter. On the plus side, underweight allocations in Annualised 4.12 3.09 3.09 3.35 3.35 equity and credit risk aided performance early in 2020, as COVID-

19 fears triggered a severe downturn for stocks and other risk Class E Class I Class M assets. Unit value NAV% NAV% NAV% Within our active implementation decisions, quantitatively driven 1 year (6.94) (4.26) (7.66) selection among U.S. and international developed-market stocks 5 years hampered performance. Selection among emerging-market Cumulative (2.36) 9.06 (5.76) equities also detracted. Positions in commodities and high-yield Annualised (0.48) 1.75 (1.18) corporate credit modestly contributed and partly offset the 10 years overall negative effect of our active execution decisions. Cumulative - - 27.48 Looking ahead, investors are continuing to assess the economic Annualised - -2.46 impact of the coronavirus pandemic. U.S. Treasuries continue to Life of Fund (since 30/6/06)* be in high demand relative to other developed-market Cumulative 10.68 19.20 47.98 government bonds. That said, economic weakness, continued Annualised 1.28 2.37 2.84 pandemic surges and ensuing economic shutdowns could cause the yield on the bellwether 10-year Treasury to decline further. * With the exception of Class B Units and Class C Units which launched on 10 July 2007, Class E Units which launched on 2 July 2012 and Class I Liquidity in the corporate credit market has improved, in our view, Units which launched on 28 December 2012. while yields have fallen and spreads have tightened. (Spreads are the yield advantage bonds carrying credit risk offer over Distributions Number Income Capital gain Total comparable-maturity U.S. Treasuries.) The U.S. Federal Reserve Class A -- -- continues to provide a backstop to the credit market through its purchases of investment-grade corporate bonds. Class B - - - - Class C -- -- Oil prices have continued to rise in response to improved investor Class E 1 € 0.2937 - € 0.2937 sentiment. The Organisation of Petroleum Exporting Countries Class I -- -- (OPEC) has re-established cooperation among its members. Class M - - - - However, we see downside risks until demand becomes more robust and ongoing OPEC production cuts lower inventories Global investing involves certain risks, such as currency further. fluctuations, economic instability, and political developments. For the period, the cash benchmark, the ICE BofA U.S. Dollar 1- The Fund invests some or all of its assets in small and/or Month LIBOR Index returned 1.65% in U.S. dollar terms and -0.59% midsize companies. Such investments increase the risk of in euro terms. The global benchmark, which is comprised of 60% greater price fluctuations. Lower rated bonds may offer higher of the MSCI World Index (ND) and 40% of the FTSE World yields in return for more risk. The Fund may have a significant Government Bond Index, gained 4.11% in U.S. dollar terms. See portion of its holdings in bonds. The use of derivatives involves page 8 for ICE BofA and FTSE benchmark disclosures. special risks and may result in losses. Mutual 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. Diversification does not assure a profit or protect against loss. It is possible to lose money in a diversified portfolio.

The views expressed here are exclusively those of Putnam as of 30 July 2020. They are not meant as investment advice. Expectations about future market performance are subject to change.

14 Putnam World Trust Manager's Report cont.

Putnam U.S. Large Cap Growth Fund For the year ended 30 June 2020, the Fund generated the following returns by unit class. For the 12 months ended 30 June 2020, the Fund’s unit classes generated positive returns and outperformed their benchmarks. Unit value Class A NAV% Class E NAV% 1 year 24.77 22.58 At the sector level, stock selection in information technology, 5 years consumer discretionary and health care added the most value on Cumulative 107.25 - a relative basis. Conversely, picks in communication services detracted. Annualised 15.69 - Life of Fund (since 18/4/12)* The top individual relative contributors included: DocuSign, which Cumulative 203.20 96.50 provides electronic signature and document management Annualised 14.49 15.92 services; online payments processer PayPal Holdings; software giant Microsoft; graphics chipmaker Nvidia; and athletic apparel * With the exception of Class E Units which launched on 3 December retailer Lululemon Athletica. 2015.

On the downside, the primary relative detractors were global The Fund made no distributions during the year. entertainment company Live Nation Entertainment and IQVIA, a provider of health information technology and clinical research The views expressed here are exclusively those of Putnam as of services. Lower-than-benchmark exposure to electric car maker 30 July 2020. They are not meant as investment advice. Tesla, video-streaming service provider Netflix and consumer Expectations about future market performance are subject to electronics heavyweight Apple also dampened relative change. performance. We enter the second half of a remarkable year in the midst of a deep economic contraction. Equity markets, however, are demonstrating surprising resilience. Since their lows in March, stocks have advanced despite dismal economic data, including record-high unemployment and plummeting consumer spending. While the stock market rebound is encouraging, many investors are wary as numerous uncertainties and challenges remain. The continued COVID-19 pandemic remains a risk for equity markets. The fact that investors are aware of this is just one reason why we believe that the ongoing pandemic may not cause a meaningful pullback for stocks. Typically, bad news must be unexpected in order to have a severe negative impact. Some investors think that current equity valuations are too high – or even extreme – but we do not believe this the case. Valuations are high versus depressed 2020 earnings, but that is not an appropriate measure, in our view. It's important to look at how companies performed in 2019, pre-pandemic, and how they're likely to perform after 2020. For many companies, we believe earnings will recover in 2021 and 2022 – to levels equal to or higher than they were in 2019. The Fund’s benchmark was rebalanced during the last week of June, and that shifted some of the sector exposures within the index. As always, the Fund’s active sector weights remain reasonably tight (within +/-3%) in order to reduce unintended factor risks and accentuate stock-specific risk. As of 30 June 2020, the Fund’s largest overweight was in industrials, followed by real estate, materials and health care. The information technology sector was the largest absolute exposure in the portfolio, but was a modest underweight versus the benchmark. Consumer staples and communication services were the largest underweights in the portfolio. The Fund’s benchmark, the Russell 1000 Growth Index, gained 23.28% in U.S. dollar terms and 20.32% in euro terms. See page 8 for Russell benchmark disclosure.

Putnam World Trust 15 Manager's Report cont.

Putnam Ultra Short Duration Income Fund For the year ended 30 June 2020, the Fund generated the following returns by unit class. For the 12 months ended 30 June 2020, the Fund’s unit classes produced absolute positive performance, and posted returns that Class A Class A2 Class I Class I2 Unit value NAV% NAV% NAV% NAV% were slightly ahead of the benchmark. 1 year 1.79 1.83 2.04 2.02 Following three reductions in its policy interest rate in 2019, the Life of Fund (since 20/12/16)* U.S. Federal Reserve (Fed) cut rates by half a percentage point on Cumulative 5.92 5.91 6.97 6.96 3 March and by a full percentage point on 15 March in response to Annualised 1.64 1.64 1.93 1.92 the coronavirus pandemic. The Fed rapidly unveiled six new lending facilities designed to help corporations facing a cash flow * With the exception of Class A2 Units and Class I2 Units which launched crisis avoid defaulting on their debt. Programs providing support on 28 June 2017. Returns shown for Class A2 Units and Class I2 Units for for money market funds and commercial debt markets were also the period prior to their inception are derived from the historical launched. Dozens of other central banks across Europe, Asia and performance of the Class A and I Units, respectively. elsewhere announced emergency stimulus measures. The Fed took additional steps in April. It launched a $2.3 trillion lending program that extends credit to banks issuing loans under Distributions Number Income Capital gain Total the U.S. Treasury Department’s “Payment Protection Program.” Class A 12 $0.1667 - $0.1667 The central bank also announced that it would backstop up to Class A2 - - - - $600 billion in loans made to medium sized businesses. Class I 12 $0.1919 - $0.1919 All told, these measures helped the short-term funding markets Class I2 - - - - stabilise following historic volatility in March. Within this environment, holdings of corporate bonds issued by The views expressed here are exclusively those of Putnam as of banks added the most value versus the benchmark. Within 30 July 2020. They are not meant as investment advice. financials, securities from brokerage firms, insurers and diversified Expectations about future market performance are subject to financial companies also modestly contributed. Bonds from change. several industry groups in the industrials sector provided a further boost, including health care, wireline telecommunications and automotive. Bonds issued by electric utilities also added value. Outside of corporate credit, positions in securitised bonds, such as collateralised mortgage obligations and asset-backed securities, were additional contributors to relative performance. On the downside, not owning U.S. Treasury bills detracted on a relative basis, but not enough to completely offset strength elsewhere. Looking ahead, we believe the programs implemented by the Fed will continue to support the financial markets. Overall, we believe the low utilisation of Fed facilities so far is an indicator of a relatively healthy market environment. Lastly, we expect short- term interest rates to remain near record lows this year because the Fed has indicated no desire to raise or cut rates for the foreseeable future. As we begin the second half of 2020, we are confident about the Fund’s positioning. The Fund is targeting a duration of 0.30–0.35 year, approximately a tenth of a year longer than earlier in 2020. We also increased our allocation to fixed-rate corporates, particularly 1- to 3-year maturities, to lock in yield and add duration. Additionally, we are maintaining a high balance of short- maturity commercial paper for liquidity, although low yields at the very short-term end of the curve remain a challenge. We continue to structure the portfolio with a barbell approach, emphasising positions at separate points on the yield curve: investing in lower- tier investment-grade securities (BBB or equivalent) maturing in 1 year or less and in upper-tier investment-grade securities (A or AA rated) maturing in 1 to 3.5 years. Despite ongoing changes in the market environment, capital preservation remains the Fund’s primary objective. The Fund’s benchmark, the ICE BofA U.S. Treasury Bill Index, gained 1.71% in U.S. dollar terms. See page 8 for ICE BofA benchmark disclosure.

16 Putnam World Trust Total Expense Ratio ("TER")* (unaudited)

The TER for each of the Funds for the financial year from 1 July 2019 to 30 June 2020 is presented below:

Putnam Putnam Fixed Putnam Putnam Putnam Putnam U.S. Putnam Ultra European Income Global High Multi-Asset Putnam Total Large Cap Short High Yield Global Yield Bond Absolute Securitised Return Growth Duration Unit Classes Fund Alpha Fund Fund Return Fund Credit Fund Fund Fund Income Fund A - - 1.55% - - 1.80% 1.81% 0.60% A2 ------0.60% B - - 2.05% - - 2.30% - - C - - 1.95% - - 2.05% - - E 1.11% 0.70% 0.69% 0.45% 0.70% 1.05% 0.87% - E2 - - 0.35% 0.95% - - - - I - - 0.70% 0.95% 0.70% 1.05% - 0.35% I2 ------0.35% M - - - - - 1.80% - - S - 0.70% 0.70% 0.95% 0.70% - - - S2 - - 0.35% - - - - - S3 - - 0.69% - - - - -

* 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, where applicable. For a list of all Unit Classes which launched or fully redeemed during the year, please refer to Note 14.

Putnam World Trust 17 Statement of Manager’s Responsibilities

The Manager is responsible for the preparation of financial Dealings with Connected Persons statements, which give a true and fair view of the financial affairs Regulation 43(1) of the Central Bank UCITS Regulations of the Trust and of its results for the year. In preparing those “Restrictions of transactions with connected persons” states that financial statements the Manager is required to: “A responsible person shall ensure that any transaction between a • state whether the financial statements have been prepared in UCITS and a connected person conducted a) at arm’s length; and accordance with applicable accounting standards and identify b) in the best interest of the unit-holders of the UCITS”. the standards in question subject to any material departure As required under Central Bank UCITS Regulation 81(4), the from those standards being disclosed and explained in the Directors, as responsible persons are satisfied that there are in notes to the financial statements; place arrangements, evidenced by written procedures, to ensure • select suitable accounting policies and then apply them that the obligations that are prescribed by Regulation 43(1) are consistently; applied to all transactions with a connected person; and all transactions with connected persons that were entered into • make judgements and estimates that are reasonable and during the period to which the report relates complied with the prudent; and obligations that are prescribed by Regulation 43(1). • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Manager is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable it to ensure that the financial statements are prepared in accordance with accounting On behalf of the Manager: standards generally accepted in Ireland and comply with the Trust Deed and 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 measures taken by the Manager to secure compliance with Director: Director: the Trust’s obligations to keep proper accounting records are the use of appropriate systems and procedures and the employment 14 October 2020 of competent persons. To this end, the Directors of the Manager have appointed State Street Fund Services (Ireland) Limited for the purpose of maintaining proper accounting records. The Manager is responsible for the maintenance and integrity of the corporate and financial information in relation to the Trust as included on the following website addresses: http://www.fundinfo.com for investors in Switzerland or http://www.putnam.com/ucits for all other investors. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The accounting records are kept at 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. The Manager is also responsible for safeguarding the assets of the Trust. In this regard, the Manager has entrusted the assets of the Trust to a Depositary for safekeeping in accordance with the Trust Deed. The Manager is also responsible for taking reasonable steps for the prevention and detection of fraud, error and non-compliance with laws and regulations. The Directors of the Manager adopted the Irish Funds Industry Corporate Governance Code for collective investment schemes and management companies on 14 November 2012 with effect from 31 December 2012. The Manager has been in compliance with the Code throughout the duration of the year ended 30 June 2020.

18 Putnam World Trust Report of the Depositary to the Unitholders

We have enquired into the conduct of the Manager in respect of Putnam World Trust (the “Trust”) for the year ended 30 June 2020, in our capacity as Depositary to the Trust. This report including the opinion has been prepared for and solely for the Unitholders in the Trust, in accordance with Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Depositary

Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Manager in each annual accounting period and report thereon to the unitholders.

Our report shall state whether, in our opinion, the Trust has been managed in that period in accordance with the provisions of the Trust’s Trust Deed and the UCITS Regulations. It is the overall responsibility of the Manager to comply with these provisions. If the Manager has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Trust has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Trust Deed and the appropriate regulations and (ii) otherwise in accordance with the Trust’s constitutional documentation and the appropriate regulations. Opinion In our opinion, the Trust has been managed during the year, in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Depositary by the Trust Deed, by the UCITS Regulations and 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’); and (ii) otherwise in accordance with the provisions of the Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations.

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

14 October 2020

Putnam World Trust 19 Independent Auditors’ Report

Independent Auditors’ Report to the Unitholders of the Independence Funds of Putnam World Trust We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial Report on the audit of the financial statements statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in Opinion accordance with these requirements. In our opinion, Putnam World Trust’s financial statements: Conclusions relating to going concern  give a true and fair view of the Funds’ assets, liabilities and We have nothing to report in respect of the following matters in financial position as at 30 June 2020 and of their results for relation to which ISAs (Ireland) require us to report to you where: the year then ended;  the manager’s use of the going concern basis of accounting  have been properly prepared in accordance with Generally in the preparation of the financial statements is not Accepted Accounting Practice in Ireland (accounting appropriate; or standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial  the manager has not disclosed in the financial statements any Reporting Standard applicable in the UK and Republic of identified material uncertainties that may cast significant Ireland” and Irish law); and doubt about the Funds’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve  have been properly prepared in accordance with the months from the date when the financial statements are requirements of the European Communities (Undertakings authorised for issue. for Collective Investment in Transferable Securities) Regulations 2011 (as amended). However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Funds’ We have audited the financial statements, included within the ability to continue as going concerns. Annual Report, which comprise:

 the Statement of Financial Position for each of the Funds as at 30 June 2020;  the Statement of Comprehensive Income for each of the Funds for the year then ended;  the Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders for 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, Putnam U.S. Large Cap Growth Fund and Putnam Ultra Short Duration Income Fund for the year then ended;  the Statement of Changes in Equity for Putnam European High Yield Fund for the year then ended;  the Schedule of Investments for each of the Funds as at 30 June 2020; and  the notes to the financial statements for each of the Funds, which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

20 Putnam World Trust Independent Auditors’ Report cont.

Reporting on other information Use of this report The other information comprises all of the information in the This report, including the opinion, has been prepared for and only Annual Report other than the financial statements and our for the unitholders of each of the Funds as a body in accordance auditors’ report thereon. The manager is responsible for the other with the European Communities (Undertakings for Collective information. Our opinion on the financial statements does not Investment in Transferable Securities) Regulations 2011 (as cover the other information and, accordingly, we do not express amended) and for no other purpose. We do not, in giving this an audit opinion or, except to the extent otherwise explicitly opinion, accept or assume responsibility for any other purpose or stated in this report, any form of assurance thereon. In connection to any other person to whom this report is shown or into whose with our audit of the financial statements, our responsibility is to hands it may come save where expressly agreed by our prior read the other information and, in doing so, consider whether the consent in writing. other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise Other matter appears to be materially misstated. If we identify an apparent As explained on page 2 of the Annual Report, in addition to our material inconsistency or material misstatement, we are required responsibility to audit and express an opinion on the financial to perform procedures to conclude whether there is a material statements in accordance with Irish law and ISAs (Ireland), we misstatement of the financial statements or a material have been requested by the directors of the manager to express misstatement of the other information. If, based on the work we an opinion on the financial statements in accordance with have performed, we conclude that there is a material generally accepted auditing standards in the United States of misstatement of this other information, we are required to report America as issued by the AICPA, in order to meet the that fact. We have nothing to report based on these requirements of Rule 206(4)-2 under the Investment Advisers Act responsibilities. (the “Custody Rule”). We have reported separately in this respect on page 22. Responsibilities for the financial statements and the audit

Responsibilities of the manager for the financial statements As explained more fully in the Statement of Manager’s

Responsibilities set out on page 18, the manager is responsible for the preparation of the financial statements in accordance with the PricewaterhouseCoopers applicable framework giving a true and fair view. Chartered Accountants and Registered Auditors Kilkenny The manager is also responsible for such internal control as the 14 October 2020 manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the manager is responsible for assessing the Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the manager intends to cease operations, or has no realistic alternative but to do so. Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f- a98202dc9c3a/Description_of_auditors_responsibilities_for_audi t.pdf. This description forms part of our auditors’ report.

Putnam World Trust 21 Independent Auditors’ Report cont.

Report of Independent Auditors Opinion In our opinion: To the Directors of the Manager of Putnam World Trust  the financial statements of Putnam Fixed Income Global We have audited the accompanying financial statements which Alpha Fund, Putnam Global High Yield Bond Fund, Putnam comprise: Multi-Asset Absolute Return Fund, Putnam Total Return Fund, Putnam U.S. Large Cap Growth Fund and Putnam Ultra  the Statement of Financial Position for each of the Funds as Short Duration Income Fund present fairly, in all material of 30 June 2020 and 30 June 2019, including the Schedule of respects, the financial position of each Fund as of 30 June Investments for each of the Funds as of 30 June 2020; 2020 and 30 June 2019, and the results of their operations,  the related Statement of Comprehensive Income and and changes in their net assets for the years then ended, in Statement of Changes in Net Assets Attributable to accordance with Generally Accepted Accounting Practice in Redeemable Participating Unitholders for Putnam Fixed Ireland; Income Global Alpha Fund, Putnam Global High Yield Bond  the financial statements of Putnam Securitised Credit Fund Fund, Putnam Multi-Asset Absolute Return Fund, Putnam present fairly, in all material respects, the financial position of Total Return Fund, Putnam U.S. Large Cap Growth Fund and the Fund as of 30 June 2020 and 30 June 2019, and the Putnam Ultra Short Duration Income Fund for the years results of its operations, and changes in its net assets for the ended 30 June 2020 and 30 June 2019; year ended 30 June 2020 and for the period from 11 July 2018  the related Statement of Comprehensive Income and the to 30 June 2019, in accordance with Generally Accepted Statement of Changes in Net Assets Attributable to Accounting Practice in Ireland; and Redeemable Participating Unitholders for Putnam Securitised  the financial statements of Putnam European High Yield Fund Credit Fund for the year ended 30 June 2020 and for the present fairly, in all material respects, the financial position of period from 11 July 2018 to 30 June 2019; and the Fund as of 30 June 2020 and 30 June 2019, and the  the related Statement of Comprehensive Income and the results of its operations, and changes in its equity for the Statement of Changes in Equity for Putnam European High years then ended, in accordance with Generally Accepted Yield Fund for the years ended 30 June 2020 and 30 June Accounting Practice in Ireland. 2019. Other Matter Management’s Responsibility for the Financial Statements Our audit was conducted for the purpose of forming an opinion Management is responsible for the preparation and fair on the financial statements taken as a whole. The Total Expense presentation of the financial statements in accordance with Ratio (“TER”) (unaudited), Schedule of Portfolio Changes Generally Accepted Accounting Practice in Ireland (accounting (unaudited) for each of the Funds, Securities Financing standards issued by the Financial Reporting Council of the UK, Transactions Regulation (unaudited), Important Information for including Financial Reporting Standard 102 “The Financial Investors in Germany (unaudited) and Remuneration Disclosure Reporting Standard applicable in the UK and Republic of Ireland” (unaudited) are presented for purposes of additional analysis and and Irish law); this includes the design, implementation and are not a required part of the financial statements. Such maintenance of internal control relevant to the preparation and information has not been subjected to the auditing procedures fair presentation of financial statements that are free from applied in the audit of the financial statements, and accordingly, material misstatement, whether due to fraud or error. we do not express an opinion or provide any assurance on it. Auditors’ Responsibility Restriction of Use Our responsibility is to express an opinion on the financial This report, including the opinion, has been prepared for and only statements based on our audits. We conducted our audits in for the directors in relation to the requirements of Rule 206(4)-2 accordance with auditing standards generally accepted in the of the Investment Advisers Act 1940 (the “Custody Rule”) as it United States of America. Those standards require that we plan applies to the Trust and for no other purpose. We do not, in giving and perform the audit to obtain reasonable assurance about this opinion, accept or assume responsibility for any other whether the financial statements are free from material purpose or to any other person to whom this report is shown or misstatement. into whose hands it may come save where expressly agreed by our prior consent in writing. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the financial PricewaterhouseCoopers statements, whether due to fraud or error. In making those risk Kilkenny assessments, we consider internal control relevant to the Funds’ 14 October 2020 preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

22 Putnam World Trust Putnam European High Yield Fund

Schedule of Investments 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (80.37%) (30 June 2019: 81.27%) Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Advertising (0.49%) EUR 90,105 Summer BC Holdco A Sarl (Luxembourg) 9.25 31/10/2027 EUR 77,276 0.49 77,276 0.49 Apparel (0.55%) 100,000 Samsonite Finco Sarl (Luxembourg) 3.50 15/05/2026 86,476 0.55 86,476 0.55 Auto Parts and Equipment (4.60%) 100,000 Clarios Global LP (International) 4.38 15/05/2026 98,500 0.63 115,000 Faurecia SE (France) 2.38 15/06/2027 107,083 0.69 100,000 Faurecia SE (France) 3.13 15/06/2026 97,500 0.62 220,000 Gestamp Automocion SA (Spain) 3.25 30/04/2026 209,249 1.34 100,000 Gestamp Funding Luxembourg SA (Luxembourg) 3.50 15/05/2023 96,869 0.62 125,000 Grupo Antolin-Irausa SA (Spain) 3.25 30/04/2024 109,024 0.70 718,225 4.60 Automotive (5.81%) 205,000 FCE Bank PLC (United Kingdom) 1.53 09/11/2020 203,026 1.30 100,000 Fiat Chrysler Automobiles NV (Netherlands) 4.50 07/07/2028 100,000 0.64 140,000 Fiat Chrysler Automobiles NV (Netherlands) 3.75 29/03/2024 143,654 0.92 200,000 Volkswagen International Finance NV (Netherlands) 3.88 31/12/2099 199,000 1.27 105,000 Volkswagen International Finance NV (Netherlands) 3.75 29/03/2049 105,525 0.68 160,000 Volvo Car AB (Sweden) 2.13 02/04/2024 156,451 1.00 907,656 5.81 Banking (11.51%) 200,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 8.88 29/12/2049 206,332 1.32 200,000 Banco Santander SA (Spain) 6.75 31/12/2099 205,000 1.31 USD 200,000 BNP Paribas SA (France) 4.50 31/12/2099 155,986 1.00 EUR 215,000 BNP Paribas SA (France) 6.13 29/12/2049 219,838 1.41 220,000 Credit Agricole SA (France) 6.50 29/04/2049 223,827 1.43 USD 205,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 189,938 1.22 200,000 ING Groep NV (Netherlands) 5.75 31/12/2099 176,680 1.13 260,000 UBS Group AG (Switzerland) 7.00 31/12/2099 240,387 1.54 200,000 UBS Group AG (Switzerland) 6.88 29/12/2049 179,920 1.15 1,797,908 11.51 Beverages (1.04%) EUR 165,000 Sunshine Mid BV (Netherlands) 6.50 15/05/2026 162,829 1.04 162,829 1.04 Chemicals (1.27%) 100,000 INEOS Group Holdings SA (Luxembourg) 5.38 01/08/2024 97,611 0.63 100,000 Nouryon Holding BV (Netherlands) 6.50 01/10/2026 100,715 0.64 198,326 1.27 Commercial Services (9.01%) 100,000 EC Finance PLC (United Kingdom) 2.38 15/11/2022 90,521 0.58 100,000 Intertrust Group BV (Netherlands) 3.38 15/11/2025 100,200 0.64 100,000 La Financiere Atalian SASU (France) 5.13 15/05/2025 74,000 0.47 100,000 La Financiere Atalian SASU (France) 4.00 15/05/2024 74,000 0.47 100,000 Loxam SAS (France) 3.75 15/07/2026 91,752 0.59 100,000 Loxam SAS (France) 2.88 15/04/2026 85,174 0.55 335,000 Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00 30/07/2026 341,700 2.19 550,000 Verisure Midholding AB (Sweden) 5.75 01/12/2023 550,528 3.52 1,407,875 9.01 Distribution/Wholesale (1.13%) GBP 100,000 Matalan Finance PLC (United Kingdom) 6.75 31/01/2023 77,203 0.49 EUR 100,000 Rexel SA (France) 2.75 15/06/2026 98,842 0.64 176,045 1.13 Electrical Components & Equipment (0.65%) 100,000 Energizer Gamma Acquisition BV (Netherlands) 4.63 15/07/2026 101,585 0.65 101,585 0.65 Engineering and Construction (0.53%) 100,000 Ellaktor Value PLC (United Kingdom) 6.38 15/12/2024 83,262 0.53 83,262 0.53

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

Schedule of Investments cont. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (80.37%) (30 June 2019: 81.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Entertainment (0.69%) EUR 120,000 Cirsa Finance International Sarl (Luxembourg) 6.25 20/12/2023 EUR 108,421 0.69 108,421 0.69 Food (4.24%) 200,000 Casino Guichard Perrachon SA (France) 3.58 07/02/2025 169,226 1.08 GBP 175,000 Iceland Bondco PLC (United Kingdom) 4.63 15/03/2025 172,105 1.10 EUR 330,000 Sigma Holdco BV (Netherlands) 5.75 15/05/2026 320,668 2.06 661,999 4.24 Health-Care Services (2.95%) 110,000 Constantin Investissement 3 SASU (France) 5.38 15/04/2025 110,233 0.71 150,000 Synlab Bondco PLC (United Kingdom) 4.75 01/07/2025 149,724 0.96 100,000 Synlab Unsecured Bondco PLC (United Kingdom) 8.25 01/07/2023 102,227 0.65 100,000 Unilabs Subholding AB (Sweden) 5.75 15/05/2025 98,582 0.63 460,766 2.95 Home Builders (0.71%) GBP 100,000 Miller Homes Group Holdings PLC (United Kingdom) 5.50 15/10/2024 110,289 0.71 110,289 0.71 Leisure Time (0.62%) 105,000 Pinnacle Bidco PLC (United Kingdom) 6.38 15/02/2025 97,275 0.62 97,275 0.62 Media (10.52%) EUR 235,000 Altice Finco SA (Luxembourg) 4.75 15/01/2028 213,850 1.37 100,000 Banijay Group SAS (France) 6.50 01/03/2026 89,176 0.57 125,000 Tele Columbus AG (Germany) 3.88 02/05/2025 116,104 0.74 100,000 Telenet Finance Luxembourg Notes Sarl (Luxembourg) 3.50 01/03/2028 101,726 0.65 100,000 Virgin Media Finance PLC (United Kingdom) 3.75 15/07/2030 98,080 0.63 GBP 370,000 Virgin Media Secured Finance PLC (United Kingdom) 4.13 15/08/2030 402,105 2.57 100,000 Virgin Media Secured Finance PLC (United Kingdom) 5.25 15/05/2029 115,252 0.74 EUR 435,000 Ziggo Bond Company BV (Netherlands) 3.38 28/02/2030 409,026 2.62 100,000 Ziggo BV (Netherlands) 2.88 15/01/2030 98,375 0.63 1,643,694 10.52 Mining (2.94%) 470,000 Constellium SE (France) 4.25 15/02/2026 459,486 2.94 459,486 2.94 Packaging and Containers (3.50%) 360,000 ARD Finance SA (Luxembourg) 5.00 30/06/2027 344,700 2.21 GBP 100,000 Ardagh Packaging Finance PLC (International) 4.75 15/07/2027 106,798 0.68 EUR 100,000 Smurfit Kappa Treasury ULC (Ireland) 1.50 15/09/2027 95,320 0.61 546,818 3.50 Pharmaceuticals (2.54%) 200,000 Bausch Health Companies Incorporated (Canada) 4.50 15/05/2023 197,788 1.27 100,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 6.00 31/01/2025 105,443 0.68 100,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 1.25 31/03/2023 92,724 0.59 395,955 2.54 Real Estate (2.05%) GBP 305,000 Iron Mountain UK PLC (United Kingdom) 3.88 15/11/2025 319,809 2.05 319,809 2.05 Retail (2.16%) EUR 100,000 eG Global Finance PLC (United Kingdom) 6.25 30/10/2025 98,062 0.63 140,000 El Corte Ingles SA (Spain) 3.00 15/03/2024 136,722 0.88 104,375 Newco GB SAS (France) 8.00 15/12/2022 93,938 0.60 GBP 225,000 Phosphorus Holdco PLC (United Kingdom) 1.00 01/04/2021 7,469 0.05 336,191 2.16 Telecommunications (8.77%) EUR 235,000 Altice France Holding SA (Luxembourg) 4.00 15/02/2028 211,477 1.35 120,000 Altice France SA (France) 3.38 15/01/2028 114,300 0.73 100,000 Altice France SA (France) 5.88 01/02/2027 105,750 0.68 100,000 eircom Finance DAC (Ireland) 3.50 15/05/2026 100,375 0.64 155,000 Matterhorn Telecom SA (Luxembourg) 4.00 15/11/2027 155,446 1.00

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

24 Putnam World Trust

Putnam European High Yield Fund

Schedule of Investments cont. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (80.37%) (30 June 2019: 81.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Telecommunications (8.77%) cont. EUR 100,000 Telecom Italia SpA (Italy) 2.75 15/04/2025 EUR 100,175 0.64 145,000 Telecom Italia SpA (Italy) 3.63 19/01/2024 150,510 0.96 400,000 Telefonica Europe BV (Netherlands) 5.88 31/03/2049 431,000 2.77 1,369,033 8.77 Textiles (0.41%) 100,000 Eagle Intermediate Global Holding BV (International) 5.38 01/05/2023 63,500 0.41 63,500 0.41 Transportation (1.68%) 100,000 CMA CGM SA (France) 5.25 15/01/2025 83,000 0.53 79,655 CMA CGM SA (France) 7.75 15/01/2021 78,659 0.50 100,000 Getlink SE (France) 3.63 01/10/2023 101,125 0.65 262,784 1.68 Total Non-U.S. Corporate Bonds and Notes EUR 12,553,483 80.37

U.S. CORPORATE BONDS AND NOTES (12.79%) (30 June 2019: 12.69%) Principal Coupon Maturity Value % of Amount Rate Dates EUR Fund Chemicals (0.57%) EUR 100,000 Chemours Company 4.00 15/05/2026 EUR 89,500 0.57 89,500 0.57 Commercial Services (2.53%) 220,000 Refinitiv US Holdings Incorporated 6.88 15/11/2026 233,452 1.50 155,000 Refinitiv US Holdings Incorporated 4.50 15/05/2026 161,364 1.03 394,816 2.53 Electrical Components & Equipment (0.64%) 100,000 Belden Incorporated 4.13 15/10/2026 99,452 0.64 99,452 0.64 Entertainment (1.25%) 100,000 Scientific Games International Incorporated 3.38 15/02/2026 91,613 0.59 100,000 WMG Acquisition Corporation 3.63 15/10/2026 103,298 0.66 194,911 1.25 Food (0.95%) 150,000 Kraft Heinz Foods Company 2.25 25/05/2028 147,624 0.95 147,624 0.95 Health-Care Services (1.94%) 100,000 IQVIA Incorporated 2.25 15/01/2028 95,990 0.61 105,000 IQVIA Incorporated 3.25 15/03/2025 105,737 0.68 100,000 IQVIA Incorporated 3.50 15/10/2024 101,750 0.65 303,477 1.94 Internet (2.46%) 160,000 Netflix Incorporated 3.63 15/06/2030 164,299 1.05 105,000 Netflix Incorporated 4.63 15/05/2029 116,317 0.74 100,000 Netflix Incorporated 3.63 15/05/2027 104,532 0.67 385,148 2.46 Packaging and Containers (1.23%) 100,000 Berry Global Incorporated 1.00 15/01/2025 94,374 0.61 100,000 Mauser Packaging Solutions Holding Company 4.75 15/04/2024 97,020 0.62 191,394 1.23 Real Estate (1.22%) 200,000 Iron Mountain Incorporated 3.00 15/01/2025 190,654 1.22 190,654 1.22 Total U.S. Corporate Bonds and Notes EUR 1,996,976 12.79 Total Value of Investments excluding financial derivative instruments EUR 14,550,459 93.16

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

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.15%) (30 June 2019: 0.18%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date EUR EUR EUR Fund Bank of America, N.A. British Pound Sell 16/09/2020 EUR 12,007 EUR 12,190 EUR 183 - Barclays Bank PLC British Pound Sell 16/09/2020 274,503 278,703 4,199 0.03 Citibank, N.A. British Pound Sell 16/09/2020 237,932 241,543 3,611 0.02 British Pound Sell 16/09/2020 407,569 409,619 2,050 0.01 British Pound Sell 16/09/2020 36,681 37,322 641 - Goldman Sachs International British Pound Sell 16/09/2020 250,820 254,642 3,822 0.02 US Dollar Sell 16/09/2020 914,536 913,779 (758) - HSBC Bank US Dollar Sell 16/09/2020 57,758 57,715 (43) - US Dollar Sell 16/09/2020 54,648 54,267 (381) - JPMorgan Chase Bank, N.A. British Pound Buy 16/09/2020 195,964 198,921 (2,957) (0.02) US Dollar Sell 16/09/2020 160,924 160,785 (139) - NatWest Markets PLC British Pound Buy 16/09/2020 112,908 114,637 (1,729) (0.02) State Street Bank & Trust Company British Pound Sell 16/09/2020 979,158 994,053 14,894 0.11 US Dollar Buy 16/09/2020 90,192 90,129 63 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts EUR 29,463 0.19 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts EUR (6,007) (0.04) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts EUR 23,456 0.15 Total Financial Assets at Fair Value Through Profit or Loss EUR 14,579,922 93.35 Total Financial Liabilities at Fair Value Through Profit or Loss EUR (6,007) (0.04)

* The exchange currency for all contracts listed is Euro.

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 84.08 Transferable securities dealt on another regulated market 5.18 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 2.59 OTC financial derivative instruments 0.19 Other assets 7.96 Total Assets 100.00

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

26 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments 30 June 2020

NON-U.S. EQUITIES (-%) (30 June 2019: 0.01%) Number of Value % of Shares USD Fund Biotechnology (-%) 1,124 Advanz Pharma Corporation Limited (Jersey) USD 3,428 - 3,428 - Oil and Natural Gas Utilities (-%) 872 CHC Group LLC (Cayman Islands) 436 - 436 - Total Non-U.S. Equities USD 3,864 -

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (85.76%) (30 June 2019: 31.48%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (83.87%) USD 33,330 Uniform Mortgage Backed Securities Pass-Through Certificates 4.50 01/05/2049 USD 36,765 0.02 28,506 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/05/2049 31,554 0.01 1,000 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/12/2038 1,146 - 9,269 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/03/2038 10,692 - 1,293 Uniform Mortgage Backed Securities Pass-Through Certificates 5.00 01/02/2038 1,492 - 26,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 13/08/2050 27,057,267 11.40 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 13/08/2050 8,410,000 3.54 2,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 14/07/2050 2,046,719 0.86 104,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/07/2050 108,436,244 45.69 18,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 14/07/2050 18,958,360 7.99 18,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50 14/07/2050 18,930,938 7.97 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00 14/07/2050 7,418,359 3.12 3,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 5.50 14/07/2050 3,302,809 1.39 4,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 6.00 14/07/2050 4,456,246 1.88 199,098,591 83.87 U.S. Government Guaranteed Mortgage Obligations (1.89%) 30,178 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 32,699 0.01 36,674 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 39,738 0.02 56,371 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 61,046 0.03 29,320 Government National Mortgage Association Pass-Through Certificates 5.00 20/05/2049 32,968 0.01 59,114 Government National Mortgage Association Pass-Through Certificates 5.00 20/05/2049 66,469 0.03 2,000,000 Government National Mortgage Association Pass-Through Certificates TBA 4.00 21/07/2050 2,120,469 0.89 2,000,000 Government National Mortgage Association Pass-Through Certificates TBA 4.50 21/07/2050 2,135,938 0.90 4,489,327 1.89 Total U.S. Government and Agency Mortgage Obligations USD 203,587,918 85.76

U.S. GOVERNMENT AGENCY OBLIGATIONS (2.11%) (30 June 2019: 2.34%) Principal Maturity Value % of Amount Yield (%) Date USD Fund USD 5,000,000 Federal Home Loan Bank Discount Notes 0.15 17/07/2020 USD 4,999,667 2.11 Total U.S. Government Agency Obligations USD 4,999,667 2.11

MORTGAGE-BACKED SECURITIES (38.40%) (30 June 2019: 35.29%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (15.19%) USD 916,437 Federal Home Loan Mortgage Corporation (Class AS) 5.88 15/08/2038 USD 37,770 0.02 1,441,563 Federal Home Loan Mortgage Corporation (Class C21) 6.00 15/06/2039 357,083 0.15 1,014,200 Federal Home Loan Mortgage Corporation (Class DI) 4.00 15/09/2039 20,677 0.01 2,730,235 Federal Home Loan Mortgage Corporation (Class ES) 5.83 25/12/2049 436,489 0.18 853,268 Federal Home Loan Mortgage Corporation (Class ES) 6.08 15/11/2042 102,320 0.04 1,071,825 Federal Home Loan Mortgage Corporation (Class FO) - 15/04/2041 1,025,913 0.44 1,658,388 Federal Home Loan Mortgage Corporation (Class GI) 3.50 15/11/2045 80,332 0.03 2,064,548 Federal Home Loan Mortgage Corporation (Class GI) 3.00 15/01/2043 91,519 0.04 4,615,526 Federal Home Loan Mortgage Corporation (Class GS) 5.88 25/09/2049 742,432 0.31 844,831 Federal Home Loan Mortgage Corporation (Class IA) 4.00 15/09/2044 90,984 0.04 2,255,454 Federal Home Loan Mortgage Corporation (Class IO) 5.00 15/02/2049 417,259 0.18

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. 30 June 2020

MORTGAGE-BACKED SECURITIES (38.40%) (30 June 2019: 35.29%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (15.19%) cont. USD 1,322,449 Federal Home Loan Mortgage Corporation (Class PI) 4.50 15/12/2045 USD 177,623 0.07 2,267,315 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/04/2045 259,256 0.11 1,300,667 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/03/2043 150,336 0.06 1,508,831 Federal Home Loan Mortgage Corporation (Class PI) 3.00 15/12/2041 60,050 0.03 751,073 Federal Home Loan Mortgage Corporation (Class PI) 3.50 15/11/2040 26,623 0.01 1,316,410 Federal Home Loan Mortgage Corporation (Class SC) 6.38 15/10/2036 55,009 0.02 1,021,129 Federal Home Loan Mortgage Corporation (Class TI) 4.00 15/11/2045 111,511 0.05 15,884 Federal National Mortgage Association (Class 2) 5.50 25/05/2037 3,005 - 71,479 Federal National Mortgage Association (Class 2) 5.00 25/10/2036 12,735 0.01 18,365 Federal National Mortgage Association (Class 2) 6.50 25/07/2036 4,339 - 21,642 Federal National Mortgage Association (Class 2) 6.00 25/06/2036 4,749 - 2,680,706 Federal National Mortgage Association (Class C35) 4.50 25/10/2040 424,704 0.18 3,757,202 Federal National Mortgage Association (Class DS) 6.34 25/12/2041 906,726 0.38 236,764 Federal National Mortgage Association (Class HI) 4.50 25/12/2040 10,347 - 1,489,368 Federal National Mortgage Association (Class IP) 4.00 25/03/2044 117,450 0.05 769,939 Federal National Mortgage Association (Class IP) 3.00 25/06/2042 34,432 0.01 1,437,790 Federal National Mortgage Association (Class JI) 3.50 25/02/2046 108,798 0.05 1,206,375 Federal National Mortgage Association (Class JI) 3.00 25/12/2041 69,906 0.03 2,069,870 Federal National Mortgage Association (Class KI) 6.00 25/03/2048 448,357 0.19 2,092,618 Federal National Mortgage Association (Class KI) 5.00 25/06/2041 384,617 0.16 2,119,572 Federal National Mortgage Association (Class LI) 7.00 25/11/2034 497,975 0.21 3,082,193 Federal National Mortgage Association (Class LS) 5.92 25/09/2046 679,591 0.29 1,919,531 Federal National Mortgage Association (Class LS) 5.82 25/09/2042 347,435 0.15 1,988,398 Federal National Mortgage Association (Class QI) 4.00 25/01/2048 182,694 0.08 3,128,292 Federal National Mortgage Association (Class SA) 5.87 25/10/2049 575,006 0.24 266,771 Federal National Mortgage Association (Class SB) 6.27 25/05/2040 53,274 0.02 3,739,539 Federal National Mortgage Association (Class SD) 5.87 25/04/2044 719,861 0.30 4,092,048 Federal National Mortgage Association (Class SL) 5.97 25/01/2048 715,334 0.30 673,352 Federal National Mortgage Association (Class UI) 4.00 25/11/2042 85,896 0.04 1,747,701 Government National Mortgage Association (Class AI) 2.54 20/02/2068 209,724 0.09 4,346,761 Government National Mortgage Association (Class AI) 3.85 20/10/2066 445,713 0.19 2,396,052 Government National Mortgage Association (Class AI) 3.08 20/02/2066 226,156 0.10 4,752,943 Government National Mortgage Association (Class AI) 1.75 20/09/2065 361,224 0.15 2,872,455 Government National Mortgage Association (Class AI) 2.48 20/06/2065 264,864 0.11 6,101,133 Government National Mortgage Association (Class AI) 2.02 20/04/2065 534,496 0.23 3,689,582 Government National Mortgage Association (Class AI) 4.50 16/09/2045 585,721 0.25 1,070,883 Government National Mortgage Association (Class AI) 4.00 20/06/2045 106,542 0.04 3,062,925 Government National Mortgage Association (Class AI) 3.50 20/10/2039 193,306 0.08 1,884,159 Government National Mortgage Association (Class BI) 2.41 20/01/2067 198,698 0.08 7,205,658 Government National Mortgage Association (Class BI) 1.70 20/05/2065 310,232 0.13 5,708,543 Government National Mortgage Association (Class CI) 1.94 20/01/2070 557,980 0.24 4,407,899 Government National Mortgage Association (Class CI) 3.36 20/10/2065 384,810 0.16 3,820,030 Government National Mortgage Association (Class CI) 1.60 20/03/2064 184,847 0.08 707,853 Government National Mortgage Association (Class CI) 4.00 20/05/2045 73,277 0.03 399,641 Government National Mortgage Association (Class CI) 4.00 20/03/2042 55,597 0.02 423,781 Government National Mortgage Association (Class CS) 5.86 20/02/2050 51,190 0.02 3,774,280 Government National Mortgage Association (Class DI) 3.36 20/10/2065 359,813 0.15 4,392,316 Government National Mortgage Association (Class DI) 3.50 20/08/2045 607,616 0.26 760,353 Government National Mortgage Association (Class DI) 3.50 20/01/2044 11,773 - 6,300,274 Government National Mortgage Association (Class EI) 1.75 20/08/2065 281,622 0.12 116,866 Government National Mortgage Association (Class EI) 4.00 20/06/2038 444 - 8,189,765 Government National Mortgage Association (Class ES) 5.91 20/08/2049 1,207,989 0.52 7,212,367 Government National Mortgage Association (Class GI) 4.00 20/10/2046 920,475 0.39 2,061,727 Government National Mortgage Association (Class GS) 5.91 20/03/2050 332,548 0.14 6,954,687 Government National Mortgage Association (Class HI) 2.08 20/02/2066 556,966 0.23 2,779,367 Government National Mortgage Association (Class HI) 2.10 20/09/2065 188,163 0.08 221,429 Government National Mortgage Association (Class HI) 3.50 20/04/2040 226 - 1,248,081 Government National Mortgage Association (Class IA) 4.50 20/09/2047 204,456 0.09 1,766,636 Government National Mortgage Association (Class IA) 3.50 20/04/2040 89,105 0.04 6,537,608 Government National Mortgage Association (Class IB) 1.72 20/08/2067 559,024 0.24 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. 30 June 2020

MORTGAGE-BACKED SECURITIES (38.40%) (30 June 2019: 35.29%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (15.19%) cont. USD 850,442 Government National Mortgage Association (Class IB) 4.00 20/08/2047 USD 99,720 0.04 2,310,078 Government National Mortgage Association (Class IB) 4.50 20/06/2045 196,565 0.08 671,002 Government National Mortgage Association (Class ID) 3.50 20/07/2047 22,760 0.01 2,162,105 Government National Mortgage Association (Class IE) 4.00 16/01/2043 217,311 0.09 3,209,991 Government National Mortgage Association (Class IH) 1.38 20/07/2067 269,639 0.11 1,579,074 Government National Mortgage Association (Class IK) 3.50 20/03/2038 88,744 0.04 1,608,628 Government National Mortgage Association (Class IL) 4.00 20/08/2044 199,071 0.08 679,380 Government National Mortgage Association (Class IM) 3.50 20/11/2047 31,001 0.01 3,364,964 Government National Mortgage Association (Class IO) 2.00 20/10/2066 261,993 0.11 1,386,129 Government National Mortgage Association (Class IO) 4.00 20/05/2046 169,801 0.07 590,214 Government National Mortgage Association (Class IT) 5.00 20/01/2043 113,026 0.05 2,960,550 Government National Mortgage Association (Class JS) 5.91 20/08/2049 481,175 0.20 2,634,747 Government National Mortgage Association (Class JS) 5.91 20/09/2046 549,898 0.23 2,298,922 Government National Mortgage Association (Class KI) 4.00 20/07/2044 258,650 0.11 3,751,115 Government National Mortgage Association (Class KS) 5.87 16/09/2049 1,000,706 0.42 101,454 Government National Mortgage Association (Class KS) 5.86 20/08/2049 13,611 0.01 2,418,518 Government National Mortgage Association (Class MI) 2.05 20/04/2067 247,898 0.10 3,545,701 Government National Mortgage Association (Class MI) 2.27 20/04/2067 299,257 0.13 9,177,097 Government National Mortgage Association (Class MI) 3.00 20/03/2050 846,180 0.36 2,422,845 Government National Mortgage Association (Class NI) 3.76 20/10/2066 249,068 0.10 1,383,777 Government National Mortgage Association (Class NI) 3.50 20/01/2039 44,785 0.02 2,339 Government National Mortgage Association (Class OD) - 16/07/2036 2,105 - 3,783,924 Government National Mortgage Association (Class PI) 3.50 20/12/2049 461,185 0.19 1,220,809 Government National Mortgage Association (Class PI) 3.50 20/02/2045 161,757 0.07 4,119,996 Government National Mortgage Association (Class QI) 1.78 20/09/2067 410,084 0.17 1,158,891 Government National Mortgage Association (Class QI) 5.00 20/01/2044 187,880 0.08 433,648 Government National Mortgage Association (Class QI) 4.50 20/01/2040 69,384 0.03 4,081,409 Government National Mortgage Association (Class S) 5.86 20/09/2049 771,397 0.32 3,057,326 Government National Mortgage Association (Class SA) 5.91 20/03/2044 644,417 0.27 4,035,838 Government National Mortgage Association (Class SC) 5.86 20/02/2049 556,227 0.23 4,765,616 Government National Mortgage Association (Class SC) 5.91 20/02/2049 823,934 0.35 2,426,518 Government National Mortgage Association (Class SD) 6.46 20/12/2039 497,946 0.21 4,546,420 Government National Mortgage Association (Class SE) 5.91 20/01/2049 732,265 0.31 2,826,294 Government National Mortgage Association (Class SG) 5.96 20/06/2043 561,726 0.24 148,607 Government National Mortgage Association (Class SJ) 5.86 20/06/2049 18,557 0.01 946,792 Government National Mortgage Association (Class SK) 6.41 20/04/2038 239,056 0.10 1,310,147 Government National Mortgage Association (Class SN) 6.51 16/11/2041 315,994 0.13 3,739,272 Government National Mortgage Association (Class SW) 5.91 20/02/2050 656,691 0.28 6,478,487 Government National Mortgage Association (Class SY) 5.91 20/07/2049 959,594 0.40 6,129,225 Government National Mortgage Association (Class TI) 2.04 20/09/2065 565,115 0.24 1,025,428 Government National Mortgage Association (Class UI) 5.00 20/12/2039 185,213 0.08 2,679,475 Government National Mortgage Association (Class WI) 4.66 20/12/2040 405,271 0.17 3,260,387 Government National Mortgage Association (Class XI) 3.13 20/07/2065 334,842 0.14 1,838,494 Government National Mortgage Association (Class XI) 3.50 20/05/2045 142,116 0.06 36,058,629 15.19 Commercial Mortgage-Backed Securities (14.42%) 10,168,746 Banc of America Commercial Mortgage Trust 2015-UBS7 (Class XA) 0.94 15/09/2048 355,906 0.15 14,804,577 BANK 2017-BNK9 (Class XA) 0.95 15/11/2054 672,785 0.28 644,472 Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14 (Class XW) 0.30 11/12/2038 4,689 - 687,000 Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 (Class AJ) 5.43 12/01/2045 480,900 0.20 5,830,205 CD 2016-CD1 Mortgage Trust (Class XA) 1.40 10/08/2049 351,297 0.15 363,000 Citigroup Commercial Mortgage Trust 2012-GC8 (Class B) 4.29 10/09/2045 359,849 0.15 2,333,263 Citigroup Commercial Mortgage Trust 2013-GC17 (Class XA) 1.03 10/11/2046 66,887 0.03 6,006,184 Citigroup Commercial Mortgage Trust 2014-GC19 (Class XA) 1.14 10/03/2047 209,147 0.09 4,148,119 Citigroup Commercial Mortgage Trust 2014-GC21 (Class XA) 1.17 10/05/2047 154,127 0.06 8,102,573 Citigroup Commercial Mortgage Trust 2014-GC23 (Class XA) 0.94 10/07/2047 257,774 0.11 890,000 Citigroup Mortgage Loan Trust Incorporated (Class M1) 0.44 25/06/2037 930,050 0.39 563,000 Commercial 2010-C1 Mortgage Trust (Class D) 5.85 10/07/2046 536,211 0.23 1,000,000 Commercial 2012-CCRE3 Mortgage Trust (Class F) 4.75 15/10/2045 477,327 0.20 23,783,512 Commercial 2013-CCRE11 Mortgage Trust (Class XA) 0.92 10/08/2050 610,761 0.26 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. 30 June 2020

MORTGAGE-BACKED SECURITIES (38.40%) (30 June 2019: 35.29%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (14.42%) cont. USD 275,000 Commercial 2013-CCRE13 Mortgage Trust (Class E) 4.89 10/11/2046 USD 155,858 0.07 272,000 Commercial 2013-CCRE9 Mortgage Trust (Class D) 4.24 10/07/2045 193,719 0.08 5,756,010 Commercial 2013-LC13 Mortgage Trust (Class XA) 1.12 10/08/2046 165,166 0.07 1,332,000 Commercial 2014-CCRE17 Mortgage Trust (Class C) 4.78 10/05/2047 1,221,821 0.50 9,956,015 Commercial 2014-CCRE19 Mortgage Trust (Class XA) 1.01 10/08/2047 307,029 0.13 5,901,802 Commercial 2014-CCRE20 Mortgage Trust (Class XA) 1.02 10/11/2047 209,750 0.09 32,904,237 Commercial 2014-CR14 Mortgage Trust (Class XA) 0.59 10/02/2047 586,166 0.25 5,793,229 Commercial 2014-UBS4 Mortgage Trust (Class XA) 1.10 10/08/2047 204,152 0.09 167,000 Commercial 2014-UBS6 Mortgage Trust (Class C) 4.45 10/12/2047 142,704 0.06 527,000 Commercial 2015-LC19 Mortgage Trust (Class C) 4.24 10/02/2048 528,148 0.22 387,000 Commercial 2015-LC19 Mortgage Trust (Class D) 2.87 10/02/2048 297,363 0.13 21,871,423 Commercial 2015-LC21 Mortgage Trust (Class XA) 0.69 10/07/2048 615,387 0.26 1,350,673 Credit Suisse Commercial Mortgage Trust Series 2006-C5 (Class AX) 1.09 15/12/2039 5,851 - 294,000 Credit Suisse Commercial Mortgage Trust Series 2007-C2 (Class B) 5.81 15/01/2049 291,060 0.12 11,354 Credit Suisse Commercial Mortgage Trust Series 2007-C4 (Class C) 5.91 15/09/2039 11,218 - 1,099,554 Credit Suisse Commercial Mortgage Trust Series 2008-C1 (Class AJ) 6.00 15/02/2041 505,795 0.21 243,000 CSAIL 2015-C1 Commercial Mortgage Trust (Class C) 4.41 15/04/2050 231,032 0.10 179,000 CSAIL 2015-C1 Commercial Mortgage Trust (Class D) 3.91 15/04/2050 123,510 0.05 9,776,459 CSAIL 2018-CX12 Commercial Mortgage Trust (Class XA) 0.77 15/08/2051 393,702 0.17 251,000 DBUBS 2011-LC2 Mortgage Trust (Class C) 5.53 10/07/2044 248,540 0.10 973,000 DBUBS 2011-LC3 Mortgage Trust (Class D) 5.33 10/08/2044 964,070 0.41 1,952,000 Freddie Mac Multiclass Certificates Series 2015-P001 (Class DX) 1.82 27/09/2028 255,733 0.11 476,000 GS Mortgage Securities Trust 2010-C1 (Class D) 5.98 10/08/2043 333,200 0.14 519,000 GS Mortgage Securities Trust 2012-GC6 (Class D) 5.65 10/01/2045 363,978 0.15 799,000 GS Mortgage Securities Trust 2014-GC18 (Class C) 4.99 10/01/2047 758,331 0.32 8,346,666 GS Mortgage Securities Trust 2014-GC18 (Class XA) 1.01 10/01/2047 228,699 0.10 251,000 GS Mortgage Securities Trust 2014-GC22 (Class C) 4.69 10/06/2047 227,986 0.10 1,342,000 GS Mortgage Securities Trust 2014-GC24 (Class D) 4.53 10/09/2047 496,540 0.21 6,720,613 GS Mortgage Securities Trust 2015-GC30 (Class XA) 0.75 10/05/2050 203,313 0.09 14,289,277 GS Mortgage Securities Trust 2015-GS1 (Class XA) 0.77 10/11/2048 508,961 0.21 800,000 JP Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC20 (Class E) 6.17 12/02/2051 320,000 0.13 49,578 JP Morgan Chase Commercial Mortgage Securities Trust 2010-C1 (Class C) 6.27 15/06/2043 48,091 0.02 535,000 JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 (Class D) 5.82 15/11/2043 475,591 0.20 578,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 (Class D) 4.83 15/10/2045 551,552 0.23 8,710,551 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 (Class XA) 1.11 15/12/2047 182,922 0.08 1,022,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class E) 3.25 15/04/2046 584,001 0.25 8,260,907 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class XA) 1.39 15/04/2046 235,169 0.10 709,000 JPMBB Commercial Mortgage Securities Trust 2013-C14 (Class D) 4.86 15/08/2046 548,269 0.23 5,473,015 JPMBB Commercial Mortgage Securities Trust 2013-C17 (Class XA) 0.92 15/01/2047 117,966 0.05 1,041,000 JPMBB Commercial Mortgage Securities Trust 2014-C18 (Class D) 4.97 15/02/2047 488,240 0.21 377,000 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class C) 4.71 15/09/2047 322,820 0.14 7,315,752 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class XA) 0.99 15/09/2047 209,539 0.09 11,214,724 JPMBB Commercial Mortgage Securities Trust 2014-C24 (Class XA) 1.07 15/11/2047 279,422 0.12 523,000 JPMBB Commercial Mortgage Securities Trust 2014-C25 (Class D) 4.09 15/11/2047 428,798 0.18 1,293,686 LB-UBS Commercial Mortgage Trust 2006-C6 (Class XCL) 0.77 15/09/2039 7,105 - 236,724 ML-CFC Commercial Mortgage Trust 2006-4 (Class C) 5.32 12/12/2049 183,282 0.08 330,000 Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 (Class E) 4.83 15/08/2045 286,504 0.12 402,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 (Class D) 4.22 15/07/2046 279,580 0.12 2,130,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 (Class E) 4.22 15/07/2046 1,404,050 0.58 692,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 (Class D) 4.92 15/10/2046 536,444 0.23 20,684,726 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 (Class XA) 1.14 15/11/2046 550,640 0.23 467,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 (Class D) 5.07 15/04/2047 367,122 0.15 1,780,061 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 (Class XA) 1.27 15/08/2047 56,914 0.02 5,645,604 Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 (Class XA) 1.23 15/10/2048 230,364 0.10 7,323,576 Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 (Class XA) 0.86 15/12/2049 254,901 0.11 1,066,948 Morgan Stanley Capital I Trust 2006-HQ10 (Class B) 5.45 12/11/2041 1,051,723 0.43 12,349 Morgan Stanley Capital I Trust 2007-HQ11 (Class B) 5.54 12/02/2044 12,238 0.01 152,010 Morgan Stanley Capital I Trust 2007-HQ11 (Class C) 5.56 12/02/2044 30,402 0.01 1,435,454 Morgan Stanley Capital I Trust 2012-C4 (Class XA) 2.25 15/03/2045 35,180 0.01 5,546,717 Morgan Stanley Capital I Trust 2016-BNK2 (Class XA) 1.19 15/11/2049 252,133 0.11 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. 30 June 2020

MORTGAGE-BACKED SECURITIES (38.40%) (30 June 2019: 35.29%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (14.42%) cont. USD 498,000 Multifamily Connecticut Avenue Securities Trust 2019-01 (Class M10) 3.43 15/10/2049 USD 448,200 0.19 5,575,668 UBS Commercial Mortgage Trust 2017-C7 (Class XA) 1.20 15/12/2050 313,082 0.13 693,000 UBS-Barclays Commercial Mortgage Trust 2012-C2 (Class E) 4.89 10/05/2063 657,678 0.28 7,358,840 UBS-Barclays Commercial Mortgage Trust 2012-C2 (Class XA) 1.30 10/05/2063 158,935 0.07 459,000 UBS-Barclays Commercial Mortgage Trust 2012-C3 (Class C) 5.03 10/08/2049 433,160 0.18 15,322,084 UBS-Barclays Commercial Mortgage Trust 2013-C5 (Class XA) 0.94 10/03/2046 299,397 0.13 12,178,611 UBS-Barclays Commercial Mortgage Trust 2013-C6 (Class XA) 1.11 10/04/2046 296,863 0.13 296,000 UBS-Citigroup Commercial Mortgage Trust 2011-C1 (Class D) 6.05 10/01/2045 258,466 0.11 500,000 Wells Fargo Commercial Mortgage Trust 2013-LC12 (Class D) 4.41 15/07/2046 363,312 0.15 522,000 Wells Fargo Commercial Mortgage Trust 2014-LC16 (Class D) 3.94 15/08/2050 317,949 0.13 14,181,193 Wells Fargo Commercial Mortgage Trust 2014-LC16 (Class XA) 1.27 15/08/2050 485,288 0.20 7,365,881 Wells Fargo Commercial Mortgage Trust 2015-C27 (Class XA) 1.03 15/02/2048 238,950 0.10 311,000 Wells Fargo Commercial Mortgage Trust 2015-NXS3 (Class B) 4.69 15/09/2057 304,007 0.13 2,788,293 Wells Fargo Commercial Mortgage Trust 2016-BNK1 (Class XA) 1.89 15/08/2049 228,640 0.10 7,693,000 Wells Fargo Commercial Mortgage Trust 2016-BNK1 (Class XB) 1.48 15/08/2049 538,148 0.23 232,000 WFRBS Commercial Mortgage Trust 2011-C2 (Class B) 5.17 15/02/2044 232,509 0.10 262,000 WFRBS Commercial Mortgage Trust 2011-C4 (Class C) 5.39 15/06/2044 248,414 0.10 267,750 WFRBS Commercial Mortgage Trust 2011-C5 (Class D) 5.84 15/11/2044 260,478 0.11 1,176,000 WFRBS Commercial Mortgage Trust 2012-C7 (Class F) 4.50 15/06/2045 481,812 0.20 18,523,465 WFRBS Commercial Mortgage Trust 2013-C14 (Class XA) 0.86 15/06/2046 297,300 0.13 884,000 WFRBS Commercial Mortgage Trust 2013-C15 (Class D) 4.64 15/08/2046 591,246 0.25 8,094,203 WFRBS Commercial Mortgage Trust 2013-C15 (Class XA) 0.58 15/08/2046 89,237 0.04 6,214,037 WFRBS Commercial Mortgage Trust 2013-UBS1 (Class XA) 1.00 15/03/2046 111,492 0.05 34,232,017 14.42 Residential Mortgage-Backed Securities (non-agency) (8.79%) 851,856 Alternative Loan Trust 2005-51 (Class 3A3A) 0.83 20/11/2035 717,899 0.30 819,840 Alternative Loan Trust 2005-59 (Class 1A1) 0.52 20/11/2035 746,196 0.31 788,540 Alternative Loan Trust 2006-24CB (Class A19) 0.68 25/08/2036 383,404 0.16 199,783 Alternative Loan Trust 2006-OA10 (Class 4A1) 0.37 25/08/2046 184,187 0.08 2,081,925 Alternative Loan Trust 2006-OA7 (Class 1A2) 2.44 25/06/2046 1,825,051 0.78 247,253 Alternative Loan Trust 2007-OA6 (Class A1A) 0.32 25/06/2037 230,390 0.10 277,292 American Home Mortgage Investment Trust 2007-1 (Class A1C) 0.37 25/05/2047 140,573 0.06 251,000 Bellemeade Re 2019-4 Limited (Class M1C) 2.68 25/10/2029 225,222 0.09 201,719 CHL Mortgage Pass-Through Trust 2005-3 (Class 1A1) 0.80 25/04/2035 171,771 0.07 595,240 Connecticut Avenue Securities Trust 2019-HRP1 (Class M2) 2.33 25/11/2039 546,092 0.23 142,717 Connecticut Avenue Securities Trust 2019-R01 (Class 2M2) 2.63 25/07/2031 139,238 0.06 116,861 Connecticut Avenue Securities Trust 2019-R02 (Class 1M2) 2.48 25/08/2031 115,044 0.05 30,963 Connecticut Avenue Securities Trust 2019-R03 (Class 1M2) 2.33 25/09/2031 30,597 0.01 184,000 Connecticut Avenue Securities Trust 2020-R02 (Class 2M2) 2.18 25/01/2040 173,938 0.07 487,480 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.93 25/10/2028 583,915 0.25 885,734 Fannie Mae Connecticut Avenue Securities (Class 1B) 12.43 25/09/2028 1,089,228 0.47 114,808 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.93 25/08/2028 137,631 0.06 264,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 4.43 25/01/2031 260,030 0.11 174,727 Fannie Mae Connecticut Avenue Securities (Class 1M2) 2.58 25/05/2030 170,795 0.07 392,000 Fannie Mae Connecticut Avenue Securities (Class 1M2) 3.18 25/10/2029 390,040 0.16 406,253 Fannie Mae Connecticut Avenue Securities (Class 1M2) 3.73 25/07/2029 413,088 0.17 359,156 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.18 25/09/2028 372,395 0.16 1,425,349 Fannie Mae Connecticut Avenue Securities (Class 1M2) 5.88 25/04/2028 1,497,945 0.64 138,540 Fannie Mae Connecticut Avenue Securities (Class 1M2) 4.48 25/02/2025 139,299 0.06 298,926 Fannie Mae Connecticut Avenue Securities (Class 1M2) 5.08 25/11/2024 309,762 0.13 273,000 Fannie Mae Connecticut Avenue Securities (Class 2B1) 5.68 25/09/2029 283,558 0.12 161,693 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.98 25/02/2030 158,675 0.07 179,082 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.53 25/05/2029 185,227 0.08 609,884 Fannie Mae Connecticut Avenue Securities (Class 2M2) 6.08 25/10/2028 634,074 0.27 32,596 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.18 25/07/2025 33,297 0.01 69,705 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.18 25/05/2025 71,459 0.03 110,707 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.08 25/07/2024 104,044 0.04 60,090 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.78 25/05/2024 56,060 0.02 465,745 Fannie Mae Connecticut Avenue Securities (Class M2) 4.58 25/01/2024 416,824 0.18 544,316 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 10.17 25/07/2028 625,387 0.26 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. 30 June 2020

MORTGAGE-BACKED SECURITIES (38.40%) (30 June 2019: 35.29%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (8.79%) cont. USD 950,694 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 9.53 25/04/2028 USD 1,110,486 0.48 232,904 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 3.03 25/04/2028 231,260 0.10 105,805 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.13 25/05/2025 106,723 0.04 676,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2B) 2.68 25/03/2030 649,065 0.27 310,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.08 25/04/2029 319,014 0.13 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.03 25/03/2029 256,659 0.11 693,103 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 5.18 25/12/2028 713,978 0.30 206,928 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 5.33 25/11/2028 216,326 0.09 530,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.93 25/09/2024 541,090 0.23 160,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 4.83 25/01/2049 157,622 0.07 73,500 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.48 25/10/2048 71,421 0.03 225,220 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.83 25/01/2049 221,632 0.09 490,206 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.63 25/03/2049 479,789 0.20 102,073 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.53 25/02/2049 100,488 0.04 369,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.23 25/11/2049 358,017 0.15 100,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 3.17 25/06/2050 100,000 0.04 140,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.08 25/01/2050 131,799 0.06 261,333 Mello Warehouse Securitization Trust 2018-1 (Class A) 1.03 25/11/2051 261,007 0.11 420,000 Seasoned Credit Risk Transfer Trust Series 2017-2 (Class M1) 4.00 25/08/2056 407,400 0.17 235,000 Seasoned Credit Risk Transfer Trust Series 2019-4 (Class M) 4.50 25/02/2059 215,393 0.09 107,000 STACR Trust 2018-DNA2 (Class M2) 2.33 25/12/2030 104,606 0.04 263,233 Structured Asset Mortgage Investments II Trust 2007-AR7 (Class 1A1) 1.03 25/05/2047 194,057 0.08 156,971 WaMu Mortgage Pass-Through Certificates Series 2005-AR14 Trust (Class 1A2) 3.83 25/12/2035 153,096 0.06 201,229 Wells Fargo Mortgage Backed Securities 2006-AR5 Trust (Class 1A1) 4.03 25/04/2036 198,210 0.08 20,861,473 8.79 Total Mortgage-Backed Securities USD 91,152,119 38.40

REPURCHASE AGREEMENTS (4.15%) (30 June 2019: 4.43%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 9,857,000 Repurchase Agreement - Barclays Capital Incorporated* 0.07 01/07/2020 USD 9,857,000 4.15 Total Repurchase Agreement USD 9,857,000 4.15

*Interest in USD50,000,000 bulk repurchase agreement dated 30 June 2020 with Barclays Capital Incorporated due 1 July 2020 - maturity value of USD9,857,019 for an effective yield of 0.070% (collateralised by a U.S. Treasury note with a coupon rate of 3.375% and a due date of 15 November 2048, valued at USD51,098,902).

NON-U.S. CORPORATE BONDS AND NOTES (7.58%) (30 June 2019: 11.06%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (4.32%) USD 640,000 Australia & New Zealand Banking Group Limited (Australia) 2.13 19/08/2020 USD 640,794 0.27 495,000 Bank of Montreal (Canada) 3.10 13/04/2021 505,740 0.21 1,125,000 Bank of Nova Scotia (Canada) 2.70 07/03/2022 1,167,022 0.49 735,000 Banque Federative du Credit Mutuel SA (France) 2.20 20/07/2020 735,678 0.31 145,000 Commonwealth Bank of Australia (Australia) 2.20 09/11/2020 145,823 0.06 1,050,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 1,098,563 0.46 345,000 DNB Bank ASA (Norway) 2.13 02/10/2020 346,548 0.15 1,465,000 National Australia Bank Limited (Australia) 2.50 12/01/2021 1,481,219 0.63 810,000 Nordea Bank Abp (Finland) 2.50 17/09/2020 813,661 0.34 110,000 Royal Bank of Scotland Group PLC (United Kingdom) 7.65 31/12/2049 159,088 0.07 200,000 Royal Bank of Scotland Group PLC (United Kingdom) 7.50 29/12/2049 200,700 0.08 785,000 Svenska Handelsbanken AB (Sweden) 1.95 08/09/2020 787,296 0.33 1,330,000 Toronto-Dominion Bank (Canada) 1.90 01/12/2022 1,372,221 0.58 767,000 UBS Group AG (Switzerland) 6.88 29/12/2049 804,025 0.34 10,258,378 4.32

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

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Schedule of Investments cont. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (7.58%) (30 June 2019: 11.06%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Building Materials (0.20%) USD 486,000 Cemex SAB de CV (Mexico) 6.13 05/05/2025 USD 472,028 0.20 472,028 0.20 Commercial Services (0.74%) 176,000 IHS Markit Limited (Bermuda) 4.00 01/03/2026 194,480 0.08 1,391,000 IHS Markit Limited (Bermuda) 4.75 15/02/2025 1,557,920 0.66 1,752,400 0.74 Computers (0.01%) 35,000 CyberArk Software Limited (Israel) 0.01 15/11/2024 32,549 0.01 32,549 0.01 Environmental Control (0.22%) 515,000 GFL Environmental Incorporated (Canada) 5.13 15/12/2026 533,025 0.22 533,025 0.22 Internet (0.03%) 33,000 Wix.com Limited (Israel) - 01/07/2023 61,236 0.03 61,236 0.03 Leisure Time (0.03%) 29,000 NCL Corporation Limited (Bermuda) 6.00 15/05/2024 38,610 0.02 19,000 Royal Caribbean Cruises Limited (Liberia) 4.25 15/06/2023 17,670 0.01 56,280 0.03 Media (0.38%) 768,000 Videotron Limited (Canada) 5.13 15/04/2027 796,900 0.34 85,000 Videotron Limited (Canada) 5.00 15/07/2022 87,869 0.04 884,769 0.38 Oil and Natural Gas Utilities (0.89%) 260,000 Aker BP ASA (Norway) 5.88 31/03/2025 263,156 0.11 44,859 CHC Group LLC (Cayman Islands) - 01/10/2020 6,729 - 41,000 Petrobras Global Finance BV (Netherlands) 6.00 27/01/2028 42,896 0.02 103,000 Petrobras Global Finance BV (Netherlands) 7.38 17/01/2027 114,719 0.05 372,000 Petrobras Global Finance BV (Netherlands) 6.25 17/03/2024 397,575 0.17 283,000 Petrobras Global Finance BV (Netherlands) 6.13 17/01/2022 295,381 0.12 98,000 Petroleos de Venezuela SA (Venezuela) (In default) 5.38 12/04/2027 2,352 - 1,185,000 Petroleos de Venezuela SA (Venezuela) (In default) 6.00 15/11/2026 28,440 0.01 80,000 Petroleos Mexicanos (Mexico) 7.69 23/01/2050 66,762 0.03 514,000 Petroleos Mexicanos (Mexico) 5.95 28/01/2031 424,127 0.18 141,000 Petroleos Mexicanos (Mexico) 6.50 13/03/2027 127,834 0.05 338,000 Total Capital International SA (France) 2.75 19/06/2021 345,703 0.15 22,000 Transocean Incorporated (Cayman Islands) 0.50 30/01/2023 9,072 - 2,124,746 0.89 Packaging and Containers (0.10%) 250,000 Ardagh Packaging Finance PLC (International) 4.13 15/08/2026 245,963 0.10 245,963 0.10 Pharmaceuticals (0.34%) 235,000 Bausch Health Companies Incorporated (Canada) 7.00 15/03/2024 243,813 0.10 59,000 Jazz Investments I Limited (Bermuda) 1.50 15/08/2024 53,945 0.02 495,000 Teva Pharmaceutical Finance Netherlands III BV (Netherlands) 6.00 15/04/2024 508,613 0.22 806,371 0.34 Retail (0.19%) 455,000 1011778 BC ULC (Canada) 4.25 15/05/2024 455,805 0.19 455,805 0.19 Telecommunications (0.13%) 300,000 Intelsat Jackson Holdings SA (Luxembourg) 8.00 15/02/2024 304,254 0.13 304,254 0.13 Total Non-U.S. Corporate Bonds and Notes USD 17,987,804 7.58

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (29.73%) (30 June 2019: 30.00%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.04%) USD 100,000 Outfront Media Capital LLC 5.63 15/02/2024 USD 100,000 0.04 100,000 0.04 Aerospace and Defense (0.28%) 128,000 TransDigm Incorporated 6.38 15/06/2026 116,605 0.05 550,000 TransDigm Incorporated 6.25 15/03/2026 548,636 0.23 665,241 0.28 Airlines (0.05%) 105,000 Southwest Airlines Company 1.25 01/05/2025 126,108 0.05 126,108 0.05 Apparel (0.12%) 281,000 Hanesbrands Incorporated 4.63 15/05/2024 279,595 0.12 279,595 0.12 Automotive (0.46%) 245,000 Allison Transmission Incorporated 4.75 01/10/2027 243,163 0.10 720,000 BMW US Capital LLC 2.00 11/04/2021 726,327 0.31 137,000 Navistar International Corporation 6.63 01/11/2025 129,808 0.05 1,099,298 0.46 Banking (4.60%) 327,000 Bank of America Corporation 6.10 29/12/2049 347,846 0.15 638,000 Bank of America Corporation 6.50 29/10/2049 685,633 0.29 510,000 Bank of America Corporation 3.50 17/05/2022 522,408 0.22 773,000 CIT Group Incorporated 5.25 07/03/2025 800,859 0.34 235,000 CIT Group Incorporated 5.00 01/08/2023 239,406 0.10 693,000 Citigroup Incorporated 2.90 08/12/2021 713,887 0.30 155,000 Citigroup Incorporated 2.65 26/10/2020 156,082 0.07 420,000 Dresdner Funding Trust I 8.15 30/06/2031 575,925 0.24 674,000 Goldman Sachs Group Incorporated 2.60 27/12/2020 681,070 0.29 476,000 JPMorgan Chase & Company 6.00 31/12/2049 479,570 0.20 221,000 JPMorgan Chase & Company 2.96 13/05/2031 234,389 0.10 695,000 Manufacturers & Traders Trust Company 2.05 17/08/2020 695,422 0.29 429,000 Morgan Stanley 3.75 25/02/2023 462,973 0.20 955,000 PNC Bank NA 2.03 09/12/2022 974,433 0.41 406,000 US Bancorp 2.63 24/01/2022 419,367 0.18 1,305,000 US Bank NA 3.15 26/04/2021 1,331,063 0.55 1,608,000 Wells Fargo & Company 2.60 22/07/2020 1,609,961 0.67 10,930,294 4.60 Biotechnology (0.08%) 21,000 BioMarin Pharmaceutical Incorporated 1.25 15/05/2027 24,439 0.01 122,000 Exact Sciences Corporation 0.38 15/03/2027 126,386 0.05 43,000 Illumina Incorporated - 15/08/2023 46,696 0.02 197,521 0.08 Building Materials (1.01%) 246,000 BMC East LLC 5.50 01/10/2024 247,845 0.10 753,000 Boise Cascade Company 5.63 01/09/2024 758,648 0.32 495,000 Louisiana-Pacific Corporation 4.88 15/09/2024 498,816 0.21 25,000 Standard Industries Incorporated 5.00 15/02/2027 25,313 0.01 668,000 Standard Industries Incorporated 6.00 15/10/2025 687,552 0.29 35,000 Standard Industries Incorporated 5.38 15/11/2024 35,963 0.02 140,000 US Concrete Incorporated 6.38 01/06/2024 138,250 0.06 2,392,387 1.01 Chemicals (1.16%) 635,000 CF Industries Incorporated 4.50 01/12/2026 698,281 0.29 715,000 CF Industries Incorporated 3.45 01/06/2023 727,505 0.31 121,000 Chemours Company 5.38 15/05/2027 109,346 0.05

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (29.73%) (30 June 2019: 30.00%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Chemicals (1.16%) cont. USD 516,000 Ingevity Corporation 4.50 01/02/2026 USD 503,100 0.21 684,000 WR Grace & Company 5.63 01/10/2024 719,910 0.30 2,758,142 1.16 Commercial Services (0.87%) 475,000 Ashtead Capital Incorporated 4.38 15/08/2027 488,234 0.21 38,000 Chegg Incorporated 0.13 15/03/2025 53,738 0.02 22,000 FTI Consulting Incorporated 2.00 15/08/2023 27,804 0.01 386,000 Global Payments Incorporated 2.90 15/05/2030 405,051 0.17 380,000 Service Corporation International 4.63 15/12/2027 396,150 0.17 607,000 Service Corporation International 5.38 15/05/2024 618,381 0.26 72,000 Square Incorporated 0.13 01/03/2025 81,564 0.03 2,070,922 0.87 Computers (0.57%) 106,000 Apple Incorporated 2.85 06/05/2021 108,311 0.05 635,000 Dell International LLC 6.02 15/06/2026 728,012 0.30 457,000 Dell International LLC 7.13 15/06/2024 473,423 0.20 51,000 Lumentum Holdings Incorporated 0.50 15/12/2026 53,678 0.02 1,363,424 0.57 Diversified Financial Services (0.95%) 385,000 AIG Global Funding 2.15 02/07/2020 385,000 0.16 75,000 Ally Financial Incorporated 8.00 01/11/2031 96,774 0.04 596,000 Ally Financial Incorporated 5.75 20/11/2025 637,743 0.27 565,000 American Express Company 2.65 02/12/2022 591,777 0.25 18,000 Encore Capital Group Incorporated 3.25 15/03/2022 17,381 0.01 52,000 JPMorgan Chase Financial Company LLC 0.25 01/05/2023 50,180 0.02 190,000 OneMain Finance Corporation 7.13 15/03/2026 196,648 0.08 280,000 OneMain Finance Corporation 8.25 15/12/2020 289,240 0.12 2,264,743 0.95 Electric Utilities (0.71%) 315,000 AES Corporation 5.13 01/09/2027 326,813 0.14 43,000 NRG Energy Incorporated 2.75 01/06/2048 43,474 0.02 183,000 NRG Energy Incorporated 5.25 15/06/2029 192,150 0.08 680,000 NRG Energy Incorporated 6.63 15/01/2027 709,750 0.30 385,000 Vistra Operations Company LLC 5.50 01/09/2026 392,869 0.17 1,665,056 0.71 Electronics (0.27%) 84,000 Fortive Corporation 0.88 15/02/2022 82,504 0.03 44,000 II-VI Incorporated 0.25 01/09/2022 52,155 0.02 498,000 Itron Incorporated 5.00 15/01/2026 496,133 0.22 630,792 0.27 Entertainment (0.48%) 250,000 Caesars Resort Company Collection LLC 5.25 15/10/2025 217,500 0.09 500,000 Cinemark USA Incorporated 4.88 01/06/2023 422,500 0.19 370,000 Live Nation Entertainment Incorporated 5.63 15/03/2026 336,700 0.14 76,000 Live Nation Entertainment Incorporated 2.50 15/03/2023 77,093 0.03 51,000 Marriott Vacations Worldwide Corporation 1.50 15/09/2022 46,958 0.02 21,000 Penn National Gaming Incorporated 2.75 15/05/2026 31,456 0.01 1,132,207 0.48 Food (1.32%) 1,000,000 Albertsons Companies Incorporated 4.63 15/01/2027 1,000,000 0.42 1,010,000 Kraft Heinz Foods Company 3.00 01/06/2026 1,017,957 0.43 1,079,000 Lamb Weston Holdings Incorporated 4.88 01/11/2026 1,116,765 0.47 3,134,722 1.32

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (29.73%) (30 June 2019: 30.00%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Forest Products & Paper (0.49%) USD 885,000 Georgia-Pacific LLC 5.40 01/11/2020 USD 899,097 0.38 230,000 Mercer International Incorporated 5.50 15/01/2026 216,200 0.09 50,000 Mercer International Incorporated 6.50 01/02/2024 49,136 0.02 1,164,433 0.49 Health-Care Services (0.75%) 483,000 Centene Corporation 5.25 01/04/2025 497,331 0.21 3,000 HCA Incorporated 5.25 15/06/2026 3,466 - 740,000 Tenet Healthcare Corporation 4.88 01/01/2026 720,575 0.31 78,000 UnitedHealth Group Incorporated 2.00 15/05/2030 81,660 0.03 450,000 UnitedHealth Group Incorporated 2.88 15/03/2022 465,776 0.20 1,768,808 0.75 Home Builders (0.96%) 1,018,000 Lennar Corporation 5.88 11/15/2024 1,112,420 0.47 370,000 Lennar Corporation 4.75 11/15/2022 382,950 0.16 2,000 PulteGroup Incorporated 7.88 6/15/2032 2,505 - 683,000 PulteGroup Incorporated 5.50 3/1/2026 744,880 0.31 32,000 Winnebago Industries Incorporated 1.50 4/1/2025 39,200 0.02 2,281,955 0.96 Housewares (0.21%) 481,000 Newell Brands Incorporated 4.70 01/04/2026 504,766 0.21 504,766 0.21 Insurance (1.28%) 85,000 American International Group Incorporated 8.18 15/05/2058 108,375 0.05 812,000 Berkshire Hathaway Finance Corporation 4.25 15/01/2021 829,073 0.35 782,000 CNO Financial Group Incorporated 5.25 30/05/2025 865,496 0.36 1,200,000 Metropolitan Life Global Funding I 1.95 13/01/2023 1,241,987 0.52 3,044,931 1.28 Internet (1.41%) 23,000 8x8 Incorporated 0.50 01/02/2024 20,576 0.01 1,317,000 Alphabet Incorporated 3.63 19/05/2021 1,354,960 0.58 562,000 Amazon.com Incorporated 2.50 29/11/2022 588,315 0.25 72,000 Booking Holdings Incorporated 0.75 01/05/2025 88,943 0.04 44,000 Etsy Incorporated 0.13 01/10/2026 59,996 0.03 94,000 Match Group Financeco 2 Incorporated 0.88 15/06/2026 115,463 0.05 455,000 Netflix Incorporated 5.88 15/11/2028 518,131 0.22 121,000 Palo Alto Networks Incorporated 0.38 01/06/2025 120,455 0.05 28,000 Palo Alto Networks Incorporated 0.75 01/07/2023 29,931 0.01 54,000 Proofpoint Incorporated 0.25 15/08/2024 53,022 0.02 50,000 Q2 Holdings Incorporated 0.75 01/06/2026 56,776 0.02 83,000 Snap Incorporated 0.75 01/08/2026 103,802 0.04 78,000 Twitter Incorporated 1.00 15/09/2021 76,325 0.03 23,000 Wayfair Incorporated 1.13 01/11/2024 41,010 0.02 27,000 Zendesk Incorporated 0.63 15/06/2025 28,802 0.01 38,000 Zillow Group Incorporated 1.38 01/09/2026 54,821 0.02 27,000 Zillow Group Incorporated 2.75 15/05/2025 31,393 0.01 3,342,721 1.41 Investment Companies (0.21%) 265,000 Icahn Enterprises LP 6.25 15/05/2026 265,186 0.11 235,000 Icahn Enterprises LP 6.25 01/02/2022 235,588 0.10 500,774 0.21 Iron/Steel (0.30%) 698,000 Steel Dynamics Incorporated 5.50 01/10/2024 717,195 0.30 717,195 0.30

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (29.73%) (30 June 2019: 30.00%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Lodging (0.61%) USD 493,000 Hilton Worldwide Finance LLC 4.88 01/04/2027 USD 481,291 0.20 506,000 Hilton Worldwide Finance LLC 4.63 01/04/2025 494,721 0.21 481,000 Wyndham Hotels & Resorts Incorporated 5.38 15/04/2026 462,963 0.20 1,438,975 0.61 Media (1.29%) 410,000 CCO Holdings LLC 5.38 01/06/2029 432,550 0.18 303,000 CCO Holdings LLC 5.50 01/05/2026 313,699 0.13 10,000 CCO Holdings LLC 5.75 15/02/2026 10,343 - 19,000 CSC Holdings LLC 5.25 01/06/2024 19,998 0.01 171,000 Discovery Communications LLC 3.63 15/05/2030 186,869 0.08 190,000 DISH DBS Corporation 5.88 15/11/2024 189,050 0.08 51,000 DISH Network Corporation 3.38 15/08/2026 46,849 0.02 633,000 Gray Television Incorporated 7.00 15/05/2027 651,990 0.28 73,000 Liberty Media Corporation 2.75 01/12/2049 68,252 0.03 9,000 Liberty Media Corporation 1.38 15/10/2023 9,445 - 39,000 Liberty Media Corporation-Liberty Formula One 1.00 30/01/2023 42,289 0.02 118,000 Nexstar Broadcasting Incorporated 5.63 01/08/2024 118,885 0.05 115,000 Sinclair Television Group Incorporated 5.13 15/02/2027 104,650 0.04 130,000 Sinclair Television Group Incorporated 5.63 01/08/2024 124,800 0.05 595,000 Sirius XM Radio Incorporated 5.00 01/08/2027 606,900 0.26 150,000 Univision Communications Incorporated 5.13 15/02/2025 141,282 0.06 3,067,851 1.29 Medical Technology (0.08%) 36,000 CONMED Corporation 2.63 01/02/2024 37,677 0.02 22,000 Envista Holdings Corporation 2.38 01/06/2025 26,778 0.01 55,000 Insulet Corporation 0.38 01/09/2026 60,056 0.03 23,000 Integra LifeSciences Holdings Corporation 0.50 15/08/2025 20,909 0.01 21,000 Tandem Diabetes Care Incorporated 1.50 01/05/2025 24,462 0.01 169,882 0.08 Mining (0.47%) 257,000 Compass Minerals International Incorporated 4.88 15/07/2024 262,140 0.11 905,000 Novelis Corporation 4.75 30/01/2030 864,275 0.36 1,126,415 0.47 Miscellaneous Manufacturer (0.15%) 349,000 Amsted Industries Incorporated 5.63 01/07/2027 359,906 0.15 359,906 0.15 Oil and Natural Gas Utilities (1.61%) 484,000 Concho Resources Incorporated 4.38 15/01/2025 499,531 0.21 389,000 Endeavor Energy Resources LP 5.75 30/01/2028 373,440 0.16 2,030,000 Exxon Mobil Corporation 2.22 01/03/2021 2,053,332 0.87 460,000 Newfield Exploration Company 5.63 01/07/2024 441,600 0.19 410,000 Newfield Exploration Company 5.75 30/01/2022 410,782 0.17 27,000 Pioneer Natural Resources Company 0.25 15/05/2025 31,854 0.01 3,810,539 1.61 Packaging and Containers (0.36%) 120,000 Berry Global Incorporated 5.13 15/07/2023 120,750 0.05 305,000 Crown Americas LLC 4.75 01/02/2026 310,804 0.13 169,000 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 197,730 0.08 116,000 Greif Incorporated 6.50 01/03/2027 118,073 0.05 120,000 Mauser Packaging Solutions Holding Company 5.50 15/04/2024 117,863 0.05 865,220 0.36

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (29.73%) (30 June 2019: 30.00%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Pharmaceuticals (0.50%) USD 63,000 DexCom Incorporated 0.25 15/11/2025 USD 64,496 0.03 30,000 Ironwood Pharmaceuticals Incorporated 1.50 15/06/2026 31,002 0.01 30,000 Ironwood Pharmaceuticals Incorporated 0.75 15/06/2024 30,929 0.01 20,000 Neurocrine Biosciences Incorporated 2.25 15/05/2024 33,255 0.01 41,000 Pacira BioSciences Incorporated 2.38 01/04/2022 44,739 0.02 390,000 Pfizer Incorporated 1.95 03/06/2021 396,110 0.17 160,000 Upjohn Incorporated 2.30 22/06/2027 165,045 0.07 408,000 Zoetis Incorporated 2.00 15/05/2030 419,512 0.18 1,185,088 0.50 Pipelines (1.20%) 120,000 Cheniere Corpus Christi Holdings LLC 5.13 30/06/2027 131,865 0.06 986,000 Cheniere Corpus Christi Holdings LLC 5.88 31/03/2025 1,105,080 0.47 2,000 Energy Transfer Operating LP 6.63 31/12/2099 1,530 - 598,000 Energy Transfer Operating LP 5.88 15/01/2024 665,755 0.28 484,000 Hess Midstream Operations LP 5.63 15/02/2026 478,913 0.20 255,000 Tallgrass Energy Partners LP 5.50 15/01/2028 220,575 0.09 255,000 Targa Resources Partners LP 5.00 15/01/2028 239,797 0.10 2,843,515 1.20 Real Estate (1.41%) 42,000 Blackstone Mortgage Trust Incorporated 4.75 15/03/2023 38,404 0.02 650,000 ESH Hospitality Incorporated 5.25 01/05/2025 624,000 0.26 140,000 GLP Capital LP 5.38 15/04/2026 152,963 0.06 486,000 GLP Capital LP 5.25 01/06/2025 528,476 0.22 365,000 Howard Hughes Corporation 5.38 15/03/2025 339,669 0.14 37,000 IH Merger Sub LLC 3.50 15/01/2022 47,568 0.02 45,000 Iron Mountain Incorporated 5.25 15/03/2028 44,775 0.02 690,000 Iron Mountain US Holdings Incorporated 5.38 01/06/2026 693,450 0.30 26,000 Redfin Corporation 1.75 15/07/2023 38,259 0.02 365,000 SBA Communications Corporation 4.00 01/10/2022 368,650 0.16 505,000 Starwood Property Trust Incorporated 4.75 15/03/2025 459,550 0.19 3,335,764 1.41 Retail (0.48%) 21,000 Bloomin' Brands Incorporated 5.00 01/05/2025 23,967 0.01 73,000 Burlington Stores Incorporated 2.25 15/04/2025 82,961 0.03 34,000 Dick's Sporting Goods Incorporated 3.25 15/04/2025 47,062 0.02 245,000 Golden Nugget Incorporated 6.75 15/10/2024 176,094 0.07 485,000 KFC Holding Company 5.25 01/06/2026 497,125 0.21 250,000 Penske Automotive Group Incorporated 5.50 15/05/2026 249,375 0.11 54,000 RH 0.01 15/09/2024 71,217 0.03 1,147,801 0.48 Semiconductors (0.11%) 63,000 Cree Incorporated 1.75 01/05/2026 88,673 0.04 41,000 Inphi Corporation 0.75 15/04/2025 49,456 0.02 16,000 Microchip Technology Incorporated 1.63 15/02/2027 23,601 0.01 53,000 ON Semiconductor Corporation 1.63 15/10/2023 64,316 0.03 30,000 Silicon Laboratories Incorporated 0.63 15/06/2025 32,210 0.01 258,256 0.11 Software (1.45%) 122,000 Akamai Technologies Incorporated 0.38 01/09/2027 132,712 0.06 45,000 Akamai Technologies Incorporated 0.13 01/05/2025 56,039 0.02 52,000 Blackline Incorporated 0.13 01/08/2024 66,182 0.03 21,000 Cloudflare Incorporated 0.75 15/05/2025 25,305 0.01 32,000 DocuSign Incorporated 0.50 15/09/2023 77,786 0.03

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (29.73%) (30 June 2019: 30.00%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Software (1.45%) cont. USD 55,000 Envestnet Incorporated 1.75 01/06/2023 USD 67,657 0.03 34,000 Five9 Incorporated 0.50 01/06/2025 36,401 0.02 41,000 Guidewire Software Incorporated 1.25 15/03/2025 47,688 0.02 32,000 HubSpot Incorporated 0.38 01/06/2025 34,160 0.01 36,000 J2 Global Incorporated 1.75 01/11/2026 30,753 0.01 26,000 LivePerson Incorporated 0.75 01/03/2024 32,165 0.01 256,000 Microsoft Corporation 2.40 06/02/2022 264,169 0.11 1,155,000 Microsoft Corporation 1.55 08/08/2021 1,170,810 0.50 36,000 New Relic Incorporated 0.50 01/05/2023 34,785 0.01 80,000 Nuance Communications Incorporated 1.25 01/04/2025 111,541 0.05 37,000 Nutanix Incorporated - 15/01/2023 32,760 0.01 674,000 Oracle Corporation 2.50 15/05/2022 696,902 0.29 28,000 Pegasystems Incorporated 0.75 01/03/2025 28,450 0.01 18,000 Pluralsight Incorporated 0.38 01/03/2024 15,801 0.01 33,000 RealPage Incorporated 1.50 15/05/2025 35,482 0.01 65,000 RingCentral Incorporated - 01/03/2025 69,595 0.03 33,000 Sailpoint Technologies Holdings Incorporated 0.13 15/09/2024 37,070 0.02 161,000 Splunk Incorporated 1.13 15/06/2027 171,522 0.07 13,000 Twilio Incorporated 0.25 01/06/2023 40,336 0.02 20,000 Verint Systems Incorporated 1.50 01/06/2021 19,751 0.01 34,000 Workday Incorporated 0.25 01/10/2022 46,733 0.02 50,000 Zynga Incorporated 0.25 01/06/2024 64,612 0.03 3,447,167 1.45 Telecommunications (1.42%) 450,000 Cisco Systems Incorporated 2.20 28/02/2021 455,491 0.19 365,000 CommScope Incorporated 6.00 01/03/2026 374,125 0.16 33,000 GCI Liberty Incorporated 1.75 30/09/2046 46,133 0.02 242,000 Level 3 Financing Incorporated 4.63 15/09/2027 243,815 0.10 495,000 Level 3 Financing Incorporated 5.25 15/03/2026 508,613 0.21 50,000 Sprint Capital Corporation 6.88 15/11/2028 60,875 0.03 150,000 Sprint Corporation 7.88 15/09/2023 168,938 0.07 250,000 Sprint Corporation 7.25 15/09/2021 262,088 0.11 375,000 T-Mobile USA Incorporated 4.75 01/02/2028 396,150 0.17 716,000 T-Mobile USA Incorporated 6.38 01/03/2025 735,690 0.31 38,000 Viavi Solutions Incorporated 1.00 01/03/2024 43,687 0.02 68,000 Vonage Holdings Corporation 1.75 01/06/2024 63,426 0.03 3,359,031 1.42 Transportation (0.01%) 23,000 Air Transport Services Group Incorporated 1.13 15/10/2024 21,658 0.01 21,658 0.01 Total U.S. Corporate Bonds and Notes USD 70,573,103 29.73

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (5.28%) (30 June 2019: 4.57%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund USD 395,000 Argentine Republic Government International Bond (Argentina) 4.63 11/01/2023 USD 164,913 0.07 150,000 Dominican Republic International Bond (Dominican Republic) 6.50 15/02/2048 138,150 0.06 150,000 Dominican Republic International Bond (Dominican Republic) 4.50 30/01/2030 135,675 0.06 141,000 Dominican Republic International Bond (Dominican Republic) 8.63 20/04/2027 158,096 0.07 394,000 Dominican Republic International Bond (Dominican Republic) 5.95 25/01/2027 395,970 0.17 200,000 Dominican Republic International Bond (Dominican Republic) 6.88 29/01/2026 209,250 0.09 278,000 Egypt Government International Bond (Egypt) 7.60 01/03/2029 282,519 0.12 260,000 Egypt Government International Bond (Egypt) 5.75 29/05/2024 260,621 0.11 634,000 El Salvador Government International Bond (El Salvador) 7.63 01/02/2041 536,681 0.23

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. 30 June 2020

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (5.28%) (30 June 2019: 4.57%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund USD 434,000 El Salvador Government International Bond (El Salvador) 6.38 18/01/2027 USD 372,159 0.16 840,000 Indonesia Government International Bond (Indonesia) 4.13 15/01/2025 911,406 0.37 745,000 Indonesia Government International Bond (Indonesia) 3.38 15/04/2023 773,865 0.32 360,000 Ivory Coast Government International Bond (Ivory Coast) 6.13 15/06/2033 358,650 0.15 162,450 Ivory Coast Government International Bond (Ivory Coast) 5.75 31/12/2032 159,810 0.07 350,000 Ivory Coast Government International Bond (Ivory Coast) 5.38 23/07/2024 350,000 0.15 187,000 Jamaica Government International Bond (Jamaica) 8.00 15/03/2039 230,571 0.10 200,000 Kazakhstan Government International Bond (Kazakhstan) 4.88 14/10/2044 253,264 0.11 240,000 Kazakhstan Government International Bond (Kazakhstan) 5.13 21/07/2025 277,991 0.12 764,000 Mexico Government International Bond (Mexico) 3.25 16/04/2030 757,124 0.32 360,000 Paraguay Government International Bond (Paraguay) 4.70 27/03/2027 393,304 0.17 272,000 Peruvian Government International Bond (Peru) 2.39 23/01/2026 282,880 0.12 690,000 Provincia de Cordoba (Argentina) 7.45 01/09/2024 399,747 0.17 391,000 Provincia de Cordoba (Argentina) 7.13 10/06/2021 240,469 0.10 290,000 Qatar Government International Bond (Qatar) 3.75 16/04/2030 330,221 0.14 340,000 Republic of South Africa Government International Bond (South Africa) 4.85 27/09/2027 332,773 0.14 1,600,000 Saudi Government International Bond (Saudi Arabia) 2.90 22/10/2025 1,696,639 0.70 605,000 Senegal Government International Bond (Senegal) 6.25 23/05/2033 615,588 0.26 EUR 100,000 Senegal Government International Bond (Senegal) 4.75 13/03/2028 108,269 0.05 USD 120,000 Uruguay Government International Bond (Uruguay) 7.63 21/03/2036 181,801 0.08 870,000 Uruguay Government International Bond (Uruguay) 4.38 27/10/2027 996,150 0.41 44,000 Venezuela Government International Bond (Venezuela) (In default) 7.65 21/04/2025 2,640 - 200,000 Vietnam Government International Bond (Vietnam) 4.80 19/11/2024 217,997 0.09 Total Foreign Government and Agency Bonds and Notes USD 12,525,193 5.28

COMMERCIAL PAPER (2.44%) (30 June 2019: 6.79%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,100,000 BPCE 0.30 03/08/2020 USD 1,099,698 0.46 1,200,000 Mitsubishi UFJ 0.27 08/09/2020 1,199,379 0.51 1,200,000 Nationwide Building Society 0.22 13/07/2020 1,199,912 0.51 1,150,000 Prudential PLC 0.20 10/08/2020 1,149,744 0.48 1,150,000 Societe Generale 0.22 06/07/2020 1,149,965 0.48 Total Commercial Paper USD 5,798,698 2.44

U.S. TREASURY OBLIGATIONS (8.41%) (30 June 2019: 3.40%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 182,000 United States Treasury Bill1 0.01 10/09/2020 USD 181,998 0.08 2,813,000 United States Treasury Bill2 0.02 03/09/2020 2,812,925 1.18 2,500,000 United States Treasury Bill3 0.05 20/08/2020 2,499,816 1.05 5,000,000 United States Treasury Bill4 0.01 13/08/2020 4,999,915 2.11 1,009,000 United States Treasury Bill5 0.01 06/08/2020 1,008,989 0.43 2,500,000 United States Treasury Bill 0.17 23/07/2020 2,499,749 1.05 5,966,000 United States Treasury Bill 0.08 09/07/2020 5,965,894 2.51 Total U.S. Treasury Obligations USD 19,969,286 8.41

(1) Security is fully held as collateral by Goldman Sachs (USD 181,036). (2) Security is fully held as collateral by Citibank (USD 520,281), Citigroup Global Markets Inc (USD 781,914), Credit Suisse (USD 140,267), Goldman Sachs (USD 229,799), JP Morgan Securities Inc (USD 332,264) and State Street Bank (USD 793,851). (3) Security is partly held as collateral by Bank of America (USD 190,007), Citibank (USD 521,276), Citigroup Global Markets Inc (USD 120,371), Goldman Sachs (USD 320,326), JP Morgan Chase (USD 59,688), JP Morgan Securities Inc (USD 120,371) and State Street Bank (USD 170,111). (4) Security is partly held as collateral by Citigroup Global Markets Inc (USD 820,711), Goldman Sachs (USD 663,532) and JP Morgan Securities Inc (USD 120,371). (5) Security is partly held as collateral by JP Morgan Securities Inc (USD 39,796).

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. 30 June 2020

PURCHASED CURRENCY OPTIONS OUTSTANDING (0.11%) (30 June 2019: 0.01%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. EUR/USD (Call) Nov-20/USD 1.16 USD 4,716,284 EUR 4,197,850 USD 39,268 0.02 EUR/USD (Call) Sep-20/1.17 4,658,593 4,146,500 12,704 0.01 USD/JPY (Put) Nov-20/JPY 105.00 3,469,725 USD 3,469,725 37,154 0.01 Barclays Bank PLC EUR/USD (Call) Sep-20/USD 1.17 4,658,593 EUR 4,146,500 12,704 0.01 Credit Suisse International EUR/CHF (Call) Dec-20/CHF 1.10 7,104,115 6,323,200 28,267 0.01 Goldman Sachs International AUD/USD (Put) Jul-20/USD 0.62 3,675,231 AUD 5,325,650 15 - EUR/USD (Call) Nov-20/1.16 4,716,284 EUR 4,197,850 39,268 0.02 USD/JPY (Put) Nov-20/JPY 105.00 3,469,725 USD 3,469,725 37,154 0.01 UBS AG EUR/USD (Call) Aug-20/USD 0.90 3,529,531 EUR 3,141,550 46,371 0.02 Total Purchased Currency Options Outstanding USD 252,905 0.11

PURCHASED EQUITY OPTIONS OUTSTANDING (0.01%) (30 June 2019: -%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund JPMorgan Chase Bank, N.A. Uniform Mortgage-Backed Securities 30 yr 2.50% TBA commitments (Put) Aug-20/USD 103.60 USD 9,000,000 USD 9,000,000 USD 21,582 0.01 Total Purchased Equity Options Outstanding USD 21,582 0.01

PURCHASED SWAP OPTIONS OUTSTANDING (2.49%) (30 June 2019: 2.68%) Counterparty Notional/ Fixed right % to receive or (pay)/ Expiration Contract Value % of Floating rate index/Maturity date date/strike Amount USD Fund Citibank, N.A. 1.629/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.629 USD 3,527,000 USD 221,213 0.09 1.316/3 month USD-LIBOR-BBA/Oct-21 Oct-20/1.316 18,202,100 197,857 0.08 1.996/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.996 3,527,000 176,279 0.07 0.439/3 month USD-LIBOR-BBA/Aug-25 Aug-20/0.439 5,279,600 31,889 0.01 (1.996)/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.996 3,527,000 4,515 - (0.439)/3 month USD-LIBOR-BBA/Aug-25 Aug-20/0.439 5,279,600 3,854 - (1.629)/3 month USD-LIBOR-BBA/Jan-26 Jan-21/1.629 3,527,000 71 - (1.316)/3 month USD-LIBOR-BBA/Oct-21 Oct-20/1.316 18,202,100 18 - Goldman Sachs International 2.988/3 month USD-LIBOR-BBA/Feb-39 Feb-29/2.988 1,512,000 286,116 0.12 (2.988)/3 month USD-LIBOR-BBA/Feb-39 Feb-29/2.988 1,512,000 28,138 0.01 (2.983)/3 month USD-LIBOR-BBA/May-52 May-22/2.983 2,638,600 14,829 0.01 JPMorgan Chase Bank, N.A. 2.795/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.795 1,410,300 245,745 0.10 2.7575/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.7575 1,410,300 241,556 0.10 1.101/3 month USD-LIBOR-BBA/Mar-31 Mar-21/1.101 4,135,600 197,103 0.08 1.33/3 month USD-LIBOR-BBA/Oct-21 Oct-20/1.33 14,108,100 156,036 0.07 (1.042)/3 month USD-LIBOR-BBA/Sep-50 Sep-20/1.042 3,689,200 103,039 0.04 (2.7575)/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.7575 1,410,300 26,810 0.01 (2.795)/3 month USD-LIBOR-BBA/Dec-37 Dec-27/2.795 1,410,300 26,034 0.01 0.794/3 month USD-LIBOR-BBA/Jul-50 Jul-20/0.794 1,721,000 20,979 0.01 (0.67)/3 month USD-LIBOR-BBA/Jul-30 Jul-20/0.67 3,009,000 14,052 0.01 Morgan Stanley & Co. International PLC 3.00/3 month USD-LIBOR-BBA/Apr-72 Apr-47/3.00 1,990,200 940,728 0.40 3.00/3 month USD-LIBOR-BBA/Feb-73 Feb-48/3.00 1,990,200 933,464 0.40 2.75/3 month USD-LIBOR-BBA/May-73 May-48/2.75 1,990,200 824,838 0.35 2.7725/3 month USD-LIBOR-BBA/Feb-31 Feb-21/2.7725 2,847,600 584,413 0.25

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. 30 June 2020

PURCHASED SWAP OPTIONS OUTSTANDING (2.49%) (30 June 2019: 2.68%) cont. Counterparty Notional/ Fixed right % to receive or (pay)/ Expiration Contract Value % of Floating rate index/Maturity date date/strike Amount USD Fund Morgan Stanley & Co. International PLC cont. 1.613/3 month USD-LIBOR-BBA/Aug-34 Aug-24/1.613 USD 2,005,900 USD 174,874 0.07 (1.613)/3 month USD-LIBOR-BBA/Aug-34 Aug-24/1.613 2,005,900 56,286 0.02 (2.904)/3 month USD-LIBOR-BBA/May-51 May-21/2.904 1,130,800 1,176 - (2.7725)/3 month USD-LIBOR-BBA/Feb-31 Feb-21/2.7725 2,847,600 114 - Toronto-Dominion Bank (1.04)/3 month USD-LIBOR-BBA/Mar-55 (Canada) Mar-25/1.04 315,000 46,261 0.02 UBS AG 1.5025/3 month USD-LIBOR-BBA/Oct-21 Oct-20/1.5025 18,930,200 241,360 0.10 0.153/6 month EUR-EURIBOR-Reuters/Sep-29 Sep-24/0.153 EUR 2,835,800 87,074 0.04 (0.153)/6 month EUR-EURIBOR-Reuters/Sep-29 Sep-24/0.153 2,835,800 50,594 0.02 (1.5025)/3 month USD-LIBOR-BBA/Oct-21 Oct-20/1.5025 USD 18,930,200 19 - Total Purchased Swap Options Outstanding USD 5,937,334 2.49 Total Value of Investments* USD 442,666,473 186.47

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

WRITTEN CURRENCY OPTIONS OUTSTANDING (-0.04%) (30 June 2019: -%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. EUR/USD (Call) Sep-20/USD 1.19 USD 4,658,593 EUR 4,146,500 USD (4,892) - EUR/USD (Call) Nov-20/1.20 4,716,284 4,197,850 (14,106) - USD/JPY (Put) Nov-20/JPY 100.00 3,469,725 USD 3,469,725 (14,767) (0.01) Barclays Bank PLC EUR/USD (Call) Sep-20/USD 1.19 4,658,593 EUR 4,146,500 (4,892) - Credit Suisse International EUR/CHF (Call) Dec-20/CHF 1.12 7,104,115 6,323,200 (15,352) (0.01) Goldman Sachs International EUR/USD (Call) Nov-20/USD 1.20 4,716,284 4,197,850 (14,106) (0.01) USD/JPY (Put) Nov-20/JPY 100.00 3,469,725 USD 3,469,725 (14,767) (0.01) UBS AG EUR/USD (Call) Aug-20/USD 0.94 3,529,531 EUR 3,141,550 (4,924) - Total Written Currency Options Outstanding USD (87,806) (0.04)

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.01%) (30 June 2019: -%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund JPMorgan Chase Bank, N.A. Uniform Mortgage-Backed Securities 30 yr 2.50% TBA commitments (Put) Aug-20/USD 103.04 USD 9,000,000 USD 9,000,000 USD (14,976) (0.01) Uniform Mortgage-Backed Securities 30 yr 2.50% TBA commitments (Put) Aug-20/102.47 9,000,000 9,000,000 (10,692) - Total Written Equity Options Outstanding USD (25,668) (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. 30 June 2020

WRITTEN SWAP OPTIONS OUTSTANDING (-2.25%) (30 June 2019: -2.09%) Counterparty Notional/ Fixed Obligation % to receive or (pay)/ Expiration Contract Value % of Floating rate index/Maturity date date/strike Amount USD Fund Citibank, N.A. 1.805/3 month USD-LIBOR-BBA/Jan-31 Jan-21/1.805 USD 3,527,000 USD (1,799) - 1.865/3 month USD-LIBOR-BBA/Oct-39 Oct-29/1.865 1,820,200 (80,562) (0.03) (1.865)/3 month USD-LIBOR-BBA/Oct-39 Oct-29/1.865 1,820,200 (200,222) (0.08) (1.805)/3 month USD-LIBOR-BBA/Jan-31 Jan-21/1.805 3,527,000 (392,837) (0.17) Goldman Sachs International 2.823/3 month USD-LIBOR-BBA/May-27 May-22/2.823 10,554,300 (3,166) - 1.722/3 month GBP-LIBOR-BBA/Feb-39 Feb-29/1.722 GBP 981,800 (33,333) (0.01) (1.722)/3 month GBP-LIBOR-BBA/Feb-39 Feb-29/1.722 981,800 (169,538) (0.07) JPMorgan Chase Bank, N.A. 1.333/3 month USD-LIBOR-BBA/Jan-24 Jan-23/1.333 USD 2,045,700 (982) - 0.81/3 month USD-LIBOR-BBA/Jul-30 Jul-20/0.81 3,009,000 (3,671) - 0.74/3 month USD-LIBOR-BBA/Jul-30 Jul-20/0.74 3,009,000 (7,312) - (1.333)/3 month USD-LIBOR-BBA/Jan-24 Jan-23/1.333 2,045,700 (21,828) (0.01) (1.07)/3 month USD-LIBOR-BBA/Mar-32 Mar-27/1.07 732,100 (23,112) (0.01) 1.07/3 month USD-LIBOR-BBA/Mar-32 Mar-27/1.07 732,100 (23,237) (0.01) (0.968)/3 month USD-LIBOR-BBA/Mar-35 Mar-25/0.968 459,600 (23,421) (0.01) 0.968/3 month USD-LIBOR-BBA/Mar-35 Mar-25/0.968 459,600 (26,372) (0.01) (0.442)/3 month USD-LIBOR-BBA/Sep-50 Sep-20/0.442 3,689,200 (27,411) (0.01) 1.667/6 month EUR-EURIBOR-Reuters/Feb-36 Feb-26/1.667 EUR 2,160,000 (31,912) (0.01) 0.794/3 month USD-LIBOR-BBA/Jul-50 Jul-20/0.794 USD 1,721,000 (81,145) (0.03) (0.83)/3 month USD-LIBOR-BBA/Oct-21 Oct-20/0.83 14,108,100 (85,495) (0.04) (0.7785)/3 month USD-LIBOR-BBA/Mar-31 Mar-21/0.7785 8,271,100 (212,815) (0.09) (1.667)/6 month EUR-EURIBOR-Reuters/Feb-36 Feb-26/1.667 EUR 2,160,000 (401,677) (0.17) Morgan Stanley & Co. International PLC 2.664/3 month USD-LIBOR-BBA/May-26 May-21/2.664 USD 4,523,300 (45) - 3.01/3 month USD-LIBOR-BBA/Feb-36 Feb-26/3.01 776,600 (8,247) - 2.97/3 month USD-LIBOR-BBA/Feb-36 Feb-26/2.97 776,600 (8,473) - 1.512/3 month USD-LIBOR-BBA/Aug-32 Aug-22/1.512 2,005,900 (29,527) (0.01) (2.97)/3 month USD-LIBOR-BBA/Feb-36 Feb-26/2.97 776,600 (148,377) (0.06) (3.01)/3 month USD-LIBOR-BBA/Feb-36 Feb-26/3.01 776,600 (150,948) (0.06) (1.512)/3 month USD-LIBOR-BBA/Aug-32 Aug-22/1.512 2,005,900 (162,117) (0.07) (2.75)/3 month USD-LIBOR-BBA/May-49 May-25/2.75 1,990,200 (775,422) (0.34) (3.00)/3 month USD-LIBOR-BBA/Jan-49 Jan-24/3.00 1,990,200 (916,009) (0.40) (3.00)/3 month USD-LIBOR-BBA/Apr-48 Apr-23/3.00 1,990,200 (924,806) (0.40) Toronto-Dominion Bank (1.17)/3 month USD-LIBOR-BBA/Mar-55 Mar-25/1.17 68,800 (11,770) - 1.17/3 month USD-LIBOR-BBA/Mar-55 Mar-25/1.17 137,700 (17,970) (0.01) 1.05/3 month USD-LIBOR-BBA/Mar-27 Mar-25/1.05 4,155,000 (31,121) (0.01) UBS AG 1.9875/3 month USD-LIBOR-BBA/Oct-36 Oct-26/1.9875 2,111,400 (63,258) (0.03) (1.9875)/3 month USD-LIBOR-BBA/Oct-36 Oct-26/1.9875 2,111,400 (240,298) (0.10) Total Written Swap Options Outstanding USD (5,340,235) (2.25)

FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING (0.75%) (30 June 2019: 0.02%) 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 359,607 0.15 1.304/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.304 EUR 1,025,800 (166,241) 310,065 0.13 1.053/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.053 542,450 (123,718) 150,398 0.06

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. 30 June 2020

FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING (0.75%) (30 June 2019: 0.02%) 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 Bank of America, N.A. cont. (0.925)/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.925 USD 2,160,200 USD (154,670) USD 30,545 0.01 1.275/3 month USD-LIBOR-BBA/Mar-50 (Purchased) Mar-30/1.275 947,100 (123,360) 23,469 0.01 (0.85)/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.85 1,100,100 (80,307) 18,218 0.01 (0.003)/6 month JPY-LIBOR-BBA/Feb-31 (Purchased) Feb-21/0.003 JPY 57,338,700 (4,514) 966 - 0.30/3 month USD-LIBOR-BBA/Jun-24 (Purchased) Jun-22/0.30 USD 10,030,100 (49,147) (602) - 0.003/6 month JPY-LIBOR-BBA/Feb-31 (Purchased) Feb-21/0.003 JPY 57,338,700 (4,514) (2,846) - (2.3075)/3 month USD-LIBOR-BBA/Jun-52 (Purchased) Jun-22/2.3075 USD 710,300 (16,070) (4,262) - (1.275)/3 month USD-LIBOR-BBA/Mar-50 (Purchased) Mar-30/1.275 947,100 (123,360) (8,391) - 0.85/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.85 1,100,100 (80,307) (12,211) (0.01) 0.925/3 month USD-LIBOR-BBA/Mar-40 (Purchased) Mar-30/0.925 2,160,200 (154,670) (14,409) (0.01) (1.053)/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.053 EUR 542,450 (123,718) (37,718) (0.02) (1.304)/6 month EUR-EURIBOR-Reuters/Jun-54 (Purchased) Jun-24/1.304 1,025,800 (83,121) (49,522) (0.02) 2.3075/3 month USD-LIBOR-BBA/Jun-52 (Purchased) Jun-22/2.3075 USD 710,300 (333,966) (64,865) (0.03) (2.2275)/3 month USD-LIBOR-BBA/May-24 (Purchased) May-22/2.2275 12,132,500 (111,922) (110,648) (0.06) (0.00)/3 month USD-LIBOR-BBA/Jun-24 (Written) Jun-22/0.00 10,030,100 27,081 702 - 0.60/3 month USD-LIBOR-BBA/Jun-24 (Written) Jun-22/0.60 10,030,100 25,075 (1,304) - Barclays Bank PLC 1.11125/6 month JPY-LIBOR-BBA/Aug-43 (Purchased) Aug-23/1.11125 JPY 68,400,700 (34,599) 68,341 0.03 (1.11125)/6 month JPY-LIBOR-BBA/Aug-43 (Purchased) Aug-23/1.11125 68,400,700 (34,599) (32,948) (0.01) Citibank, N.A. 0.462/3 month USD-LIBOR-BBA/Jun-26 (Purchased) Jun-21/0.462 USD 2,100,900 (20,352) 1,828 - 0.688/3 month USD-LIBOR-BBA/Nov-30 (Purchased) Nov-20/0.688 578,700 (10,590) (926) - (0.688)/3 month USD-LIBOR-BBA/Nov-30 (Purchased) Nov-20/0.688 578,700 (10,590) (2,263) - (0.462)/3 month USD-LIBOR-BBA/Jun-26 (Purchased) Jun-21/0.462 2,100,900 (20,352) (2,332) - 0.675/3 month USD-LIBOR-BBA/Jul-30 (Purchased) Jul-20/0.675 5,241,800 (41,541) (6,972) - (0.675)/3 month USD-LIBOR-BBA/Jul-30 (Purchased) Jul-20/0.675 5,241,800 (41,541) (26,681) (0.01) 1.245/3 month USD-LIBOR-BBA/Aug-24 (Written) Aug-22/1.245 8,492,800 77,709 70,405 0.03 (1.245)/3 month USD-LIBOR-BBA/Aug-24 (Written) Aug-22/1.245 8,492,800 77,709 (84,928) (0.04) Goldman Sachs International 1.727/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/1.727 471,900 (43,273) 81,124 0.03 2.8175/3 month USD-LIBOR-BBA/Mar-47 (Purchased) Mar-27/2.8175 329,100 (41,549) 70,733 0.03 0.36/3 month USD-LIBOR-BBA/Jul-25 (Purchased) Jul-20/0.36 10,483,600 (27,519) (3,774) - (0.36)/3 month USD-LIBOR-BBA/Jul-25 (Purchased) Jul-20/0.36 10,483,600 (27,519) (20,758) (0.01) (2.13)/3 month USD-LIBOR-BBA/Dec-30 (Purchased) Dec-20/2.13 2,144,700 (30,294) (30,069) (0.01) (2.8175)/3 month USD-LIBOR-BBA/Mar-47 (Purchased) Mar-27/2.8175 329,100 (41,549) (31,936) (0.01) (1.727)/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/1.727 471,900 (70,549) (35,053) (0.01) 0.555/6 month EUR-EURIBOR-Reuters/Mar-40 (Written) Mar-30/0.555 EUR 1,800,200 135,926 19,254 0.01 (0.555)/6 month EUR-EURIBOR-Reuters/Mar-40 (Written) Mar-30/0.555 1,800,200 135,926 (30,904) (0.01) JPMorgan Chase Bank, N.A. 3.162/3 month USD-LIBOR-BBA/Nov-33 (Purchased) Nov-20/3.162 USD 6,721,200 (954,612) 1,078,618 0.46 2.8325/3 month USD-LIBOR-BBA/Feb-52 (Purchased) Feb-22/2.8325 1,645,700 (229,781) 614,735 0.27 1.921/6 month EUR-EURIBOR-Reuters/Oct-48 (Purchased) Oct-28/1.921 EUR 1,172,900 (149,995) 368,984 0.16 2.032/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/2.032 USD 761,400 (87,942) 158,805 0.07 1.692/6 month AUD-BBR-BBSW/Jan-35 (Purchased) Jan-25/1.692 AUD 664,600 (20,735) 5,710 - (1.445)/6 month AUD-BBR-BBSW/Mar-40 (Purchased) Mar-30/1.445 1,000,100 (37,489) (1,332) - 1.445/6 month AUD-BBR-BBSW/Mar-40 (Purchased) Mar-30/1.445 1,000,100 (37,489) (5,432) - (1.692)/6 month AUD-BBR-BBSW/Jan-35 (Purchased) Jan-25/1.692 664,600 (20,735) (5,705) - (3.162)/3 month USD-LIBOR-BBA/Nov-33 (Purchased) Nov-20/3.162 USD 6,721,200 (8,200) (8,200) - (2.032)/3 month USD-LIBOR-BBA/Jan-55 (Purchased) Jan-25/2.032 761,400 (87,942) (46,423) (0.02) (1.921)/6 month EUR-EURIBOR-Reuters/Oct-48 (Purchased) Oct-28/1.921 EUR 1,172,900 (149,995) (116,937) (0.05) (2.8325)/3 month USD-LIBOR-BBA/Feb-52 (Purchased) Feb-22/2.8325 USD 1,645,700 (229,781) (221,083) (0.10) 3.229/3 month USD-LIBOR-BBA/Nov-33 (Written) Nov-23/3.229 6,721,200 73,732 51,350 0.02 1.232/3 month USD-LIBOR-BBA/Jun-37 (Written) Jun-27/1.232 1,351,900 86,860 5,664 - 1.168/3 month USD-LIBOR-BBA/Jun-37 (Written) Jun-27/1.168 840,400 54,080 1,151 - 1.204/3 month USD-LIBOR-BBA/Jun-40 (Written) Jun-30/1.204 1,072,000 79,918 976 - 2.975/3 month USD-LIBOR-BBA/Nov-23 (Written) Nov-20/2.975 6,721,200 672 672 - (1.168)/3 month USD-LIBOR-BBA/Jun-37 (Written) Jun-27/1.168 840,400 54,080 (2,597) - (1.204)/3 month USD-LIBOR-BBA/Jun-40 (Written) Jun-30/1.204 1,072,000 79,918 (4,181) -

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. 30 June 2020

FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING (0.75%) (30 June 2019: 0.02%) 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 (8,571) - (2.975)/3 month USD-LIBOR-BBA/Nov-23 (Written) Nov-20/2.975 6,721,200 259,304 (294,053) (0.13) (3.229)/3 month USD-LIBOR-BBA/Nov-33 (Written) Nov-23/3.229 6,721,200 762,856 (746,389) (0.32) Morgan Stanley & Co. International PLC 3.27/3 month USD-LIBOR-BBA/Oct-53 (Purchased) Oct-23/3.27 1,135,600 (129,572) 571,582 0.24 1.5775/3 month USD-LIBOR-BBA/Sep-22 (Purchased) Sep-20/1.5775 8,756,000 (48,246) 190,531 0.08 2.764/3 month USD-LIBOR-BBA/Feb-31 (Purchased) Feb-21/2.764 2,847,600 (555,799) 27,138 0.01 (2.764)/3 month USD-LIBOR-BBA/Feb-31 (Purchased) Feb-21/2.764 2,847,600 (4,668) (4,556) - (1.5775)/3 month USD-LIBOR-BBA/Sep-22 (Purchased) Sep-20/1.5775 8,756,000 (48,246) (48,246) (0.02) (3.27)/3 month USD-LIBOR-BBA/Oct-53 (Purchased) Oct-23/3.27 1,135,600 (129,572) (119,124) (0.05) 2.39/3 month USD-LIBOR-BBA/Jun-34 (Written) Jun-24/2.39 3,945,300 207,720 162,744 0.07 (0.005)/6 month JPY-LIBOR-BBA/Nov-30 (Written) Nov-20/0.005 JPY 60,912,500 3,547 2,116 - 0.005/6 month JPY-LIBOR-BBA/Nov-30 (Written) Nov-20/0.005 60,912,500 3,547 (1,292) - (2.39)/3 month USD-LIBOR-BBA/Jun-34 (Written) Jun-24/2.39 USD 3,945,300 207,720 (372,436) (0.17) UBS AG 1.6125/3 month USD-LIBOR-BBA/Aug-34 (Purchased) Aug-24/1.6125 2,005,900 (55,022) 119,812 0.05 1.175/3 month GBP-LIBOR-BBA/Jan-40 (Purchased) Jan-30/1.175 GBP 949,400 (86,305) 45,268 0.02 0.8925/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-23/0.8925 USD 1,583,900 (33,579) 5,623 - (0.902)/3 month USD-LIBOR-BBA/Apr-35 (Purchased) Apr-25/0.902 633,600 (35,450) 3,263 - (0.983)/3 month USD-LIBOR-BBA/Apr-32 (Purchased) Apr-30/0.983 2,111,800 (33,472) 2,809 - 0.762/3 month GBP-LIBOR-BBA/Aug-39 (Purchased) Aug-29/0.762 GBP 406,500 (37,490) 1,184 - (0.87)/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-27/0.87 USD 5,279,600 (35,611) 158 - 0.983/3 month USD-LIBOR-BBA/Apr-32 (Purchased) Apr-30/0.983 2,111,800 (33,472) (4,012) - 0.87/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-27/0.87 5,279,600 (35,611) (4,224) - 0.902/3 month USD-LIBOR-BBA/Apr-35 (Purchased) Apr-25/0.902 633,600 (35,450) (4,910) - (0.762)/3 month GBP-LIBOR-BBA/Aug-39 (Purchased) Aug-29/0.762 GBP 406,500 (37,490) (8,996) - (0.8925)/3 month USD-LIBOR-BBA/Apr-28 (Purchased) Apr-23/0.8925 USD 1,583,900 (33,579) (11,341) - (1.175)/3 month GBP-LIBOR-BBA/Jan-40 (Purchased) Jan-30/1.175 GBP 949,400 (86,305) (28,410) (0.01) (1.6125)/3 month USD-LIBOR-BBA/Aug-34 (Purchased) Aug-24/1.6125 USD 2,005,900 (146,681) (90,326) (0.04) 1.30/3 month USD-LIBOR-BBA/Aug-26 (Written) Aug-21/1.30 4,262,500 126,621 121,481 0.05 1.01/6 month EUR-EURIBOR-Reuters/Jan-40 (Written) Jan-30/1.01 EUR 1,139,300 80,278 28,979 0.01 0.43/6 month EUR-EURIBOR-Reuters/Aug-39 (Written) Aug-29/0.43 378,100 30,312 4,197 - 0.958/3 month USD-LIBOR-BBA/May-30 (Written) May-25/0.958 USD 1,267,100 33,673 456 - (0.43)/6 month EUR-EURIBOR-Reuters/Aug-39 (Written) Aug-29/0.43 EUR 378,100 30,312 (582) - (0.958)/3 month USD-LIBOR-BBA/May-30 (Written) May-25/0.958 USD 1,267,100 33,673 (950) - (1.01)/6 month EUR-EURIBOR-Reuters/Jan-40 (Written) Jan-30/1.01 EUR 1,139,300 80,278 (63,783) (0.03) (1.30)/3 month USD-LIBOR-BBA/Aug-26 (Written) Aug-21/1.30 USD 4,262,500 34,075 (152,768) (0.06) Unrealised Appreciation on Forward Premium Swap Option Contracts Outstanding USD 4,779,661 2.01 Unrealised Depreciation on Forward Premium Swap Option Contracts Outstanding USD (2,993,181) (1.26) Net Unrealised Appreciation on Forward Premium Swap Option Contracts Outstanding USD 1,786,480 0.75

FUTURES CONTRACTS OUTSTANDING (-0.03%) (30 June 2019: -%) Unrealised Appreciation/ Number of Notional Expiration (Depreciation) % of Contracts Amount Value Date USD Fund Euro-Bund 10 yr (Short) 18 USD 3,569,764 USD 3,569,763 Sep-20 USD (57,647) (0.02) U.S. Treasury Bond Ultra 30 yr (Short) 4 872,625 872,625 Sep-20 7,914 - U.S. Treasury Note 2 yr (Short) 369 81,485,578 81,485,578 Sep-20 (10,813) - U.S. Treasury Note 5 yr (Short) 47 5,909,883 5,909,883 Sep-20 (12,844) (0.01) Unrealised Appreciation on Futures Contracts Outstanding USD 7,914 - Unrealised Depreciation on Futures Contracts Outstanding USD (81,304) (0.03) Net Unrealised Depreciation on Futures Contracts Outstanding USD (73,390) (0.03) Variation Margin Settlement to Date USD -- Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (73,390) (0.03)

The Broker for Futures Contracts in the Fund is JPMorgan Chase Bank, N.A.

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. 30 June 2020

TBA SALES COMMITMENTS OUTSTANDING (-18.99%) (30 June 2019: -16.48%) Principal Coupon Settlement Value % of Amount Agency Rate % Date USD Fund USD 3,000,000 Uniform Mortgage Backed Securities 4.50 14/07/2020 USD (3,223,594) (1.36) 14,000,000 Uniform Mortgage Backed Securities 3.00 14/07/2020 (14,745,391) (6.21) 26,000,000 Uniform Mortgage Backed Securities 2.50 14/07/2020 (27,109,061) (11.42) Total TBA Sales Commitments Outstanding USD (45,078,046) (18.99)

OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING (-%) (30 June 2019: 0.02%)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2019: 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 677,000 USD 423,443 USD (23) 08/11/2048 3 month USD-LIBOR- 3.312% - Semiannually BBA - Quarterly USD 426,105 0.18 5,377,000 1,247,943 (118,701) 03/12/2029 3 month USD-LIBOR- 3.096% - Semiannually BBA - Quarterly 1,140,779 0.49 484,400 22,444 (E) (3) 02/02/2024 3 month USD-LIBOR- 2.5725% - Semiannually BBA - Quarterly 22,441 0.01 1,253,700 56,972 (E) (7) 02/02/2024 2.528% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (56,979) (0.02) 967,900 174,710 (13) 13/02/2029 2.6785% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (184,090) (0.08) 2,624,300 181,793 (E) (531) 02/12/2023 3 month USD-LIBOR- 2.536% - Semiannually BBA - Quarterly 181,262 0.08 907,200 41,988 (E) (155) 02/02/2024 3 month USD-LIBOR- 2.57% - Semiannually BBA - Quarterly 41,833 0.02 425,331 89,019 (6) 05/03/2030 3 month USD-LIBOR- 2.806% - Semiannually BBA - Quarterly 92,759 0.04 789,900 153,728 (11) 16/03/2030 2.647% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (159,732) (0.07) 504,000 233,619 (E) (17) 28/03/2052 2.67% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (233,636) (0.11) 1,634,500 67,068 (E) (9) 02/02/2024 3 month USD-LIBOR- 2.3075% - Semiannually BBA - Quarterly 67,059 0.03 2,399,300 98,950 (E) (13) 09/02/2024 3 month USD-LIBOR- 2.32% - Semiannually BBA - Quarterly 98,936 0.04 764,700 367,482 (E) (26) 29/11/2053 2.793% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (367,508) (0.16) 1,496,100 223,375 (E) (21) 07/12/2030 2.184% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (223,396) (0.09) 929,000 63,380 (E) (10) 05/06/2029 3 month USD-LIBOR- 2.2225% - Semiannually BBA - Quarterly 63,370 0.03 77,700 28,201 (E) (3) 22/06/2052 2.3075% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (28,204) (0.01) 1,685,300 237,454 (24) 22/06/2030 2.0625% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (238,217) (0.11) 742,900 97,711 (E) (11) 06/07/2030 1.9665% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (97,722) (0.04) 184,000 63,844 (E) (6) 05/07/2052 2.25% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (63,850) (0.03) 2,117,000 62,479 (E) (12) 07/02/2024 1.733% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (62,491) (0.03) 1,448,200 193,262 (E) (21) 22/01/2031 2.035% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (193,283) (0.08) 1,102,300 387,505 (E) (38) 22/07/2052 2.2685% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (387,542) (0.17) 454,500 116,556 (E) (16) 08/08/2052 1.9185% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (116,571) (0.05) 3,147,500 152,943 (30) 18/09/2024 1.43125% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (165,512) (0.07) 3,147,500 152,116 (30) 18/09/2024 1.425% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (164,628) (0.07) 330,600 58,381 (E) (11) 12/09/2052 1.626% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (58,392) (0.02) 237,200 14,235 1,188 18/03/2025 3 month USD-LIBOR- 1.58% - Semiannually BBA - Quarterly 16,468 0.01

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. 30 June 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2019: 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 417,400 USD 44,461 USD 932 18/03/2030 3 month USD-LIBOR- 1.73% - Semiannually BBA - Quarterly USD 47,413 0.02 643,400 76,538 (E) (9) 21/12/2030 3 month USD-LIBOR- 1.88% - Semiannually BBA - Quarterly 76,529 0.03 4,021,300 410,856 (8,632) 28/01/2030 3 month USD-LIBOR- 1.698% - Semiannually BBA - Quarterly 424,902 0.19 83,500 22,568 (E) (3) 16/01/2055 2.032% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (22,571) (0.01) 1,627,000 177,254 (542) 16/01/2030 1.771% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (186,962) (0.08) 2,995,300 321,279 (40) 31/01/2030 1.7505% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (339,244) (0.15) 2,353,500 251,881 (31) 31/01/2030 1.748% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (265,973) (0.11) 5,348,800 542,010 (8,629) 31/01/2030 3 month USD-LIBOR- 1.688% - Semiannually BBA - Quarterly 563,999 0.25 23,305,010 1,956,922 (105,151) 18/03/2027 3 month USD-LIBOR- 1.70% - Semiannually BBA - Quarterly 1,962,533 0.84 28,300 7,231 (E) (1) 24/01/2055 3 month USD-LIBOR- 1.977% - Semiannually BBA - Quarterly 7,230 - 2,948,800 240,905 (20,017) 18/02/2030 1.4765% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (275,618) (0.13) 67,700 5,618 (E) (2) 04/03/2052 1.265% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (5,621) - 551,400 22,284 (E) (8) 04/03/2031 3 month USD-LIBOR- 1.101% - Semiannually BBA - Quarterly 22,276 0.01 17,093,900 75,521 (E) (64) 08/09/2021 0.68% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (75,585) (0.03) 36,965,200 127,382 (E) (139) 15/10/2021 0.571% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (127,521) (0.05) 1,649,100 55,121 (E) (56) 27/01/2047 3 month USD-LIBOR- 1.27% - Semiannually BBA - Quarterly 55,065 0.02 139,300 4,798 (E) (5) 07/03/2050 1.275% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (4,803) - 191,900 4,530 (E) (7) 10/03/2052 0.8725% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 4,523 - 254,600 16,754 (E) (9) 11/03/2052 0.717% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 16,745 0.01 252,900 5,945 (E) (4) 17/03/2032 3 month USD-LIBOR- 1.03% - Semiannually BBA - Quarterly 5,941 - 43,743,000 153,538 51,999 17/06/2022 0.40% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (103,257) (0.04) 122,236,000 1,989,513 1,097,249 17/06/2025 0.65% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (908,950) (0.39) 9,011,000 43,884 (67,841) 17/06/2050 3 month USD-LIBOR- 0.90% - Semiannually BBA - Quarterly (109,618) (0.05) 13,632,000 290,825 (190,037) 17/06/2030 3 month USD-LIBOR- 0.85% - Semiannually BBA - Quarterly 103,709 0.04 131,800 34 (E) (2) 24/03/2032 3 month USD-LIBOR- 1.07% - Semiannually BBA - Quarterly (35) - 1,256,000 32,170 21,585 22/04/2030 0.895% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (10,059) - 3,113,000 29,135 31,089 22/04/2030 0.7275% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 4,257 - 74,700 469 (E) (1) 24/03/2035 3 month USD-LIBOR- 0.968% - Semiannually BBA - Quarterly (470) - 3,955,000 69,046 (135) 20/04/2050 0.85537% - 3 month USD-LIBOR- Semiannually BBA - Quarterly 71,219 0.03 1,347,500 7,904 (18) 22/04/2030 3 month USD-LIBOR- 0.6915% - Semiannually BBA - Quarterly 6,797 - 1,481,000 5,192 (20) 24/04/2030 3 month USD-LIBOR- 0.66726% - Semiannually BBA - Quarterly 4,158 - 1,481,000 4,723 (20) 24/04/2030 3 month USD-LIBOR- 0.664% - Semiannually BBA - Quarterly 3,679 -

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. 30 June 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2019: 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 2,543,000 USD 11,566 USD (34) 24/04/2030 0.678% - Semiannually 3 month USD-LIBOR- BBA - Quarterly USD (9,907) - 2,543,000 11,118 (34) 24/04/2030 0.67619% - 3 month USD-LIBOR- Semiannually BBA - Quarterly (9,451) - 680,200 548 (E) (10) 25/04/2032 0.7925% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 538 - 2,787,500 106,070 (7,460) 28/04/2050 0.78% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 99,201 0.04 26,398,000 38,911 (100) 04/05/2022 0.3175% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (28,628) (0.01) 1,531,000 5,974 (12) 11/05/2025 3 month USD-LIBOR- 0.399% - Semiannually BBA - Quarterly 5,839 - 1,531,000 6,122 (12) 11/05/2025 3 month USD-LIBOR- 0.401% - Semiannually BBA - Quarterly 5,992 - 1,531,000 6,309 (12) 11/05/2025 3 month USD-LIBOR- 0.4035% - Semiannually BBA - Quarterly 6,184 - 1,531,000 6,168 (12) 11/05/2025 3 month USD-LIBOR- 0.4016% - Semiannually BBA - Quarterly 6,039 - 1,531,000 6,034 (12) 11/05/2025 3 month USD-LIBOR- 0.3998% - Semiannually BBA - Quarterly 5,901 - 1,531,000 5,778 (12) 11/05/2025 3 month USD-LIBOR- 0.39637% - Semiannually BBA - Quarterly 5,638 - 1,531,000 5,705 (12) 11/05/2025 3 month USD-LIBOR- 0.39537% - Semiannually BBA - Quarterly 5,562 - 5,400,000 20,768 (72) 12/05/2030 0.591% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 19,613 0.01 3,054,000 12,735 (40) 14/05/2030 0.6732% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (13,733) (0.01) 2,799,000 4,185 (37) 15/05/2030 0.615% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 3,382 - 2,799,000 2,956 (37) 15/05/2030 0.6195% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 2,137 - 2,756,000 2,910 14 19/05/2030 0.62% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 2,183 - 3,930,000 33,205 (52) 21/05/2030 3 month USD-LIBOR- 0.71729% - Semiannually BBA - Quarterly 34,610 0.01 3,930,000 33,326 (52) 21/05/2030 3 month USD-LIBOR- 0.7176% - Semiannually BBA - Quarterly 34,733 0.01 20,591,700 66,573 (3,287) 21/05/2025 0.385% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (69,894) (0.03) 1,863,000 22,391 (64) 21/05/2050 0.962% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (23,652) (0.01) 4,522,100 8,117 869 26/05/2030 0.65% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (8,480) - 2,930,700 14,144 (E) (28) 10/08/2025 3 month USD-LIBOR- 0.429% - Semiannually BBA - Quarterly 14,116 0.01 9,694,000 221,275 (129) 09/06/2030 0.865% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (224,675) (0.10) 3,722,000 32,813 (12,100) 15/06/2025 3 month USD-LIBOR- 0.50% - Semiannually BBA - Quarterly 21,022 0.01 704,000 54,458 24,157 15/06/2050 1.20% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (30,579) (0.01) 7,000 171 (E) 173 16/09/2030 0.90% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 1 - 1,157,700 12,078 (E) (16) 12/08/2030 0.75% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (12,095) (0.01) 2,697,000 8,984 (36) 15/06/2030 3 month USD-LIBOR- 0.6675% - Semiannually BBA - Quarterly 9,372 - 2,697,000 9,205 (36) 15/06/2030 3 month USD-LIBOR- 0.66833% - Semiannually BBA - Quarterly 9,595 - 2,697,000 9,251 (36) 15/06/2030 3 month USD-LIBOR- 0.6685% - Semiannually BBA - Quarterly 9,641 - 142,800 1,521 (E) (3) 21/06/2037 3 month USD-LIBOR- 1.232% - Semiannually BBA - Quarterly 1,518 -

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. 30 June 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2019: 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 6,942,000 USD 23,894 USD (92) 22/06/2030 0.6693% - Semiannually 3 month USD-LIBOR- BBA - Quarterly USD (24,616) (0.01) 114,200 643 (E) (2) 20/06/2040 3 month USD-LIBOR- 1.204% - Semiannually BBA - Quarterly 640 - 720,400 1,761 (E) (7) 25/08/2025 0.3845% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (1,768) - 79,800 366 (E) (2) 28/06/2037 3 month USD-LIBOR- 1.168% - Semiannually BBA - Quarterly 364 - 11,790,700 16,283 (95) 30/06/2025 3 month USD-LIBOR- 0.352% - Semiannually BBA - Quarterly 16,202 0.01 11,821,200 8,393 (96) 01/07/2025 3 month USD-LIBOR- 0.338% - Semiannually BBA - Quarterly 8,297 - AUD 6,676,000 39,451 (17) 30/10/2021 0.80% - Quarterly 3 month AUD-BBR- BBSW - Quarterly (44,414) (0.02) 1,384,000 43,580 (12) 30/10/2029 6 month AUD-BBR- 1.305% - Semiannually BBSW - Semiannually 45,270 0.02 6,694,000 40,167 (17) 30/10/2021 0.81% - Quarterly 3 month AUD-BBR- BBSW - Quarterly (45,220) (0.02) 1,384,000 45,329 (12) 30/10/2029 6 month AUD-BBR- 1.325% - Semiannually BBSW - Semiannually 47,050 0.02 38,000 700 (E) - 30/01/2035 1.692% - Semiannually 6 month AUD-BBR- BBSW - Semiannually (701) - 127,300 458 (E) (1) 05/03/2035 1.47% - Semiannually 6 month AUD-BBR- BBSW - Semiannually (459) - 47,300 49 (E) - 25/03/2035 1.4025% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 48 - 80,000 243 (E) (1) 28/03/2040 1.445% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 242 - 296,000 5,887 (E) (4) 01/04/2040 1.1685% - Semiannually 6 month AUD-BBR- BBSW - Semiannually 5,883 - 6,015,000 30,115 (E) (44) 29/04/2030 6 month AUD-BBR- 1.4275% - Semiannually BBSW - Semiannually 30,071 0.01 5,323,000 19,612 (30) 05/06/2025 6 month AUD-BBR- 0.525% - Semiannually BBSW - Semiannually 20,382 0.01 3,029,000 23,646 (E) (15,908) 16/09/2030 6 month AUD-BBR- 1.00% - Semiannually BBSW - Semiannually 7,738 - CAD 12,486,000 110,089 (35) 15/08/20213 month CAD-BA-CDOR 1.61 % - Semiannually - Semiannually 114,336 0.05 4,181,500 119,060 (30) 18/09/20243 month CAD-BA-CDOR 1.638% - Semiannually - Semiannually 121,621 0.05 4,181,500 118,031 (30) 18/09/20243 month CAD-BA-CDOR 1.63 % - Semiannually - Semiannually 120,523 0.05 6,142,000 79,575 (17) 24/02/20223 month CAD-BA-CDOR 1.621% - Semiannually - Semiannually 80,787 0.03 1,294,000 53,389 (13) 24/02/2030 1.60% - Semiannually 3 month CAD-BA-CDOR - Semiannually (53,606) (0.02) 1,200,000 53,874 (30) 11/03/20503 month CAD-BA-CDOR 1.134% - Semiannually - Semiannually (53,116) (0.02) 2,603,000 20,349 (E) (24,584) 16/09/20303 month CAD-BA-CDOR 1.150% - Semiannually - Semiannually (4,235) - 1,294,000 5,536 (13) 10/06/2030 1.0775% - Semiannually 3 month CAD-BA-CDOR - Semiannually (5,648) - CHF 1,847,000 22,126 (15) 09/08/2024 0.8475% plus 6 month - CHF-LIBOR-BBA - Semiannually (31,710) (0.01) 898,000 7,495 (7) 13/09/2024 0.765% plus 6 month - CHF-LIBOR-BBA - Semiannually (10,875) - 672,000 6,457 (E) (415) 16/09/2030 - 0.20% plus 6 month CHF- LIBOR-BBA - Semiannually (6,872) - CZK 46,248,000 215,574 (27) 19/03/2029 1.948% - Annually 6 month CZK-PRIBOR - Semiannually (216,239) (0.10)

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. 30 June 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2019: 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 CZK 44,171,000 USD 60,971 USD (15) 09/08/2024 6 month CZK-PRIBOR - 1.28 % - Annually Semiannually USD 66,704 0.03 47,318,000 4,522 (15) 06/05/2025 6 month CZK-PRIBOR - 0.555% - Annually Semiannually 3,614 - EUR 245,400 123,296 (E) (9) 29/11/2058 1.484% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (123,306) (0.05) 333,800 150,822 (13) 19/02/2050 6 month EUR- 1.354% - Annually EURIBOR-REUTERS - Semiannually 153,112 0.06 369,000 156,226 (14) 11/03/2050 1.267% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (158,343) (0.07) 372,500 150,742 (14) 12/03/2050 1.2115% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (152,813) (0.06) 465,600 172,930 (18) 26/03/2050 1.113% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (174,875) (0.07) 458,800 208,184 (E) (17) 29/11/2058 6 month EUR- 1.343% - Annually EURIBOR-REUTERS - Semiannually 208,167 0.09 484,000 168,869 (19) 19/02/2050 1.051% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (171,636) (0.07) 355,100 123,521 (E) (14) 07/06/2054 1.054% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (123,535) (0.05) 324,200 96,870 (12) 19/02/2050 0.9035% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (98,530) (0.04) 345,500 91,088 (13) 21/02/2050 0.80% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (92,689) (0.04) 766,900 117,582 (E) (29) 08/08/2054 0.49% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (117,611) (0.05) 434,000 24,284 (E) (16) 06/06/2054 6 month EUR- 0.207% - Annually EURIBOR-REUTERS - Semiannually 24,268 0.01 739,600 52,533 (28) 19/02/2050 0.233% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (54,318) (0.02) 2,771,000 4,938 (24) 11/10/2024 - 0.4047 plus 6 month EUR-EURIBOR-REUTERS - Semiannually 12,555 0.01 2,376,000 460,942 (90) 19/02/2050 6 month EUR- 0.595% - Annually EURIBOR-REUTERS - Semiannually 469,969 0.21 3,247,000 75,328 (E) (40) 27/01/2030 6 month EUR- 0.352% - Annually EURIBOR-REUTERS - Semiannually 75,287 0.03 304,400 9,464 (E) (11) 04/03/2054 0.134% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (9,475) - 155,500 14,540 (E) (6) 13/03/2054 - 0.2275% plus 6 month EUR-EURIBOR-REUTERS - Semiannually 14,534 0.01 3,323,000 26,996 (E) (40) 30/04/2030 0.11475% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (27,036) (0.01) 934,900 3,819 (E) (20) 13/05/2040 6 month EUR- 0.276% - Annually EURIBOR-REUTERS - Semiannually (3,839) - 1,623,000 14,356 (E) (25) 03/06/2032 6 month EUR- 0.024% - Annually EURIBOR-REUTERS - Semiannually 14,330 0.01 548,000 12,520 (E) (21) 03/06/2052 0.10% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (12,541) (0.01) 450,000 7,332 (E) (7) 15/08/2029 0.05644% plus 6 month - EUR-EURIBOR- REUTERS - Semiannually 7,326 - 4,655,000 65,238 (E) 33,546 16/09/2030 - 0.05% plus 6 month EUR- EURIBOR-REUTERS - Semiannually (31,692) (0.01)

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. 30 June 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.03%) (30 June 2019: 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 901,000 USD 11,540 (E) USD (13) 15/08/2029 0.09037% plus 6 month - EUR-EURIBOR- REUTERS - Semiannually USD 11,526 - 895,000 7,338 (E) (13) 15/08/2029 0.13523% plus 6 month - EUR-EURIBOR- REUTERS - Semiannually 7,325 - 391,100 175 (E) (9) 24/06/2040 0.315% - Annually 6 month EUR-EURIBOR- REUTERS - Semiannually (184) - 903,000 16,019 (E) (14) 15/08/2029 0.04236% plus 6 month - EUR-EURIBOR- REUTERS - Semiannually 16,006 0.01 GBP 3,776,000 62,037 (E) (27) 10/01/2024 6 month GBP-LIBOR- 0.855% - Semiannually BBA - Semiannually 62,009 0.03 3,812,000 59,539 (E) (34) 10/01/2026 0.965% - Semiannually 6 month GBP-LIBOR- BBA - Semiannually (59,574) (0.03) 7,114,000 106,432 (E) (52) 13/01/2024 6 month GBP-LIBOR- 0.795% - Semiannually BBA - Semiannually 106,380 0.04 7,223,000 105,404 (E) (65) 15/01/2026 0.926% - Semiannually 6 month GBP-LIBOR- BBA - Semiannually (105,470) (0.04) 758,000 8,308 (E) (3,031) 16/09/2030 0.20% - Annually Sterling Overnight Index Average - Annually (11,339) - JPY 28,500,300 22,694 (E) (8) 29/08/2043 0.7495% - Semiannually 6 month JPY-LIBOR-BBA - Semiannually (22,702) (0.01) 35,578,600 7,944 (E) (11) 29/08/2043 0.194% - Semiannually 6 month JPY-LIBOR-BBA - Semiannually 7,933 - NOK 35,808,000 168,005 (34) 01/07/2024 1.735% - Annually 6 month NOK-NIBOR- NIBR - Semiannually (197,953) (0.08) 18,783,000 161,875 (29) 01/07/2029 6 month NOK-NIBOR- 1.82% - Annually NIBR - Semiannually 179,248 0.08 13,086,000 10,783 (E) 8,380 16/09/2030 1.00% - Annually 6 month NOK-NIBOR- NIBR - Semiannually (2,403) - 17,871,000 3,206 (15) 29/06/2025 0.6925% - Annually 6 month NOK-NIBOR- NIBR - Semiannually (3,173) - NZD 1,831,000 7,135 (9) 15/05/2025 0.215% - Semiannually 3 month NZD-BBR-FRA - Quarterly 7,208 - 925,000 7,581 (7) 15/05/2030 3 month NZD-BBR-FRA 0.595% - Semiannually - Quarterly (7,344) - 904,000 1,833 (8) 05/06/2030 3 month NZD-BBR-FRA 0.76125% - Semiannually - Quarterly 2,015 - 1,781,000 981 (9) 05/06/2025 0.36% - Semiannually 3 month NZD-BBR-FRA - Quarterly (1,036) - 1,383,000 12,449 (E) 1,579 16/09/2030 0.90% - Semiannually 3 month NZD-BBR-FRA - Quarterly (10,870) - SEK 8,948,000 428 (12) 03/03/2030 0.286% - Annually 3 month SEK-STIBOR- SIDE - Quarterly (1,172) - 44,494,000 4,765 (17) 03/03/2022 3 month SEK-STIBOR- 0.06% - Annually SIDE - Quarterly 4,991 - 15,487,000 31,813 (E) 14,659 16/09/2030 0.50% - Annually 3 month SEK-STIBOR- SIDE - Quarterly (17,154) (0.01) Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 7,908,765 3.33 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (7,961,226) (3.35) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (52,461) (0.02) Variation Margin Settlement to Date USD 104,637 0.05 Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 52,176 0.03

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

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

Putnam World Trust 51

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 30 June 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.08%) (30 June 2019: -%) 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 707,731 USD 704,876 USD - 12/01/2040 4.00% (1 month USD- Synthetic MBX Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly USD (1,546) - 304,425 303,197 - 12/01/2040 4.00% (1 month USD- Synthetic MBX Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (665) - 71,582 71,293 - 12/01/2040 4.00% (1 month USD- Synthetic MBX Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (156) - 258,270 257,133 - 12/01/2040 4.50% (1 month USD- Synthetic MBX Index 4.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (604) - 19,973 19,885 - 12/01/2040 4.50% (1 month USD- Synthetic MBX Index 4.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (47) - 8,415,041 8,394,079 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index 5.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (2,114) - 851,942 849,816 - 12/01/2040 5.00% (1 month USD- Synthetic MBX Index 5.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (214) - 26,406 26,339 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index 5.00% 30 LIBOR) - Monthly year Ginnie Mae II pools - Monthly (7) - 693,064 694,915 - 12/01/2039 (6.00%) 1 month USD- Synthetic MBX Index 6.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (3,659) - 2,721,981 2,735,247 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index 6.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (20,665) (0.01) 72,095 71,267 - 12/01/2043 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 144 - 14,358 14,193 - 12/01/2043 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 29 - 29,405 29,814 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 831 - 7,164 7,264 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 202 - 45,177 44,800 - 12/01/2041 (5.00%) 1 month USD- Synthetic TRS Index 5.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (326) - 59,429 59,390 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index 6.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 733 - 1,124 1,117 - 12/01/2038 6.50% (1 month USD- Synthetic TRS Index 6.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 7 - Citibank, N.A. 690,496 688,776 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index 5.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (174) - 418,042 417,001 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index 5.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly (105) - Credit Suisse International 1,065,636 1,070,829 - 12/01/2038 6.50% (1 month USD- Synthetic MBX Index 6.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 8,090 0.01 77,408 76,519 - 12/01/2043 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 154 - 77,192 76,113 - 12/01/2045 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 73 - 53,610 52,995 - 12/01/2043 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 107 - 266,199 264,030 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 1,992 - 132,076 133,913 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 3,732 - 15,847 16,067 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 448 - 8,511 8,630 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 241 - 255,748 259,304 - 12/01/2041 (4.00%) 1 month USD- Synthetic TRS Index 4.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (7,227) - 49,591 49,177 - 12/01/2041 (5.00%) 1 month USD- Synthetic TRS Index 5.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (358) - 93,245 92,466 - 12/01/2041 (5.00%) 1 month USD- Synthetic TRS Index 5.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (673) -

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. 30 June 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.08%) (30 June 2019: -%) 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 65,063 USD 65,381 USD - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index 6.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly USD (494) - 173,502 174,348 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index 6.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (1,317) - 455,686 457,907 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index 6.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (3,460) - 1,212,983 1,218,895 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index 6.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (9,209) (0.01) 1,661,647 1,669,745 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index 6.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (12,615) (0.01) 47,019 46,217 - 12/01/2044 (3.00%) 1 month USD- Synthetic TRS Index 3.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly 181 - 217,470 214,974 - 12/01/2043 (3.50%) 1 month USD- Synthetic TRS Index 3.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (434) - 264,186 262,033 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 1,977 - 62,745 63,617 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 1,773 - 59,298 58,803 - 12/01/2041 (5.00%) 1 month USD- Synthetic TRS Index 5.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (428) - 175,063 174,950 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index 6.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 2,159 - 11,351 11,344 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index 6.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 140 - 1,557 1,556 - 12/01/2039 6.00% (1 month USD- Synthetic TRS Index 6.00% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 19 - 212,330 210,946 - 12/01/2038 6.50% (1 month USD- Synthetic TRS Index 6.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 1,357 - 193,747 192,484 - 12/01/2038 6.50% (1 month USD- Synthetic TRS Index 6.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 1,239 - 187,729 186,506 - 12/01/2038 6.50% (1 month USD- Synthetic TRS Index 6.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 1,200 - 149,456 148,482 - 12/01/2038 6.50% (1 month USD- Synthetic TRS Index 6.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 955 - 42,228 41,953 - 12/01/2038 6.50% (1 month USD- Synthetic TRS Index 6.50% 30 LIBOR) - Monthly year Fannie Mae pools - Monthly 270 - JPMorgan Chase Bank, N.A. 59,298 58,803 - 12/01/2041 (5.00%) 1 month USD- Synthetic TRS Index 5.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (428) - 7,392,589 7,231,045 - 10/08/2020 (0.25%) - At maturity US Treasury Bond 02.25% 08/15/49 - At maturity (141,534) (0.06) JPMorgan Securities LLC 77,192 76,113 - 12/01/2045 (3.50%) 1 month USD- Synthetic TRS Index 3.50% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (73) - 169,723 168,340 - 12/01/2045 (4.00%) 1 month USD- Synthetic TRS Index 4.00% 30 LIBOR - Monthly year Fannie Mae pools - Monthly (1,270) - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 28,053 0.01 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (209,802) (0.09) Net Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (181,749) (0.08)

CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2019: 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 882,000 USD 167,076 USD - 15/07/2037 1.71% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity USD 167,076 0.08 1,557,000 68,175 (56) 15/05/2040 (0.961%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity 68,119 0.03 3,117,000 56,952 (58) 15/05/2030 (0.655%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity 56,895 0.02

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. 30 June 2020

CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2019: 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 3,117,000 USD 54,074 USD (58) 15/05/2030 (0.6625%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity USD 54,016 0.02 882,000 66,803 - 15/07/2027 (1.40%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (66,803) (0.03) 1,557,000 126,782 (73) 15/05/2050 1.13% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (126,855) (0.06) 3,117,000 158,505 (111) 15/05/2040 0.935% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (158,616) (0.07) 3,117,000 162,729 (111) 15/05/2040 0.93% - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (162,839) (0.07) 3,652,000 199,464 (43) 15/09/2023 (1.4375%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (199,507) (0.08) 3,652,000 200,297 (43) 15/09/2023 (1.44125%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (200,340) (0.08) 3,652,000 200,572 (43) 15/09/2023 (1.4425%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (200,615) (0.08) 3,652,000 200,847 (43) 15/09/2023 (1.44375%) - At maturity Eurostat Eurozone HICP excluding tobacco - At maturity (200,890) (0.08) GBP 1,784,000 164,680 (38) 15/12/2028 3.665% - At maturity GBP Non-revised UK Retail Price Index - At maturity 164,642 0.08 2,522,000 97,472 (33) 15/11/2024 3.385% - At maturity GBP Non-revised UK Retail Price Index - At maturity 97,439 0.04 1,998,000 86,249 (48) 15/03/2028 3.34% - At maturity GBP Non-revised UK Retail Price Index - At maturity 86,202 0.04 1,391,000 74,502 (32) 15/03/2028 3.4025% - At maturity GBP Non-revised UK Retail Price Index - At maturity 74,470 0.03 1,070,000 50,000 (25) 15/02/2028 3.34% - At maturity GBP Non-revised UK Retail Price Index - At maturity 49,975 0.02 1,261,000 48,378 (16) 15/11/2024 3.381% - At maturity GBP Non-revised UK Retail Price Index - At maturity 48,362 0.02 1,261,000 45,706 - 15/12/2024 3.42% - At maturity GBP Non-revised UK Retail Price Index - At maturity 45,706 0.02 499,000 25,479 (12) 15/03/2028 3.3875% - At maturity GBP Non-revised UK Retail Price Index - At maturity 25,468 0.01 536,000 218,785 (28) 15/07/2049 (3.4425%) - At maturity GBP Non-revised UK Retail Price Index - At maturity (218,813) (0.10) USD 7,317,000 126,211 (74) 11/03/2025 (0.77%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 126,137 0.05 1,829,000 64,668 (18) 18/03/2025 (0.41%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 64,649 0.03 2,262,000 30,989 (23) 30/04/2025 (0.835%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 30,967 0.01 2,262,000 28,994 (23) 01/05/2025 (0.8525%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 28,971 0.01 1,774,000 9,652 (18) 15/06/2025 (1.2125%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 9,634 - 248,000 5,638 - 09/06/2050 1.77% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 5,638 - 1,791,000 3,501 - 09/06/2025 (1.24%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity 3,501 - 234,000 3,033 (10) 15/06/2050 1.6875% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (3,043) - 6,435,000 14,041 (108) 30/06/2030 1.586% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (14,149) (0.01)

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. 30 June 2020

CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2019: 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 USD 2,262,000 USD 23,631 USD (38) 01/05/2030 1.3475% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity USD (23,669) (0.01) 2,262,000 24,179 (38) 30/04/2030 1.345% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (24,217) (0.01) 1,815,000 49,608 (18) 29/11/2024 (1.703%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (49,626) (0.02) 1,815,000 56,724 (18) 10/12/2024 (1.7625%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (56,743) (0.02) 1,829,000 95,869 (31) 18/03/2030 0.95% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (95,900) (0.04) 3,629,000 100,795 (37) 21/11/2024 (1.71%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (100,832) (0.04) 7,317,000 218,566 (123) 11/03/2030 1.165% - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (218,689) (0.09) Unrealised Appreciation on Centrally Cleared Total Return Swap Contracts Outstanding USD 1,207,867 0.51 Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding USD (2,122,146) (0.89) Net Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding USD (914,279) (0.38) Variation Margin Settlement to Date USD 888,966 0.37 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (25,313) (0.01)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-1.96%) (30 June 2019: 0.29%) 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 19,087 11/05/2063 300 bp - Monthly USD (14,887) (0.01) Citigroup Global Markets, Inc. CMBX NA A.6 Index A/P 17,588 105,000 13,461 11/05/2063 200 bp - Monthly 4,162 - CMBX NA A.6 Index A/P 18,679 121,000 15,512 11/05/2063 200 bp - Monthly 3,208 - CMBX NA A.6 Index A/P 25,824 146,000 18,717 11/05/2063 200 bp - Monthly 7,155 - CMBX NA A.6 Index A/P 21,368 154,000 19,743 11/05/2063 200 bp - Monthly 1,676 - CMBX NA A.6 Index A/P 27,376 181,000 23,204 11/05/2063 200 bp - Monthly 4,232 - CMBX NA A.6 Index A/P 54,040 386,000 49,485 11/05/2063 200 bp - Monthly 4,683 - CMBX NA A.6 Index A/P 87,281 525,000 67,305 11/05/2063 200 bp - Monthly 20,151 0.01 CMBX NA BB.11 Index BB-/P 68,930 122,000 41,700 18/11/2054 500 bp - Monthly 27,332 0.02 CMBX NA BB.6 Index BB-/P 60,823 424,000 213,950 11/05/2063 500 bp - Monthly (152,774) (0.06) CMBX NA BB.7 Index BB-/P 30,008 588,000 252,134 17/01/2047 500 bp - Monthly (221,637) (0.09) CMBX NA BBB-.6 Index BB+/P 405,125 6,362,000 1,990,670 11/05/2063 300 bp - Monthly (1,582,363) (0.68) Credit Suisse International CMBX NA BB.7 Index BB-/P 14,446 108,000 46,310 17/01/2047 500 bp - Monthly (31,774) (0.01) CMBX NA BBB-.6 Index BB+/P 4,972 45,000 14,081 11/05/2063 300 bp - Monthly (9,086) - CMBX NA BBB-.6 Index BB+/P 5,856 53,000 16,584 11/05/2063 300 bp - Monthly (10,701) - CMBX NA BBB-.6 Index BB+/P 207,563 2,209,000 691,196 11/05/2063 300 bp - Monthly (482,529) (0.21) CMBX NA BBB-.7 Index BBB-/P 39,766 538,000 115,186 17/01/2047 300 bp - Monthly (75,151) (0.03) Goldman Sachs International CMBX NA A.6 Index A/P -60 33,000 4,231 11/05/2063 200 bp - Monthly (4,280) - CMBX NA A.6 Index A/P 10,428 71,000 9,102 11/05/2063 200 bp - Monthly 1,350 - CMBX NA A.6 Index A/P 20,735 143,000 18,333 11/05/2063 200 bp - Monthly 2,450 - CMBX NA A.6 Index A/P 10,968 167,000 21,409 11/05/2063 200 bp - Monthly (10,386) - CMBX NA A.6 Index A/P 9,061 179,000 22,948 11/05/2063 200 bp - Monthly (13,827) (0.01) CMBX NA A.6 Index A/P 9,409 191,000 24,486 11/05/2063 200 bp - Monthly (15,013) (0.01) CMBX NA A.6 Index A/P 24,700 208,000 26,666 11/05/2063 200 bp - Monthly (1,896) -

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. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-1.96%) (30 June 2019: 0.29%) 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 Goldman Sachs International cont. CMBX NA A.6 Index A/P USD 14,727 USD 283,000 USD 36,281 11/05/2063 200 bp - Monthly USD (21,459) (0.01) CMBX NA A.6 Index A/P 14,933 295,000 37,819 11/05/2063 200 bp - Monthly (22,787) (0.01) CMBX NA A.6 Index A/P 18,287 355,000 45,511 11/05/2063 200 bp - Monthly (27,106) (0.01) CMBX NA A.6 Index A/P 27,124 533,000 68,331 11/05/2063 200 bp - Monthly (41,029) (0.02) CMBX NA A.6 Index A/P 38,485 759,000 97,304 11/05/2063 200 bp - Monthly (58,565) (0.02) CMBX NA A.6 Index A/P 80,980 1,317,000 168,839 11/05/2063 200 bp - Monthly (87,420) (0.04) CMBX NA A.7 Index A/P 47 3,000 298 17/01/2047 200 bp - Monthly (250) - CMBX NA BBB-.6 Index BB+/P 1,772 21,000 6,571 11/05/2063 300 bp - Monthly (4,788) - CMBX NA BBB-.6 Index BB+/P 2,764 25,000 7,823 11/05/2063 300 bp - Monthly (5,046) - CMBX NA BBB-.6 Index BB+/P 3,566 32,000 10,013 11/05/2063 300 bp - Monthly (6,431) - CMBX NA BBB-.6 Index BB+/P 2,700 32,000 10,013 11/05/2063 300 bp - Monthly (7,296) - CMBX NA BBB-.6 Index BB+/P 2,614 36,000 11,264 11/05/2063 300 bp - Monthly (8,633) - CMBX NA BBB-.6 Index BB+/P 2,614 36,000 11,264 11/05/2063 300 bp - Monthly (8,633) - CMBX NA BBB-.6 Index BB+/P 5,305 49,000 15,332 11/05/2063 300 bp - Monthly (10,003) - CMBX NA BBB-.6 Index BB+/P 5,421 54,000 16,897 11/05/2063 300 bp - Monthly (11,449) - CMBX NA BBB-.6 Index BB+/P 4,641 56,000 17,522 11/05/2063 300 bp - Monthly (12,853) (0.01) CMBX NA BBB-.6 Index BB+/P 4,939 57,000 17,835 11/05/2063 300 bp - Monthly (12,868) (0.01) CMBX NA BBB-.6 Index BB+/P 6,931 62,000 19,400 11/05/2063 300 bp - Monthly (12,438) (0.01) CMBX NA BBB-.6 Index BB+/P 8,888 73,000 22,842 11/05/2063 300 bp - Monthly (13,917) (0.01) CMBX NA BBB-.6 Index BB+/P 8,440 78,000 24,406 11/05/2063 300 bp - Monthly (15,928) (0.01) CMBX NA BBB-.6 Index BB+/P 8,472 78,000 24,406 11/05/2063 300 bp - Monthly (15,895) (0.01) CMBX NA BBB-.6 Index BB+/P 8,804 80,000 25,032 11/05/2063 300 bp - Monthly (16,188) (0.01) CMBX NA BBB-.6 Index BB+/P 10,804 98,000 30,664 11/05/2063 300 bp - Monthly (19,812) (0.01) CMBX NA BBB-.6 Index BB+/P 14,703 108,000 33,793 11/05/2063 300 bp - Monthly (19,036) (0.01) CMBX NA BBB-.6 Index BB+/P 10,880 126,000 39,425 11/05/2063 300 bp - Monthly (28,482) (0.01) CMBX NA BBB-.6 Index BB+/P 15,689 135,000 42,242 11/05/2063 300 bp - Monthly (26,485) (0.01) CMBX NA BBB-.6 Index BB+/P 16,897 144,000 45,058 11/05/2063 300 bp - Monthly (28,089) (0.01) CMBX NA BBB-.6 Index BB+/P 24,852 179,000 56,009 11/05/2063 300 bp - Monthly (31,068) (0.01) CMBX NA BBB-.6 Index BB+/P 35,930 344,000 107,638 11/05/2063 300 bp - Monthly (71,535) (0.03) CMBX NA BBB-.6 Index BB+/P 20,953 409,000 127,976 11/05/2063 300 bp - Monthly (106,819) (0.04) CMBX NA BBB-.6 Index BB+/P 55,659 471,000 147,376 11/05/2063 300 bp - Monthly (91,481) (0.04) CMBX NA BBB-.6 Index BB+/P 55,851 471,000 147,376 11/05/2063 300 bp - Monthly (91,289) (0.04) CMBX NA BBB-.6 Index BB+/P 82,409 692,000 216,527 11/05/2063 300 bp - Monthly (133,771) (0.06) JPMorgan Securities LLC CMBX NA A.6 Index A/P 10,920 78,000 10,000 11/05/2063 200 bp - Monthly 946 - CMBX NA A.6 Index A/P 12,497 93,000 11,923 11/05/2063 200 bp - Monthly 605 - CMBX NA A.6 Index A/P 70,603 543,000 69,613 11/05/2063 200 bp - Monthly 1,171 - CMBX NA BB.10 Index BB-/P 11,233 140,000 59,864 11/05/2063 500 bp - Monthly (48,514) (0.02) CMBX NA BB.6 Index BB-/P 91,119 177,000 89,314 11/05/2063 500 bp - Monthly 1,953 - CMBX NA BBB-.6 Index BB+/P 1,103,613 3,452,000 1,080,131 11/05/2063 300 bp - Monthly 25,208 0.02 Merrill Lynch International CMBX NA BBB-.6 Index BB+/P 1,350 21,000 6,571 11/05/2063 300 bp - Monthly (5,211) - CMBX NA BBB-.6 Index BB+/P 7,628 100,000 31,290 11/05/2063 300 bp - Monthly (23,612) (0.01) CMBX NA BBB-.6 Index BB+/P 13,571 150,000 46,935 11/05/2063 300 bp - Monthly (33,289) (0.01) CMBX NA BBB-.6 Index BB+/P 40,538 454,000 142,057 11/05/2063 300 bp - Monthly (101,292) (0.04) Morgan Stanley & Co. International PLC CMBX NA A.6 Index A/P 17,969 115,000 14,743 11/05/2063 200 bp - Monthly 3,264 - CMBX NA A.6 Index A/P 10,773 139,000 17,820 11/05/2063 200 bp - Monthly (7,001) - CMBX NA BB.6 Index BB-/P 19,400 79,000 39,863 11/05/2063 500 bp - Monthly (20,397) (0.01) CMBX NA BB.6 Index BB-/P 39,179 159,000 80,231 11/05/2063 500 bp - Monthly (40,920) (0.02) CMBX NA BBB-.6 Index BB+/P 209,614 3,164,000 990,016 11/05/2063 300 bp - Monthly (778,819) (0.34) Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 109,546 0.05 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (4,754,208) (2.01) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (4,644,662) (1.96)

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. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.62%) (30 June 2019: -0.05%) 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 298 17/01/2047 (200 bp) - Monthly USD 275 - CMBX NA BB.10 Index (6,784) 65,000 27,794 17/11/2059 (500 bp) - Monthly 20,956 0.01 CMBX NA BB.10 Index (5,921) 54,000 23,090 17/11/2059 (500 bp) - Monthly 17,124 0.01 CMBX NA BB.11 Index (25,394) 196,000 66,993 18/11/2054 (500 bp) - Monthly 41,436 0.02 CMBX NA BB.11 Index (13,358) 185,000 63,233 18/11/2054 (500 bp) - Monthly 49,720 0.02 CMBX NA BB.11 Index (6,316) 67,000 22,901 18/11/2054 (500 bp) - Monthly 16,529 0.01 CMBX NA BB.11 Index (2,750) 40,000 13,672 18/11/2054 (500 bp) - Monthly 10,889 - CMBX NA BB.11 Index (1,530) 30,000 10,254 18/11/2054 (500 bp) - Monthly 8,699 - CMBX NA BB.11 Index (1,556) 30,000 10,254 18/11/2054 (500 bp) - Monthly 8,673 - CMBX NA BB.12 Index (86) 1,000 331 17/08/2061 (500 bp) - Monthly 244 - CMBX NA BB.8 Index (9,933) 80,000 37,640 17/10/2057 (500 bp) - Monthly 27,640 0.01 CMBX NA BB.9 Index (46,242) 448,000 185,024 17/09/2058 (500 bp) - Monthly 138,408 0.06 CMBX NA BB.9 Index (10,646) 165,000 68,145 17/09/2058 (500 bp) - Monthly 57,362 0.02 CMBX NA BB.9 Index (9,033) 140,000 57,820 17/09/2058 (500 bp) - Monthly 48,671 0.02 CMBX NA BB.9 Index (1,233) 34,000 14,042 17/09/2058 (500 bp) - Monthly 12,781 0.01 CMBX NA BB.9 Index (1,217) 31,000 12,803 17/09/2058 (500 bp) - Monthly 11,560 - CMBX NA BB.9 Index (1,048) 26,000 10,738 17/09/2058 (500 bp) - Monthly 9,668 - CMBX NA BBB-.10 Index (72,395) 243,000 48,600 17/11/2059 (300 bp) - Monthly (23,917) (0.01) CMBX NA BBB-.11 Index (42,249) 132,000 26,981 18/11/2054 (300 bp) - Monthly (15,335) (0.01) CMBX NA BBB-.11 Index (39,364) 120,000 24,528 18/11/2054 (300 bp) - Monthly (14,896) (0.01) CMBX NA BBB-.11 Index (26,284) 82,000 16,761 18/11/2054 (300 bp) - Monthly (9,564) - CMBX NA BBB-.11 Index (26,489) 81,000 16,556 18/11/2054 (300 bp) - Monthly (9,973) - CMBX NA BBB-.11 Index (19,605) 60,000 12,264 18/11/2054 (300 bp) - Monthly (7,371) - CMBX NA BBB-.12 Index (86,582) 246,000 49,889 17/08/2061 (300 bp) - Monthly (36,817) (0.02) CMBX NA BBB-.12 Index (62,176) 182,000 36,910 17/08/2061 (300 bp) - Monthly (25,358) (0.01) CMBX NA BBB-.12 Index (46,996) 149,000 30,217 17/08/2061 (300 bp) - Monthly (16,853) (0.01) CMBX NA BBB-.12 Index (46,577) 134,000 27,175 17/08/2061 (300 bp) - Monthly (19,469) (0.01) CMBX NA BBB-.12 Index (43,439) 130,000 26,364 17/08/2061 (300 bp) - Monthly (17,140) (0.01) CMBX NA BBB-.12 Index (27,389) 82,000 16,630 17/08/2061 (300 bp) - Monthly (10,801) - CMBX NA BBB-.9 Index (18,691) 79,000 15,358 17/09/2058 (300 bp) - Monthly (3,373) - Credit Suisse International CMBX NA BB.10 Index (16,292) 137,000 58,581 17/11/2059 (500 bp) - Monthly 42,175 0.02 CMBX NA BB.10 Index (18,279) 137,000 58,581 17/11/2059 (500 bp) - Monthly 40,188 0.02 CMBX NA BB.10 Index (8,950) 72,000 30,787 17/11/2059 (500 bp) - Monthly 21,778 0.01 CMBX NA BB.7 Index (12,020) 681,000 343,633 11/05/2063 (500 bp) - Monthly 331,045 0.15 CMBX NA BB.7 Index (10,515) 57,000 24,442 17/01/2047 (500 bp) - Monthly 13,880 0.01 CMBX NA BB.9 Index (50,825) 507,000 209,391 17/09/2058 (500 bp) - Monthly 158,143 0.07 Goldman Sachs International CMBX NA BB.6 Index (16,163) 158,000 79,727 11/05/2063 (500 bp) - Monthly 63,432 0.03 CMBX NA BB.7 Index (12,258) 81,000 34,733 17/01/2047 (500 bp) - Monthly 22,408 0.01 CMBX NA BB.12 Index (14,280) 39,000 12,909 17/08/2061 (500 bp) - Monthly (1,403) - CMBX NA BB.7 Index (35,554) 217,000 93,050 17/01/2047 (500 bp) - Monthly 57,315 0.02 CMBX NA BB.7 Index (21,117) 104,000 44,595 17/01/2047 (500 bp) - Monthly 23,391 0.01 CMBX NA BB.7 Index (18,256) 100,000 42,880 17/01/2047 (500 bp) - Monthly 24,541 0.01 CMBX NA BB.8 Index (2,946) 26,000 12,233 17/10/2057 (500 bp) - Monthly 9,266 - CMBX NA BB.9 Index (5,927) 55,000 22,715 17/09/2058 (500 bp) - Monthly 16,742 0.01 CMBX NA BB.9 Index (2,975) 25,000 10,325 17/09/2058 (500 bp) - Monthly 7,329 - CMBX NA BB.9 Index (971) 25,000 10,325 17/09/2058 (500 bp) - Monthly 9,333 - CMBX NA BB.9 Index (3,009) 25,000 10,325 17/09/2058 (500 bp) - Monthly 7,295 - CMBX NA BB.9 Index (1,461) 14,000 5,782 17/09/2058 (500 bp) - Monthly 4,309 -

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. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.62%) (30 June 2019: -0.05%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Goldman Sachs International cont. CMBX NA BB.9 Index USD (1,602) USD 10,000 USD 4,130 17/09/2058 (500 bp) - Monthly USD 2,519 - CMBX NA BB.9 Index (1,593) 10,000 4,130 17/09/2058 (500 bp) - Monthly 2,529 - CMBX NA BB.9 Index (1,106) 7,000 2,891 17/09/2058 (500 bp) - Monthly 1,779 - CMBX NA BB.9 Index (1,118) 7,000 2,891 17/09/2058 (500 bp) - Monthly 1,767 - CMBX NA BB.9 Index (955) 6,000 2,478 17/09/2058 (500 bp) - Monthly 1,518 - CMBX NA BBB-.12 Index (34,110) 101,000 20,483 17/08/2061 (300 bp) - Monthly (13,677) (0.01) CMBX NA BBB-.6 Index (8,155) 163,000 51,003 11/05/2063 (300 bp) - Monthly 42,767 0.02 CMBX NA BBB-.7 Index (4,984) 48,000 10,277 17/01/2047 (300 bp) - Monthly 5,268 - CMBX NA BBB-.7 Index (1,086) 16,000 3,426 17/01/2047 (300 bp) - Monthly 2,331 - JPMorgan Securities LLC CMBX NA BB.11 Index (383,406) 703,000 240,285 18/11/2054 (500 bp) - Monthly (143,707) (0.06) CMBX NA BB.12 Index (86,776) 158,000 52,298 17/08/2061 (500 bp) - Monthly (34,610) (0.01) CMBX NA BB.17 Index (113,600) 232,000 99,482 17/01/2047 (500 bp) - Monthly (14,312) (0.01) CMBX NA BB.9 Index (77,590) 157,000 64,841 17/09/2058 (500 bp) - Monthly (12,880) (0.01) CMBX NA BBB-.10 Index (23,536) 79,000 15,800 17/11/2059 (300 bp) - Monthly (7,775) - CMBX NA BBB-.10 Index (21,973) 78,000 15,600 17/11/2059 (300 bp) - Monthly (6,412) - CMBX NA BBB-.11 Index (38,041) 118,000 24,119 18/11/2054 (300 bp) - Monthly (13,981) (0.01) CMBX NA BBB-.11 Index (37,088) 118,000 24,119 18/11/2054 (300 bp) - Monthly (13,027) (0.01) CMBX NA BBB-.11 Index (18,518) 59,000 12,060 18/11/2054 (300 bp) - Monthly (6,488) - CMBX NA BBB-.11 Index (18,544) 59,000 12,060 18/11/2054 (300 bp) - Monthly (6,514) - CMBX NA BBB-.12 Index (25,217) 76,000 15,413 17/08/2061 (300 bp) - Monthly (9,842) - CMBX NA BBB-.12 Index (15,017) 43,000 8,720 17/08/2061 (300 bp) - Monthly (6,318) - CMBX NA BBB-.7 Index (92,731) 395,000 84,570 17/01/2047 (300 bp) - Monthly (8,359) - Merrill Lynch International CMBX NA BB.10 Index (7,397) 130,000 55,588 17/11/2059 (500 bp) - Monthly 48,083 0.02 CMBX NA BB.11 Index (114,168) 231,000 78,956 18/11/2054 (500 bp) - Monthly (35,405) (0.01) CMBX NA BB.7 Index (37,819) 218,000 93,478 17/01/2047 (500 bp) - Monthly 55,478 0.02 CMBX NA BB.9 Index (22,050) 566,000 233,758 17/09/2058 (500 bp) - Monthly 211,237 0.10 Morgan Stanley & Co. International PLC CMBX NA BB.10 Index (6,817) 65,000 27,794 17/11/2059 (500 bp) - Monthly 20,923 0.01 CMBX NA BB.11 Index (11,097) 113,000 38,623 18/11/2054 (500 bp) - Monthly 27,432 0.01 CMBX NA BB.11 Index (2,764) 29,000 9,912 18/11/2054 (500 bp) - Monthly 7,125 - CMBX NA BB.12 Index (5,076) 71,000 23,501 17/08/2061 (500 bp) - Monthly 18,366 0.01 CMBX NA BB.12 Index (30,600) 51,000 16,881 17/08/2061 (500 bp) - Monthly (13,762) (0.01) CMBX NA BB.12 Index (2,775) 38,000 12,578 17/08/2061 (500 bp) - Monthly 9,772 - CMBX NA BB.12 Index (1,905) 27,000 8,937 17/08/2061 (500 bp) - Monthly 7,010 - CMBX NA BB.12 Index (1,552) 19,000 6,289 17/09/2058 (500 bp) - Monthly 4,721 - CMBX NA BB.7 Index (31,976) 159,000 68,179 17/01/2047 (500 bp) - Monthly 36,071 0.02 CMBX NA BB.7 Index (21,998) 109,000 46,739 17/01/2047 (500 bp) - Monthly 24,650 0.01 CMBX NA BB.7 Index (6,749) 35,000 15,008 17/01/2047 (500 bp) - Monthly 8,230 - CMBX NA BB.9 Index (6,262) 103,000 42,539 17/09/2058 (500 bp) - Monthly 36,191 0.02 CMBX NA BB.9 Index (6,335) 103,000 42,539 17/09/2058 (500 bp) - Monthly 36,118 0.02 CMBX NA BB.9 Index (4,740) 77,000 31,801 17/09/2058 (500 bp) - Monthly 26,997 0.01 CMBX NA BB.9 Index (4,808) 64,000 26,432 17/09/2058 (500 bp) - Monthly 21,570 0.01 CMBX NA BB.9 Index (3,073) 62,000 25,606 17/09/2058 (500 bp) - Monthly 22,481 0.01 CMBX NA BB.9 Index (5,011) 57,000 23,541 17/09/2058 (500 bp) - Monthly 18,482 0.01 CMBX NA BB.9 Index (4,704) 55,000 22,715 17/09/2058 (500 bp) - Monthly 17,965 0.01 CMBX NA BB.9 Index (2,862) 53,000 21,889 17/09/2058 (500 bp) - Monthly 18,983 0.01 CMBX NA BB.9 Index (5,941) 49,000 20,237 17/09/2058 (500 bp) - Monthly 14,255 0.01 CMBX NA BB.9 Index (3,031) 25,000 10,325 17/09/2058 (500 bp) - Monthly 7,273 - CMBX NA BB.9 Index (899) 23,000 9,499 17/09/2058 (500 bp) - Monthly 8,581 -

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. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.62%) (30 June 2019: -0.05%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Morgan Stanley & Co. International PLC cont. CMBX NA BB.9 Index USD (302) USD 2,000 USD 826 17/09/2058 (500 bp) - Monthly USD 523 - CMBX NA BB.9 Index (136) 1,000 413 17/09/2058 (500 bp) - Monthly 276 - CMBX NA BBB-.11 Index (40,649) 127,000 25,959 18/11/2054 (300 bp) - Monthly (14,754) (0.01) CMBX NA BBB-.11 Index (40,649) 127,000 25,959 18/11/2054 (300 bp) - Monthly (14,754) (0.01) CMBX NA BBB-.11 Index (37,347) 118,000 24,119 18/11/2054 (300 bp) - Monthly (13,286) (0.01) CMBX NA BBB-.11 Index (36,641) 116,000 23,710 18/11/2054 (300 bp) - Monthly (12,989) (0.01) CMBX NA BBB-.11 Index (18,414) 59,000 12,060 18/11/2054 (300 bp) - Monthly (6,384) - CMBX NA BBB-.12 Index (19,608) 59,000 11,965 17/08/2061 (300 bp) - Monthly (7,672) - CMBX NA BBB-.12 Index (14,838) 48,000 9,734 17/08/2061 (300 bp) - Monthly (5,128) - CMBX NA BBB-.7 Index (2,286) 36,000 7,708 17/01/2047 (300 bp) - Monthly 5,404 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 2,107,880 0.89 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (634,306) (0.27) Net Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 1,473,574 0.62

* 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 30 June 2020.

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

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-%) (30 June 2019: -%)

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) 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 15/07/2020 USD 232,582 USD 214,837 USD 17,745 0.01 British Pound Buy 16/09/2020 35,347,463 35,920,923 (573,460) (0.25) Canadian Dollar Sell 15/07/2020 439,468 425,664 (13,804) (0.01) Canadian Dollar Sell 15/07/2020 294,649 281,624 (13,025) (0.01) Canadian Dollar Sell 15/07/2020 297,595 286,790 (10,805) - Czech Koruna Buy 16/09/2020 164,530 163,930 600 - Euro Buy 16/09/2020 148,888 148,512 376 - Euro Buy 16/09/2020 12,794,994 12,762,719 32,275 0.02 Hong Kong Dollar Sell 19/08/2020 648,239 647,589 (650) - Japanese Yen Sell 19/08/2020 207,990 209,132 1,142 - New Zealand Dollar Buy 15/07/2020 323,055 300,097 22,958 0.01 Norwegian Krone Sell 16/09/2020 147,269 146,986 (283) - Taiwan Dollar Buy 19/08/2020 596,171 597,337 (1,166) - Taiwan Dollar Sell 19/08/2020 582,661 581,038 (1,623) - Barclays Bank PLC British Pound Sell 16/09/2020 73,015 74,186 1,171 - Canadian Dollar Sell 15/07/2020 369,121 357,737 (11,384) - Euro Sell 16/09/2020 1,215,859 1,213,333 (2,526) - Euro Sell 16/09/2020 1,638,101 1,634,697 (3,404) - Indonesian Rupiah Buy 19/08/2020 298,348 279,488 18,860 0.01 Indonesian Rupiah Buy 19/08/2020 295,816 279,983 15,833 0.01 Indonesian Rupiah Sell 19/08/2020 585,322 588,676 3,354 - Japanese Yen Buy 19/08/2020 846,886 851,756 (4,870) - New Zealand Dollar Buy 15/07/2020 505,942 470,047 35,895 0.03 Norwegian Krone Buy 16/09/2020 586,612 595,540 (8,928) -

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. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Barclays Bank PLC. cont. Norwegian Krone Buy 16/09/2020 USD 586,612 USD 595,988 USD (9,376) - Norwegian Krone Buy 16/09/2020 586,602 596,567 (9,965) - Norwegian Krone Sell 16/09/2020 300,045 297,568 (2,477) - Norwegian Krone Sell 16/09/2020 589,085 583,828 (5,257) - Polish Zloty Buy 16/09/2020 590,843 590,826 17 - Polish Zloty Sell 16/09/2020 592,006 591,039 (967) - Swedish Krona Sell 16/09/2020 594,860 592,308 (2,552) - Swedish Krona Sell 16/09/2020 329,896 328,937 (959) - Citibank, N.A. British Pound Buy 16/09/2020 2,978,380 3,027,360 (48,980) (0.03) British Pound Buy 16/09/2020 34,511,196 35,071,005 (559,809) (0.25) British Pound Sell 16/09/2020 145,287 149,179 3,892 - British Pound Sell 16/09/2020 147,642 147,324 (318) - British Pound Sell 16/09/2020 73,387 73,470 83 - British Pound Sell 16/09/2020 290,450 290,776 326 - British Pound Sell 16/09/2020 290,450 287,554 (2,896) - Canadian Dollar Sell 15/07/2020 322,346 312,249 (10,097) - Euro Buy 16/09/2020 360,796 359,968 828 - Euro Buy 16/09/2020 13,718,480 13,686,981 31,499 0.02 Japanese Yen Buy 19/08/2020 194,097 194,998 (901) - Japanese Yen Buy 19/08/2020 560,206 564,415 (4,209) - Japanese Yen Sell 19/08/2020 48,683 49,049 366 - New Zealand Dollar Sell 15/07/2020 476,257 442,320 (33,937) (0.01) Norwegian Krone Sell 16/09/2020 147,269 147,049 (220) - Swedish Krona Sell 16/09/2020 148,718 147,436 (1,282) - Swedish Krona Sell 16/09/2020 329,896 330,028 132 - Swedish Krona Sell 16/09/2020 74,139 74,168 29 - Swiss Franc Buy 16/09/2020 569,646 568,130 1,516 - Credit Suisse International Australian Dollar Buy 15/07/2020 304,634 270,600 34,034 0.02 Australian Dollar Sell 15/07/2020 321,473 279,253 (42,221) (0.03) British Pound Sell 16/09/2020 138,345 140,556 2,211 - Canadian Dollar Sell 15/07/2020 280,432 269,851 (10,581) - Canadian Dollar Sell 15/07/2020 409,414 407,088 (2,326) - Euro Sell 16/09/2020 423,818 422,715 (1,103) - New Zealand Dollar Buy 15/07/2020 299,629 278,421 21,208 0.01 New Zealand Dollar Sell 15/07/2020 310,922 288,434 (22,488) (0.01) Goldman Sachs International Australian Dollar Buy 15/07/2020 20,014 17,403 2,611 - Australian Dollar Buy 15/07/2020 10,283 10,423 (140) - Australian Dollar Buy 15/07/2020 32,851 33,309 (458) - Australian Dollar Buy 15/07/2020 73,777 73,331 446 - Australian Dollar Sell 15/07/2020 254,805 253,264 (1,541) - British Pound Buy 16/09/2020 29,058,974 29,521,270 (462,296) (0.20) British Pound Buy 16/09/2020 434,125 441,031 (6,906) - Canadian Dollar Buy 15/07/2020 1,149,719 1,114,579 35,140 0.02 Euro Buy 16/09/2020 11,232,968 11,201,130 31,838 0.02 Euro Sell 16/09/2020 465,907 464,586 (1,321) - Japanese Yen Buy 19/08/2020 560,206 561,568 (1,362) - Japanese Yen Sell 19/08/2020 445,689 447,842 2,153 - New Zealand Dollar Sell 15/07/2020 151,525 140,164 (11,361) - New Zealand Dollar Sell 15/07/2020 631,912 587,030 (44,882) (0.03)

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. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Goldman Sachs International cont. New Zealand Dollar Sell 15/07/2020 USD 43,883 USD 44,487 USD 604 - Norwegian Krone Buy 16/09/2020 587,339 585,747 1,592 - Norwegian Krone Buy 16/09/2020 996,587 1,005,873 (9,286) - Norwegian Krone Buy 16/09/2020 6,693 6,749 (56) - Norwegian Krone Buy 16/09/2020 727 723 4 - Norwegian Krone Sell 16/09/2020 582,403 587,806 5,403 - Norwegian Krone Sell 16/09/2020 595,082 591,776 (3,306) - Russian Ruble Buy 16/09/2020 582,392 565,725 16,667 0.01 Russian Ruble Sell 16/09/2020 568,283 570,471 2,188 - Swedish Krona Buy 16/09/2020 147,611 146,686 925 - Swedish Krona Buy 16/09/2020 1,181,288 1,180,978 310 - Swiss Franc Buy 16/09/2020 212 208 4 - Swiss Franc Buy 16/09/2020 1,904 1,878 26 - Swiss Franc Buy 16/09/2020 569,646 568,813 833 - HSBC Bank Australian Dollar Buy 15/07/2020 304,634 270,601 34,033 0.02 Australian Dollar Buy 15/07/2020 158,045 138,475 19,570 0.01 Australian Dollar Buy 15/07/2020 4,831 4,555 276 - Australian Dollar Buy 15/07/2020 304,565 283,550 21,015 0.01 Australian Dollar Buy 15/07/2020 307,049 288,209 18,840 0.01 Australian Dollar Buy 15/07/2020 147,900 149,174 (1,274) - Australian Dollar Sell 15/07/2020 310,155 284,047 (26,108) (0.01) British Pound Buy 16/09/2020 138,593 140,795 (2,202) - British Pound Buy 16/09/2020 1,672,410 1,698,989 (26,579) (0.01) Canadian Dollar Buy 15/07/2020 145,114 140,756 4,358 - Canadian Dollar Buy 15/07/2020 202,939 196,722 6,217 - Canadian Dollar Buy 15/07/2020 294,943 287,065 7,878 - Canadian Dollar Buy 15/07/2020 592,244 585,645 6,599 - Canadian Dollar Sell 15/07/2020 280,432 269,908 (10,524) - Canadian Dollar Sell 15/07/2020 297,079 287,399 (9,680) - Canadian Dollar Sell 15/07/2020 297,079 287,427 (9,652) - Canadian Dollar Sell 15/07/2020 145,630 146,572 942 - Canadian Dollar Sell 15/07/2020 147,472 147,774 302 - Euro Buy 16/09/2020 147,762 148,294 (532) - Euro Sell 16/09/2020 81,928 81,748 (180) - Hong Kong Dollar Sell 19/08/2020 287,486 287,195 (291) - Hong Kong Dollar Sell 19/08/2020 287,473 287,174 (299) - Hong Kong Dollar Sell 19/08/2020 741,939 741,164 (775) - Indian Rupee Buy 19/08/2020 573,351 568,979 4,372 - Indian Rupee Sell 19/08/2020 578,954 577,221 (1,733) - Japanese Yen Buy 19/08/2020 331,977 333,791 (1,814) - Japanese Yen Buy 19/08/2020 144,748 145,029 (281) - Japanese Yen Buy 19/08/2020 560,207 564,416 (4,209) - Japanese Yen Sell 19/08/2020 48,682 49,048 366 - New Zealand Dollar Buy 15/07/2020 189,341 175,826 13,515 0.01 New Zealand Dollar Buy 15/07/2020 301,371 282,498 18,873 0.01 New Zealand Dollar Buy 15/07/2020 154,106 143,970 10,136 - New Zealand Dollar Buy 15/07/2020 306,857 284,125 22,732 0.01 New Zealand Dollar Buy 15/07/2020 154,364 144,282 10,082 - New Zealand Dollar Sell 15/07/2020 289,820 269,283 (20,537) (0.01) New Zealand Dollar Sell 15/07/2020 289,755 269,181 (20,574) (0.01) New Zealand Dollar Sell 15/07/2020 300,339 279,098 (21,241) (0.01)

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. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund HSBC Bank cont. New Zealand Dollar Sell 15/07/2020 USD 303,049 USD 280,140 USD (22,909) (0.01) Norwegian Krone Sell 16/09/2020 147,269 147,160 (109) - Norwegian Krone Sell 16/09/2020 147,279 146,983 (296) - JPMorgan Chase Bank, N.A. Australian Dollar Buy 15/07/2020 21,602 19,864 1,738 - Australian Dollar Buy 15/07/2020 146,865 148,764 (1,899) - Australian Dollar Buy 15/07/2020 73,708 73,263 445 - Australian Dollar Sell 15/07/2020 233,341 216,214 (17,127) (0.01) Australian Dollar Sell 15/07/2020 254,805 253,265 (1,540) - British Pound Buy 16/09/2020 516,314 524,573 (8,259) - British Pound Buy 16/09/2020 34,511,196 35,063,293 (552,097) (0.24) British Pound Sell 16/09/2020 147,146 148,727 1,581 - British Pound Sell 16/09/2020 147,270 146,397 (873) - Canadian Dollar Buy 15/07/2020 295,312 290,052 5,260 - Canadian Dollar Sell 15/07/2020 147,030 140,625 (6,405) - Canadian Dollar Sell 15/07/2020 319,178 309,511 (9,667) - Canadian Dollar Sell 15/07/2020 516 503 (13) - Canadian Dollar Sell 15/07/2020 146,809 148,404 1,595 - Canadian Dollar Sell 15/07/2020 409,341 407,035 (2,306) - Canadian Dollar Sell 15/07/2020 409,341 405,697 (3,644) - Euro Buy 16/09/2020 11,772,362 11,740,104 32,258 0.02 Euro Buy 16/09/2020 2,023,544 2,017,999 5,545 - Euro Buy 16/09/2020 3,714 3,718 (4) - Euro Buy 16/09/2020 5,852 5,865 (13) - Euro Sell 16/09/2020 490,102 490,579 477 - Japanese Yen Buy 19/08/2020 560,206 561,566 (1,360) - Japanese Yen Sell 19/08/2020 72,133 72,428 295 - New Zealand Dollar Buy 15/07/2020 13,294 12,354 940 - Norwegian Krone Sell 16/09/2020 45,102 46,891 1,789 - Norwegian Krone Sell 16/09/2020 11,421 11,338 (83) - Singapore Dollar Buy 19/08/2020 587,752 584,593 3,159 - Singapore Dollar Buy 19/08/2020 587,680 586,581 1,099 - Singapore Dollar Sell 19/08/2020 291,723 285,137 (6,586) - Singapore Dollar Sell 19/08/2020 293,373 287,079 (6,294) - Singapore Dollar Sell 19/08/2020 588,326 575,466 (12,860) (0.01) Swedish Krona Buy 16/09/2020 17,154 17,371 (217) - Swedish Krona Buy 16/09/2020 13,309 13,562 (253) - Swedish Krona Sell 16/09/2020 1,332 1,325 (7) - Swedish Krona Sell 16/09/2020 1,343 1,342 (1) - Swiss Franc Buy 16/09/2020 7,722 7,614 108 - Swiss Franc Buy 16/09/2020 569,646 568,807 839 - Swiss Franc Buy 16/09/2020 569,646 568,125 1,521 - NatWest Markets PLC British Pound Buy 16/09/2020 140,824 143,088 (2,264) - British Pound Sell 16/09/2020 3,431,099 3,486,268 55,169 0.03 Canadian Dollar Buy 15/07/2020 265,626 257,562 8,064 - Canadian Dollar Sell 15/07/2020 147,619 145,007 (2,612) - Euro Sell 16/09/2020 777,524 775,601 (1,923) - Euro Sell 16/09/2020 490,102 489,210 (892) - New Zealand Dollar Buy 15/07/2020 381,264 354,220 27,044 0.01 New Zealand Dollar Sell 15/07/2020 153,202 140,738 (12,464) (0.01)

The accompanying notes form an integral part of these financial statements. 62 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund State Street Bank & Trust Company Australian Dollar Buy 15/07/2020 USD 158,114 USD 140,284 USD 17,830 0.01 Australian Dollar Buy 15/07/2020 158,114 138,520 19,594 0.01 Australian Dollar Buy 15/07/2020 159,909 140,864 19,045 0.01 Australian Dollar Buy 15/07/2020 156,527 140,885 15,642 0.01 Australian Dollar Buy 15/07/2020 155,975 142,603 13,372 0.01 Australian Dollar Buy 15/07/2020 232,651 214,890 17,761 0.01 Australian Dollar Buy 15/07/2020 151,144 144,519 6,625 - Australian Dollar Buy 15/07/2020 153,145 147,617 5,528 - Australian Dollar Buy 15/07/2020 150,591 143,549 7,042 - Australian Dollar Buy 15/07/2020 18,841 17,998 843 - Australian Dollar Buy 15/07/2020 145,967 147,686 (1,719) - Australian Dollar Buy 15/07/2020 147,486 146,192 1,294 - Australian Dollar Buy 15/07/2020 148,728 147,756 972 - Australian Dollar Buy 15/07/2020 148,452 147,228 1,224 - Australian Dollar Sell 15/07/2020 955,586 844,412 (111,175) (0.06) Australian Dollar Sell 15/07/2020 155,630 143,477 (12,153) (0.01) Australian Dollar Sell 15/07/2020 153,697 140,179 (13,518) (0.01) Australian Dollar Sell 15/07/2020 233,341 216,221 (17,120) (0.01) Australian Dollar Sell 15/07/2020 34,232 32,290 (1,942) - Australian Dollar Sell 15/07/2020 17,461 17,382 (79) - Australian Dollar Sell 15/07/2020 509,540 506,021 (3,519) - British Pound Buy 16/09/2020 39,734,827 40,371,644 (636,817) (0.28) British Pound Buy 16/09/2020 13,884 13,840 44 - British Pound Sell 16/09/2020 1,015,892 1,032,173 16,281 0.01 British Pound Sell 16/09/2020 144,791 147,324 2,533 - British Pound Sell 16/09/2020 744 764 20 - British Pound Sell 16/09/2020 144,543 146,296 1,753 - British Pound Sell 16/09/2020 146,031 147,795 1,764 - British Pound Sell 16/09/2020 147,270 147,934 664 - British Pound Sell 16/09/2020 3,719 3,757 38 - British Pound Sell 16/09/2020 290,574 290,903 329 - British Pound Sell 16/09/2020 73,387 73,470 83 - British Pound Sell 16/09/2020 290,450 287,559 (2,891) - Canadian Dollar Buy 15/07/2020 145,704 141,753 3,951 - Canadian Dollar Buy 15/07/2020 146,219 143,116 3,103 - Canadian Dollar Buy 15/07/2020 145,777 140,745 5,032 - Canadian Dollar Buy 15/07/2020 147,324 141,715 5,609 - Canadian Dollar Buy 15/07/2020 147,398 142,475 4,923 - Canadian Dollar Buy 15/07/2020 148,356 143,713 4,643 - Canadian Dollar Buy 15/07/2020 294,870 287,238 7,632 - Canadian Dollar Buy 15/07/2020 293,838 287,265 6,573 - Canadian Dollar Buy 15/07/2020 22,099 22,426 (327) - Canadian Dollar Sell 15/07/2020 20,331 19,746 (585) - Canadian Dollar Sell 15/07/2020 3,088,286 2,994,130 (94,157) (0.05) Canadian Dollar Sell 15/07/2020 10,902 10,560 (342) - Canadian Dollar Sell 15/07/2020 810 789 (21) - Canadian Dollar Sell 15/07/2020 295,312 282,432 (12,880) (0.01) Canadian Dollar Sell 15/07/2020 3,609 3,478 (131) - Canadian Dollar Sell 15/07/2020 182,314 175,706 (6,608) - Canadian Dollar Sell 15/07/2020 148,798 143,291 (5,507) - Canadian Dollar Sell 15/07/2020 148,503 143,678 (4,825) -

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

Putnam World Trust 63

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) 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 15/07/2020 USD 146,661 USD 148,475 USD 1,814 - Canadian Dollar Sell 15/07/2020 146,809 148,459 1,650 - Canadian Dollar Sell 15/07/2020 147,177 146,823 (354) - Canadian Dollar Sell 15/07/2020 147,987 147,609 (378) - Canadian Dollar Sell 15/07/2020 23,204 23,024 (180) - Canadian Dollar Sell 15/07/2020 409,341 405,669 (3,672) - Euro Buy 16/09/2020 9,587,439 9,566,705 20,734 0.01 Euro Buy 16/09/2020 1,150,812 1,151,830 (1,018) - Euro Buy 16/09/2020 1,801 1,811 (10) - Euro Buy 16/09/2020 592,850 593,094 (244) - Euro Buy 16/09/2020 4,164 4,155 9- Euro Buy 16/09/2020 10,016 10,041 (25) - Euro Buy 16/09/2020 147,762 148,363 (601) - Euro Buy 16/09/2020 147,875 148,376 (501) - Euro Buy 16/09/2020 591,049 591,655 (606) - Euro Buy 16/09/2020 17,106 17,095 11 - Euro Buy 16/09/2020 6,752 6,747 5- Euro Sell 16/09/2020 590,486 585,332 (5,154) - Euro Sell 16/09/2020 3,113,698 3,106,964 (6,734) - Euro Sell 16/09/2020 5,177 5,204 27 - Euro Sell 16/09/2020 155,865 155,853 (12) - Euro Sell 16/09/2020 594,200 594,773 573 - Euro Sell 16/09/2020 594,087 594,834 747 - Euro Sell 16/09/2020 490,102 489,218 (884) - Euro Sell 16/09/2020 490,102 490,583 481 - Hong Kong Dollar Sell 19/08/2020 574,958 574,387 (571) - Hong Kong Dollar Sell 19/08/2020 287,473 287,173 (300) - Hong Kong Dollar Sell 19/08/2020 287,473 287,172 (301) - Hong Kong Dollar Sell 19/08/2020 1,296,503 1,295,143 (1,360) - Hong Kong Dollar Sell 19/08/2020 152,031 151,711 (320) - Japanese Yen Buy 19/08/2020 142,089 144,291 (2,202) - Japanese Yen Buy 19/08/2020 3,542 3,487 55 - Japanese Yen Buy 19/08/2020 560,207 564,412 (4,205) - Japanese Yen Buy 19/08/2020 560,207 561,564 (1,357) - Japanese Yen Sell 19/08/2020 1,855,079 1,864,107 9,028 - Japanese Yen Sell 19/08/2020 48,682 49,047 365 - New Zealand Dollar Buy 15/07/2020 536,854 498,703 38,151 0.03 New Zealand Dollar Buy 15/07/2020 306,792 284,124 22,668 0.01 New Zealand Dollar Buy 15/07/2020 11,035 10,323 712 - New Zealand Dollar Buy 15/07/2020 304,921 286,823 18,098 0.01 New Zealand Dollar Buy 15/07/2020 151,137 139,646 11,491 - New Zealand Dollar Buy 15/07/2020 153,590 141,450 12,140 0.01 New Zealand Dollar Buy 15/07/2020 154,429 144,335 10,094 - New Zealand Dollar Buy 15/07/2020 22,070 20,847 1,223 - New Zealand Dollar Buy 15/07/2020 110,610 104,249 6,361 - New Zealand Dollar Buy 15/07/2020 112,740 106,366 6,374 - New Zealand Dollar Buy 15/07/2020 100,608 96,730 3,878 - New Zealand Dollar Sell 15/07/2020 152,686 140,468 (12,218) (0.01) New Zealand Dollar Sell 15/07/2020 153,202 140,717 (12,485) (0.01) New Zealand Dollar Sell 15/07/2020 151,331 140,780 (10,551) - New Zealand Dollar Sell 15/07/2020 150,750 141,544 (9,206) - New Zealand Dollar Sell 15/07/2020 150,879 142,032 (8,847) -

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

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) 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. New Zealand Dollar Sell 15/07/2020 USD 494,778 USD 491,919 USD (2,859) - New Zealand Dollar Sell 15/07/2020 2,323 2,315 (8) - New Zealand Dollar Sell 15/07/2020 494,714 491,409 (3,305) - Norwegian Krone Sell 16/09/2020 148,266 149,683 1,417 - Norwegian Krone Sell 16/09/2020 2,889 2,915 26 - Norwegian Krone Sell 16/09/2020 300,045 297,837 (2,208) - Swedish Krona Buy 16/09/2020 764,083 764,005 78 - Swedish Krona Buy 16/09/2020 145,173 147,428 (2,255) - Swedish Krona Buy 16/09/2020 6,756 6,848 (92) - Swedish Krona Buy 16/09/2020 14,909 14,898 11 - Swedish Krona Sell 16/09/2020 148,997 149,781 784 - Swedish Krona Sell 16/09/2020 329,907 328,951 (956) - Swedish Krona Sell 16/09/2020 74,139 74,169 30 - Swedish Krona Sell 16/09/2020 329,896 330,034 138 - Swiss Franc Buy 16/09/2020 5,607 5,552 55 - Swiss Franc Buy 16/09/2020 569,646 568,804 842 - Swiss Franc Buy 16/09/2020 569,646 568,128 1,518 - Swiss Franc Sell 16/09/2020 106 106 - - Toronto-Dominion Bank Australian Dollar Buy 15/07/2020 159,632 139,105 20,527 0.01 Australian Dollar Buy 15/07/2020 156,527 140,889 15,638 0.01 Australian Dollar Buy 15/07/2020 146,796 147,481 (685) - British Pound Buy 16/09/2020 81,073 82,361 (1,288) - Canadian Dollar Sell 15/07/2020 145,409 140,126 (5,283) - Canadian Dollar Sell 15/07/2020 249,862 242,139 (7,723) - Canadian Dollar Sell 15/07/2020 146,588 147,542 954 - Canadian Dollar Sell 15/07/2020 148,503 148,747 244 - Canadian Dollar Sell 15/07/2020 409,341 407,020 (2,321) - Euro Sell 16/09/2020 622,447 620,661 (1,786) - Euro Sell 16/09/2020 490,102 490,571 469 - Hong Kong Dollar Sell 19/08/2020 324,119 323,793 (326) - New Zealand Dollar Buy 15/07/2020 144,490 134,255 10,235 - Swiss Franc Buy 16/09/2020 569,540 568,709 831 - Swiss Franc Buy 16/09/2020 569,434 567,930 1,504 - UBS AG Australian Dollar Buy 15/07/2020 147,072 148,634 (1,562) - Australian Dollar Buy 15/07/2020 149,349 149,642 (293) - Australian Dollar Buy 15/07/2020 148,659 147,808 851 - Australian Dollar Sell 15/07/2020 321,404 279,241 (42,163) (0.03) Australian Dollar Sell 15/07/2020 154,594 143,139 (11,455) - Australian Dollar Sell 15/07/2020 155,699 142,444 (13,255) (0.01) Australian Dollar Sell 15/07/2020 588,563 586,952 (1,611) - British Pound Sell 16/09/2020 526,851 535,411 8,560 - Canadian Dollar Buy 15/07/2020 291,186 279,491 11,695 - Canadian Dollar Buy 15/07/2020 291,113 279,398 11,715 - Canadian Dollar Buy 15/07/2020 145,188 140,823 4,365 - Canadian Dollar Buy 15/07/2020 592,244 585,490 6,754 - Canadian Dollar Sell 15/07/2020 33,295 32,282 (1,013) - Canadian Dollar Sell 15/07/2020 294,649 281,636 (13,013) (0.01) Canadian Dollar Sell 15/07/2020 295,385 282,588 (12,797) (0.01) Canadian Dollar Sell 15/07/2020 297,669 286,881 (10,788) - Canadian Dollar Sell 15/07/2020 148,061 147,568 (493) -

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

Putnam World Trust 65

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.08%) (30 June 2019: 0.38%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund UBS AG cont. Canadian Dollar Sell 15/07/2020 USD 147,914 USD 147,957 USD 43 - Euro Buy 16/09/2020 2,352,267 2,347,472 4,795 - Euro Sell 16/09/2020 346,167 345,461 (706) - Hong Kong Dollar Sell 19/08/2020 356,871 356,511 (360) - Japanese Yen Buy 19/08/2020 142,077 143,661 (1,584) - Japanese Yen Buy 19/08/2020 632,965 636,508 (3,543) - Japanese Yen Buy 19/08/2020 143,013 144,288 (1,275) - Japanese Yen Buy 19/08/2020 142,531 143,387 (856) - Japanese Yen Buy 19/08/2020 143,577 143,875 (298) - Japanese Yen Sell 19/08/2020 146,943 147,064 121 - New Zealand Dollar Buy 15/07/2020 1,201,871 1,116,416 85,454 0.05 New Zealand Dollar Buy 15/07/2020 301,436 282,494 18,942 0.01 New Zealand Dollar Buy 15/07/2020 598,225 588,975 9,250 - New Zealand Dollar Sell 15/07/2020 152,622 140,385 (12,237) (0.01) Norwegian Krone Sell 16/09/2020 589,158 582,937 (6,221) - Swedish Krona Buy 16/09/2020 594,559 591,903 2,656 - Westpac Banking Corporation Australian Dollar Buy 15/07/2020 311,259 279,862 31,397 0.01 Australian Dollar Buy 15/07/2020 311,190 279,872 31,318 0.01 Australian Dollar Buy 15/07/2020 158,183 141,651 16,532 0.01 Australian Dollar Sell 15/07/2020 310,155 284,206 (25,949) (0.01) Australian Dollar Sell 15/07/2020 31,402 30,638 (764) - British Pound Sell 16/09/2020 248 252 4- British Pound Sell 16/09/2020 3,497,049 3,552,810 55,761 0.03 British Pound Sell 16/09/2020 145,411 147,492 2,081 - Canadian Dollar Buy 15/07/2020 294,870 287,235 7,635 - Canadian Dollar Buy 15/07/2020 294,870 287,047 7,823 - Canadian Dollar Sell 15/07/2020 140,179 135,927 (4,252) - Canadian Dollar Sell 15/07/2020 297,079 286,395 (10,684) - Canadian Dollar Sell 15/07/2020 147,030 143,816 (3,214) - Canadian Dollar Sell 15/07/2020 146,219 147,187 968 - Canadian Dollar Sell 15/07/2020 409,414 405,732 (3,682) - Euro Buy 16/09/2020 4,237,501 4,227,735 9,766 - Euro Buy 16/09/2020 147,762 148,328 (566) - Euro Sell 16/09/2020 167,569 167,183 (386) - Euro Sell 16/09/2020 490,215 489,313 (902) - Japanese Yen Sell 19/08/2020 189,231 190,154 923 - New Zealand Dollar Buy 15/07/2020 321,699 298,726 22,973 0.01 New Zealand Dollar Buy 15/07/2020 152,622 140,839 11,783 - New Zealand Dollar Sell 15/07/2020 300,403 279,203 (21,200) (0.01) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 1,474,028 0.62 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (4,044,055) (1.70) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (2,570,027) (1.08) Total Financial Assets at Fair Value through Profit or Loss USD 451,217,817 190.08 Total Financial Liabilities at Fair Value through Profit or Loss USD (63,266,010) (26.66)

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

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

Putnam Fixed Income Global Alpha Fund

Schedule of Investments cont. 30 June 2020

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 14.34 Transferable securities dealt on another regulated market 61.56 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 15.02 OTC financial derivative instruments 3.06 Exchange traded financial derivative instruments - Centrally cleared financial derivative instruments 0.01 Other assets 6.01 Total Assets 100.00

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

Putnam World Trust 67

Putnam Global High Yield Bond Fund

Schedule of Investments 30 June 2020

NON-U.S. EQUITIES (-%) (30 June 2019: 0.07%) U.S. EQUITIES (0.18%) (30 June 2019: 0.82%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Biotechnology (-%) Diversified Financial Services (0.13%) 4,173 Advanz Pharma Corporation Limited 18,005 Ally Financial Incorporated USD 357,039 0.13 (Canada) USD 12,727 - 357,039 0.13 12,727 - Media (-%) Environmental Control (-%) 922 iHeartMedia Incorporated 7,699 - 384 Tervita Corporation (Canada) 1,078 - 7,699 - 1,078 - Oil and Natural Gas Utilities (-%) Oil and Natural Gas Utilities (-%) 387 Milagro Oil & Gas Incorporated (F) - - 1,430 CHC Group LLC (Cayman Islands) 715 - -- 715 - Packaging and Containers (-%) Total Non-U.S. Equities USD 14,520 - 14 Ion Media Networks Incorporated (F) 6,328 - 6,328 - U.S. EQUITIES (0.18%) (30 June 2019: 0.82%) Total U.S. Equities USD 503,488 0.18 Number of Value % of Shares USD Fund WARRANTS (0.02%) (30 June 2019: 0.03%) Advertising (0.01%) Number of Value % of Clear Channel Outdoor Holdings Warrants USD Fund 18,457 Incorporated USD 19,195 0.01 6,927 iHeartMedia Incorporated USD 52,992 0.02 19,195 0.01 8,537 Stearns Holdings LLC (F) 8,537 - Banking (0.04%) Total Warrants USD 61,529 0.02 5,462 CIT Group Incorporated 113,227 0.04 113,227 0.04

REPURCHASE AGREEMENTS (0.55%) (30 June 2019: 1.79%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 1,500,000 Repurchase Agreement - BofA Securities Incorporated* 0.06 01/07/2020 USD 1,500,000 0.55 Total Repurchase Agreements USD 1,500,000 0.55

* Interest in USD14,687,000 bulk repurchase agreement dated 30 June 2020 with BofA Securities Incorporated due 1 July 2020 - maturity value of USD1,500,003 for an effective yield of 0.060% (collateralised by a U.S. Treasury note with a coupon rate of 0.000% and a due date of 21 July 2020, valued at USD14,979,502).

U.S. GOVERNMENT AGENCY OBLIGATIONS (-%) (30 June 2019: 0.90%)

NON-U.S. CORPORATE BONDS AND NOTES (27.20%) (30 June 2019: 26.75%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.12%) EUR 295,000 Summer BC Holdco B SARL (Luxembourg) 5.75 31/10/2026 USD 316,518 0.12 316,518 0.12 Aerospace and Defense (0.19%) USD 645,000 Bombardier Incorporated (Canada) 7.88 15/04/2027 422,475 0.16 145,000 Bombardier Incorporated (Canada) 7.50 01/12/2024 94,975 0.03 517,450 0.19 Apparel (0.12%) EUR 350,000 Samsonite Finco Sarl (Luxembourg) 3.50 15/05/2026 340,045 0.12 340,045 0.12 Auto Parts and Equipment (1.51%) USD 345,000 Clarios Global LP (Canada) 6.75 15/05/2025 358,800 0.13 550,000 Clarios Global LP (International) 8.50 15/05/2027 552,723 0.20 EUR 360,000 Clarios Global LP (International) 4.38 15/05/2026 398,393 0.15 USD 355,000 Clarios Global LP (International) 6.25 15/05/2026 366,094 0.13 EUR 540,000 Faurecia SE (France) 2.38 15/06/2027 564,925 0.21 455,000 Faurecia SE (France) 3.13 15/06/2026 498,413 0.18 140,000 Faurecia SE (France) 2.63 15/06/2025 152,420 0.06

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. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (27.20%) (30 June 2019: 26.75%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Auto Parts and Equipment (1.51%) cont. EUR 190,000 Gestamp Automocion SA (Spain) 3.25 30/04/2026 USD 203,033 0.07 500,000 Gestamp Funding Luxembourg SA (Luxembourg) 3.50 15/05/2023 544,161 0.20 505,000 Grupo Antolin-Irausa SA (Spain) 3.25 30/04/2024 494,852 0.18 4,133,814 1.51 Automotive (0.59%) 340,000 Fiat Chrysler Automobiles NV (Netherlands) 4.50 07/07/2028 381,990 0.14 700,000 Volkswagen International Finance NV (Netherlands) 3.88 31/12/2099 782,517 0.29 390,000 Volvo Car AB (Sweden) 2.13 02/04/2024 428,446 0.16 1,592,953 0.59 Banking (2.12%) 800,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 8.88 29/12/2049 927,256 0.33 GBP 250,000 Barclays PLC (United Kingdom) 7.88 29/12/2049 310,937 0.11 USD 420,000 BNP Paribas SA (France) 4.50 31/12/2099 368,025 0.13 200,000 Commerzbank AG (Germany) 7.00 31/12/2099 192,363 0.07 EUR 400,000 Commerzbank AG (Germany) 6.13 31/03/2099 427,492 0.16 USD 220,000 Credit Suisse Group AG (Switzerland) 5.10 31/12/2099 208,450 0.08 460,000 Credit Suisse Group AG (Switzerland) 7.25 31/12/2099 472,650 0.17 200,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 209,250 0.08 335,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 348,719 0.13 EUR 335,000 Intesa Sanpaolo SpA (Italy) 6.25 31/12/2099 375,902 0.14 USD 1,175,000 UBS Group AG (Switzerland) 7.00 31/12/2099 1,220,530 0.45 395,000 UBS Group AG (Switzerland) 6.88 29/12/2049 399,228 0.15 EUR 400,000 UniCredit SpA (Italy) 3.88 31/12/2099 331,432 0.12 5,792,234 2.12 Beverages (0.34%) 850,000 Sunshine Mid BV (Netherlands) 6.50 15/05/2026 942,407 0.34 942,407 0.34 Building Materials (0.74%) USD 420,000 Cemex SAB de CV (Mexico) 5.45 19/11/2029 387,954 0.14 200,000 Cemex SAB de CV (Mexico) 7.38 05/06/2027 203,200 0.07 730,000 Cemex SAB de CV (Mexico) 5.70 11/01/2025 713,575 0.27 495,000 James Hardie International Finance DAC (Ireland) 5.00 15/01/2028 504,900 0.18 215,000 Masonite International Corporation (Canada) 5.38 01/02/2028 219,838 0.08 2,029,467 0.74 Chemicals (1.02%) 400,000 Atotech Alpha 3 BV (Netherlands) 6.25 01/02/2025 394,000 0.14 200,000 Axalta Coating Systems LLC (International) 4.75 15/06/2027 201,040 0.07 600,000 Nouryon Holding BV (Netherlands) 8.00 01/10/2026 612,000 0.22 915,000 Syngenta Finance NV (Netherlands) 5.18 24/04/2028 976,027 0.36 435,000 Syngenta Finance NV (Netherlands) 4.89 24/04/2025 457,321 0.17 175,000 Tronox Finance PLC (United Kingdom) 5.75 01/10/2025 161,875 0.06 2,802,263 1.02 Commercial Services (1.79%) 705,000 Garda World Security Corporation (Canada) 9.50 01/11/2027 745,538 0.27 255,000 IHS Markit Limited (Bermuda) 4.75 01/08/2028 299,306 0.11 EUR 420,000 La Financiere Atalian SASU (France) 5.13 15/05/2025 349,184 0.13 380,000 La Financiere Atalian SASU (France) 4.00 15/05/2024 315,928 0.12 355,000 Loxam SAS (France) 3.75 15/07/2026 365,946 0.13 USD 550,000 Nielsen Company Luxembourg SARL (Luxembourg) 5.00 01/02/2025 540,375 0.20 EUR 1,230,000 Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00 30/07/2026 1,409,542 0.51 100,000 Verisure Holding AB (Sweden) 5.00 15/04/2025 113,339 0.04 675,000 Verisure Midholding AB (Sweden) 5.75 01/12/2023 759,090 0.28 4,898,248 1.79

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. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (27.20%) (30 June 2019: 26.75%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Distribution/Wholesale (0.12%) GBP 380,000 Matalan Finance PLC (United Kingdom) 6.75 31/01/2023 USD 329,601 0.12 329,601 0.12 Diversified Financial Services (0.21%) USD 580,000 goeasy Limited (Canada) 5.38 01/12/2024 562,600 0.21 562,600 0.21 Electrical Components & Equipment (0.15%) EUR 360,000 Energizer Gamma Acquisition BV (Netherlands) 4.63 15/07/2026 410,871 0.15 410,871 0.15 Engineering and Construction (0.15%) 450,000 Ellaktor Value PLC (United Kingdom) 6.38 15/12/2024 420,952 0.15 420,952 0.15 Entertainment (0.27%) 175,000 Banijay Entertainment SASU (France) 3.50 01/03/2025 186,925 0.07 545,000 Cirsa Finance International Sarl (Luxembourg) 6.25 20/12/2023 553,226 0.20 740,151 0.27 Environmental Control (0.61%) USD 342,000 GFL Environmental Incorporated (Canada) 8.50 01/05/2027 371,925 0.14 430,000 GFL Environmental Incorporated (Canada) 5.13 15/12/2026 445,050 0.16 804,000 GFL Environmental Incorporated (Canada) 7.00 01/06/2026 844,200 0.31 1,661,175 0.61 Food (0.57%) EUR 300,000 Casino Guichard Perrachon SA (France) 3.58 07/02/2025 285,188 0.10 100,000 Quatrim SASU (France) 5.88 15/01/2024 114,737 0.04 1,075,000 Sigma Holdco BV (Netherlands) 5.75 15/05/2026 1,173,607 0.43 1,573,532 0.57 Forest Products & Paper (0.46%) USD 1,090,000 Smurfit Kappa Treasury Funding DAC (Ireland) 7.50 20/11/2025 1,267,125 0.46 1,267,125 0.46 Health-Care Services (0.35%) EUR 515,000 Constantin Investissement 3 SASU (France) 5.38 15/04/2025 579,829 0.21 335,000 Unilabs Subholding AB (Sweden) 5.75 15/05/2025 371,035 0.14 950,864 0.35 Home Builders (0.76%) USD 555,000 Mattamy Group Corporation (Canada) 4.63 01/03/2030 532,800 0.19 810,000 Mattamy Group Corporation (Canada) 5.25 15/12/2027 805,950 0.30 GBP 590,000 Miller Homes Group Holdings PLC (United Kingdom) 5.50 15/10/2024 731,069 0.27 2,069,819 0.76 Investment Companies (0.08%) EUR 200,000 Vertical Holdco GmbH (International) (FWC) 0.01 15/07/2028 224,700 0.08 224,700 0.08 Leisure Time (0.30%) USD 215,000 Carnival Corporation (Panama) 11.50 01/04/2023 233,275 0.09 GBP 450,000 Pinnacle Bidco PLC (United Kingdom) 6.38 15/02/2025 468,380 0.17 USD 100,000 Royal Caribbean Cruises Limited (Liberia) 9.13 15/06/2023 99,124 0.04 800,779 0.30 Machinery (0.70%) 710,000 Husky III Holding Limited (Canada) 13.00 15/02/2025 683,375 0.25 575,000 Titan Acquisition Limited (International) 7.75 15/04/2026 544,094 0.20 460,000 Vertical Holdco GmbH (Germany) (FWC) 7.63 15/07/2028 460,000 0.17 EUR 200,000 Vertical Midco GmbH (Germany) (FWC) 4.38 15/07/2027 224,700 0.08 1,912,169 0.70 Media (3.27%) USD 375,000 Altice Financing SA (Luxembourg) 5.00 15/01/2028 372,510 0.14 240,000 Altice Financing SA (Luxembourg) 7.50 15/05/2026 251,400 0.09

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. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (27.20%) (30 June 2019: 26.75%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Media (3.27%) cont. EUR 630,000 Altice Finco SA (Luxembourg) 4.75 15/01/2028 USD 644,102 0.24 420,000 Banijay Group SAS (France) 6.50 01/03/2026 420,795 0.15 USD 555,000 Quebecor Media Incorporated (Canada) 5.75 15/01/2023 580,669 0.21 EUR 485,000 Tele Columbus AG (Germany) 3.88 02/05/2025 506,117 0.18 USD 400,000 Videotron Limited (Canada) 5.00 15/07/2022 413,500 0.15 505,000 Videotron Limited (Canada) 5.13 15/04/2027 524,003 0.19 EUR 260,000 Virgin Media Finance PLC (United Kingdom) 3.75 15/07/2030 286,501 0.10 USD 515,000 Virgin Media Finance PLC (United Kingdom) 5.00 15/07/2030 503,521 0.18 GBP 1,450,000 Virgin Media Secured Finance PLC (United Kingdom) 4.13 15/08/2030 1,770,428 0.65 350,000 Virgin Media Secured Finance PLC (United Kingdom) 5.25 15/05/2029 453,201 0.17 EUR 1,555,000 Ziggo Bond Company BV (Netherlands) 3.38 28/02/2030 1,642,726 0.60 265,000 Ziggo BV (Netherlands) 2.88 15/01/2030 292,889 0.11 USD 301,000 Ziggo BV (Netherlands) 5.50 15/01/2027 304,781 0.11 8,967,143 3.27 Mining (0.90%) 250,000 Constellium SE (France) 5.63 15/06/2028 245,000 0.09 EUR 1,415,000 Constellium SE (France) 4.25 15/02/2026 1,554,189 0.57 USD 175,000 Constellium SE (France) 5.88 15/02/2026 174,344 0.06 520,000 Hudbay Minerals Incorporated (Canada) 7.63 15/01/2025 494,000 0.18 2,467,533 0.90 Oil and Natural Gas Utilities (1.42%) 590,000 Aker BP ASA (Norway) 3.75 15/01/2030 556,813 0.20 180,000 Aker BP ASA (Norway) 6.00 01/07/2022 183,375 0.07 245,000 Baytex Energy Corporation (Canada) 5.63 01/06/2024 149,450 0.05 73,568 CHC Group LLC (Cayman Islands) 0.00 01/10/2020 11,035 - 280,000 MEG Energy Corporation (Canada) 7.13 01/02/2027 232,750 0.08 687,000 MEG Energy Corporation (Canada) 6.50 15/01/2025 641,053 0.24 280,000 Nabors Industries Limited (Bermuda) 7.50 15/01/2028 172,200 0.06 280,000 Nabors Industries Limited (Bermuda) 7.25 15/01/2026 172,200 0.06 230,000 Noble Holding International Limited (Cayman Islands) 7.88 01/02/2026 59,800 0.02 USD 250,000 Noble Holding International Limited (Cayman Islands) 7.75 15/01/2024 5,000 - CAD 835,000 Parkland Corporation (Canada) 5.63 09/05/2025 621,207 0.24 USD 765,000 Precision Drilling Corporation (Canada) 7.13 15/01/2026 489,600 0.19 175,000 Transocean Incorporated (Cayman Islands) 7.50 15/04/2031 49,000 0.02 162,825 Transocean Pontus Limited (Cayman Islands) 6.13 01/08/2025 142,472 0.05 425,000 Transocean Poseidon Limited (Cayman Islands) 6.88 01/02/2027 361,250 0.13 435,000 Valaris PLC (United Kingdom) 7.75 01/02/2026 32,625 0.01 3,879,830 1.42 Packaging and Containers (1.10%) EUR 1,075,000 ARD Finance SA (Luxembourg) 5.00 30/06/2027 1,156,432 0.42 USD 820,000 ARD Finance SA (Luxembourg) 6.50 30/06/2027 811,288 0.30 200,000 Ardagh Packaging Finance PLC (International) 5.25 15/08/2027 196,476 0.07 EUR 265,000 Ardagh Packaging Finance PLC (International) 2.13 15/08/2026 286,250 0.10 USD 360,000 Ardagh Packaging Finance PLC (International) 4.13 15/08/2026 354,186 0.13 215,000 Trivium Packaging Finance BV (Netherlands) 5.50 15/08/2026 216,881 0.08 3,021,513 1.10 Pharmaceuticals (3.14%) 230,000 Bausch Health Companies Incorporated (Canada) 5.25 30/01/2030 218,213 0.08 515,000 Bausch Health Companies Incorporated (Canada) 7.25 30/05/2029 540,750 0.20 365,000 Bausch Health Companies Incorporated (Canada) 6.25 15/02/2029 366,825 0.13 230,000 Bausch Health Companies Incorporated (Canada) 5.00 30/01/2028 216,543 0.08

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. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (27.20%) (30 June 2019: 26.75%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Pharmaceuticals (3.14%) cont. USD 255,000 Bausch Health Companies Incorporated (Canada) 7.00 15/01/2028 USD 262,650 0.10 390,000 Bausch Health Companies Incorporated (Canada) 5.50 01/11/2025 399,750 0.15 985,000 Bausch Health Companies Incorporated (Canada) 6.13 15/04/2025 999,055 0.35 850,000 Bausch Health Companies Incorporated (Canada) 7.00 15/03/2024 881,875 0.32 EUR 175,000 Cheplapharm Arzneimittel GmbH (Germany) 3.50 11/02/2027 193,445 0.07 USD 472,999 Endo Dac (International) 6.00 30/06/2028 305,085 0.11 308,999 Endo Dac (International) 9.50 31/07/2027 326,829 0.12 297,000 Mallinckrodt International Finance SA (Luxembourg) 10.00 15/04/2025 177,458 0.06 210,000 Teva Pharmaceutical Finance IV BV (Curacao) 3.65 10/11/2021 209,780 0.08 EUR 430,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 6.00 31/01/2025 509,400 0.19 410,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 1.25 31/03/2023 427,119 0.16 USD 1,210,000 Teva Pharmaceutical Finance Netherlands III BV (Netherlands) 6.75 01/03/2028 1,278,824 0.47 1,435,000 Teva Pharmaceutical Finance Netherlands III BV (Netherlands) 3.15 01/10/2026 1,281,282 0.47 8,594,883 3.14 Real Estate (0.20%) GBP 470,000 Iron Mountain UK PLC (United Kingdom) 3.88 15/11/2025 553,684 0.20 553,684 0.20 Retail (1.13%) USD 300,000 1011778 BC ULC (Canada) 3.88 15/01/2028 290,625 0.11 405,000 1011778 BC ULC (Canada) 4.38 15/01/2028 396,977 0.14 670,000 1011778 BC ULC (Canada) 5.00 15/10/2025 665,813 0.24 235,000 1011778 BC ULC (Canada) 4.25 15/05/2024 235,416 0.09 EUR 365,000 eG Global Finance PLC (United Kingdom) 6.25 30/10/2025 402,130 0.15 USD 700,000 eG Global Finance PLC (United Kingdom) 6.75 07/02/2025 683,374 0.25 GBP 900,000 Phosphorus Holdco PLC (United Kingdom) 1.00 01/04/2021 33,567 0.01 EUR 270,000 Tendam Brands SAU (Spain) 5.00 15/09/2024 261,198 0.10 GBP 100,000 Very Group Funding PLC (United Kingdom) 7.75 15/11/2022 112,802 0.04 3,081,902 1.13 Telecommunications (2.69%) EUR 1,050,000 Altice France Holding SA (Luxembourg) 4.00 15/02/2028 1,061,589 0.39 USD 900,000 Altice France Holding SA (Luxembourg) 6.00 15/02/2028 849,942 0.31 615,000 Altice France Holding SA (Luxembourg) 10.50 15/05/2027 677,453 0.25 EUR 565,000 Altice France SA (France) 3.38 15/01/2028 604,625 0.22 100,000 Altice France SA (France) 5.88 01/02/2027 118,810 0.04 USD 710,000 Altice France SA (France) 7.38 01/05/2026 740,388 0.27 935,000 Intelsat Jackson Holdings SA (Luxembourg) 9.75 15/07/2025 565,675 0.21 EUR 350,000 Matterhorn Telecom SA (Luxembourg) 4.00 15/11/2027 394,357 0.14 225,000 Telecom Italia SpA (Italy) 3.00 30/09/2025 256,417 0.09 130,000 Telecom Italia SpA (Italy) 2.75 15/04/2025 146,311 0.05 430,000 Telecom Italia SpA (Italy) 3.63 19/01/2024 501,463 0.18 1,200,000 Telefonica Europe BV (Netherlands) 5.88 31/03/2049 1,452,685 0.54 7,369,715 2.69 Transportation (0.08%) 225,000 CMA CGM SA (France) 5.25 15/01/2025 209,814 0.08 209,814 0.08 Total Non-U.S. Corporate Bonds and Notes USD 74,435,754 27.20

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.51%) USD 165,000 Outfront Media Capital LLC 4.63 15/03/2030 USD 149,325 0.05 470,000 Outfront Media Capital LLC 6.25 15/06/2025 473,079 0.17 800,000 Terrier Media Buyer Incorporated 8.88 15/12/2027 767,000 0.29 1,389,404 0.51 Aerospace and Defense (0.76%) 770,000 TransDigm Incorporated 5.50 15/11/2027 671,979 0.25 345,000 TransDigm Incorporated 6.38 15/06/2026 314,288 0.11 670,000 TransDigm Incorporated 6.25 15/03/2026 668,338 0.24 100,000 TransDigm Incorporated 8.00 15/12/2025 105,099 0.04 15,000 TransDigm Incorporated 6.50 15/05/2025 14,026 0.01 320,000 TransDigm Incorporated 6.50 15/07/2024 305,533 0.11 2,079,263 0.76 Apparel (0.41%) 205,000 Hanesbrands Incorporated 5.38 15/05/2025 207,306 0.08 210,000 Levi Strauss & Company 5.00 01/05/2025 210,790 0.08 380,000 Wolverine World Wide Incorporated 5.00 01/09/2026 365,749 0.13 315,000 Wolverine World Wide Incorporated 6.38 15/05/2025 329,963 0.12 1,113,808 0.41 Automotive (2.00%) 920,000 Allison Transmission Incorporated 4.75 01/10/2027 913,100 0.33 105,000 Ford Motor Company 9.63 22/04/2030 124,352 0.05 785,000 Ford Motor Company 9.00 22/04/2025 849,527 0.31 210,000 Ford Motor Company 8.50 21/04/2023 222,075 0.08 1,365,000 Ford Motor Credit Company LLC 4.27 09/01/2027 1,272,435 0.46 350,000 Ford Motor Credit Company LLC 5.13 16/06/2025 350,140 0.13 380,000 General Motors Company 6.13 01/10/2025 427,000 0.16 655,000 Navistar International Corporation 6.63 01/11/2025 620,613 0.23 640,000 Navistar International Corporation 9.50 01/05/2025 685,792 0.25 5,465,034 2.00 Banking (0.94%) 1,010,000 CIT Group Incorporated 5.25 07/03/2025 1,046,400 0.38 85,000 Freedom Mortgage Corporation 8.25 15/04/2025 84,150 0.03 575,000 Freedom Mortgage Corporation 8.13 15/11/2024 557,750 0.20 959,000 Provident Funding Associates LP 6.38 15/06/2025 896,665 0.33 2,584,965 0.94 Building Materials (2.05%) 710,000 BMC East LLC 5.50 01/10/2024 715,324 0.26 930,000 Boise Cascade Company 5.63 01/09/2024 936,974 0.33 444,000 Builders FirstSource Incorporated 6.75 01/06/2027 454,545 0.17 341,000 CEMEX Finance LLC 6.00 01/04/2024 337,488 0.12 183,000 Cornerstone Building Brands Incorporated 8.00 15/04/2026 184,373 0.07 375,000 JELD-WEN Incorporated 4.88 15/12/2027 360,000 0.13 160,000 JELD-WEN Incorporated 4.63 15/12/2025 153,600 0.06 200,000 JELD-WEN Incorporated 6.25 15/05/2025 208,750 0.08 670,000 Louisiana-Pacific Corporation 4.88 15/09/2024 675,166 0.25 140,000 Standard Industries Incorporated 4.75 15/01/2028 141,925 0.05 570,000 Standard Industries Incorporated 5.00 15/02/2027 577,125 0.21 340,000 Standard Industries Incorporated 5.38 15/11/2024 349,350 0.13 533,000 US Concrete Incorporated 6.38 01/06/2024 526,338 0.19 5,620,958 2.05 Chemicals (1.61%) 150,000 Avient Corporation 5.75 15/05/2025 154,313 0.06 1,115,000 CF Industries Incorporated 4.95 01/06/2043 1,201,746 0.43

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Chemicals (1.61%) cont. USD 485,000 GCP Applied Technologies Incorporated 5.50 15/04/2026 USD 483,788 0.18 EUR 455,000 Kronos International Incorporated 3.75 15/09/2025 498,806 0.18 USD 75,000 Tronox Incorporated 6.50 01/05/2025 75,750 0.03 345,000 Valvoline Incorporated 4.25 15/02/2030 339,825 0.12 155,000 Valvoline Incorporated 4.38 15/08/2025 155,775 0.06 370,000 WR Grace & Company 4.88 15/06/2027 374,821 0.14 1,075,000 WR Grace & Company 5.63 01/10/2024 1,131,438 0.41 4,416,262 1.61 Commercial Services (2.25%) 780,000 Carriage Services Incorporated 6.63 01/06/2026 815,100 0.30 105,000 Gartner Incorporated 4.50 01/07/2028 106,229 0.04 190,000 Gartner Incorporated 5.13 01/04/2025 194,570 0.07 155,000 Jaguar Holding Company II 5.00 15/06/2028 158,681 0.06 100,000 Jaguar Holding Company II 4.63 15/06/2025 101,770 0.04 955,000 Nielsen Finance LLC 5.00 15/04/2022 951,619 0.35 545,000 Prime Security Services Borrower LLC 6.25 15/01/2028 513,663 0.19 1,135,000 Refinitiv US Holdings Incorporated 6.25 15/05/2026 1,203,099 0.43 770,000 Service Corporation International 5.13 01/06/2029 828,520 0.30 750,000 Service Corporation International 4.63 15/12/2027 781,875 0.29 605,000 TMS International Holding Corporation 7.25 15/08/2025 493,075 0.18 6,148,201 2.25 Computers (1.54%) 540,000 Banff Merger Sub Incorporated 9.75 01/09/2026 543,375 0.20 1,245,000 Dell International LLC 6.02 15/06/2026 1,427,362 0.51 155,000 Dell International LLC 5.85 15/07/2025 178,126 0.07 565,000 Dell International LLC 7.13 15/06/2024 585,305 0.21 205,000 Tempo Acquisition LLC 5.75 01/06/2025 210,125 0.08 1,220,000 Tempo Acquisition LLC 6.75 01/06/2025 1,235,250 0.45 45,000 Western Digital Corporation 4.75 15/02/2026 46,505 0.02 4,226,048 1.54 Distribution/Wholesale (0.52%) 265,000 American Builders & Contractors Supply Company Incorporated 4.00 15/01/2028 257,519 0.09 155,000 American Builders & Contractors Supply Company Incorporated 5.88 15/05/2026 153,450 0.06 425,000 Resideo Funding Incorporated 6.13 01/11/2026 415,438 0.15 585,000 Univar Solutions USA Incorporated 5.13 01/12/2027 591,797 0.22 1,418,204 0.52 Diversified Financial Services (2.39%) 505,000 AG Issuer LLC 6.25 01/03/2028 469,650 0.17 1,565,000 Ally Financial Incorporated 8.00 01/11/2031 2,019,357 0.73 465,000 JPMorgan Chase Financial Company LLC 0.25 01/05/2023 448,725 0.16 830,000 LPL Holdings Incorporated 5.75 15/09/2025 840,375 0.31 280,000 Nationstar Mortgage Holdings Incorporated 6.00 15/01/2027 266,000 0.10 145,000 Nationstar Mortgage Holdings Incorporated 9.13 15/07/2026 153,338 0.06 470,000 Nationstar Mortgage Holdings Incorporated 8.13 15/07/2023 482,338 0.18 210,000 OneMain Finance Corporation 5.38 15/11/2029 196,350 0.07 460,000 OneMain Finance Corporation 6.63 15/01/2028 455,400 0.17 245,000 OneMain Finance Corporation 7.13 15/03/2026 253,573 0.09 205,000 OneMain Finance Corporation 8.88 01/06/2025 219,155 0.08 365,000 OneMain Finance Corporation 6.88 15/03/2025 374,467 0.14 3,052 Stearns Holdings LLC 5.00 05/11/2024 1,831 - 430,000 TMX Finance LLC 11.13 01/04/2023 359,050 0.13 6,539,609 2.39

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Electric Utilities (1.59%) USD 165,000 AES Corporation 3.30 15/07/2025 USD 169,919 0.06 855,000 Calpine Corporation 4.50 15/02/2028 833,625 0.30 920,000 Calpine Corporation 5.25 01/06/2026 928,933 0.35 850,000 NRG Energy Incorporated 3.75 15/06/2024 897,270 0.33 825,000 Pacific Gas and Electric Company 2.50 01/02/2031 807,122 0.29 205,000 Pacific Gas and Electric Company 2.10 01/08/2027 202,878 0.07 490,000 Pacific Gas and Electric Company 2.95 01/03/2026 527,975 0.19 4,367,722 1.59 Electrical Components & Equipment (0.36%) 50,000 Energizer Holdings Incorporated 7.75 15/01/2027 53,314 0.02 105,000 Energizer Holdings Incorporated 6.38 15/07/2026 108,566 0.04 515,000 WESCO Distribution Incorporated 7.25 15/06/2028 544,612 0.20 260,000 WESCO Distribution Incorporated 7.13 15/06/2025 273,814 0.10 980,306 0.36 Electronics (0.44%) 375,000 Itron Incorporated 5.00 15/01/2026 373,594 0.14 825,000 TTM Technologies Incorporated 5.63 01/10/2025 818,301 0.30 1,191,895 0.44 Engineering and Construction (0.64%) 415,000 Brand Industrial Services Incorporated 8.50 15/07/2025 373,500 0.14 170,000 Great Lakes Dredge & Dock Corporation 8.00 15/05/2022 174,250 0.06 590,000 TopBuild Corporation 5.63 01/05/2026 595,900 0.22 600,000 Weekley Homes LLC 6.00 01/02/2023 595,500 0.22 1,739,150 0.64 Entertainment (2.63%) 825,000 Caesars Resort Company Collection LLC 5.25 15/10/2025 717,749 0.25 100,000 Cinemark USA Incorporated 8.75 01/05/2025 104,500 0.04 285,000 Cinemark USA Incorporated 4.88 01/06/2023 240,825 0.09 305,000 Cinemark USA Incorporated 5.13 15/12/2022 266,875 0.10 90,000 Eldorado Resorts Incorporated 6.00 15/09/2026 97,229 0.04 160,000 Eldorado Resorts Incorporated 7.00 01/08/2023 162,400 0.06 185,000 Lions Gate Capital Holdings LLC 5.88 01/11/2024 174,825 0.06 530,000 Lions Gate Capital Holdings LLC 6.38 01/02/2024 516,750 0.19 255,000 Live Nation Entertainment Incorporated 6.50 15/05/2027 262,650 0.10 305,000 Live Nation Entertainment Incorporated 5.63 15/03/2026 277,550 0.10 210,000 Live Nation Entertainment Incorporated 4.88 01/11/2024 189,000 0.07 450,000 Penn National Gaming Incorporated 5.63 15/01/2027 419,796 0.15 925,000 Scientific Games International Incorporated 7.25 15/11/2029 740,000 0.27 270,000 Scientific Games International Incorporated 7.00 15/05/2028 216,000 0.08 EUR 380,000 Scientific Games International Incorporated 3.38 15/02/2026 391,123 0.14 390,000 Six Flags Entertainment Corporation 5.50 15/04/2027 348,563 0.13 500,000 Six Flags Theme Parks Incorporated 7.00 01/07/2025 516,875 0.19 EUR 235,000 WMG Acquisition Corporation 3.63 15/10/2026 272,731 0.10 USD 180,000 WMG Acquisition Corporation 5.50 15/04/2026 186,246 0.07 315,000 WMG Acquisition Corporation 5.00 01/08/2023 318,938 0.12 705,000 Wynn Resorts Finance LLC 5.13 01/10/2029 630,094 0.23 145,000 Wynn Resorts Finance LLC 7.75 15/04/2025 146,044 0.05 7,196,763 2.63 Environmental Control (0.48%) 215,000 Clean Harbors Incorporated 5.13 15/07/2029 222,989 0.08 375,000 Clean Harbors Incorporated 4.88 15/07/2027 385,313 0.14 750,000 Waste Pro USA Incorporated 5.50 15/02/2026 715,867 0.26 1,324,169 0.48

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Food (1.90%) USD 160,000 Albertsons Companies Incorporated 4.88 15/02/2030 USD 163,701 0.06 790,000 Albertsons Companies Incorporated 4.63 15/01/2027 790,000 0.29 360,000 Albertsons Companies Incorporated 7.50 15/03/2026 388,800 0.14 560,000 Fresh Market Incorporated 9.75 01/05/2023 473,200 0.17 580,000 Kraft Heinz Foods Company 5.00 15/07/2035 638,165 0.23 75,000 Kraft Heinz Foods Company 3.88 15/05/2027 78,374 0.03 1,230,000 Kraft Heinz Foods Company 3.00 01/06/2026 1,239,690 0.46 365,000 Lamb Weston Holdings Incorporated 4.88 15/05/2028 386,721 0.14 1,005,000 Lamb Weston Holdings Incorporated 4.88 01/11/2026 1,040,175 0.38 5,198,826 1.90 Forest Products & Paper (0.23%) 290,000 Mercer International Incorporated 5.50 15/01/2026 272,600 0.10 160,000 Mercer International Incorporated 7.38 15/01/2025 159,200 0.06 200,000 Mercer International Incorporated 6.50 01/02/2024 196,542 0.07 628,342 0.23 Hand/Machine Tools (0.20%) 635,000 Werner FinCo LP 8.75 15/07/2025 539,750 0.20 539,750 0.20 Health-Care Services (4.74%) 585,000 Air Methods Corporation 8.00 15/05/2025 412,425 0.15 1,145,000 Centene Corporation 4.63 15/12/2029 1,207,975 0.44 195,000 Centene Corporation 5.38 15/08/2026 202,841 0.07 250,000 Centene Corporation 5.38 01/06/2026 259,165 0.09 335,000 Centene Corporation 5.25 01/04/2025 344,939 0.13 275,000 CHS 8.00 15/03/2026 259,930 0.09 740,000 CHS 6.63 15/02/2025 695,600 0.25 469,000 CHS 8.13 30/06/2024 314,230 0.11 1,155,000 CHS 6.25 31/03/2023 1,087,144 0.40 270,000 HCA Incorporated 3.50 01/09/2030 260,056 0.09 895,000 HCA Incorporated 5.38 01/09/2026 974,431 0.36 2,075,000 HCA Incorporated 5.25 15/06/2026 2,397,294 0.88 320,000 Molina Healthcare Incorporated 4.88 15/06/2025 321,600 0.12 1,110,000 Tenet Healthcare Corporation 5.13 01/11/2027 1,095,237 0.40 260,000 Tenet Healthcare Corporation 6.25 01/02/2027 258,050 0.09 1,210,000 Tenet Healthcare Corporation 4.88 01/01/2026 1,178,238 0.43 125,000 Tenet Healthcare Corporation 7.50 01/04/2025 132,969 0.05 330,000 Tenet Healthcare Corporation 4.63 15/07/2024 323,331 0.12 1,190,000 Tenet Healthcare Corporation 8.13 01/04/2022 1,249,500 0.47 12,974,955 4.74 Home Builders (0.83%) 545,000 Lennar Corporation 5.88 15/11/2024 595,549 0.22 839,000 PulteGroup Incorporated 7.88 15/06/2032 1,050,847 0.37 265,000 Taylor Morrison Communities Incorporated 5.75 15/01/2028 272,950 0.10 120,000 TRI Pointe Group Incorporated 5.88 15/06/2024 123,241 0.04 260,000 TRI Pointe Group Incorporated 5.70 15/06/2028 263,900 0.10 2,306,487 0.83 Household Products/Wares (0.34%) 155,000 Spectrum Brands Incorporated 5.00 01/10/2029 153,063 0.06 760,000 Spectrum Brands Incorporated 6.13 15/12/2024 780,900 0.28 933,963 0.34 Housewares (0.63%) 520,000 Newell Brands Incorporated 4.70 01/04/2026 545,693 0.20 280,000 Newell Brands Incorporated 4.88 01/06/2025 293,241 0.11 850,000 Scotts Miracle-Gro Company 4.50 15/10/2029 874,438 0.32 1,713,372 0.63

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Insurance (0.57%) USD 355,000 Alliant Holdings Intermediate LLC 6.75 15/10/2027 USD 353,800 0.13 630,000 HUB International Limited 7.00 01/05/2026 628,677 0.23 580,000 USI Incorporated 6.88 01/05/2025 585,075 0.21 1,567,552 0.57 Internet (1.49%) 260,000 Match Group Holdings II LLC 4.63 01/06/2028 262,275 0.10 620,000 Match Group Holdings II LLC 5.00 15/12/2027 645,140 0.24 EUR 725,000 Netflix Incorporated 3.63 15/06/2030 836,424 0.30 175,000 Netflix Incorporated 4.88 15/06/2030 187,688 0.07 310,000 Netflix Incorporated 5.38 15/11/2029 339,512 0.12 EUR 425,000 Netflix Incorporated 4.63 15/05/2029 528,951 0.19 USD 240,000 Netflix Incorporated 6.38 15/05/2029 278,400 0.10 555,000 Netflix Incorporated 5.88 15/11/2028 632,006 0.23 195,000 Netflix Incorporated 4.88 15/04/2028 208,508 0.08 EUR 140,000 Netflix Incorporated 3.63 15/05/2027 164,418 0.06 4,083,322 1.49 Investment Companies (0.49%) USD 345,000 Icahn Enterprises LP 5.25 15/05/2027 332,925 0.12 685,000 Icahn Enterprises LP 6.25 15/05/2026 685,480 0.26 325,000 Icahn Enterprises LP 4.75 15/09/2024 305,565 0.11 10,000 Icahn Enterprises LP 6.75 01/02/2024 10,075 - 1,334,045 0.49 Iron/Steel (0.55%) 60,000 Allegheny Technologies Incorporated 5.88 01/12/2027 55,500 0.02 695,000 Allegheny Technologies Incorporated 7.88 15/08/2023 711,506 0.26 785,000 Big River Steel LLC 7.25 01/09/2025 749,675 0.27 1,516,681 0.55 Leisure Time (0.49%) 875,000 Constellation Merger Sub Incorporated 8.50 15/09/2025 700,000 0.25 615,000 Sabre GLBL Incorporated 9.25 15/04/2025 648,056 0.24 1,348,056 0.49 Lodging (1.51%) 290,000 Boyd Gaming Corporation 4.75 01/12/2027 249,400 0.09 500,000 Boyd Gaming Corporation 6.00 15/08/2026 467,350 0.17 252,000 Boyd Gaming Corporation 6.38 01/04/2026 239,400 0.09 230,000 Boyd Gaming Corporation 8.63 01/06/2025 240,350 0.09 350,000 Hilton Worldwide Finance LLC 4.88 01/04/2027 341,688 0.12 400,000 Marriott International Incorporated 4.63 15/06/2030 415,046 0.15 170,000 Marriott International Incorporated 5.75 01/05/2025 184,681 0.07 545,000 Station Casinos LLC 4.50 15/02/2028 461,206 0.17 535,000 Sugarhouse HSP Gaming Prop Mezz LP 5.88 15/05/2025 521,625 0.19 500,000 Wyndham Hotels & Resorts Incorporated 5.38 15/04/2026 481,250 0.18 630,000 Wynn Las Vegas LLC 5.25 15/05/2027 544,635 0.19 4,146,631 1.51 Machinery (1.14%) 900,000 RBS Global Incorporated 4.88 15/12/2025 904,500 0.33 765,000 Stevens Holding Company Incorporated 6.13 01/10/2026 799,425 0.29 680,000 Tennant Company 5.63 01/05/2025 686,800 0.25 740,000 Vertical US Newco Incorporated (FWC) 5.25 15/07/2027 740,000 0.27 3,130,725 1.14 Media (7.67%) 375,000 CCO Holdings LLC 4.50 01/05/2032 379,688 0.14 265,000 CCO Holdings LLC 4.50 15/08/2030 270,300 0.10

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Media (7.67%) cont. USD 3,300,000 CCO Holdings LLC 5.38 01/06/2029 USD 3,481,499 1.26 650,000 CCO Holdings LLC 5.00 01/02/2028 671,125 0.25 655,000 CCO Holdings LLC 5.88 01/05/2027 683,460 0.25 375,000 CCO Holdings LLC 5.50 01/05/2026 388,241 0.14 615,000 Clear Channel Worldwide Holdings Incorporated 5.13 15/08/2027 590,400 0.22 319,000 Clear Channel Worldwide Holdings Incorporated 9.25 15/02/2024 295,904 0.11 300,000 CSC Holdings LLC 4.63 01/12/2030 291,408 0.11 485,000 CSC Holdings LLC 5.75 15/01/2030 505,128 0.18 520,000 CSC Holdings LLC 7.50 01/04/2028 567,450 0.21 490,000 CSC Holdings LLC 5.50 15/05/2026 502,921 0.18 200,000 CSC Holdings LLC 10.88 15/10/2025 215,000 0.08 1,555,000 CSC Holdings LLC 5.25 01/06/2024 1,636,638 0.59 315,000 CSC Holdings LLC 6.75 15/11/2021 329,963 0.12 490,000 Diamond Sports Group LLC 6.63 15/08/2027 260,925 0.10 520,000 Diamond Sports Group LLC 5.38 15/08/2026 376,350 0.14 1,140,000 DISH DBS Corporation 5.88 15/11/2024 1,134,300 0.41 395,000 DISH DBS Corporation 6.75 01/06/2021 402,406 0.15 496,000 DISH Network Corporation 3.38 15/08/2026 455,633 0.17 470,000 Entercom Media Corporation 6.50 01/05/2027 421,825 0.15 510,000 Entercom Media Corporation 7.25 01/11/2024 443,700 0.16 900,000 Gray Television Incorporated 7.00 15/05/2027 927,000 0.34 120,000 Gray Television Incorporated 5.13 15/10/2024 120,000 0.04 830,456 iHeartCommunications Incorporated 8.38 01/05/2027 759,867 0.28 155,000 iHeartCommunications Incorporated 6.38 01/05/2026 153,450 0.06 505,000 Meredith Corporation 6.88 01/02/2026 421,675 0.15 495,000 Meredith Corporation 6.50 01/07/2025 490,050 0.18 795,000 Nexstar Broadcasting Incorporated 5.63 15/07/2027 789,085 0.29 865,000 Nexstar Broadcasting Incorporated 5.63 01/08/2024 871,488 0.32 580,000 Sinclair Television Group Incorporated 5.50 01/03/2030 536,500 0.20 385,000 Sirius XM Radio Incorporated 5.00 01/08/2027 392,700 0.14 500,000 Townsquare Media Incorporated 6.50 01/04/2023 430,000 0.16 520,000 Univision Communications Incorporated 6.63 01/06/2027 496,600 0.18 270,000 Univision Communications Incorporated 9.50 01/05/2025 286,200 0.10 40,000 Univision Communications Incorporated 5.13 15/02/2025 37,675 0.01 21,016,554 7.67 Medical Technology (0.23%) 285,000 Hologic Incorporated 4.38 15/10/2025 287,790 0.11 340,000 Ortho-Clinical Diagnostics Incorporated 7.38 01/06/2025 345,950 0.12 633,740 0.23 Metal Fabricate/Hardware (0.28%) 930,000 Park-Ohio Industries Incorporated 6.63 15/04/2027 762,600 0.28 762,600 0.28 Mining (1.28%) 885,000 Compass Minerals International Incorporated 6.75 01/12/2027 929,250 0.35 10,000 Compass Minerals International Incorporated 4.88 15/07/2024 10,200 - 650,000 Freeport-McMoRan Incorporated 5.45 15/03/2043 637,000 0.23 265,000 Joseph T Ryerson & Son Incorporated 11.00 15/05/2022 270,637 0.10 385,000 Novelis Corporation 4.75 30/01/2030 367,675 0.13 1,285,000 Novelis Corporation 5.88 30/09/2026 1,283,393 0.47 3,498,155 1.28 Miscellaneous Manufacturer (0.36%) 575,000 Amsted Industries Incorporated 4.63 15/05/2030 568,600 0.21 405,000 Amsted Industries Incorporated 5.63 01/07/2027 417,656 0.15 986,256 0.36

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. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Oil and Natural Gas Utilities (6.18%) USD 635,000 Antero Resources Corporation 5.13 01/12/2022 USD 458,788 0.17 490,000 Antero Resources Corporation 5.38 01/11/2021 453,250 0.17 265,000 Apache Corporation 5.10 01/09/2040 217,711 0.08 670,000 Apache Corporation 4.38 15/10/2028 591,651 0.22 225,000 Apache Corporation 3.25 15/04/2022 217,722 0.08 85,000 California Resources Corporation 8.00 15/12/2022 2,922 - 670,000 ChampionX Corporation 6.38 01/05/2026 622,611 0.23 200,000 Comstock Resources Incorporated 9.75 15/08/2026 187,000 0.07 155,000 Comstock Resources Incorporated 9.75 15/08/2026 144,538 0.05 210,000 Comstock Resources Incorporated 7.50 15/05/2025 190,313 0.07 275,000 Continental Resources Incorporated 4.90 01/06/2044 218,969 0.08 165,000 Continental Resources Incorporated 4.38 15/01/2028 145,236 0.05 930,000 Continental Resources Incorporated 4.50 15/04/2023 890,196 0.33 280,000 Continental Resources Incorporated 5.00 15/09/2022 274,400 0.10 381,000 Denbury Resources Incorporated 9.00 15/05/2021 145,733 0.05 195,000 Devon Energy Corporation 5.60 15/07/2041 190,366 0.07 370,000 Devon Energy Corporation 7.95 15/04/2032 428,835 0.16 250,000 Devon Energy Corporation 7.88 30/09/2031 293,407 0.11 265,000 Diamondback Energy Incorporated 4.75 31/05/2025 283,557 0.10 670,000 Diamondback Energy Incorporated 5.38 31/05/2025 689,680 0.25 1,115,000 Endeavor Energy Resources LP 5.75 30/01/2028 1,070,400 0.39 520,000 Endeavor Energy Resources LP 6.63 15/07/2025 524,066 0.19 405,000 Indigo Natural Resources LLC 6.88 15/02/2026 376,650 0.14 840,000 Nabors Industries Incorporated 5.75 01/02/2025 340,200 0.12 175,000 Newfield Exploration Company 5.63 01/07/2024 168,000 0.06 405,000 Newfield Exploration Company 5.75 30/01/2022 405,772 0.15 245,000 Noble Energy Incorporated 6.00 01/03/2041 238,876 0.09 390,000 Noble Energy Incorporated 3.90 15/11/2024 392,372 0.14 505,000 Oasis Petroleum Incorporated 6.25 01/05/2026 83,325 0.03 172,000 Oasis Petroleum Incorporated 2.63 15/09/2023 26,247 0.01 29,000 Oasis Petroleum Incorporated 6.88 15/03/2022 4,785 - 1,255,000 Occidental Petroleum Corporation 6.45 15/09/2036 1,060,475 0.38 260,000 Occidental Petroleum Corporation 3.50 15/06/2025 219,700 0.08 190,000 Occidental Petroleum Corporation 2.90 15/08/2024 162,351 0.06 900,000 Occidental Petroleum Corporation 4.85 15/03/2021 893,250 0.33 1,440,000 Occidental Petroleum Corporation 4.10 01/02/2021 1,445,759 0.52 520,000 SM Energy Company 6.63 15/01/2027 254,800 0.09 465,000 SM Energy Company 6.75 15/09/2026 233,839 0.09 120,000 SM Energy Company 5.00 15/01/2024 64,500 0.02 260,000 USA Compression Partners LP 6.88 01/09/2027 249,600 0.09 515,000 USA Compression Partners LP 6.88 01/04/2026 497,619 0.18 170,000 Viper Energy Partners LP 5.38 01/11/2027 166,756 0.06 390,000 WPX Energy Incorporated 5.88 15/06/2028 374,771 0.14 500,000 WPX Energy Incorporated 5.25 15/10/2027 467,094 0.17 255,000 WPX Energy Incorporated 5.75 01/06/2026 247,350 0.09 290,000 WPX Energy Incorporated 8.25 01/08/2023 321,900 0.12 16,937,342 6.18 Packaging and Containers (1.41%) USD 445,000 Berry Global Incorporated 4.50 15/02/2026 438,401 0.16 EUR 410,000 Berry Global Incorporated 1.00 15/01/2025 434,720 0.16 USD 355,000 Crown Americas LLC 4.75 01/02/2026 361,756 0.13 415,000 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 485,550 0.18

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

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Packaging and Containers (1.41%) cont. USD 810,000 Greif Incorporated 6.50 01/03/2027 USD 824,474 0.30 600,000 Mauser Packaging Solutions Holding Company 7.25 15/04/2025 544,061 0.20 EUR 355,000 Mauser Packaging Solutions Holding Company 4.75 15/04/2024 386,957 0.14 USD 165,000 Mauser Packaging Solutions Holding Company 8.50 15/04/2024 169,950 0.06 210,000 Owens-Brockway Glass Container Incorporated 6.63 13/05/2027 218,400 0.08 3,864,269 1.41 Pharmaceuticals (0.44%) 510,000 Bausch Health Americas Incorporated 8.50 31/01/2027 544,425 0.20 500,000 Elanco Animal Health Incorporated 5.65 28/08/2028 554,400 0.20 115,999 Par Pharmaceutical Incorporated 7.50 01/04/2027 118,609 0.04 1,217,434 0.44 Pipelines (2.15%) 205,000 Buckeye Partners LP 5.85 15/11/2043 177,899 0.06 215,000 Buckeye Partners LP 4.50 01/03/2028 201,025 0.07 145,000 Buckeye Partners LP 3.95 01/12/2026 136,634 0.05 545,000 Cheniere Corpus Christi Holdings LLC 5.13 30/06/2027 598,885 0.22 875,000 DCP Midstream Operating LP 6.75 15/09/2037 787,499 0.29 370,000 DCP Midstream Operating LP 5.63 15/07/2027 371,850 0.14 1,515,000 Energy Transfer Operating LP 6.63 31/12/2099 1,159,269 0.42 1,085,000 Hess Midstream Operations LP 5.63 15/02/2026 1,073,596 0.39 135,000 Holly Energy Partners LP 5.00 01/02/2028 128,588 0.05 134,000 Kinder Morgan Incorporated 7.75 15/01/2032 187,286 0.07 575,000 Tallgrass Energy Partners LP 5.50 15/01/2028 497,375 0.18 175,000 Targa Resources Partners LP 5.50 01/03/2030 168,984 0.06 155,000 Targa Resources Partners LP 6.88 15/01/2029 162,363 0.06 245,000 Targa Resources Partners LP 6.50 15/07/2027 245,613 0.09 5,896,866 2.15 Real Estate (1.95%) 1,025,000 Diversified Healthcare Trust 9.75 15/06/2025 1,100,594 0.41 325,000 ESH Hospitality Incorporated 5.25 01/05/2025 312,000 0.11 725,000 Howard Hughes Corporation 5.38 15/03/2025 674,685 0.25 480,000 Iron Mountain Incorporated 5.25 15/03/2028 477,600 0.17 410,000 Iron Mountain Incorporated 4.88 15/09/2027 400,775 0.15 745,000 iStar Incorporated 4.25 01/08/2025 674,225 0.25 775,000 iStar Incorporated 4.75 01/10/2024 723,656 0.26 285,000 Ladder Capital Finance Holdings LLLP 4.25 01/02/2027 228,000 0.08 180,000 Service Properties Trust 7.50 15/09/2025 189,636 0.07 615,000 Starwood Property Trust Incorporated 4.75 15/03/2025 559,650 0.20 5,340,821 1.95 Retail (2.72%) 120,000 Beacon Roofing Supply Incorporated 4.50 15/11/2026 117,374 0.04 565,000 Beacon Roofing Supply Incorporated 4.88 01/11/2025 504,263 0.18 190,000 Gap Incorporated 8.63 15/05/2025 201,163 0.07 330,000 Gap Incorporated 8.38 15/05/2023 359,288 0.13 640,000 Golden Nugget Incorporated 8.75 01/10/2025 361,600 0.13 1,030,000 Golden Nugget Incorporated 6.75 15/10/2024 740,312 0.27 255,000 IRB Holding Corporation 7.00 15/06/2025 262,829 0.10 677,000 KFC Holding Company 4.75 01/06/2027 693,925 0.26 515,000 KFC Holding Company 5.25 01/06/2026 527,875 0.19 285,000 L Brands Incorporated 6.75 01/07/2036 233,700 0.09 335,000 L Brands Incorporated 7.50 15/06/2029 294,381 0.11 130,000 L Brands Incorporated 6.88 01/07/2025 134,225 0.05 105,000 L Brands Incorporated 9.38 01/07/2025 105,126 0.04

The accompanying notes form an integral part of these financial statements. 80 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (67.90%) (30 June 2019: 65.13%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Retail (2.72%) cont. USD 125,000 Macy's Incorporated 8.38 15/06/2025 USD 124,436 0.05 410,000 Nordstrom Incorporated 8.75 15/05/2025 441,219 0.16 360,000 Penske Automotive Group Incorporated 5.38 01/12/2024 359,100 0.13 249,000 Rite Aid Corporation 7.50 01/07/2025 249,000 0.09 431,000 Rite Aid Corporation 6.13 01/04/2023 419,148 0.15 260,000 Staples Incorporated 10.75 15/04/2027 152,750 0.06 980,000 Staples Incorporated 7.50 15/04/2026 770,034 0.28 275,000 Yum! Brands Incorporated 4.75 15/01/2030 279,125 0.10 100,000 Yum! Brands Incorporated 7.75 01/04/2025 107,875 0.04 7,438,748 2.72 Semiconductors (0.52%) 535,000 Microchip Technology Incorporated 4.25 01/09/2025 538,404 0.20 290,000 ON Semiconductor Corporation 1.63 15/10/2023 351,918 0.12 515,000 Qorvo Incorporated 5.50 15/07/2026 535,600 0.20 1,425,922 0.52 Software (1.42%) 620,000 Ascend Learning LLC 6.88 01/08/2025 624,573 0.24 300,000 Ascend Learning LLC 6.88 01/08/2025 301,500 0.11 250,000 Boxer Parent Company Incorporated 9.13 01/03/2026 258,750 0.09 135,000 Boxer Parent Company Incorporated 7.13 02/10/2025 141,548 0.05 35,000 Dun & Bradstreet Corporation 6.88 15/08/2026 36,892 0.01 675,000 Solera LLC 10.50 01/03/2024 686,813 0.26 207,000 Splunk Incorporated 1.13 15/06/2027 220,528 0.08 195,000 Splunk Incorporated 1.13 15/09/2025 286,479 0.10 1,295,000 SS&C Technologies Incorporated 5.50 30/09/2027 1,320,899 0.48 3,877,982 1.42 Telecommunications (4.32%) 160,000 CommScope Incorporated 5.50 01/03/2024 161,600 0.06 480,000 CommScope Technologies LLC 6.00 15/06/2025 463,536 0.17 940,000 Frontier Communications Corporation 8.50 01/04/2026 888,300 0.32 1,010,000 Frontier Communications Corporation 10.50 15/09/2022 348,450 0.13 370,000 Level 3 Financing Incorporated 4.25 01/07/2028 369,575 0.13 600,000 Level 3 Financing Incorporated 4.63 15/09/2027 604,500 0.22 2,015,000 Level 3 Financing Incorporated 5.25 15/03/2026 2,070,412 0.76 1,075,000 Plantronics Incorporated 5.50 31/05/2023 936,594 0.34 935,000 Sprint Capital Corporation 6.88 15/11/2028 1,138,363 0.43 900,000 Sprint Corporation 7.63 01/03/2026 1,062,333 0.39 205,000 T-Mobile USA Incorporated 3.88 15/04/2030 228,157 0.08 990,000 T-Mobile USA Incorporated 4.75 01/02/2028 1,045,836 0.38 515,000 T-Mobile USA Incorporated 3.75 15/04/2027 570,708 0.21 270,000 T-Mobile USA Incorporated 5.38 15/04/2027 284,175 0.10 255,000 T-Mobile USA Incorporated 4.50 01/02/2026 258,050 0.09 1,040,000 T-Mobile USA Incorporated 6.38 01/03/2025 1,068,600 0.39 240,000 Zayo Group Holdings Incorporated 6.13 01/03/2028 233,400 0.09 100,000 Zayo Group Holdings Incorporated 4.00 01/03/2027 95,156 0.03 11,827,745 4.32 Toys/Games/Hobbies (0.30%) 805,000 Mattel Incorporated 5.88 15/12/2027 829,150 0.30 829,150 0.30 Transportation (0.44%) 1,180,000 Watco Companies LLC 6.50 15/06/2027 1,209,004 0.44 1,209,004 0.44 Total U.S. Corporate Bonds and Notes USD 185,987,056 67.90

(FWC) Forward commitment, in part or in entirety (Note 2).

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

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 30 June 2020

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (0.02%) (30 June 2019: 0.01%) Principal Coupon Maturity Value % of Amount Rate Date USD Fund CHF 30,000 Swiss Confederation Government Bond (Switzerland) 4.00 08/04/2028 USD 43,023 0.02 Total Foreign Government and Agency Bonds and Notes USD 43,023 0.02

COMMERCIAL PAPER (-%) (30 June 2019: 0.49%)

CONVERTIBLE PREFERRED STOCKS (0.79%) (30 June 2019: 0.19%) Number of Value % of Shares USD Fund Electric Utilities (0.15%) 11,675 CenterPoint Energy Incorporated USD 415,163 0.15 415,163 0.15 Medical Technology (0.19%) 425 Danaher Corporation 531,667 0.19 531,667 0.19 Real Estate (0.28%) 520 Crown Castle International Corporation 773,900 0.28 773,900 0.28 Semiconductors (0.17%) 430 Broadcom Incorporated 479,171 0.17 479,171 0.17 Total Convertible Preferred Stocks USD 2,199,901 0.79

PREFERRED STOCKS (0.21%) (30 June 2019: -%) Number of Value % of Shares USD Fund Telecommunications (0.21%) 561 2020 Cash Exchange Trust 572,781 0.21 Total Preferred Stocks USD 572,781 0.21

U.S. TREASURY OBLIGATIONS (3.34%) (30 June 2019: 2.99%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 2,104,000 United States Treasury Bill1 0.02 03/09/2020 USD 2,103,944 0.77 1,095,000 United States Treasury Bill2 0.00 20/08/2020 1,095,000 0.40 3,052,000 United States Treasury Bill3 0.00 13/08/2020 3,052,000 1.11 905,000 United States Treasury Bill4 0.01 06/08/2020 904,991 0.33 622,000 United States Treasury Bill 0.96 23/07/2020 621,884 0.23 334,000 United States Treasury Bill 7.38 16/07/2020 333,792 0.12 1,029,000 United States Treasury Bill5 0.30 09/07/2020 1,028,987 0.38 Total U.S. Treasury Obligations USD 9,140,598 3.34 Total Value of Investments excluding financial derivative instruments USD 274,458,650 100.21

1 Security is partly held as collateral by Bank of America (USD 455,619), Barclays Bank PLC (USD 120,371), Citibank (USD 333,258), Goldman Sachs (USD 202,939), JP Morgan Chase (USD 318,336), State Street Bank (USD 389,962), UBS (USD 60,378) and Westpac (USD 211,893). 2 Security is partly held as collateral by Citibank (USD 170,111), Goldman Sachs (USD 352,160), JP Morgan Chase (USD 150,215), State Street Bank (USD 216,867) and Westpac (USD 199,955). 3 Security is partly held as collateral by Bank of America (USD 501,380), Citibank (USD 331,269), Goldman Sachs (USD 471,536), JP Morgan Chase (USD 300,430), Natwest Markets PLC (USD 230,794) and State Street Bank (USD 170,111). 4 Security is partly held as collateral by State Street Bank (USD 209,924). 5 Security is partly held as collateral by Barclays Bank PLC (USD 70,645).

(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. See Note 2 to the Financial Statements regarding valuation of investments.

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.25%) (30 June 2019: 0.16%) 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 16/09/2020 USD 35,826 USD 36,407 USD (581) - British Pound Buy 16/09/2020 26,686,534 27,119,483 (432,950) (0.17)

The accompanying notes form an integral part of these financial statements. 82 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.25%) (30 June 2019: 0.16%) 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. British Pound Buy 16/09/2020 USD 13,145,853 USD 13,359,125 USD (213,272) (0.09) British Pound Sell 16/09/2020 1,996,454 2,028,843 32,390 0.01 British Pound Sell 16/09/2020 334,705 341,046 6,341 - Euro Buy 16/09/2020 403,561 409,747 (6,186) - Euro Buy 16/09/2020 222,262 222,932 (670) - Euro Buy 16/09/2020 1,837,631 1,832,996 4,635 - Euro Sell 16/09/2020 4,161,651 4,151,153 (10,498) - Euro Sell 16/09/2020 12,154 12,123 (31) - Barclays Bank PLC British Pound Buy 16/09/2020 110,577 112,349 (1,772) - British Pound Buy 16/09/2020 554,247 563,130 (8,883) - British Pound Buy 16/09/2020 9,833,388 9,990,995 (157,607) (0.06) British Pound Sell 16/09/2020 45,619 46,350 731 - Euro Sell 16/09/2020 12,544,147 12,518,081 (26,065) (0.01) Euro Sell 16/09/2020 1,109,286 1,106,981 (2,305) - Euro Sell 16/09/2020 14,968 14,936 (32) - Citibank, N.A. British Pound Buy 16/09/2020 307,805 312,798 (4,993) - British Pound Buy 16/09/2020 26,776 27,152 (376) - British Pound Buy 16/09/2020 23,305 23,689 (384) - British Pound Buy 16/09/2020 3,208,210 3,261,012 (52,802) (0.02) British Pound Buy 16/09/2020 29,540,205 30,019,379 (479,175) (0.18) British Pound Buy 16/09/2020 2,131,452 2,136,765 (5,313) - British Pound Sell 16/09/2020 1,625,303 1,651,667 26,365 0.01 British Pound Sell 16/09/2020 445,654 452,883 7,229 - Canadian Dollar Sell 15/07/2020 34,327 33,251 (1,076) - Euro Buy 16/09/2020 398,497 397,582 915 - Euro Buy 16/09/2020 4,323,593 4,313,665 9,928 - Euro Sell 16/09/2020 6,977 6,961 (16) - Credit Suisse AG British Pound Buy 16/09/2020 51,941 52,771 (830) - Goldman Sachs International British Pound Buy 16/09/2020 337,804 343,178 (5,374) - British Pound Buy 16/09/2020 71,900 73,043 (1,143) - British Pound Buy 16/09/2020 26,736,616 27,161,966 (425,351) (0.17) British Pound Buy 16/09/2020 12,508,798 12,707,799 (199,001) (0.07) Euro Buy 16/09/2020 4,931,747 4,917,769 13,978 0.01 Euro Buy 16/09/2020 207,857 207,268 589 - Euro Sell 16/09/2020 2,836,405 2,828,365 (8,040) - HSBC Bank British Pound Buy 16/09/2020 24,669 24,945 (276) - British Pound Buy 16/09/2020 2,210,913 2,235,637 (24,724) (0.01) British Pound Buy 16/09/2020 574,081 580,501 (6,420) - British Pound Sell 16/09/2020 86,280 87,651 1,371 - British Pound Sell 16/09/2020 14,941,484 15,178,946 237,462 0.10 British Pound Sell 16/09/2020 1,955,174 1,986,247 31,073 0.01 Euro Buy 16/09/2020 1,335,262 1,332,336 2,926 - Euro Buy 16/09/2020 436,084 439,109 (3,025) - Euro Buy 16/09/2020 5,177 5,213 (36) - Euro Buy 16/09/2020 7,315 7,380 (65) - Euro Buy 16/09/2020 13,167 13,138 29 - Euro Sell 16/09/2020 5,034,382 5,023,351 (11,031) -

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

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.25%) (30 June 2019: 0.16%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund JPMorgan Chase Bank, N.A. British Pound Buy 16/09/2020 USD 529,578 USD 538,050 USD (8,472) - British Pound Buy 16/09/2020 25,944,109 26,359,153 (415,045) (0.16) British Pound Buy 16/09/2020 5,884,116 5,978,248 (94,132) (0.03) British Pound Sell 16/09/2020 459,414 466,763 7,349 - Euro Buy 16/09/2020 2,534,466 2,527,521 6,945 - Euro Buy 16/09/2020 4,942,889 4,929,344 13,545 0.01 Euro Buy 16/09/2020 221,362 220,755 607 - Swiss Franc Sell 16/09/2020 45,804 45,162 (642) - NatWest Markets PLC British Pound Buy 16/09/2020 123,345 125,328 (1,983) - British Pound Buy 16/09/2020 3,016,437 3,069,859 (53,422) (0.02) British Pound Buy 16/09/2020 5,273,217 5,358,006 (84,789) (0.03) British Pound Buy 16/09/2020 753,706 767,055 (13,349) - British Pound Sell 16/09/2020 1,797,490 1,800,501 3,011 - British Pound Sell 16/09/2020 1,978,107 1,971,195 (6,912) - British Pound Sell 16/09/2020 94,213 95,728 1,515 - Euro Buy 16/09/2020 67,523 67,713 (190) - Euro Buy 16/09/2020 243,982 243,379 603 - Euro Sell 16/09/2020 3,993,407 3,983,528 (9,879) - State Street Bank & Trust Company British Pound Buy 16/09/2020 341,275 350,582 (9,307) - British Pound Buy 16/09/2020 463,505 470,933 (7,428) - British Pound Buy 16/09/2020 24,173 24,714 (541) - British Pound Buy 16/09/2020 22,562 23,144 (582) - British Pound Buy 16/09/2020 1,951,951 2,002,316 (50,365) (0.02) British Pound Buy 16/09/2020 23,510,183 23,886,973 (376,790) (0.15) British Pound Buy 16/09/2020 1,689,269 1,701,972 (12,703) - British Pound Buy 16/09/2020 479,496 491,868 (12,372) - British Pound Buy 16/09/2020 10,923,163 11,098,225 (175,062) (0.06) British Pound Buy 16/09/2020 423,216 426,399 (3,183) - Canadian Dollar Sell 15/07/2020 657,729 637,676 (20,053) (0.01) Euro Buy 16/09/2020 6,273,874 6,260,306 13,568 0.01 Euro Buy 16/09/2020 2,635,299 2,629,600 5,699 - Euro Buy 16/09/2020 241,506 241,720 (214) - Euro Buy 16/09/2020 242,407 242,228 179 - Euro Buy 16/09/2020 4,502 4,461 41 - Euro Buy 16/09/2020 6,190 6,185 5 - Euro Buy 16/09/2020 11,366 11,342 24 - Euro Sell 16/09/2020 382,629 382,356 (273) - Euro Sell 16/09/2020 287,759 289,285 1,526 - Euro Sell 16/09/2020 810,273 814,835 4,562 - Euro Sell 16/09/2020 967,713 962,930 (4,783) - Euro Sell 16/09/2020 884,773 880,083 (4,690) - Euro Sell 16/09/2020 436,760 437,148 388 - Euro Sell 16/09/2020 8,215 8,223 8 - Toronto-Dominion Bank Euro Buy 16/09/2020 242,182 241,487 695 -

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

Putnam Global High Yield Bond Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.25%) (30 June 2019: 0.16%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund UBS AG British Pound Buy 16/09/2020 USD 91,114 USD 92,595 USD (1,481) - British Pound Buy 16/09/2020 7,006,246 7,120,081 (113,835) (0.04) British Pound Sell 16/09/2020 1,120,270 1,138,472 18,202 0.01 British Pound Sell 16/09/2020 23,057 22,858 (199) - British Pound Sell 16/09/2020 34,214 34,538 324 - British Pound Sell 16/09/2020 3,175,608 3,205,629 30,021 0.01 British Pound Sell 16/09/2020 496,107 491,811 (4,296) - British Pound Sell 16/09/2020 774,284 781,604 7,320 - Euro Buy 16/09/2020 697,060 695,639 1,421 - Euro Buy 16/09/2020 1,238 1,235 3 - Euro Sell 16/09/2020 10,494,157 10,472,768 (21,389) (0.01) Euro Sell 16/09/2020 5,289 5,291 2 - Westpac Banking Corporation British Pound Buy 16/09/2020 38,801 39,420 (619) - British Pound Buy 16/09/2020 19,308,146 19,616,018 (307,872) (0.12) British Pound Sell 16/09/2020 290,326 294,955 4,629 - Canadian Dollar Sell 15/07/2020 163,309 158,355 (4,954) - Euro Buy 16/09/2020 2,552,697 2,546,813 5,884 - Euro Buy 16/09/2020 1,463 1,460 3 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 504,041 0.18 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (3,912,109) (1.43) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (3,408,068) (1.25) Total Financial Assets at Fair Value through Profit or Loss USD 274,962,691 100.39 Total Financial Liabilities at Fair Value through Profit or Loss USD (3,912,109) (1.43)

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

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 49.67 Transferable securities dealt on another regulated market 29.01 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 18.89 OTC financial derivative instruments 0.18 Other assets 2.25 Total Assets 100.00

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

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments 30 June 2020

NON-U.S. EQUITIES (23.00%) (30 June 2019: 21.81%) NON-U.S. EQUITIES (23.00%) (30 June 2019: 21.81%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Agriculture (0.32%) Computers (1.48%) 2,028,300 Hanjaya Mandala Sampoerna Tbk PT 291,944 Infosys Limited (India) USD 2,849,076 0.61 (Indonesia) USD 234,967 0.05 338,000 Lite-On Technology Corporation (Taiwan) 532,801 0.11 19,264 KT&G Corporation (South Korea) 1,258,860 0.27 5,490 Samsung SDS Company Limited (South 1,493,827 0.32 Korea) 776,516 0.17 Apparel (0.15%) 72,418 Tata Consultancy Services Limited (India) 2,004,570 0.43 13,834 Bata India Limited (India) 240,233 0.05 254,450 Wipro Limited (India) 742,504 0.16 46,000 Feng TAY Enterprise Company Limited 6,905,467 1.48 (Taiwan) 258,784 0.06 Distribution/Wholesale (0.04%) 182,000 Pou Chen Corporation (Taiwan) 177,222 0.04 407,400 Sime Darby Bhd (Malaysia) 205,943 0.04 676,239 0.15 205,943 0.04 Auto Parts and Equipment (0.59%) Diversified Financial Services (0.61%) 11,634 Hyundai Mobis Company Limited (South 331,400 Chailease Holding Company Limited Korea) 1,856,216 0.40 (Cayman Islands) 1,399,296 0.30 478,000 Weichai Power Company Limited (China) 891,752 0.19 571,000 Fubon Financial Holding Company Limited 2,747,968 0.59 (Taiwan) 847,881 0.18 Automotive (0.37%) 271,600 Tisco Financial Group PCL (Thailand) 610,732 0.13 25,042 Ford Otomotiv Sanayi AS (Turkey) 258,965 0.06 2,857,909 0.61 17,971 Kia Motors Corporation (South Korea) 484,600 0.10 Electric Utilities (0.79%) 262,500 Sinotruk Hong Kong Limited (Hong Kong) 678,100 0.14 82,000 Electricity Generating PCL (Thailand) 655,310 0.14 78,942 Tofas Turk Otomobil Fabrikasi AS (Turkey) 305,097 0.07 163,600 Enel Americas SA (Chile) 1,228,636 0.26 1,726,762 0.37 59,460,000 Federal Grid Company Unified Energy Banking (1.81%) System PJSC (Russian Federation) 156,023 0.03 74,300 Banco BBVA Argentina SA (Argentina) 278,625 0.06 14,000 Glow Energy PCL (Thailand) (F) 5 - 15,001 Banco de Chile (Chile) 264,768 0.06 15,880,168 Inter RAO UES PJSC (Russian Federation) 1,080,900 0.23 211,056 Banco do Brasil SA (Brazil) 1,247,761 0.27 35,016 Mahanagar Gas Limited (India) 488,484 0.10 47,312 Banco Macro SA (Argentina) 877,638 0.19 17,470 Manila Electric Company (Philippines) 94,297 0.02 137,871 Banco Santander Brasil SA (Brazil) 710,385 0.15 10,300 Transmissora Alianca de Energia Eletrica SA (Brazil) 53,223 0.01 447,800 Bank BTPN Syariah Tbk PT (Indonesia) 100,018 0.02 3,756,878 0.79 237,800 Bank Central Asia Tbk PT (Indonesia) 474,235 0.10 Electronics (0.18%) 333,000 Bank of China Limited (China) 123,155 0.03 206,000 Radiant Opto-Electronics Corporation 278,500 China Merchants Bank Company Limited (Taiwan) 831,779 0.18 (China) 1,282,706 0.28 1,457,000 China Minsheng Banking Corporation 831,779 0.18 Limited (China) 1,000,862 0.21 Engineering and Construction (0.24%) 2,569,000 Industrial & Commercial Bank of China 7,755 Daelim Industrial Company Limited (South Limited (China) 1,556,048 0.33 Korea) 535,556 0.11 14,905 OTP Bank Nyrt (Hungary) 522,036 0.11 49,440 Grupo Aeroportuario del Centro Norte SAB de CV (Mexico) 229,793 0.05 8,438,237 1.81 37,666 Samsung Engineering Company Limited Biotechnology (0.26%) (South Korea) 389,267 0.08 13,107 Seegene Incorporated (South Korea) 1,229,256 0.26 1,154,616 0.24 1,229,256 0.26 Food (0.58%) Building Materials (0.78%) 1,522,400 Charoen Pokphand Foods PCL (Thailand) 1,563,899 0.34 329,500 Anhui Conch Cement Company Limited 5,094 Dino Polska SA (Poland) 258,139 0.06 (China) 2,216,221 0.48 587,000 Indofood Sukses Makmur Tbk PT 742,000 China Resources Cement Holdings Limited (Indonesia) 268,298 0.06 (Cayman Islands) 915,830 0.20 765,000 Want Want China Holdings Limited 366,000 Xinyi Glass Holdings Limited (Cayman (Cayman Islands) 579,590 0.12 Islands) 450,166 0.10 2,669,926 0.58 3,582,217 0.78 Gas (0.14%) Chemicals (0.16%) 113,982 Indraprastha Gas Limited (India) 668,388 0.14 9,047 Soulbrain Holdings Company Limited (South Korea) (F) 728,023 0.16 668,388 0.14 728,023 0.16 Home Furnishings (0.14%) Commercial Services (0.26%) 12,301 LG Electronics Incorporated (South Korea) 652,955 0.14 304,000 China Yuhua Education Corporation Limited 652,955 0.14 (Cayman Islands) 249,126 0.05 Household Products/Wares (0.35%) 138,852 Qualicorp Consultoria e Corretora de 56,158 Hindustan Unilever Limited (India) 1,623,224 0.35 Seguros SA (Brazil) 740,462 0.16 1,623,224 0.35 104,800 Westports Holdings Bhd (Malaysia) 93,636 0.02 20,400 YDUQS Participacoes SA (Brazil) 126,232 0.03 1,209,456 0.26

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. 30 June 2020

NON-U.S. EQUITIES (23.00%) (30 June 2019: 21.81%) cont. NON-U.S. EQUITIES (23.00%) (30 June 2019: 21.81%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Insurance (1.17%) Real Estate (0.29%) 340,900 BB Seguridade Participacoes SA (Brazil) USD 1,709,484 0.37 156,000 Country Garden Services Holdings 335,500 Ping An Insurance Group Company of China Company Limited (Cayman Islands) USD 725,419 0.16 Limited (China) 3,350,657 0.72 293,000 Logan Group Company Limited (Cayman 39,101 Powszechny Zaklad Ubezpieczen SA Islands) 523,729 0.11 (Poland) 285,758 0.06 50,000 Ruentex Development Company Limited 28,932 Qualitas Controladora SAB de CV (Mexico) 113,792 0.02 (Taiwan) 86,411 0.02 5,459,691 1.17 1,335,559 0.29 Internet (3.89%) Retail (0.76%) 35,877 Alibaba Group Holding Limited (Cayman 58,879 Clicks Group Limited (South Africa) 713,448 0.15 Islands) 7,738,668 1.66 402,700 Com7 PCL (Thailand) 371,332 0.08 21,666 JD.com Incorporated (Cayman Islands) 1,303,860 0.28 51,000 President Chain Store Corporation (Taiwan) 512,225 0.11 1,632 NCSoft Corporation (South Korea) 1,217,444 0.26 188,500 Sun Art Retail Group Limited (Hong Kong) 321,859 0.07 89,700 Tencent Holdings Limited (Cayman Islands) 5,761,773 1.24 196,585 Wal-Mart de Mexico SAB de CV (Mexico) 470,155 0.10 105,693 Vipshop Holdings Limited (Cayman Islands) 2,104,348 0.45 204,500 Zhongsheng Group Holdings Limited 18,126,093 3.89 (Cayman Islands) 1,141,086 0.25 Iron/Steel (0.16%) 3,530,105 0.76 11,437 Kumba Iron Ore Limited (South Africa) 305,445 0.07 Semiconductors (3.25%) 21,803 Novolipetsk Steel PJSC (Russian 68,000 Globalwafers Company Limited (Taiwan) 926,477 0.20 Federation) 432,666 0.09 26,000 Parade Technologies Limited (Cayman 738,111 0.16 Islands) 870,848 0.19 165,805 Samsung Electronics Company Limited Machinery (0.03%) (South Korea) 7,349,991 1.58 153,000 Teco Electric and Machinery Company Limited (Taiwan) 140,121 0.03 84,479 Taiwan Semiconductor Manufacturing Company Limited (Taiwan) 4,795,873 1.03 140,121 0.03 2,191,000 United Microelectronics Corporation Mining (0.85%) (Taiwan) 1,178,701 0.25 20,554 Anglo American Platinum Limited (South 15,121,890 3.25 Africa) 1,484,035 0.32 Software (0.47%) 28,490 Impala Platinum Holdings Limited (South Africa) 190,303 0.04 3,700 NetEase Incorporated (Cayman Islands) 1,588,706 0.34 1,896 Korea Zinc Company Limited (South Korea) 531,886 0.11 80,511 Tech Mahindra Limited (India) 583,541 0.13 66,873 MMC Norilsk Nickel PJSC (Russian 2,172,247 0.47 Federation) 1,748,325 0.38 Telecommunications (0.69%) 3,954,549 0.85 161,600 Advanced Info Service PCL (Thailand) 967,273 0.21 Miscellaneous Manufacturer (0.22%) 194,500 China Mobile Limited (Hong Kong) 1,314,250 0.28 283,800 Hartalega Holdings Bhd (Malaysia) 866,751 0.19 28,985 Hellenic Telecommunications Organization 68,300 Kossan Rubber Industries (Malaysia) 136,555 0.03 SA (Greece) 394,808 0.08 1,003,306 0.22 4,939 KT Corporation (South Korea) 97,421 0.02 5,610 PLDT Incorporated (Philippines) 139,979 0.03 Oil and Natural Gas Utilities (0.88%) 38,335 Ecopetrol SA (Colombia) 426,669 0.09 128,900 TIM Participacoes SA (Brazil) 336,584 0.07 18,831 LUKOIL PJSC (Russian Federation) 1,395,866 0.30 3,250,315 0.69 31,957 Polski Koncern Naftowy ORLEN SA Transportation (0.13%) (Poland) 505,475 0.11 327,700 MISC Bhd (Malaysia) 586,560 0.13 429,900 PTT Exploration & Production PCL 586,560 0.13 (Thailand) 1,276,173 0.27 Water (0.09%) 1,075,909 Surgutneftegas PJSC (Preference shares) 40,200 Cia de Saneamento Basico do Estado de (Russian Federation) 529,616 0.11 Sao Paulo (Brazil) 426,535 0.09 4,133,799 0.88 426,535 0.09 Pharmaceuticals (0.67%) Total Non-U.S. Equities USD 107,191,471 23.00 700 China Biologic Products Holdings Incorporated (Cayman Islands) 71,526 0.02 U.S. EQUITIES (0.70%) (30 June 2019: 0.28%) 17,728 Dr Reddy's Laboratories Limited (India) 931,270 0.20 Number of Value % of 110,198 Hypera SA (Brazil) 674,793 0.14 Shares USD Fund 763,000 Sino Biopharmaceutical Limited (Cayman Internet (0.22%) Islands) 1,439,138 0.31 1,033 MercadoLibre Incorporated USD 1,018,300 0.22 3,116,727 0.67 1,018,300 0.22 Pipelines (0.20%) Retail (0.48%) 51,200 Petronas Gas Bhd (Malaysia) 202,009 0.04 46,955 Yum China Holdings Incorporated 2,257,127 0.48 214,124 Petronet LNG Limited (India) 734,784 0.16 2,257,127 0.48 936,793 0.20 Total U.S. Equities USD 3,275,427 0.70

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. 30 June 2020

WARRANTS (3.21%) (30 June 2019: 0.94%) Number of Value % of Warrants USD Fund 31,080 Foshan Haitian Flavouring & Food Company Limited (Luxembourg) USD 547,205 0.12 234,500 Gree Electric Appliances Incorporated (Luxembourg) 1,877,490 0.40 752,800 Sany Heavy Industry Company Limited 1,998,761 0.43 81,300 Seazen Holdings Company (Luxembourg) 359,460 0.08 92,565 UBS AG (United Kingdom) 76,246 0.02 1,151,300 UBS AG (United Kingdom) 1,723,942 0.37 47,500 UBS AG (United Kingdom) 2,055,121 0.44 1,035,779 UBS AG (United Kingdom) 1,216,729 0.26 617,400 UBS AG (United Kingdom) 1,272,963 0.27 81,400 UBS AG (United Kingdom) 1,220,075 0.26 10,600 UBS AG (United Kingdom) 2,194,639 0.47 548,400 UBS AG (United Kingdom) 440,077 0.09 Total Warrants USD 14,982,708 3.21

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (38.07%) (30 June 2019: 15.83%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (37.77%) USD 18,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 13/08/2050 USD 18,731,954 4.02 12,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 13/08/2050 12,615,000 2.71 3,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 14/07/2050 3,070,078 0.66 73,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/07/2050 76,113,903 16.34 31,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 14/07/2050 32,650,508 7.01 17,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50 14/07/2050 17,879,220 3.84 13,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00 14/07/2050 13,776,953 2.96 1,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.50 14/07/2050 1,074,531 0.23 175,912,147 37.77 U.S. Government Guaranteed Mortgage Obligations (0.30%) 29,901 Government National Mortgage Association Pass-Through Certificates 5.00 20/03/2050 33,743 0.01 22,862 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 24,772 0.01 24,779 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 26,850 0.01 39,517 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 42,794 0.01 37,581 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 40,697 0.01 97,402 Government National Mortgage Association Pass-Through Certificates 3.50 20/09/2049 105,479 0.02 35,468 Government National Mortgage Association Pass-Through Certificates 5.00 20/05/2049 39,881 0.01 1,000,000 Government National Mortgage Association Pass-Through Certificates TBA 4.00 21/07/2050 1,060,234 0.22 1,374,450 0.30 Total U.S. Government and Agency Mortgage Obligations USD 177,286,597 38.07

U.S. GOVERNMENT AGENCY OBLIGATIONS (13.95%) (30 June 2019: 23.39%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 11,000,000 Fannie Mae Discount Notes 0.11 13/08/2020 USD 10,998,522 2.36 11,000,000 Fannie Mae Discount Notes 0.10 22/07/2020 10,999,376 2.36 10,000,000 Federal Farm Credit Discount Notes 0.18 07/08/2020 9,998,176 2.15 11,000,000 Federal Home Loan Bank Discount Notes 0.13 01/09/2020 10,997,607 2.36 11,000,000 Federal Home Loan Bank Discount Notes 0.25 15/07/2020 10,998,978 2.36 11,000,000 Freddie Mac Discount Notes 0.11 06/08/2020 10,998,751 2.36 Total U.S. Government Agency Obligations USD 64,991,410 13.95

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. 30 June 2020

MORTGAGE-BACKED SECURITIES (5.46%) (30 June 2019: 5.69%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (4.81%) USD 142,088 Federal Home Loan Mortgage Corporation (Class AS) 5.88 15/08/2038 USD 5,856 - 244,209 Federal Home Loan Mortgage Corporation (Class BI) 3.50 15/10/2043 6,165 - 324,026 Federal Home Loan Mortgage Corporation (Class BI) 3.50 15/06/2039 8,202 - 878,138 Federal Home Loan Mortgage Corporation (Class EI) 4.00 15/10/2042 18,107 - 196,272 Federal Home Loan Mortgage Corporation (Class GI) 4.00 15/08/2045 23,339 0.01 199,580 Federal Home Loan Mortgage Corporation (Class HI) 4.00 15/11/2045 19,144 - 1,896,419 Federal Home Loan Mortgage Corporation (Class IA) 4.50 25/03/2050 302,615 0.06 470,915 Federal Home Loan Mortgage Corporation (Class IA) 4.00 15/03/2045 54,282 0.01 181,603 Federal Home Loan Mortgage Corporation (Class IA) 4.00 15/09/2044 19,558 - 685,704 Federal Home Loan Mortgage Corporation (Class IG) 5.00 15/02/2048 127,187 0.03 266,660 Federal Home Loan Mortgage Corporation (Class IO) 4.00 15/01/2045 30,666 0.01 624,069 Federal Home Loan Mortgage Corporation (Class MI) 4.00 15/04/2046 64,867 0.01 355,283 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/12/2045 36,184 0.01 1,923,883 Federal Home Loan Mortgage Corporation (Class PS) 6.03 15/11/2047 257,319 0.06 330,462 Federal Home Loan Mortgage Corporation (Class QI) 3.50 15/04/2046 26,437 0.01 1,807,685 Federal Home Loan Mortgage Corporation (Class SA) 5.93 15/05/2049 321,768 0.07 968,780 Federal Home Loan Mortgage Corporation (Class SA) 6.33 15/10/2040 180,736 0.04 1,376,598 Federal Home Loan Mortgage Corporation (Class SB) 5.88 25/04/2049 186,254 0.04 361,467 Federal Home Loan Mortgage Corporation (Class SB) 6.48 15/07/2039 39,338 0.01 1,745,006 Federal National Mortgage Association (Class CS) 5.92 25/09/2046 355,189 0.08 157,022 Federal National Mortgage Association (Class CS) 5.92 25/04/2039 2,905 - 3,703,878 Federal National Mortgage Association (Class DS) 5.92 25/12/2048 449,095 0.10 480,665 Federal National Mortgage Association (Class EI) 3.50 25/02/2039 11,478 - 1,115,492 Federal National Mortgage Association (Class GI) 4.00 25/08/2047 87,008 0.02 855,874 Federal National Mortgage Association (Class IA) 4.50 25/11/2047 127,713 0.03 411,895 Federal National Mortgage Association (Class IL) 6.50 25/07/2043 87,540 0.02 1,066,490 Federal National Mortgage Association (Class IO) 5.50 25/08/2048 207,598 0.04 1,631,242 Federal National Mortgage Association (Class IO) 5.50 25/05/2045 330,327 0.07 776,345 Federal National Mortgage Association (Class IO) 5.00 25/01/2038 97,880 0.02 2,359,700 Federal National Mortgage Association (Class IP) 4.50 25/05/2047 420,124 0.09 507,872 Federal National Mortgage Association (Class IP) 3.00 25/10/2041 12,430 - 1,247,006 Federal National Mortgage Association (Class JI) 3.50 25/11/2042 85,732 0.02 429,807 Federal National Mortgage Association (Class KI) 4.00 25/02/2047 46,827 0.01 1,603,858 Federal National Mortgage Association (Class KI) 5.00 25/06/2041 294,785 0.06 1,700,568 Federal National Mortgage Association (Class LI) 4.00 25/05/2047 170,057 0.04 2,219,460 Federal National Mortgage Association (Class LS) 5.92 25/09/2046 489,368 0.11 1,436,811 Federal National Mortgage Association (Class MS) 6.07 25/01/2045 300,164 0.06 237,198 Federal National Mortgage Association (Class NI) 6.00 25/02/2046 49,818 0.01 1,455,903 Federal National Mortgage Association (Class PI) 3.50 25/10/2045 50,726 0.01 346,016 Federal National Mortgage Association (Class PI) 4.00 25/06/2042 32,772 0.01 715,768 Federal National Mortgage Association (Class QI) 4.50 25/05/2042 83,676 0.02 1,554,334 Federal National Mortgage Association (Class S) 5.87 25/06/2049 272,622 0.06 2,207,784 Federal National Mortgage Association (Class S) 5.77 25/03/2042 449,836 0.10 2,338,309 Federal National Mortgage Association (Class SA) 5.92 25/03/2049 502,327 0.11 1,820,870 Federal National Mortgage Association (Class SA) 5.97 25/01/2048 390,716 0.08 2,469,340 Federal National Mortgage Association (Class SA) 5.57 25/10/2047 471,769 0.10 1,208,503 Federal National Mortgage Association (Class SA) 6.02 25/04/2045 211,377 0.05 1,453,974 Federal National Mortgage Association (Class SB) 5.87 25/08/2049 285,714 0.06 1,172,201 Federal National Mortgage Association (Class SB) 5.87 25/05/2049 202,738 0.04 2,268,022 Federal National Mortgage Association (Class SB) 5.92 25/02/2047 503,478 0.11 1,448,536 Federal National Mortgage Association (Class SD) 6.42 25/01/2044 278,848 0.06 2,961,495 Federal National Mortgage Association (Class SK) 5.82 25/12/2046 644,125 0.13 1,952,507 Federal National Mortgage Association (Class ST) 5.82 25/04/2049 261,148 0.06 1,485,309 Government National Mortgage Association (Class AI) 2.54 20/02/2068 178,237 0.04 2,974,265 Government National Mortgage Association (Class AI) 3.51 20/12/2066 294,381 0.06 937,829 Government National Mortgage Association (Class AI) 3.85 20/10/2066 96,164 0.02 1,134,502 Government National Mortgage Association (Class AI) 2.54 20/06/2066 112,104 0.02 2,233,292 Government National Mortgage Association (Class AI) 2.78 20/04/2066 158,912 0.03

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. 30 June 2020

MORTGAGE-BACKED SECURITIES (5.46%) (30 June 2019: 5.69%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (4.81%) cont. USD 844,794 Government National Mortgage Association (Class AI) 3.19 20/01/2066 USD 75,953 0.02 706,748 Government National Mortgage Association (Class AI) 1.79 20/07/2065 47,650 0.01 553,118 Government National Mortgage Association (Class AI) 3.12 20/10/2064 46,643 0.01 694,786 Government National Mortgage Association (Class AI) 1.68 20/06/2061 35,611 0.01 323,782 Government National Mortgage Association (Class AI) 4.50 20/10/2047 51,668 0.01 1,301,419 Government National Mortgage Association (Class AI) 4.00 20/01/2047 150,470 0.03 337,490 Government National Mortgage Association (Class AI) 4.00 20/06/2045 33,577 0.01 361,382 Government National Mortgage Association (Class AI) 3.50 20/10/2039 22,807 - 322,665 Government National Mortgage Association (Class AI) 3.50 20/08/2039 28,624 0.01 1,446,948 Government National Mortgage Association (Class BI) 2.02 20/11/2067 136,302 0.03 3,016,786 Government National Mortgage Association (Class BI) 2.39 20/08/2067 369,194 0.08 1,199,032 Government National Mortgage Association (Class BI) 2.33 20/02/2067 119,551 0.03 1,941,828 Government National Mortgage Association (Class BI) 2.41 20/01/2067 204,779 0.04 993,144 Government National Mortgage Association (Class BI) 2.81 20/04/2066 94,135 0.02 862,785 Government National Mortgage Association (Class BI) 3.29 20/11/2065 76,193 0.02 996,727 Government National Mortgage Association (Class BI) 1.70 20/11/2064 76,431 0.02 1,526,071 Government National Mortgage Association (Class BI) 1.60 20/05/2064 110,055 0.02 147,604 Government National Mortgage Association (Class BI) 4.50 16/04/2045 27,739 0.01 303,042 Government National Mortgage Association (Class BI) 3.50 20/01/2045 34,397 0.01 1,235,653 Government National Mortgage Association (Class CI) 2.85 20/02/2066 82,691 0.02 1,705,506 Government National Mortgage Association (Class CI) 0.41 20/08/2065 25,241 0.01 2,853,476 Government National Mortgage Association (Class CI) 1.60 20/03/2064 138,077 0.03 2,246,402 Government National Mortgage Association (Class CI) 3.50 16/08/2042 430,078 0.09 169,512 Government National Mortgage Association (Class CS) 5.86 20/02/2050 20,476 - 2,159,310 Government National Mortgage Association (Class DI) 1.84 20/06/2067 129,507 0.03 844,753 Government National Mortgage Association (Class DI) 0.79 20/06/2066 84,601 0.02 1,028,689 Government National Mortgage Association (Class DI) 2.02 20/12/2065 73,588 0.02 1,219,360 Government National Mortgage Association (Class DI) 2.60 20/07/2065 91,322 0.02 503,573 Government National Mortgage Association (Class DI) 3.09 20/01/2065 44,466 0.01 755,584 Government National Mortgage Association (Class DI) 4.50 16/12/2039 120,924 0.03 2,849,989 Government National Mortgage Association (Class DS) 5.91 20/08/2049 482,677 0.10 3,017,025 Government National Mortgage Association (Class EI) 2.37 20/01/2068 350,729 0.08 1,472,648 Government National Mortgage Association (Class EI) 3.50 20/08/2045 109,052 0.02 1,963,669 Government National Mortgage Association (Class EI) 5.00 20/10/2044 360,824 0.08 369,607 Government National Mortgage Association (Class ES) 5.81 20/11/2039 22,239 - 2,022,534 Government National Mortgage Association (Class GI) 1.63 20/11/2066 90,919 0.02 917,335 Government National Mortgage Association (Class GI) 1.57 20/04/2066 47,867 0.01 542,240 Government National Mortgage Association (Class GI) 2.59 20/09/2065 60,026 0.01 992,688 Government National Mortgage Association (Class GI) 1.39 20/03/2061 40,998 0.01 1,139,759 Government National Mortgage Association (Class HI) 2.08 20/02/2066 91,278 0.02 991,590 Government National Mortgage Association (Class HI) 2.94 20/02/2066 85,311 0.02 800,826 Government National Mortgage Association (Class HI) 2.10 20/10/2065 64,327 0.01 558,260 Government National Mortgage Association (Class HI) 2.38 20/07/2065 39,971 0.01 893,499 Government National Mortgage Association (Class I) 5.00 20/11/2046 151,689 0.03 1,935,733 Government National Mortgage Association (Class IA) 3.50 20/08/2045 32,187 0.01 345,812 Government National Mortgage Association (Class IA) 4.50 20/06/2045 57,668 0.01 794,633 Government National Mortgage Association (Class IA) 4.50 20/03/2045 126,332 0.03 1,779,738 Government National Mortgage Association (Class IA) 3.50 20/10/2042 268,918 0.06 1,030,389 Government National Mortgage Association (Class IB) 5.50 20/09/2047 224,670 0.05 993,489 Government National Mortgage Association (Class IB) 4.50 20/06/2045 84,536 0.02 414,287 Government National Mortgage Association (Class IC) 5.00 20/10/2044 72,790 0.02 1,392,981 Government National Mortgage Association (Class ID) 3.50 20/12/2043 11,935 - 900,322 Government National Mortgage Association (Class IE) 3.50 20/01/2046 82,163 0.02 969,591 Government National Mortgage Association (Class IF) 1.58 20/10/2060 49,423 0.01 2,269,006 Government National Mortgage Association (Class IJ) 4.00 20/04/2047 137,708 0.03 1,053,600 Government National Mortgage Association (Class IK) 2.63 20/06/2066 121,418 0.03 1,321,514 Government National Mortgage Association (Class IL) 4.00 20/08/2044 102,868 0.02 241,732 Government National Mortgage Association (Class IN) 4.50 20/05/2042 41,110 0.01 1,630,720 Government National Mortgage Association (Class IO) 2.00 20/10/2066 126,966 0.03 1,733,420 Government National Mortgage Association (Class IO) 1.79 20/08/2066 117,782 0.03 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. 30 June 2020

MORTGAGE-BACKED SECURITIES (5.46%) (30 June 2019: 5.69%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (4.81%) cont. USD 1,503,948 Government National Mortgage Association (Class IO) 5.00 16/08/2047 USD 292,578 0.06 180,718 Government National Mortgage Association (Class IO) 5.00 20/09/2044 31,927 0.01 649,579 Government National Mortgage Association (Class IO) 5.00 20/05/2044 109,947 0.02 220,455 Government National Mortgage Association (Class IQ) 4.50 16/12/2043 38,256 0.01 198,123 Government National Mortgage Association (Class IW) 4.50 20/02/2046 28,370 0.01 2,002,121 Government National Mortgage Association (Class JI) 1.89 20/08/2067 258,644 0.06 917,731 Government National Mortgage Association (Class JI) 3.57 20/11/2066 108,963 0.02 1,268,758 Government National Mortgage Association (Class JS) 5.91 20/09/2046 264,802 0.06 1,283,121 Government National Mortgage Association (Class KI) 2.94 20/02/2066 95,760 0.02 92,231 Government National Mortgage Association (Class KS) 5.86 20/08/2049 12,374 - 172,632 Government National Mortgage Association (Class LI) 6.00 20/01/2040 37,316 0.01 3,631,969 Government National Mortgage Association (Class MI) 2.27 20/04/2067 306,538 0.07 929,942 Government National Mortgage Association (Class MI) 3.50 20/11/2047 45,950 0.01 387,263 Government National Mortgage Association (Class MI) 3.50 16/04/2046 56,114 0.01 225,935 Government National Mortgage Association (Class MI) 5.00 20/06/2045 39,210 0.01 1,880,147 Government National Mortgage Association (Class MS) 5.86 20/04/2046 376,242 0.08 3,051,727 Government National Mortgage Association (Class NI) 2.56 20/05/2067 320,080 0.07 1,349,297 Government National Mortgage Association (Class NI) 3.76 20/10/2066 138,708 0.03 1,055,454 Government National Mortgage Association (Class NI) 4.50 20/09/2047 209,645 0.05 322,473 Government National Mortgage Association (Class PI) 4.00 20/02/2046 44,540 0.01 938,663 Government National Mortgage Association (Class PI) 3.50 20/01/2045 79,325 0.02 542,086 Government National Mortgage Association (Class PI) 4.00 20/05/2041 49,398 0.01 202,334 Government National Mortgage Association (Class QI) 5.00 20/01/2044 32,802 0.01 316,160 Government National Mortgage Association (Class S) 5.86 20/02/2041 58,601 0.01 1,395,021 Government National Mortgage Association (Class SD) 6.39 20/06/2040 289,252 0.06 1,481,495 Government National Mortgage Association (Class SD) 6.50 16/01/2040 237,170 0.05 1,544,648 Government National Mortgage Association (Class SJ) 6.06 20/07/2048 257,024 0.06 138,028 Government National Mortgage Association (Class SP) 6.51 20/12/2043 30,366 0.01 3,592,616 Government National Mortgage Association (Class SY) 5.91 20/07/2049 532,138 0.10 1,181,957 Government National Mortgage Association (Class UI) 5.00 20/03/2040 215,632 0.05 292,981 Government National Mortgage Association (Class UI) 5.00 20/01/2040 53,469 0.01 1,660,895 Government National Mortgage Association (Class WI) 1.69 20/10/2062 65,085 0.01 22,191,089 4.81 Commercial Mortgage-Backed Securities (0.54%) 393,000 Commercial 2012-CCRE4 Mortgage Trust (Class B) 3.70 15/10/2045 338,642 0.07 169,000 Commercial 2014-CCRE19 Mortgage Trust (Class D) 4.73 10/08/2047 100,118 0.02 637,000 GS Mortgage Securities Trust 2014-GC24 (Class D) 4.53 10/09/2047 235,690 0.05 174,000 JPMBB Commercial Mortgage Securities Trust 2013-C14 (Class D) 4.86 15/08/2046 134,554 0.03 462,000 JPMBB Commercial Mortgage Securities Trust 2014-C18 (Class D) 4.97 15/02/2047 216,683 0.05 576,000 JPMBB Commercial Mortgage Securities Trust 2014-C25 (Class D) 4.09 15/11/2047 472,251 0.10 763,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 (Class D) 4.22 15/07/2046 530,646 0.11 194,000 Morgan Stanley Capital I Trust 2012-C4 (Class D) 5.60 15/03/2045 107,183 0.02 229,000 UBS Commercial Mortgage Trust 2012-C1 (Class D) 5.57 10/05/2045 162,753 0.03 338,000 Wells Fargo Commercial Mortgage Trust 2014-LC16 (Class D) 3.94 15/08/2050 205,875 0.04 95,000 WFRBS Commercial Mortgage Trust 2012-C6 (Class D) 5.77 15/04/2045 84,698 0.02 2,589,093 0.54 Residential Mortgage-Backed Securities (non-agency) (0.11%) 517,333 Mello Warehouse Securitization Trust 2018-1 (Class A) 1.03 25/11/2051 516,687 0.11 516,687 0.11 Total Mortgage-Backed Securities USD 25,296,869 5.46

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. 30 June 2020

REPURCHASE AGREEMENTS (6.21%) (30 June 2019: 8.10%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund USD 16,166,000 Repurchase Agreement - Barclays Capital Incorporated* 0.07 01/07/2020 USD 16,166,000 3.47 12,772,000 Repurchase Agreement - BofA Securities Incorporated** 0.06 01/07/2020 12,772,000 2.74 Total Repurchase Agreements USD 28,938,000 6.21

* Interest in USD50,000,000 bulk repurchase agreement dated 30 June 2020 with Barclays Capital Incorporated due 1 July 2020 - maturity value of USD16,166,031 for an effective yield of 0.070% (collateralised by a U.S. Treasury note with a coupon rate of 3.375% and a due date of 15 November 2048 , valued at USD51,098,902) ** Interest in USD14,687,000 bulk repurchase agreement dated 30 June 2020 with BofA Securities Incorporated due 1 July 2020 - maturity value of USD12,772,021 for an effective yield of 0.060% (collateralised by a U.S. Treasury note with a coupon rate of 0.000% and a due date of 21 July 2020, valued at USD14,979,502)

NON-U.S. CORPORATE BONDS AND NOTES (0.23%) (30 June 2019: 0.23%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (0.09%) USD 400,000 VTB Bank OJSC Via VTB Capital SA (Luxembourg) 6.95 17/10/2022 USD 425,500 0.09 425,500 0.09 Oil and Natural Gas Utilities (0.14%) 18,000 Petrobras Global Finance BV (Netherlands) 6.00 27/01/2028 18,833 - 149,000 Petrobras Global Finance BV (Netherlands) 7.38 17/01/2027 165,953 0.04 178,000 Petrobras Global Finance BV (Netherlands) 5.30 27/01/2025 184,943 0.04 34,000 Petrobras Global Finance BV (Netherlands) 6.25 17/03/2024 36,338 0.01 155,000 Petrobras Global Finance BV (Netherlands) 6.13 17/01/2022 161,781 0.03 110,000 Petroleos Mexicanos (Mexico) 7.69 23/01/2050 91,797 0.02 10,000 Petroleos Mexicanos (Mexico) 5.95 28/01/2031 8,252 - 667,897 0.14 Total Non-U.S. Corporate Bonds and Notes USD 1,093,397 0.23

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (0.98%) (30 June 2019: 0.87%) 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 156,570 0.03 100,000 Dominican Republic International Bond (Dominican Republic) 8.63 20/04/2027 112,125 0.02 350,000 Dominican Republic International Bond (Dominican Republic) 5.50 27/01/2025 353,500 0.08 260,000 Egypt Government International Bond (Egypt) 7.05 15/01/2032 246,350 0.05 200,000 Egypt Government International Bond (Egypt) 5.75 29/05/2024 200,478 0.04 300,000 Indonesia Government International Bond (Indonesia) 4.35 08/01/2027 332,993 0.07 400,000 Indonesia Government International Bond (Indonesia) 4.75 08/01/2026 450,500 0.10 200,000 Indonesia Government International Bond (Indonesia) 4.13 15/01/2025 217,001 0.05 200,000 Indonesia Government International Bond (Indonesia) 5.88 15/01/2024 226,000 0.05 200,000 Ivory Coast Government International Bond (Ivory Coast) 6.13 15/06/2033 199,250 0.04 EUR 250,000 Ivory Coast Government International Bond (Ivory Coast) 5.25 22/03/2030 260,725 0.06 120,000 Ivory Coast Government International Bond (Ivory Coast) 5.25 22/03/2030 125,384 0.03 USD 336,000 Mexico Government International Bond (Mexico) 3.25 16/04/2030 332,976 0.07 200,000 Republic of South Africa Government International Bond (South Africa) 4.85 27/09/2027 195,749 0.04 575,000 Senegal Government International Bond (Senegal) 6.25 23/05/2033 585,063 0.13 490,000 Uruguay Government International Bond (Uruguay) 4.38 27/10/2027 561,050 0.12 Total Foreign Government and Agency Bonds and Notes USD 4,555,714 0.98

CERTIFICATES OF DEPOSIT (-%) (30 June 2019: 0.97%)

COMMERCIAL PAPER (2.33%) (30 June 2019: 9.51%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 2,100,000 BPCE 0.30 03/08/2020 USD 2,099,450 0.45 2,200,000 Mizuho Bank Limited 0.23 25/08/2020 2,199,234 0.47 2,300,000 Nationwide Building Society 0.22 13/07/2020 2,299,835 0.49 2,150,000 Prudential PLC 0.20 10/08/2020 2,149,535 0.46 2,150,000 Societe Generale 0.22 06/07/2020 2,149,937 0.46 Total Commercial Paper USD 10,897,991 2.33

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. 30 June 2020

PREFERRED STOCKS (0.10%) (30 June 2019: 0.44%) Number of Value % of Shares USD Fund Telecommunications (0.10%) 53,000 Telefonica Brasil SA (Preference shares) (Brazil) 468,103 0.10 Total Preferred Stocks USD 468,103 0.10

U.S. TREASURY OBLIGATIONS (39.10%) (30 June 2019: 26.28%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 11,000,000 United States Cash Management Bill1 0.11 22/09/2020 USD 10,997,089 2.36 12,000,000 United States Treasury Bill2 0.14 08/10/2020 11,995,370 2.58 12,000,000 United States Treasury Bill3 0.15 24/09/2020 11,995,802 2.58 12,000,000 United States Treasury Bill4 0.13 17/09/2020 11,996,624 2.58 12,000,000 United States Treasury Bill 0.16 15/09/2020 11,995,991 2.58 11,000,000 United States Treasury Bill5 0.10 10/09/2020 10,997,765 2.36 12,000,000 United States Treasury Bill 0.15 08/09/2020 11,996,611 2.58 12,000,000 United States Treasury Bill 0.11 03/09/2020 11,997,679 2.58 12,000,000 United States Treasury Bill 0.16 01/09/2020 11,996,811 2.58 11,000,000 United States Treasury Bill 0.12 25/08/2020 10,998,029 2.36 12,000,000 United States Treasury Bill 0.15 20/08/2020 11,997,634 2.58 12,000,000 United States Treasury Bill 0.21 06/08/2020 11,997,625 2.58 12,000,000 United States Treasury Bill 0.19 21/07/2020 11,998,762 2.58 12,000,000 United States Treasury Bill 1.54 16/07/2020 11,992,455 2.58 5,000,000 United States Treasury Bill 0.10 07/07/2020 4,999,915 1.06 12,000,000 United States Treasury Bill 0.09 02/07/2020 11,999,970 2.58 Total U.S. Treasury Obligations USD 181,954,132 39.10

(1) Security is partly held as collateral by Citibank (USD 643,572), Credit Suisse (USD 938,004), JP Morgan Securities, Inc. (USD 210,877), Merrill Lynch (USD 5,938), State Street Bank (USD 56,698) and UBS (USD 1,660,722). (2) Security is partly held as collateral by Citibank (USD 1,850,954). (3) Security is partly held as collateral by JP Morgan Chase (USD 810,682), JP Morgan Securities, Inc. (USD 610,747), and State Street Bank (USD 199,935). (4) Security is partly held as collateral by UBS (USD 3,339,258). (5) Security is partly held as collateral by JP Morgan Securities, Inc. (USD 362,071).

(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. See Note 2 to the Financial Statements regarding valuation of investments.

PURCHASED CURRENCY OPTIONS OUTSTANDING (0.11%) (30 June 2019: 0.02%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. EUR/USD (Call) Nov-20/USD 1.16 USD 10,214,076 EUR 9,091,300 USD 85,042 0.02 EUR/USD (Call) Sep-20/1.17 10,139,250 9,024,700 27,650 - USD/JPY (Put) Nov-20/JPY 105.00 7,158,650 USD 7,158,650 76,655 0.02 Barclays Bank PLC EUR/USD (Call) Sep-20/USD 1.17 10,139,250 EUR 9,024,700 27,650 - Credit Suisse International EUR/CHF (Call) Dec-20/CHF 1.10 15,318,585 13,634,700 60,953 0.01 Goldman Sachs International AUD/USD (Put) Jul-20/USD 0.62 7,739,057 AUD 11,214,400 31 - EUR/USD (Call) Nov-20/1.16 10,214,076 EUR 9,091,300 85,042 0.02 USD/JPY (Put) Nov-20/JPY 105.00 7,158,650 USD 7,158,650 76,655 0.02 UBS AG EUR/GBP (Call) Aug-20/GBP 0.90 7,291,459 EUR 6,489,950 95,795 0.02 Total Purchased Currency Options Outstanding USD 535,473 0.11

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. 30 June 2020

PURCHASED EQUITY OPTIONS OUTSTANDING (0.69%) (30 June 2019: 0.24%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. S&P 500 Index (Put) May-21/USD 2,350.00 USD 14,230,331 USD 4,590 USD 465,023 0.10 S&P 500 Index (Put) Apr-21/2,250.00 13,752,886 4,436 338,684 0.07 Citibank, N.A. S&P 500 Index (Put) Jan-21/2,900.00 14,602,366 4,710 834,045 0.18 S&P 500 Index (Put) Feb-21/2,900.00 13,238,238 4,270 827,930 0.18 JPMorgan Chase Bank, N.A. S&P 500 Index (Put) Jun-21/2,500.00 13,814,892 4,456 614,517 0.13 S&P 500 Index (Put) Mar-21/1,950.00 12,720,490 4,103 149,804 0.03 Total Purchased Equity Options Outstanding USD 3,230,003 0.69 Total Value of Investments* USD 624,697,295 134.14

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

WRITTEN CURRENCY OPTIONS OUTSTANDING (-0.05%) (30 June 2019: -0.01%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. EUR/USD (Call) Sep-20/USD 1.19 USD 10,139,250 EUR 9,024,700 USD (10,646) - EUR/USD (Call) Nov-20/1.20 10,214,076 9,091,300 (30,550) (0.01) USD/JPY (Put) Nov-20/JPY 100.00 7,158,650 USD 7,158,650 (30,467) (0.01) Barclays Bank PLC EUR/USD (Call) Sep-20/USD 1.19 10,139,250 EUR 9,024,700 (10,646) - Credit Suisse International EUR/CHF (Call) Dec-20/CHF1.12 15,318,585 13,634,700 (33,103) (0.01) Goldman Sachs International EUR/USD (Call) Nov-20/USD 1.20 10,214,076 9,091,300 (30,550) (0.01) USD/JPY (Put) Nov-20/JPY 100.00 7,158,650 USD 7,158,650 (30,467) (0.01) UBS AG EUR/GBP (Call) Aug-20/GBP 0.94 7,291,459 EUR 6,489,950 (10,172) - Total Written Currency Options Outstanding USD (186,601) (0.05)

WRITTEN EQUITY OPTIONS OUTSTANDING (-%) (30 June 2019: -0.02%)

FUTURES CONTRACTS OUTSTANDING (-0.32%) (30 June 2019: 1.00%) Unrealised Appreciation/ Number of Notional Expiration (Depreciation) % of Contracts Amount Value Date USD Fund MSCI EAFE Index (Short) 41 USD 3,650,181 USD 3,645,720 Sep-20 USD (21,875) - S&P 500 Index E-Mini (Long) 33 5,115,479 5,098,830 Sep-20 125,981 0.03 S&P 500 Index E-Mini (Short) 484 75,027,018 74,782,840 Sep-20 (2,128,017) (0.47) U.S. Treasury Note 2 yr (Short) 563 124,326,235 124,326,235 Sep-20 (16,501) - U.S. Treasury Note 10 yr (Long) 2,420 336,795,938 336,795,938 Sep-20 458,211 0.10 U.S. Treasury Note Ultra 10 yr (Long) 230 36,221,406 36,221,406 Sep-20 92,516 0.02 Unrealised Appreciation on Futures Contracts Outstanding USD 676,708 0.15 Unrealised Depreciation on Futures Contracts Outstanding USD (2,166,393) (0.47) Net Unrealised Depreciation on Futures Contracts Outstanding USD (1,489,685) (0.32) Variation Margin Settlement to Date USD - - Cumulative Unrealised Depreciation less variation margin settlement to date USD (1,489,685) (0.32)

The Brokers for Futures Contracts in the Fund are BofA Securities Incorporated and JPMorgan Chase Bank, N.A.

TBA SALES COMMITMENTS OUTSTANDING (-9.69%) (30 June 2019: -7.89%) Principal Coupon Settlement Value % of Amount Agency Rate% Date USD Fund USD 2,000,000 Uniform Mortgage-Backed Securities 4.50 14/07/2020 USD (2,149,062) (0.46) 23,000,000 Uniform Mortgage-Backed Securities 3.00 14/07/2020 (24,224,571) (5.20) 18,000,000 Uniform Mortgage-Backed Securities 2.50 14/07/2020 (18,767,812) (4.03) Total TBA Sales Commitments Outstanding USD (45,141,445) (9.69)

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. 30 June 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2019: 0.02%) Upfront Unrealised Premium Payments Payments Appreciation/ received/ Termination made by received by (Depreciation) % of Notional Amount Value (paid) Date Fund Fund USD Fund USD 1,547,000 USD 5,430 USD (1,961) 17/06/2022 3 month USD-LIBOR-BBA 0.40% - Semiannually - Quarterly USD 3,529 - 56,588,000 921,026 507,961 17/06/2025 0.65% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (420,790) (0.09) 1,926,000 9,380 (14,500) 17/06/2050 3 month USD-LIBOR-BBA 0.90% - Semiannually - Quarterly (23,430) (0.01) 17,575,000 374,945 (245,004) 17/06/2030 3 month USD-LIBOR-BBA 0.85% - Semiannually - Quarterly 133,707 0.04 5,005,000 24,570 (66) 20/04/2030 0.6814% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (19,998) - 1,552,000 5,441 (21) 24/04/2030 3 month USD-LIBOR-BBA 0.66726% - - Quarterly Semiannually 4,357 - 1,552,000 4,949 (21) 24/04/2030 3 month USD-LIBOR-BBA 0.664% - Semiannually - Quarterly 3,856 - 2,094,000 9,524 (28) 24/04/2030 0.678% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (8,158) - 2,094,000 9,155 (28) 24/04/2030 0.67619% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (7,783) - 2,576,000 4,469 (34) 29/04/2030 0.649% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (3,593) - 3,482,000 3,412 (46) 04/05/2030 0.6205% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 3,065 - 2,146,000 8,374 (17) 11/05/2025 3 month USD-LIBOR-BBA 0.399% - Semiannually - Quarterly 8,185 - 2,146,000 8,582 (17) 11/05/2025 3 month USD-LIBOR-BBA 0.401% - Semiannually - Quarterly 8,399 - 2,146,000 8,844 (17) 11/05/2025 3 month USD-LIBOR-BBA 0.4035% - - Quarterly Semiannually 8,668 - 2,146,000 8,646 (17) 11/05/2025 3 month USD-LIBOR-BBA 0.4016% - Semiannually - Quarterly 8,465 - 2,146,000 8,457 (17) 11/05/2025 3 month USD-LIBOR-BBA 0.3998% - - Quarterly Semiannually 8,271 - 2,146,000 8,099 (17) 11/05/2025 3 month USD-LIBOR-BBA 0.39637% - - Quarterly Semiannually 7,902 - 2,146,000 7,996 (17) 11/05/2025 3 month USD-LIBOR-BBA 0.39537% - - Quarterly Semiannually 7,796 - 2,656,500 10,892 (35) 12/05/2030 0.5884% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 10,332 - 2,656,500 8,533 (35) 12/05/2030 0.5975% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 7,941 - 1,562,000 6,514 (21) 14/05/2030 0.6732% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (7,024) - 721,000 1,078 (10) 15/05/2030 0.615% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 871 - 721,000 761 (10) 15/05/2030 0.6195% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 550 - 18,321,000 10,461 (69) 18/05/2022 3 month USD-LIBOR-BBA 0.2595% - Semiannually - Quarterly 7,436 - 1,240,500 10,481 (16) 21/05/2030 3 month USD-LIBOR-BBA 0.71729% - - Quarterly Semiannually 10,925 - 1,240,500 10,519 (16) 21/05/2030 3 month USD-LIBOR-BBA 0.7176% - Semiannually - Quarterly 10,964 - 1,445,000 17,367 (49) 21/05/2050 0.962% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (18,346) - 17,037,000 10,069 (64) 02/06/2022 0.257% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (8,939) - 2,422,000 7,649 (32) 03/06/2030 3 month USD-LIBOR-BBA 0.6645% - - Quarterly Semiannually 8,233 - 2,358,000 30,048 (31) 08/06/2030 0.7625% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (30,749) (0.01) 2,373,000 189,980 (81) 09/06/2050 1.21% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (191,362) (0.04) 2,306,000 61,365 (31) 09/06/2030 0.9035% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (62,228) (0.01) 13,000 318 (E) 321 16/09/2030 0.90% - Semiannually 3 month USD-LIBOR- BBA - Quarterly 2 -

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. 30 June 2020

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.01%) (30 June 2019: 0.02%) 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 2,442,000 USD 54,796 USD (32) 10/06/2030 3 month USD-LIBOR-BBA 0.861% - Semiannually - Quarterly USD 55,549 0.02 3,719,000 24,036 (30) 11/06/2025 3 month USD-LIBOR-BBA 0.452% - Semiannually - Quarterly 24,290 0.01 2,139,000 7,125 (28) 15/06/2030 3 month USD-LIBOR-BBA 0.6675% - Semiannually - Quarterly 7,433 - 2,139,000 7,300 (28) 15/06/2030 3 month USD-LIBOR-BBA 0.66833% - - Quarterly Semiannually 7,609 - 2,139,000 7,337 (28) 15/06/2030 3 month USD-LIBOR-BBA 0.6685% - - Quarterly Semiannually 7,646 - 1,547,000 8,283 (21) 16/06/2030 3 month USD-LIBOR-BBA 0.6882% - - Quarterly Semiannually 8,499 - 774,000 4,852 (10) 16/06/2030 3 month USD-LIBOR-BBA 0.6975% - Semiannually - Quarterly 4,963 - 2,747,000 7,216 (36) 17/06/2030 0.66003% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (7,638) - 3,530,000 30,965 (47) 19/06/2030 0.723% - Semiannually 3 month USD-LIBOR- BBA - Quarterly (31,491) (0.01) 3,539,000 690 (47) 01/07/2030 3 month USD-LIBOR-BBA 0.633% - Semiannually - Quarterly (737) - AUD 6,559,000 51,202 (E) (35,599) 16/09/2030 6 month AUD-BBR-BBSW 1.00% - Semiannually - Semiannually 15,603 - CAD 5,637,000 44,067 (E) (53,238) 16/09/2030 3 month CAD-BA-CDOR - 1.150% - Semiannually Semiannually (9,171) - CHF 1,457,000 14,000 (E) (588) 16/09/2030 - 0.20% plus 6 month CHF-LIBOR-BBA - Semiannually (14,589) - EUR 10,126,000 141,911 (E) 72,911 16/09/2030 - 0.05% plus 6 month EUR-EURIBOR- REUTERS - Semiannually (69,000) (0.02) GBP 1,641,000 17,985 (E) (6,477) 16/09/2030 0.20% - Annually Sterling Overnight Index Averag e - Annually (24,461) (0.01) NOK 28,334,000 23,347 (E) 18,907 16/09/2030 1.00% - Annually 6 month NOK-NIBOR- NIBR - Semiannually (4,439) - 12,172,000 1,456 (E) (295) 16/09/2025 0.70% - Annually 6 month NOK-NIBOR- NIBR - Semiannually (1,750) - NZD 2,994,000 26,950 (E) 4,590 16/09/2030 0.90% - Semiannually 3 month NZD-BBR-FRA - Quarterly (22,360) - SEK 33,540,000 68,896 (E) 33,215 16/09/2030 0.50% - Annually 3 month SEK-STIBOR- SIDE - Quarterly (35,681) (0.01) Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 395,046 0.07 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (1,023,717) (0.21) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (628,671) (0.14) Variation Margin Settlement to Date USD 564,625 0.13 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (64,046) (0.01)

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

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.25%) (30 June 2019: -0.52%) 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 167,456,695 USD 167,054,398 USD - 20/06/2023 (3 month USD-LIBOR- A basket (MLFCF15) of common BBA plus 0.10%) - stocks - Quarterly Quarterly USD (282,327) (0.06) 80,073,554 80,021,663 - 09/09/2020 (0.33%) - Monthly MLCX Seasonal Long Short Precious Excess Return Index - Monthly (66,370) (0.01) 2,623,505 2,632,068 - 27/01/2021 (0.33%) - Monthly MLCX Seasonal Long Short Precious Excess Return Index - Monthly 7,780 - 167,297,573 166,408,697 - 20/06/2023 3 month USD-LIBOR- Russell 1000 Total Return Index - BBA minus 0.07% - Quarterly Quarterly 896,248 0.20 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. 30 June 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.25%) (30 June 2019: -0.52%) 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. USD 180,806,822 USD 175,989,520 USD - 10/06/2021 (3 month USD- A basket (CGPUTQL2) of common LIBOR-BBA plus stocks - Quarterly 0.34%) - Quarterly USD (4,786,068) (1.04) 441,195 418,534 - 05/07/2022 1 month USD-LIBOR- ACI Worldwide, Inc. - Monthly BBA minus 0.35% - Monthly 22,621 - 4,916,264 4,870,897 - 05/07/2022 1 month USD-LIBOR- Advanced Micro Devices - Monthly BBA minus 0.35% - Monthly 44,856 0.01 2,010,017 2,125,692 - 05/07/2022 1 month USD-LIBOR- Axon Enterprise, Inc. - Monthly BBA minus 0.35% - Monthly (115,884) (0.02) 506,686 501,204 - 05/07/2022 1 month USD-LIBOR- B&G Foods, Inc. - Monthly BBA minus 1.85% - Monthly (4,904) - 2,089,272 1,986,111 - 05/07/2022 1 month USD-LIBOR- Bausch Health Cos, Inc. - Monthly BBA minus 0.35% - Monthly 103,390 0.02 77,174,595 77,054,404 - 17/02/2021 (0.22%) - Quarterly Bloomberg Commodity IndexSM 3 Month Forward Sub-Indices versus Bloomberg Commodity IndexSM - Quarterly (153,217) (0.03) 10,801,617 10,753,004 - 18/11/2020 (0.22%) - Quarterly Bloomberg Commodity IndexSM 3 Month Forward Sub-Indices versus Bloomberg Commodity IndexSM - Quarterly (53,170) (0.01) 548,667 511,063 - 05/07/2022 1 month USD-LIBOR- Bruker Corp - Monthly BBA minus 0.35% - Monthly 37,067 0.01 886,285 829,052 - 05/07/2022 1 month USD-LIBOR- Cimpress, PLC - Monthly BBA minus 0.35% - Monthly 57,140 0.01 13,472,415 13,025,157 - 28/09/2020 (0.17%) - Quarterly Citi Cross-Asset Trend 10% Vol Index - Quarterly (451,086) (0.10) 5,934,318 5,737,310 - 28/09/2020 (0.17%) - Quarterly Citi Cross-Asset Trend 10% Vol Index - Quarterly (198,694) (0.04) 6,214,161 6,605,365 - 05/07/2022 1 month USD-LIBOR- Citrix Systems, Inc. - Monthly BBA minus 0.35% - Monthly (407,479) (0.09) 232,133 224,883 - 05/07/2022 1 month USD-LIBOR- Cooper Tire & Rubber Co. - Monthly BBA minus 0.35% - Monthly 7,489 - 197,313 155,514 - 05/07/2022 1 month USD-LIBOR- Ebix, Inc. - Monthly BBA minus 1.25% - Monthly 41,258 0.01 492,322 497,501 - 05/07/2022 1 month USD-LIBOR- Edgewell Personal Care - Monthly BBA minus 0.35% - Monthly (5,224) - 2,901,656 2,620,654 - 05/07/2022 1 month USD-LIBOR- Elanco Animal Health, Inc. - Monthly BBA minus 0.35% - Monthly 280,701 0.06 1,168,050 1,157,569 - 05/07/2022 1 month USD-LIBOR- Energizer Holdings, Inc. - Monthly BBA minus 0.35% - Monthly 3,048 - 3,355,313 3,747,204 - 05/07/2022 1 month USD-LIBOR- Everbridge, Inc. - Monthly BBA minus 0.35% - Monthly (392,239) (0.08) 2,789,061 2,687,009 - 05/07/2022 1 month USD-LIBOR- First Solar Inc. - Monthly BBA minus 0.35% - Monthly 101,763 0.02 1,977,262 2,047,067 - 05/07/2022 1 month USD-LIBOR- Guidewire Software, Inc. - Monthly BBA minus 0.35% - Monthly (70,010) (0.02)

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. 30 June 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.25%) (30 June 2019: -0.52%) 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 959,711 USD 858,559 USD - 05/07/2022 1 month USD-LIBOR- Hanesbrands, Inc. - Monthly BBA minus 0.35% - Monthly USD 101,066 0.02 1,409,677 1,466,107 - 05/07/2022 1 month USD-LIBOR- ICON PLC - Monthly BBA minus 0.35% - Monthly (56,553) (0.01) 4,794,295 5,014,169 - 05/07/2022 1 month USD-LIBOR- Illumina, Inc. - Monthly BBA minus 0.35% - Monthly (220,371) (0.05) 1,296,387 1,141,551 - 05/07/2022 1 month USD-LIBOR- Oshkosh Corp. - Monthly BBA minus 0.35% - Monthly 154,716 0.03 1,230,516 1,172,568 - 05/07/2022 1 month USD-LIBOR- PerkinElmer, Inc. - Monthly BBA minus 0.35% - Monthly 57,835 0.01 798,653 686,135 - 05/07/2022 1 month USD-LIBOR- Pluralsight Inc. - Monthly BBA minus 0.35% - Monthly 112,436 0.03 652,524 598,669 - 05/07/2022 1 month USD-LIBOR- Prestige Brands Holdings, Inc. - BBA minus 0.35% - Monthly Monthly 53,796 0.01 704,099 674,778 - 05/07/2022 1 month USD-LIBOR- Qualys, Inc. - Monthly BBA minus 0.35% - Monthly 29,248 0.01 1,611,117 1,491,015 - 05/07/2022 1 month USD-LIBOR- Quanta Sevices, Inc. - Monthly BBA minus 0.35% - Monthly 118,035 0.03 3,029,834 2,933,369 - 05/07/2022 1 month USD-LIBOR- Quintiles IMS Holdings, Inc. - Monthly BBA minus 0.35% - Monthly 96,197 0.02 2,579,359 2,102,500 - 05/07/2022 1 month USD-LIBOR- Ralph Lauren Corp. - Monthly BBA minus 0.35% - Monthly 476,596 0.10 6,550,909 6,622,482 - 05/07/2022 1 month USD-LIBOR- Restoration Hardware Holdings, Inc. - BBA minus 0.65% - Monthly Monthly (70,852) (0.02) 92,596,400 89,980,276 - 10/06/2021 3 month USD-LIBOR- Russell 1000 Total Return Index - BBA minus 0.11% - Quarterly Quarterly 2,626,308 0.57 8,707,622 8,461,528 - 05/07/2022(1 month USD-LIBOR- S&P 500 Communication Services BBA plus 0.30%) - Sector Total Return Index - Monthly Monthly (248,649) (0.05) 7,839,110 7,660,116 - 05/07/2022(1 month USD-LIBOR- S&P 500 ConsSt Sector Total Return BBA plus 0.25%) - Index - Monthly Monthly (181,055) (0.04) 8,365,435 8,147,355 - 05/07/2022(1 month USD-LIBOR- S&P 500 Health Care Sector Total BBA plus 0.30%) - Return Index - Monthly Monthly (220,534) (0.05) 8,033,885 8,303,409 - 05/07/2022(1 month USD-LIBOR- S&P 500 Information Technology BBA plus 0.35%) - Sector Index - Monthly Monthly 266,921 0.06 8,658,390 8,206,389 - 05/07/2022 (3 month USD- S&P 500 Real Estate Sector Index - LIBOR-BBA plus Monthly 0.35%) - Monthly (455,275) (0.10) 7,961,623 7,402,328 - 05/07/2022(1 month USD-LIBOR- S&P 500 Utility Sector Total Return BBA plus 0.30%) - Index - Monthly Monthly (561,631) (0.12) 24,780,333 25,800,781 - 30/04/2021 (0.13%) - Monthly S&P GSCI Capped Component ER - Monthly 1,017,800 0.22 1,350,009 1,192,660 - 05/07/2022 1 month USD-LIBOR- Skechers USA, Inc.-Cl A - Monthly BBA minus 0.35% - Monthly 157,209 0.03 623,995 507,863 - 05/07/2022 1 month USD-LIBOR- Sterling BANCORP/ DE - Monthly BBA minus 0.35% - Monthly 116,068 0.02

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. 30 June 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.25%) (30 June 2019: -0.52%) 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 4,051,009 USD 4,939,051 USD - 05/07/2022 1 month USD-LIBOR- Tesla, Inc. - Monthly BBA minus 1.30% - Monthly USD (888,462) (0.19) 611,043 505,371 - 05/07/2022 1 month USD-LIBOR- Triumph Group, Inc. - Monthly BBA minus 0.35% - Monthly 105,618 0.02 Credit Suisse International - 72,705,400 73,673,520 - 12/02/2021 1 month USD-LIBOR- MSCI Emerging Markets TR BBA plus 0.02% - Net USD - Monthly Monthly (961,743) (0.21) 374,114 368,885 - 12/01/2045 (3.50%) 1 month Synthetic TRS Index 3.50% 30 year USD-LIBOR - Monthly Fannie Mae pools - Monthly (354) - Goldman Sachs International - 11,220,735 11,282,862 - 15/12/2025(1 month USD-LIBOR- A basket (GSGLPHCL) of common BBA plus 0.35%) - stocks - Monthly Monthly 61,798 0.01 125,058,110 126,842,501 - 15/12/2025(1 month USD-LIBOR- A basket (GSGLPW2L) of common BBA plus0.45%) - stocks - Monthly Monthly 1,919,237 0.41 126,077,057 127,406,117 - 15/12/2025 1 month USD-LIBOR- A basket (GSGLPW2S) of common BBA minus 0.15% - stocks - Monthly Monthly (1,575,874) (0.34) 152,148,876 150,039,026 - 15/12/2025(1 month USD-LIBOR- A basket (GSGLPWDL) of common BBA plus 0.50%) - stocks - Monthly Monthly (2,134,814) (0.46) 152,470,872 148,786,521 - 15/12/2025 1 month USD-LIBOR- A basket (GSGLPWDS) of common BBA minus 0.15% - stocks - Monthly Monthly 3,528,349 0.77 906,594 903,499 - 15/12/2025 1 month USD-LIBOR- AGCO Corp. - Monthly BBA minus 0.35% - Monthly 3,040 - 8,578,812 8,740,869 - 15/12/2020 (0.20%) - Monthly Goldman Sachs Cross Asset Trend Series 32 Excess Return Strategy - Monthly 161,294 0.03 6,901,347 7,031,716 - 15/12/2020 (0.20%) - Monthly Goldman Sachs Cross Asset Trend Series 32 Excess Return Strategy - Monthly 129,756 0.03 3,681,043 3,779,739 - 15/12/2020 (0.45%) - Monthly Goldman Sachs Volatility Carry US Enhanced 3x Excess Return Strategy - Monthly †† 97,960 0.02 11,908,959 12,250,825 - 15/12/2020 (0.45%) - Monthly Goldman Sachs Volatility Carry US Series 85 Excess Return Strategy - Monthly †† 339,484 0.07 1,752,565 1,906,437 - 15/12/2020 (0.30%) - Monthly Goldman Sachs Volatility of Volatility Carry Excess Return Strategy - Monthly † 153,638 0.03 5,259,561 5,646,251 - 15/12/2020 (0.30%) - Monthly Goldman Sachs Volatility of Volatility Carry Series 69 Excess Return Strategy - Monthly † 385,989 0.08 1,460,438 1,479,884 - 14/12/2020 1 month USD-LIBOR- MSCI Emerging Markets TR Net USD - BBA plus 0.25% - Monthly Monthly (19,107) - 738,434 749,730 - 15/12/2025 1 month USD-LIBOR- Open Text Corp. - Monthly BBA minus 0.35% - Monthly (14,422) - 657,037 603,345 - 15/12/2025 1 month USD-LIBOR- Ormat Technologies - Monthly BBA minus 0.35% - Monthly 53,652 0.01 4,135,056 3,945,173 - 15/12/2025 1 month USD-LIBOR- Seagate Technology PLC - Monthly BBA minus 0.35% - Monthly 136,661 0.03 23,233 22,837 - 12/01/2044 (3.00%) 1 month Synthetic TRS Index 3.00% 30 year USD-LIBOR - Monthly Fannie Mae pools - Monthly 90 -

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. 30 June 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.25%) (30 June 2019: -0.52%) 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 374,114 USD 368,885 USD - 12/01/2045 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly USD 354 - 355,142 352,248 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 2,657 - 33,975 33,698 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 254 - 127,049 125,903 - 12/01/2041 4.50% (1 month USD- Synthetic TRS Index 4.50% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 777 - JPMorgan Chase Bank, N.A. - 69,596,605 69,163,859 - 07/06/2021(1 month USD-LIBOR- A basket (JPCMPTFL) of common BBA plus 0.35%) - stocks - Monthly Monthly (431,641) (0.09) JPMorgan Securities LLC - 128,167 127,122 - 12/01/2045 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 959 - 31,842 31,547 - 12/01/2044 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 145 - 517,284 513,069 - 12/01/2045 (4.00%) 1 month Synthetic TRS Index 4.00% 30 year USD-LIBOR - Monthly Fannie Mae pools - Monthly (3,871) - 127,049 125,903 - 12/01/2041 (4.50%) 1 month Synthetic TRS Index 4.50% 30 year USD-LIBOR - Monthly Fannie Mae pools - Monthly (777) - UBS AG - 164,408,435 163,220,627 - 20/05/2023(1 month USD-LIBOR- A basket (UBSPUSER) of common BBA plus 0.35%) - stocks - Monthly Monthly (1,176,765) (0.25) 58,093,231 58,014,711 - 20/08/2020 1 month USD-LIBOR- MSCI Daily TR Net Emerging Markets BBA minus 0.12% - USD - Monthly Monthly 79,536 0.02 163,351,578 162,475,719 - 22/05/2023 1 month USD-LIBOR- S&P 500 Total Return 4 Jan BBA plus 0.20% - ndex - Monthly Monthly 888,080 0.20 Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 15,036,920 3.23 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (16,209,422) (3.48) Net Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (1,172,502) (0.25)

† 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 (-0.07%) (30 June 2019: 0.36%) 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 96,195 USD 726,000 USD 93,073 11/05/2063 200 bp - Monthly USD 3,364 - Credit Suisse International CMBX NA BBB-.6 Index BB+/P 7,423 79,000 24,719 11/05/2063 300 bp - Monthly (17,257) (0.01) CMBX NA BBB-.7 Index BBB-/P 6,061 88,000 18,841 17/01/2047 300 bp - Monthly (12,735) - Goldman Sachs International CMBX NA A.6 Index A/P 2,987 59,000 7,564 11/05/2063 200 bp - Monthly (4,557) - CMBX NA A.6 Index A/P 3,070 59,000 7,564 11/05/2063 200 bp - Monthly (4,474) - CMBX NA A.6 Index A/P 2,987 59,000 7,564 11/05/2063 200 bp - Monthly (4,557) -

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. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-0.07%) (30 June 2019: 0.36%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap counterparty/ received/ Notional Termination Received (Depreciation) % of Referenced debt* Rating*** (paid)** Amount Value Date by Fund USD Fund Goldman Sachs International cont. CMBX NA BBB-.6 Index BB+/P USD 108 USD 1,000 USD 313 11/05/2063 300 bp - Monthly USD (204) - CMBX NA BBB-.6 Index BB+/P 663 8,000 2,503 11/05/2063 300 bp - Monthly (1,836) - CMBX NA BBB-.6 Index BB+/P 1,560 14,000 4,381 11/05/2063 300 bp - Monthly (2,814) - CMBX NA BBB-.6 Index BB+/P 1,733 20,000 6,258 11/05/2063 300 bp - Monthly (4,515) - CMBX NA BBB-.6 Index BB+/P 2,566 23,000 7,197 11/05/2063 300 bp - Monthly (4,619) - CMBX NA BBB-.6 Index BB+/P 3,246 29,000 9,074 11/05/2063 300 bp - Monthly (5,814) - CMBX NA BBB-.6 Index BB+/P 1,488 30,000 9,387 11/05/2063 300 bp - Monthly (7,884) - CMBX NA BBB-.6 Index BB+/P 3,291 39,000 12,203 11/05/2063 300 bp - Monthly (8,892) - CMBX NA BBB-.6 Index BB+/P 5,440 63,000 19,713 11/05/2063 300 bp - Monthly (14,241) - CMBX NA BBB-.6 Index BB+/P 7,253 65,000 20,339 11/05/2063 300 bp - Monthly (13,053) - CMBX NA BBB-.6 Index BB+/P 7,979 68,000 21,277 11/05/2063 300 bp - Monthly (13,264) - CMBX NA BBB-.7 Index BBB-/P 1,951 24,000 5,138 17/01/2047 300 bp - Monthly (3,175) - CMBX NA BBB-.7 Index BBB-/P 5,995 69,000 14,773 17/01/2047 300 bp - Monthly (8,743) - CMBX NA BBB-.7 Index BBB-/P 6,304 74,000 15,843 17/01/2047 300 bp - Monthly (9,503) - CMBX NA BBB-.7 Index BBB-/P 118,533 1,505,000 322,221 17/01/2047 300 bp - Monthly (202,935) (0.05) JPMorgan Securities LLC CMBX NA A.6 Index A/P 215,930 1,661,000 212,940 11/05/2063 200 bp - Monthly 3,543 - CMBX NA A.6 Index A/P 600,000 5,000,000 641,000 11/05/2063 200 bp - Monthly (39,333) (0.02) CMBX NA BBB-.7 Index BBB-/P 425,155 1,811,000 387,735 17/01/2047 300 bp - Monthly 38,326 0.01 Merrill Lynch International CMBX NA BBB-.6 Index BB+/P 2,143 24,000 7,510 11/05/2063 300 bp - Monthly (5,355) - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 45,233 0.01 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (389,760) (0.08) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (344,527) (0.07)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.10%) (30 June 2019: -0.04%) Upfront Premium Payments Unrealised Swap Counterparty/ received/ Notional Termination (paid) Appreciation % of Referenced debt* (paid)** Amount Value Date by Fund USD Fund Citigroup Global Markets, Inc. CMBX NA BBB-.7 Index USD (8,091) USD 1,604,000 USD 343,416 17/01/2047 (300 bp) - Monthly USD 334,524 0.07 Credit Suisse International CMBX NA BBB-.7 Index (42,265) 539,000 115,400 17/01/2047 (300 bp) - Monthly 72,865 0.02 Morgan Stanley & Co. International PLC CMBX NA BBB-.7 Index (40,348) 396,000 84,784 17/01/2047 (300 bp) - Monthly 44,237 0.01 Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 451,626 0.10

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (0.04%) (30 June 2019: -0.01%) Upfront Premium Payments Unrealised received/ Notional Termination received Appreciation % of Referenced debt* Rating*** (paid)** Amount Value Date by Fund USD Fund NA HY Series 34 Index B+/P USD 1,369,328 USD 36,959,750 USD 254,948 20/06/2025 500 bp - Quarterly USD 1,160,579 0.25 Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold USD 1,160,579 0.25 Variation Margin Settlement to Date USD (967,407) (0.21) Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 193,172 0.04

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. 30 June 2020

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-0.06%) (30 June 2019: 0.02%) Upfront Premium Payments Unrealised received/ Notional Termination (paid) Depreciation % of Referenced debt* (paid)** Amount Value Date by Fund USD Fund EM Series 33 Index USD (3,624,566) USD 28,357,500 USD 1,264,234 20/06/2025 (100 bp) - Quarterly USD (2,367,421) (0.51) NA HY Series 34 Index (1,283,000) 29,973,450 206,757 20/06/2025 (500 bp) - Quarterly (1,113,710) (0.24) Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Purchased USD (3,481,131) (0.75) Variation Margin Settlement to Date USD 3,232,631 0.69 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (248,500) (0.06)

* 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 30 June 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 (0.07%) (30 June 2019: 1.00%) 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 15/07/2020 USD 493,045 USD 455,429 USD 37,616 0.01 British Pound Buy 16/09/2020 7,081,616 7,196,505 (114,889) (0.02) Canadian Dollar Buy 15/07/2020 641,671 635,202 6,469 - Canadian Dollar Sell 15/07/2020 596,442 574,787 (21,655) - Canadian Dollar Sell 15/07/2020 833,561 807,377 (26,184) (0.01) Canadian Dollar Sell 15/07/2020 606,902 580,076 (26,826) (0.01) Euro Buy 16/09/2020 12,524,228 12,492,635 31,593 0.01 Euro Buy 16/09/2020 30,826,263 30,748,503 77,760 0.02 Euro Buy 16/09/2020 607,142 605,610 1,532 - Hong Kong Dollar Sell 19/08/2020 1,394,757 1,393,359 (1,398) - Japanese Yen Sell 19/08/2020 458,889 461,408 2,519 - New Zealand Dollar Buy 15/07/2020 663,985 616,800 47,185 0.01 Norwegian Krone Sell 16/09/2020 317,317 316,707 (610) - Swedish Krona Buy 16/09/2020 230,128 230,144 (16) - Taiwan Dollar Buy 19/08/2020 1,297,970 1,300,510 (2,540) - Taiwan Dollar Sell 19/08/2020 1,180,696 1,177,407 (3,289) - Barclays Bank PLC British Pound Buy 16/09/2020 6,728,193 6,836,030 (107,837) (0.02) British Pound Buy 16/09/2020 90,990 92,449 (1,459) - Euro Buy 16/09/2020 13,280,032 13,252,437 27,595 0.01 Euro Buy 16/09/2020 19,569,211 19,462,586 106,625 0.03 Euro Sell 16/09/2020 13,015,568 12,988,523 (27,045) (0.01) Euro Sell 16/09/2020 3,537,291 3,529,940 (7,351) - Euro Sell 16/09/2020 264,689 264,139 (550) - Indonesian Rupiah Buy 19/08/2020 609,822 577,182 32,640 0.01 Indonesian Rupiah Buy 19/08/2020 604,569 566,351 38,218 0.01 Indonesian Rupiah Sell 19/08/2020 1,223,104 1,230,113 7,009 - Japanese Yen Buy 19/08/2020 1,819,887 1,830,351 (10,464) - New Zealand Dollar Buy 15/07/2020 1,030,341 957,240 73,101 0.02 Norwegian Krone Buy 16/09/2020 1,262,878 1,284,332 (21,454) - Norwegian Krone Buy 16/09/2020 1,262,878 1,283,062 (20,184) - Norwegian Krone Buy 16/09/2020 1,262,878 1,282,100 (19,222) - Norwegian Krone Sell 16/09/2020 1,269,259 1,257,931 (11,328) - Polish Zloty Buy 16/09/2020 1,233,135 1,233,099 36 - Polish Zloty Sell 16/09/2020 1,272,752 1,270,672 (2,080) - Swedish Krona Sell 16/09/2020 1,280,637 1,275,142 (5,495) -

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. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.07%) (30 June 2019: 1.00%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Citibank, N.A. British Pound Buy 16/09/2020 USD 4,424,926 USD 4,496,703 USD (71,777) (0.02) British Pound Sell 16/09/2020 317,350 316,667 (683) - British Pound Sell 16/09/2020 313,383 321,778 8,395 - British Pound Sell 16/09/2020 158,923 159,101 178 - Canadian Dollar Sell 15/07/2020 1,211,669 1,173,717 (37,952) (0.01) Euro Buy 16/09/2020 35,613,061 35,531,291 81,770 0.02 Euro Buy 16/09/2020 34,739,092 34,659,328 79,764 0.02 Euro Buy 16/09/2020 742,637 740,932 1,705 - Hong Kong Dollar Buy 19/08/2020 306,241 305,934 307 - Japanese Yen Buy 19/08/2020 408,465 410,361 (1,896) - Japanese Yen Sell 19/08/2020 105,412 106,204 792 - New Zealand Dollar Sell 15/07/2020 987,491 917,125 (70,366) (0.02) Norwegian Krone Sell 16/09/2020 317,317 316,843 (474) - Swedish Krona Buy 16/09/2020 913,123 912,903 220 - Swedish Krona Sell 16/09/2020 320,154 317,394 (2,760) - Swedish Krona Sell 16/09/2020 161,253 161,318 65 - Swiss Franc Sell 16/09/2020 7,299 7,197 (102) - Credit Suisse International Australian Dollar Buy 15/07/2020 678,145 602,383 75,762 0.02 Australian Dollar Sell 15/07/2020 677,661 588,662 (88,999) (0.02) British Pound Sell 16/09/2020 258,839 262,975 4,136 - Canadian Dollar Sell 15/07/2020 624,213 600,661 (23,552) (0.01) Euro Sell 16/09/2020 898,727 896,389 (2,338) - New Zealand Dollar Buy 15/07/2020 653,595 607,334 46,261 0.01 New Zealand Dollar Sell 15/07/2020 640,882 594,528 (46,354) (0.01) Goldman Sachs International Australian Dollar Buy 15/07/2020 159,701 158,736 965 - British Pound Buy 16/09/2020 6,051,592 6,147,867 (96,275) (0.02) British Pound Buy 16/09/2020 686,517 697,439 (10,922) - Canadian Dollar Buy 15/07/2020 1,531,584 1,484,772 46,812 0.01 Euro Buy 16/09/2020 34,781,406 34,682,822 98,584 0.02 Euro Buy 16/09/2020 25,945,945 25,872,404 73,541 0.02 Euro Sell 16/09/2020 684,343 682,403 (1,940) - Euro Sell 16/09/2020 135,045 134,663 (382) - Japanese Yen Sell 19/08/2020 1,286,222 1,292,434 6,212 - New Zealand Dollar Sell 15/07/2020 320,473 296,446 (24,027) (0.01) New Zealand Dollar Sell 15/07/2020 649,336 603,217 (46,119) (0.01) Norwegian Krone Buy 16/09/2020 1,225,798 1,222,476 3,322 - Norwegian Krone Buy 16/09/2020 2,362,441 2,384,455 (22,014) - Norwegian Krone Sell 16/09/2020 1,269,851 1,281,631 11,780 - Norwegian Krone Sell 16/09/2020 1,289,181 1,282,019 (7,162) - Russian Ruble Buy 16/09/2020 1,200,597 1,166,238 34,359 0.01 Russian Ruble Sell 16/09/2020 1,247,353 1,252,157 4,804 - Swedish Krona Buy 16/09/2020 308,080 306,149 1,931 - Swedish Krona Buy 16/09/2020 918,752 918,511 241 - HSBC Bank USA, National Association Australian Dollar Buy 15/07/2020 632,940 594,104 38,836 0.01 Australian Dollar Buy 15/07/2020 320,093 322,850 (2,757) - Australian Dollar Buy 15/07/2020 338,175 296,300 41,875 0.01 Australian Dollar Buy 15/07/2020 323,544 323,556 (12) - Australian Dollar Buy 15/07/2020 617,066 574,489 42,577 0.01 Australian Dollar Buy 15/07/2020 678,145 602,384 75,761 0.02 Australian Dollar Sell 15/07/2020 637,080 583,452 (53,628) (0.01)

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

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.07%) (30 June 2019: 1.00%) 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. British Pound Sell 16/09/2020 USD 782,714 USD 791,467 USD 8,753 - British Pound Sell 16/09/2020 572,098 581,190 9,092 - British Pound Sell 16/09/2020 75,247 76,443 1,196 - Canadian Dollar Buy 15/07/2020 1,478,178 1,480,898 (2,720) - Canadian Dollar Buy 15/07/2020 607,197 590,978 16,219 - Canadian Dollar Buy 15/07/2020 466,355 452,067 14,288 - Canadian Dollar Buy 15/07/2020 1,214,763 1,201,228 13,535 - Canadian Dollar Buy 15/07/2020 306,950 297,731 9,219 - Canadian Dollar Sell 15/07/2020 321,462 322,120 658 - Canadian Dollar Sell 15/07/2020 624,287 600,859 (23,428) (0.01) Canadian Dollar Sell 15/07/2020 612,427 592,471 (19,956) - Canadian Dollar Sell 15/07/2020 612,353 592,458 (19,895) - Canadian Dollar Sell 15/07/2020 303,046 305,006 1,960 - Euro Buy 16/09/2020 31,202,589 31,134,223 68,366 0.02 Euro Buy 16/09/2020 40,447,126 40,358,504 88,622 0.02 Euro Buy 16/09/2020 318,370 319,516 (1,146) - Euro Buy 16/09/2020 520,600 519,460 1,140 - Hong Kong Dollar Sell 19/08/2020 589,276 588,665 (611) - Hong Kong Dollar Sell 19/08/2020 589,276 588,682 (594) - Hong Kong Dollar Sell 19/08/2020 1,266,100 1,264,777 (1,323) - Hong Kong Dollar Sell 19/08/2020 304,371 303,421 (950) - Hong Kong Dollar Sell 19/08/2020 675,353 674,808 (545) - Indian Rupee Buy 19/08/2020 1,161,833 1,152,974 8,859 - Indian Rupee Sell 19/08/2020 1,209,797 1,206,175 (3,622) - Japanese Yen Buy 19/08/2020 674,772 678,457 (3,685) - Japanese Yen Buy 19/08/2020 297,823 298,400 (577) - Japanese Yen Sell 19/08/2020 105,413 106,205 792 - New Zealand Dollar Buy 15/07/2020 630,298 583,607 46,691 0.01 New Zealand Dollar Buy 15/07/2020 316,472 295,657 20,815 - New Zealand Dollar Buy 15/07/2020 317,634 296,887 20,747 - New Zealand Dollar Buy 15/07/2020 635,977 596,149 39,828 0.01 New Zealand Dollar Buy 15/07/2020 1,065,899 989,814 76,085 0.02 New Zealand Dollar Sell 15/07/2020 635,332 590,399 (44,933) (0.01) New Zealand Dollar Sell 15/07/2020 645,012 599,213 (45,799) (0.01) New Zealand Dollar Sell 15/07/2020 645,077 599,366 (45,711) (0.01) New Zealand Dollar Sell 15/07/2020 614,230 567,796 (46,434) (0.01) Norwegian Krone Sell 16/09/2020 317,317 317,084 (233) - Norwegian Krone Sell 16/09/2020 317,317 316,678 (639) - JPMorgan Chase Bank, N.A. Australian Dollar Buy 15/07/2020 159,701 158,736 965 - Australian Dollar Buy 15/07/2020 318,161 322,275 (4,114) - Australian Dollar Sell 15/07/2020 320,024 296,535 (23,489) (0.01) British Pound Buy 16/09/2020 18,270,684 18,562,972 (292,288) (0.07) British Pound Buy 16/09/2020 770,690 783,019 (12,329) - British Pound Sell 16/09/2020 318,466 321,887 3,421 - British Pound Sell 16/09/2020 318,838 316,947 (1,891) - Canadian Dollar Buy 15/07/2020 611,175 600,289 10,886 - Canadian Dollar Sell 15/07/2020 317,926 321,382 3,456 - Canadian Dollar Sell 15/07/2020 314,685 300,976 (13,709) - Canadian Dollar Sell 15/07/2020 609,702 591,235 (18,467) - Canadian Dollar Sell 15/07/2020 215,756 213,836 (1,920) - Euro Buy 16/09/2020 26,012,568 25,941,288 71,280 0.02

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

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.07%) (30 June 2019: 1.00%) 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. Euro Buy 16/09/2020 USD 29,850,559 USD 29,768,763 USD 81,796 0.02 Euro Sell 16/09/2020 2,232,639 2,226,521 (6,118) - Japanese Yen Sell 19/08/2020 1,664,578 1,671,389 6,811 - New Zealand Dollar Sell 15/07/2020 63,824 59,309 (4,515) - Singapore Dollar Buy 19/08/2020 1,228,106 1,221,506 6,600 - Singapore Dollar Buy 19/08/2020 1,228,106 1,225,811 2,295 - Singapore Dollar Sell 19/08/2020 591,053 577,710 (13,343) - Singapore Dollar Sell 19/08/2020 604,831 591,854 (12,977) - Singapore Dollar Sell 19/08/2020 1,213,754 1,187,223 (26,531) (0.01) Swiss Franc Buy 16/09/2020 596,621 594,215 2,406 - Swiss Franc Sell 16/09/2020 584,350 576,151 (8,199) - Natwest Markets PLC British Pound Buy 16/09/2020 297,888 302,677 (4,789) - British Pound Sell 16/09/2020 984,777 1,000,611 15,834 - Canadian Dollar Buy 15/07/2020 559,096 542,124 16,972 - Canadian Dollar Sell 15/07/2020 303,709 298,336 (5,373) - Euro Buy 16/09/2020 14,683,605 14,647,283 36,322 0.01 Euro Sell 16/09/2020 1,440,372 1,436,809 (3,563) - New Zealand Dollar Buy 15/07/2020 809,572 752,148 57,424 0.01 New Zealand Dollar Sell 15/07/2020 324,023 297,660 (26,363) (0.01) New Zealand Dollar Sell 15/07/2020 641,205 602,017 (39,188) (0.01) State Street Bank & Trust Company Australian Dollar Buy 15/07/2020 676,902 600,570 76,332 0.02 Australian Dollar Buy 15/07/2020 322,233 320,127 2,106 - Australian Dollar Buy 15/07/2020 322,440 319,781 2,659 - Australian Dollar Buy 15/07/2020 338,175 296,267 41,908 0.01 Australian Dollar Buy 15/07/2020 329,134 300,918 28,216 0.01 Australian Dollar Buy 15/07/2020 314,158 302,818 11,340 - Australian Dollar Buy 15/07/2020 317,816 321,558 (3,742) - Australian Dollar Buy 15/07/2020 312,501 298,804 13,697 - Australian Dollar Buy 15/07/2020 493,045 455,406 37,639 0.01 Australian Dollar Buy 15/07/2020 309,879 295,388 14,491 - Australian Dollar Buy 15/07/2020 331,205 298,108 33,097 0.01 Australian Dollar Buy 15/07/2020 338,244 297,960 40,284 0.01 Australian Dollar Sell 15/07/2020 316,711 288,856 (27,855) (0.01) Australian Dollar Sell 15/07/2020 315,607 291,672 (23,935) (0.01) Australian Dollar Sell 15/07/2020 320,093 296,608 (23,485) (0.01) Australian Dollar Sell 15/07/2020 3,058,345 2,702,534 (355,811) (0.09) Australian Dollar Sell 15/07/2020 319,610 294,653 (24,957) (0.01) British Pound Buy 16/09/2020 7,293,100 7,409,985 (116,885) (0.03) British Pound Sell 16/09/2020 314,003 317,797 3,794 - British Pound Sell 16/09/2020 317,474 318,905 1,431 - British Pound Sell 16/09/2020 1,513,115 1,537,365 24,250 0.01 British Pound Sell 16/09/2020 158,923 159,103 180 - British Pound Sell 16/09/2020 314,747 318,565 3,818 - British Pound Sell 16/09/2020 313,631 319,119 5,488 - Canadian Dollar Buy 15/07/2020 308,202 296,467 11,735 - Canadian Dollar Buy 15/07/2020 305,182 295,632 9,550 - Canadian Dollar Buy 15/07/2020 607,197 591,482 15,715 - Canadian Dollar Buy 15/07/2020 307,466 300,940 6,526 - Canadian Dollar Buy 15/07/2020 608,597 594,983 13,614 - Canadian Dollar Buy 15/07/2020 303,341 293,210 10,131 - Canadian Dollar Buy 15/07/2020 305,993 295,430 10,563 -

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

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.07%) (30 June 2019: 1.00%) 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 Buy 15/07/2020 USD 308,865 USD 300,490 USD 8,375 - Canadian Dollar Sell 15/07/2020 606,608 580,152 (26,456) (0.01) Canadian Dollar Sell 15/07/2020 316,600 320,159 3,559 - Canadian Dollar Sell 15/07/2020 320,357 319,587 (770) - Canadian Dollar Sell 15/07/2020 321,462 320,640 (822) - Canadian Dollar Sell 15/07/2020 298,258 287,221 (11,037) - Canadian Dollar Sell 15/07/2020 7,217,418 6,997,372 (220,046) (0.05) Canadian Dollar Sell 15/07/2020 319,252 323,200 3,948 - Canadian Dollar Sell 15/07/2020 306,361 296,408 (9,953) - Canadian Dollar Sell 15/07/2020 215,756 213,821 (1,935) - Euro Buy 16/09/2020 5,877,178 5,864,468 12,710 - Euro Buy 16/09/2020 21,982,699 21,935,158 47,541 0.01 Euro Buy 16/09/2020 318,482 319,562 (1,080) - Euro Buy 16/09/2020 1,273,591 1,274,898 (1,307) - Euro Buy 16/09/2020 318,370 319,663 (1,293) - Euro Buy 16/09/2020 1,274,717 1,275,241 (524) - Euro Buy 16/09/2020 689,520 689,013 507 - Euro Sell 16/09/2020 1,279,106 1,280,339 1,233 - Euro Sell 16/09/2020 1,279,106 1,280,713 1,607 - Euro Sell 16/09/2020 4,099,417 4,090,552 (8,865) - Euro Sell 16/09/2020 1,232,290 1,221,533 (10,757) - Hong Kong Dollar Sell 19/08/2020 589,263 588,649 (614) - Hong Kong Dollar Sell 19/08/2020 589,276 588,661 (615) - Hong Kong Dollar Sell 19/08/2020 2,789,514 2,786,586 (2,928) - Hong Kong Dollar Sell 19/08/2020 1,178,553 1,177,381 (1,172) - Japanese Yen Buy 19/08/2020 1,539,952 1,551,151 (11,199) - Japanese Yen Buy 19/08/2020 287,918 292,380 (4,462) - Japanese Yen Buy 19/08/2020 630,158 632,578 (2,420) - Japanese Yen Sell 19/08/2020 105,413 106,204 791 - Japanese Yen Sell 19/08/2020 4,198,935 4,219,370 20,435 - New Zealand Dollar Buy 15/07/2020 1,379,468 1,281,438 98,030 0.02 New Zealand Dollar Buy 15/07/2020 630,234 583,667 46,567 0.01 New Zealand Dollar Buy 15/07/2020 322,796 320,640 2,156 - New Zealand Dollar Buy 15/07/2020 317,698 296,934 20,764 - New Zealand Dollar Buy 15/07/2020 319,376 294,132 25,244 0.01 New Zealand Dollar Buy 15/07/2020 627,588 590,339 37,249 0.01 New Zealand Dollar Buy 15/07/2020 311,439 287,758 23,681 0.01 New Zealand Dollar Sell 15/07/2020 326,733 300,587 (26,146) (0.01) New Zealand Dollar Sell 15/07/2020 319,763 301,013 (18,750) - New Zealand Dollar Sell 15/07/2020 324,023 297,617 (26,406) (0.01) New Zealand Dollar Sell 15/07/2020 320,215 297,890 (22,325) - New Zealand Dollar Sell 15/07/2020 318,150 298,720 (19,430) - Norwegian Krone Sell 15/07/2020 306,821 309,752 2,931 - Swedish Krona Buy 16/09/2020 316,072 320,981 (4,909) - Swedish Krona Buy 15/07/2020 1,814,968 1,814,782 186 - Swedish Krona Sell 15/07/2020 322,528 324,225 1,697 - Swedish Krona Sell 15/07/2020 161,264 161,331 67 - Toronto-Dominion Bank Australian Dollar Buy 15/07/2020 331,205 298,115 33,090 0.01 Australian Dollar Buy 15/07/2020 336,450 293,184 43,266 0.01 Australian Dollar Buy 15/07/2020 305,462 306,889 (1,427) -

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

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.07%) (30 June 2019: 1.00%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Toronto-Dominion Bank cont. British Pound Buy 16/09/2020 USD 175,658 USD 178,448 USD (2,790) - Canadian Dollar Sell 15/07/2020 306,361 308,355 1,994 - Canadian Dollar Sell 15/07/2020 319,178 319,702 524 - Canadian Dollar Sell 15/07/2020 306,582 295,444 (11,138) - Canadian Dollar Sell 15/07/2020 770,506 746,690 (23,816) (0.01) Euro Sell 16/09/2020 1,289,684 1,285,984 (3,700) - Hong Kong Dollar Sell 19/08/2020 381,727 381,343 (384) - New Zealand Dollar Buy 15/07/2020 311,568 289,497 22,071 0.01 New Zealand Dollar Sell 15/07/2020 320,860 318,463 (2,397) - UBS AG Australian Dollar Buy 15/07/2020 321,059 321,689 (630) - Australian Dollar Buy 15/07/2020 317,125 320,493 (3,368) - Australian Dollar Buy 15/07/2020 319,610 317,780 1,830 - Australian Dollar Sell 15/07/2020 1,229,853 1,226,486 (3,367) - Australian Dollar Sell 15/07/2020 677,661 588,763 (88,898) (0.02) Australian Dollar Sell 15/07/2020 323,820 296,254 (27,566) (0.01) Australian Dollar Sell 15/07/2020 318,299 294,713 (23,586) (0.01) British Pound Sell 16/09/2020 1,249,318 1,269,616 20,298 - Canadian Dollar Buy 15/07/2020 624,434 599,307 25,127 0.01 Canadian Dollar Buy 15/07/2020 624,434 599,353 25,081 0.01 Canadian Dollar Buy 15/07/2020 1,214,615 1,200,765 13,850 - Canadian Dollar Buy 15/07/2020 307,024 297,794 9,230 - Canadian Dollar Sell 15/07/2020 318,368 318,461 93 - Canadian Dollar Sell 15/07/2020 320,725 319,657 (1,068) - Canadian Dollar Sell 15/07/2020 606,682 580,397 (26,285) (0.01) Canadian Dollar Sell 15/07/2020 596,516 574,899 (21,617) - Canadian Dollar Sell 15/07/2020 89,205 86,490 (2,715) - Canadian Dollar Sell 15/07/2020 606,976 580,169 (26,807) (0.01) Euro Buy 16/09/2020 1,306,565 1,303,902 2,663 - Euro Sell 16/09/2020 5,381,561 5,370,592 (10,969) - Euro Sell 16/09/2020 716,416 714,956 (1,460) - Hong Kong Dollar Sell 19/08/2020 1,394,770 1,393,366 (1,404) - Japanese Yen Buy 19/08/2020 293,825 295,590 (1,765) - Japanese Yen Buy 19/08/2020 1,280,491 1,287,659 (7,168) - Japanese Yen Buy 19/08/2020 297,144 297,761 (617) - Japanese Yen Buy 19/08/2020 293,508 296,781 (3,273) - Japanese Yen Buy 19/08/2020 287,729 290,295 (2,566) - Japanese Yen Sell 19/08/2020 319,255 319,517 262 - New Zealand Dollar Buy 15/07/2020 2,043,646 1,898,338 145,308 0.04 New Zealand Dollar Buy 15/07/2020 635,977 596,013 39,964 0.01 New Zealand Dollar Buy 15/07/2020 1,250,078 1,230,748 19,330 - New Zealand Dollar Sell 15/07/2020 326,668 300,477 (26,191) (0.01) Norwegian Krone Sell 16/09/2020 1,269,425 1,256,020 (13,405) - Swedish Krona Buy 16/09/2020 1,281,066 1,275,343 5,723 - Westpac Banking Corporation Australian Dollar Buy 15/07/2020 334,586 299,619 34,967 0.01 Australian Dollar Buy 15/07/2020 658,199 591,806 66,393 0.01 Australian Dollar Buy 15/07/2020 658,199 591,959 66,240 0.01 Australian Dollar Sell 15/07/2020 637,149 583,842 (53,307) (0.01) British Pound Buy 16/09/2020 2,975 3,023 (48) - British Pound Sell 16/09/2020 315,986 320,509 4,523 - Canadian Dollar Buy 15/07/2020 607,197 591,090 16,107 - Canadian Dollar Buy 15/07/2020 607,197 591,476 15,721 -

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

Putnam Multi-Asset Absolute Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.07%) (30 June 2019: 1.00%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Westpac Banking Corporation cont. Canadian Dollar Sell 15/07/2020 USD 616,994 USD 594,805 USD (22,189) - Canadian Dollar Sell 15/07/2020 316,674 318,769 2,095 - Canadian Dollar Sell 15/07/2020 312,107 302,640 (9,467) - Canadian Dollar Sell 15/07/2020 304,077 297,431 (6,646) - Canadian Dollar Sell 15/07/2020 215,756 213,816 (1,940) - Euro Buy 16/09/2020 32,774,406 32,698,868 75,538 0.02 Euro Buy 16/09/2020 24,252,363 24,196,466 55,897 0.01 Euro Buy 16/09/2020 318,370 319,590 (1,220) - Euro Sell 16/09/2020 309,367 308,654 (713) - Japanese Yen Buy 19/08/2020 310,206 311,718 (1,512) - New Zealand Dollar Buy 15/07/2020 319,183 294,542 24,641 0.01 New Zealand Dollar Buy 15/07/2020 662,049 614,771 47,278 0.01 New Zealand Dollar Sell 15/07/2020 635,332 590,494 (44,838) (0.01) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 3,631,132 0.78 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (3,321,482) (0.71) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 309,650 0.07 Total Financial Assets at Fair Value through Profit or Loss USD 644,055,378 138.30 Total Financial Liabilities at Fair Value through Profit or Loss USD (67,050,941) (14.40)

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

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 19.00 Transferable securities dealt on another regulated market 50.01 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 20.95 OTC financial derivative instruments 2.85 Exchange Traded financial derivative instruments 0.47 Centrally cleared financial derivative instruments 0.03 Other assets 6.69 Total Assets 100.00

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

Putnam Securitised Credit Fund

Schedule of Investments 30 June 2020

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (81.19%) (30 June 2019: 98.89%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (66.23%) USD 16,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 13/08/2050 USD 16,650,626 4.37 23,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 13/08/2050 24,178,750 6.35 24,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.00 14/07/2050 24,560,626 6.45 64,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/07/2050 66,729,997 17.53 109,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 14/07/2050 114,803,399 30.15 5,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50 14/07/2050 5,258,594 1.38 252,181,992 66.23 U.S. Government Guaranteed Mortgage Obligations (14.96%) 209,305 Government National Mortgage Association Pass-Through Certificates 5.00 20/03/2050 236,198 0.06 51,616 Government National Mortgage Association Pass-Through Certificates 4.00 20/01/2050 56,602 0.01 317,289 Government National Mortgage Association Pass-Through Certificates 4.00 20/12/2049 347,937 0.09 292,397 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 316,827 0.08 22,862 Government National Mortgage Association Pass-Through Certificates 3.50 20/11/2049 24,772 0.01 42,526 Government National Mortgage Association Pass-Through Certificates 3.50 20/10/2049 46,052 0.01 135,816 Government National Mortgage Association Pass-Through Certificates 4.00 20/10/2049 148,934 0.04 108,806 Government National Mortgage Association Pass-Through Certificates 4.00 20/10/2049 119,316 0.03 217,362 Government National Mortgage Association Pass-Through Certificates 4.00 20/09/2049 238,357 0.06 305,894 Government National Mortgage Association Pass-Through Certificates 4.00 20/08/2049 334,963 0.09 52,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00 21/07/2050 55,085,467 14.48 56,955,425 14.96 Total U.S. Government and Agency Mortgage Obligations USD 309,137,417 81.19

U.S. GOVERNMENT AGENCY OBLIGATIONS (3.28%) (30 June 2019: 21.32%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 5,000,000 Federal Farm Credit Discount Notes 0.18 07/08/2020 USD 4,999,075 1.31 7,500,000 Federal Home Loan Bank Discount Notes 0.14 26/08/2020 7,498,367 1.97 Total U.S. Government Agency Obligations USD 12,497,442 3.28

MORTGAGE-BACKED SECURITIES (55.24%) (30 June 2019: 58.43%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (28.80%) USD 355,310 Federal Home Loan Mortgage Corporation (Class AS) 5.83 25/09/2048 USD 64,400 0.02 10,715,321 Federal Home Loan Mortgage Corporation (Class AS) 6.03 15/02/2045 2,689,959 0.71 12,101,129 Federal Home Loan Mortgage Corporation (Class BI) 4.50 25/05/2050 1,960,746 0.51 241,993 Federal Home Loan Mortgage Corporation (Class CI) 7.00 15/03/2045 55,728 0.01 330,166 Federal Home Loan Mortgage Corporation (Class DI) 4.00 15/06/2043 33,429 0.01 256,630 Federal Home Loan Mortgage Corporation (Class EI) 4.00 15/10/2042 5,292 - 6,816,818 Federal Home Loan Mortgage Corporation (Class ES) 5.83 25/12/2049 1,089,820 0.29 222,964 Federal Home Loan Mortgage Corporation (Class IG) 3.00 15/06/2048 14,256 - 16,888,474 Federal Home Loan Mortgage Corporation (Class IO) 3.00 25/04/2050 1,636,287 0.43 199,156 Federal Home Loan Mortgage Corporation (Class IO) 5.50 15/08/2048 41,016 0.01 445,259 Federal Home Loan Mortgage Corporation (Class IO) 4.00 15/02/2044 33,588 0.01 3,105,994 Federal Home Loan Mortgage Corporation (Class IP) 4.00 15/02/2047 294,368 0.08 241,501 Federal Home Loan Mortgage Corporation (Class LS) 5.93 15/07/2035 51,805 0.01 320,046 Federal Home Loan Mortgage Corporation (Class NS) 6.30 15/01/2042 61,253 0.02 862,347 Federal Home Loan Mortgage Corporation (Class PI) 4.50 15/12/2045 115,825 0.03 2,388,659 Federal Home Loan Mortgage Corporation (Class PI) 4.00 15/04/2045 273,131 0.07 545,806 Federal Home Loan Mortgage Corporation (Class QI) 4.00 15/11/2044 86,415 0.02 5,111,009 Federal Home Loan Mortgage Corporation (Class S) 6.03 15/06/2048 781,892 0.21 4,782,882 Federal Home Loan Mortgage Corporation (Class SA) 5.83 25/02/2050 850,732 0.22 3,094,236 Federal Home Loan Mortgage Corporation (Class SA) 5.88 25/08/2049 524,164 0.14 2,205,282 Federal Home Loan Mortgage Corporation (Class SA) 6.33 15/09/2041 421,337 0.11

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

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (55.24%) (30 June 2019: 58.43%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (28.80%) cont. USD 2,417,915 Federal Home Loan Mortgage Corporation (Class SB) 5.88 25/04/2049 USD 327,144 0.09 2,616,874 Federal Home Loan Mortgage Corporation (Class SC) 6.38 15/10/2033 511,570 0.13 2,861,267 Federal Home Loan Mortgage Corporation (Class SN) 5.88 25/06/2050 535,987 0.14 7,347,616 Federal Home Loan Mortgage Corporation (Class SP) 5.83 25/08/2049 1,143,216 0.30 765,634 Federal Home Loan Mortgage Corporation (Class TI) 4.00 15/11/2045 83,610 0.02 10,022,093 Federal National Mortgage Association (Class AS) 6.07 25/08/2047 2,211,896 0.58 128,844 Federal National Mortgage Association (Class AS) 5.92 25/12/2046 27,163 0.01 190,157 Federal National Mortgage Association (Class BS) 5.87 25/10/2049 15,450 - 2,913,740 Federal National Mortgage Association (Class BS) 5.92 25/11/2046 660,414 0.17 187,724 Federal National Mortgage Association (Class BS) 5.92 25/09/2046 34,735 0.01 10,460,328 Federal National Mortgage Association (Class C12) 4.00 25/12/2045 1,513,502 0.40 6,928,229 Federal National Mortgage Association (Class C35) 4.50 25/10/2040 1,097,638 0.29 343,638 Federal National Mortgage Association (Class CS) 5.82 25/11/2049 96,775 0.03 241,512 Federal National Mortgage Association (Class CS) 5.92 25/09/2046 49,159 0.01 303,718 Federal National Mortgage Association (Class CS) 5.92 25/05/2039 56,025 0.01 15,309,827 Federal National Mortgage Association (Class HI) 4.00 25/12/2049 688,942 0.18 107,745 Federal National Mortgage Association (Class IA) 4.50 25/11/2047 16,078 - 10,223,588 Federal National Mortgage Association (Class IA) 5.00 25/05/2047 1,829,102 0.48 6,267,372 Federal National Mortgage Association (Class IA) 5.00 25/06/2045 1,069,339 0.28 905,343 Federal National Mortgage Association (Class IO) 4.50 25/03/2049 57,888 0.02 233,848 Federal National Mortgage Association (Class IO) 5.50 25/08/2048 45,520 0.01 215,190 Federal National Mortgage Association (Class IO) 6.50 25/07/2048 40,344 0.01 208,417 Federal National Mortgage Association (Class IO) 5.50 25/05/2045 40,902 0.01 144,818 Federal National Mortgage Association (Class KI) 5.00 25/06/2041 26,617 0.01 8,189,022 Federal National Mortgage Association (Class KS) 5.82 25/11/2049 1,352,279 0.36 10,883,925 Federal National Mortgage Association (Class KS) 5.87 25/08/2049 1,686,924 0.44 4,581,284 Federal National Mortgage Association (Class LS) 5.92 25/09/2046 1,010,125 0.27 190,050 Federal National Mortgage Association (Class MI) 5.50 25/02/2046 35,596 0.01 241,287 Federal National Mortgage Association (Class PI) 5.50 25/08/2033 43,046 0.01 13,228,724 Federal National Mortgage Association (Class PS) 5.82 25/04/2049 1,976,107 0.52 3,013,205 Federal National Mortgage Association (Class S) 5.77 25/03/2042 613,941 0.16 4,584,494 Federal National Mortgage Association (Class SA) 5.77 25/12/2049 787,864 0.21 6,700,036 Federal National Mortgage Association (Class SA) 5.87 25/10/2049 1,231,522 0.32 10,205,041 Federal National Mortgage Association (Class SA) 5.87 25/05/2049 1,675,530 0.44 5,772,484 Federal National Mortgage Association (Class SA) 6.02 25/06/2048 873,088 0.23 529,186 Federal National Mortgage Association (Class SA) 5.57 25/10/2047 101,101 0.03 2,791,588 Federal National Mortgage Association (Class SA) 5.87 25/03/2046 481,845 0.13 310,578 Federal National Mortgage Association (Class SA) 6.52 25/02/2043 80,254 0.02 392,384 Federal National Mortgage Association (Class SB) 6.02 25/09/2048 73,337 0.02 6,295,767 Federal National Mortgage Association (Class SC) 5.82 25/11/2049 1,058,890 0.28 264,455 Federal National Mortgage Association (Class SD) 5.87 25/04/2044 50,908 0.01 770,429 Federal National Mortgage Association (Class SD) 5.87 25/09/2042 159,470 0.04 5,977,493 Federal National Mortgage Association (Class SH) 5.92 25/07/2049 1,186,372 0.31 124,794 Federal National Mortgage Association (Class SH) 5.97 25/05/2049 26,519 0.01 9,273,398 Federal National Mortgage Association (Class SH) 6.38 25/06/2041 2,275,940 0.60 248,228 Federal National Mortgage Association (Class SK) 5.82 25/12/2046 53,990 0.01 4,247,812 Federal National Mortgage Association (Class SM) 5.87 25/06/2049 617,356 0.16 5,649,943 Federal National Mortgage Association (Class SN) 5.87 25/09/2049 986,135 0.26 12,447,940 Federal National Mortgage Association (Class SP) 6.02 25/06/2048 1,871,078 0.49 451,519 Federal National Mortgage Association (Class ST) 5.74 25/06/2041 99,334 0.03 960,599 Federal National Mortgage Association (Class YI) 3.50 25/06/2042 73,275 0.02 6,128,724 Government National Mortgage Association (Class AI) 3.49 20/02/2070 665,880 0.17 1,089,595 Government National Mortgage Association (Class AI) 1.89 20/03/2068 46,825 0.01 344,988 Government National Mortgage Association (Class AI) 1.68 20/02/2068 37,723 0.01 4,669,330 Government National Mortgage Association (Class AI) 3.59 20/11/2066 513,841 0.13 6,531,423 Government National Mortgage Association (Class AI) 3.87 20/09/2066 709,992 0.19

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

110 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (55.24%) (30 June 2019: 58.43%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (28.80%) cont. USD 2,391,730 Government National Mortgage Association (Class AI) 3.08 20/02/2066 USD 225,748 0.06 7,176,362 Government National Mortgage Association (Class AS) 5.97 16/09/2043 1,433,925 0.38 7,467,796 Government National Mortgage Association (Class BI) 1.90 20/12/2069 732,600 0.19 5,264,341 Government National Mortgage Association (Class BI) 2.56 20/02/2068 618,560 0.16 160,858 Government National Mortgage Association (Class BI) 2.39 20/08/2067 19,686 0.01 6,528,635 Government National Mortgage Association (Class BI) 2.33 20/02/2067 650,947 0.17 4,711,691 Government National Mortgage Association (Class BI) 2.44 20/02/2067 557,922 0.15 9,662,668 Government National Mortgage Association (Class BS) 5.91 20/10/2049 1,244,285 0.33 7,078,466 Government National Mortgage Association (Class CI) 1.94 20/01/2070 691,883 0.18 10,876,389 Government National Mortgage Association (Class CI) 1.86 20/11/2069 769,341 0.20 253,388 Government National Mortgage Association (Class CI) 1.41 20/07/2068 27,888 0.01 912,197 Government National Mortgage Association (Class CI) 1.75 20/07/2064 41,410 0.01 7,649,192 Government National Mortgage Association (Class DI) 3.06 01/04/2070 628,764 0.17 24,520,536 Government National Mortgage Association (Class DI) 2.68 20/12/2069 2,237,157 0.59 405,881 Government National Mortgage Association (Class DI) 1.90 20/08/2068 44,357 0.01 227,611 Government National Mortgage Association (Class DI) 2.96 20/04/2067 25,983 0.01 4,250,831 Government National Mortgage Association (Class DI) 0.79 20/06/2066 425,715 0.11 416,042 Government National Mortgage Association (Class DI) 2.20 20/12/2062 31,551 0.01 1,766,994 Government National Mortgage Association (Class DI) 5.00 16/03/2047 309,224 0.08 225,872 Government National Mortgage Association (Class DI) 5.50 16/12/2044 49,410 0.01 8,141,535 Government National Mortgage Association (Class DS) 5.91 20/08/2049 1,378,859 0.36 7,025,685 Government National Mortgage Association (Class EI) 1.94 20/11/2069 745,442 0.20 317,282 Government National Mortgage Association (Class EI) 3.22 20/06/2068 33,027 0.01 383,845 Government National Mortgage Association (Class EI) 2.37 20/01/2068 44,622 0.01 146,370 Government National Mortgage Association (Class EI) 3.50 20/08/2045 10,839 - 1,299,850 Government National Mortgage Association (Class EI) 5.00 20/10/2044 238,847 0.06 6,562,558 Government National Mortgage Association (Class ES) 5.91 20/08/2049 967,977 0.25 165,062 Government National Mortgage Association (Class FI) 1.92 20/06/2068 16,196 - 1,251,401 Government National Mortgage Association (Class FI) 1.28 20/05/2062 34,206 0.01 6,304,607 Government National Mortgage Association (Class GI) 2.34 20/12/2067 751,417 0.20 5,051,690 Government National Mortgage Association (Class GI) 2.41 20/10/2067 640,028 0.17 11,448,674 Government National Mortgage Association (Class GI) 4.00 20/11/2049 1,516,488 0.40 171,329 Government National Mortgage Association (Class GI) 3.50 20/09/2047 10,494 - 8,631,738 Government National Mortgage Association (Class GS) 5.86 20/12/2049 2,414,989 0.63 3,987,466 Government National Mortgage Association (Class HI) 2.95 20/01/2066 314,611 0.08 8,522,037 Government National Mortgage Association (Class IA) 2.63 20/11/2069 708,394 0.19 335,226 Government National Mortgage Association (Class IA) 1.92 20/08/2068 35,911 0.01 651,948 Government National Mortgage Association (Class IA) 4.50 20/09/2047 106,800 0.03 228,828 Government National Mortgage Association (Class IA) 3.50 20/10/2042 34,576 0.01 7,902,056 Government National Mortgage Association (Class IB) 1.94 20/12/2069 814,117 0.21 594,996 Government National Mortgage Association (Class IB) 4.00 20/08/2047 69,767 0.02 10,478,831 Government National Mortgage Association (Class IB) 4.50 16/11/2045 1,966,457 0.52 7,432,875 Government National Mortgage Association (Class IB) 4.00 20/12/2044 803,643 0.21 9,815,791 Government National Mortgage Association (Class IC) 3.44 20/12/2069 1,014,560 0.27 5,824,193 Government National Mortgage Association (Class IC) 4.00 20/05/2045 822,667 0.22 11,135,214 Government National Mortgage Association (Class IC) 4.50 20/08/2041 1,901,333 0.50 7,264,685 Government National Mortgage Association (Class IE) 1.81 20/10/2069 723,805 0.19 99,510 Government National Mortgage Association (Class IE) 3.50 20/01/2046 9,081 - 6,563,709 Government National Mortgage Association (Class IJ) 4.50 20/03/2043 1,097,228 0.29 494,813 Government National Mortgage Association (Class IM) 2.34 20/02/2068 64,166 0.02 2,333,385 Government National Mortgage Association (Class IM) 6.50 20/02/2047 496,778 0.13 7,850,312 Government National Mortgage Association (Class IN) 5.00 20/09/2049 986,386 0.26 2,053,366 Government National Mortgage Association (Class IN) 5.00 20/02/2048 319,258 0.08 342,127 Government National Mortgage Association (Class IO) 2.12 20/09/2068 33,980 0.01 210,580 Government National Mortgage Association (Class IO) 6.50 20/12/2046 44,797 0.01 69,969 Government National Mortgage Association (Class IO) 5.00 20/10/2044 12,769 -

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

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (55.24%) (30 June 2019: 58.43%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (28.80%) cont. USD 201,958 Government National Mortgage Association (Class JI) 1.68 20/07/2068 USD 21,852 0.01 238,890 Government National Mortgage Association (Class KI) 2.07 20/08/2068 28,122 0.01 4,900,619 Government National Mortgage Association (Class KS) 5.87 16/09/2049 1,307,366 0.34 368,665 Government National Mortgage Association (Class LS) 5.95 20/12/2043 93,519 0.02 5,050,993 Government National Mortgage Association (Class MI) 4.00 20/04/2050 538,766 0.14 16,075,831 Government National Mortgage Association (Class MI) 3.00 20/03/2050 1,482,283 0.39 479,767 Government National Mortgage Association (Class NI) 3.42 20/08/2068 51,034 0.01 550,855 Government National Mortgage Association (Class PI) 1.88 20/02/2068 29,934 0.01 7,812,730 Government National Mortgage Association (Class PI) 3.50 20/12/2049 952,216 0.25 289,074 Government National Mortgage Association (Class PI) 4.50 20/05/2048 26,595 0.01 441,443 Government National Mortgage Association (Class QI) 5.00 20/10/2047 80,981 0.02 2,687,402 Government National Mortgage Association (Class QI) 4.50 20/03/2040 432,380 0.11 7,794,781 Government National Mortgage Association (Class QS) 6.06 20/02/2040 1,547,273 0.41 7,963,564 Government National Mortgage Association (Class S) 5.86 20/08/2049 1,173,033 0.31 355,083 Government National Mortgage Association (Class S) 6.01 20/07/2048 59,820 0.02 111,841 Government National Mortgage Association (Class S) 5.91 20/02/2044 23,331 0.01 3,307,366 Government National Mortgage Association (Class S) 5.86 20/02/2041 613,030 0.16 106,042 Government National Mortgage Association (Class SA) 5.96 20/12/2048 16,171 - 2,537,785 Government National Mortgage Association (Class SA) 5.91 20/03/2044 534,909 0.14 8,914,257 Government National Mortgage Association (Class SA) - 20/02/2044 1,799,610 0.47 9,040,831 Government National Mortgage Association (Class SA) 6.51 20/08/2043 1,975,594 0.52 10,844,854 Government National Mortgage Association (Class SC) 5.86 20/02/2049 1,857,181 0.49 4,096,323 Government National Mortgage Association (Class SC) 5.91 20/02/2049 708,219 0.19 3,545,854 Government National Mortgage Association (Class SD) - 20/09/2048 503,511 0.13 378,122 Government National Mortgage Association (Class SD) 6.01 20/08/2048 62,772 0.02 285,027 Government National Mortgage Association (Class SD) 6.41 20/08/2040 60,032 0.02 1,478,814 Government National Mortgage Association (Class SD) 6.39 20/06/2040 306,626 0.08 11,266,412 Government National Mortgage Association (Class SE) 5.91 20/01/2049 1,814,613 0.48 11,825,572 Government National Mortgage Association (Class SG) 5.86 20/11/2049 1,406,618 0.37 296,940 Government National Mortgage Association (Class SG) 6.06 20/08/2048 44,829 0.01 276,082 Government National Mortgage Association (Class SG) 5.91 20/01/2044 55,546 0.01 11,931,832 Government National Mortgage Association (Class SH) 5.86 20/11/2049 1,566,053 0.41 9,687,727 Government National Mortgage Association (Class SH) 5.86 20/09/2049 1,162,177 0.31 5,191,603 Government National Mortgage Association (Class SH) 5.86 20/03/2049 851,431 0.22 246,143 Government National Mortgage Association (Class SH) 6.06 20/07/2048 38,692 0.01 2,741,716 Government National Mortgage Association (Class SJ) 6.06 20/07/2048 456,213 0.12 214,482 Government National Mortgage Association (Class SK) 5.86 20/12/2043 43,535 0.01 12,601,103 Government National Mortgage Association (Class SL) 5.96 20/10/2049 1,786,846 0.47 16,016,254 Government National Mortgage Association (Class SL) 5.91 20/07/2049 2,202,235 0.57 1,131,817 Government National Mortgage Association (Class SL) 5.96 20/03/2043 125,021 0.03 3,692,541 Government National Mortgage Association (Class SQ) 6.01 20/09/2048 560,179 0.15 9,053,129 Government National Mortgage Association (Class SW) 5.91 20/02/2050 1,589,911 0.42 7,491,146 Government National Mortgage Association (Class SW) 5.91 20/07/2049 1,264,131 0.33 338,577 Government National Mortgage Association (Class TI) 3.50 20/05/2043 54,303 0.01 269,972 Government National Mortgage Association (Class UI) 5.00 20/03/2040 49,253 0.01 3,682,999 Government National Mortgage Association (Class VS) 5.96 20/02/2049 629,756 0.17 54,999 Government National Mortgage Association (Class YI) 3.50 20/03/2045 2,254 - 109,661,173 28.80 Commercial Mortgage-Backed Securities (8.53%) 110,000 Carrington Mortgage Loan Trust Series 2006-NC2 (Class A4) 0.42 25/06/2036 98,086 0.03 2,496,828 Carrington Mortgage Loan Trust Series 2007-RFC1 (Class A3) 0.32 25/12/2036 2,298,407 0.60 568,000 Citigroup Commercial Mortgage Trust 2012-GC8 (Class C) 4.88 10/09/2045 520,883 0.14 427,000 Citigroup Commercial Mortgage Trust 2013-GC11 (Class C) 4.13 10/04/2046 429,016 0.11 825,000 Commercial 2012-CCRE1 Mortgage Trust (Class C) 5.50 15/05/2045 602,501 0.16 328,000 Commercial 2012-CCRE4 Mortgage Trust (Class B) 3.70 15/10/2045 282,633 0.07

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

112 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (55.24%) (30 June 2019: 58.43%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (8.53%) cont. USD 395,000 Commercial 2013-CCRE6 Mortgage Trust (Class D) 4.09 10/03/2046 USD 267,433 0.07 1,056,000 Commercial 2013-LC13 Mortgage Trust (Class D) 5.29 10/08/2046 1,028,447 0.27 716,000 Commercial 2013-LC6 Mortgage Trust (Class C) 4.24 10/01/2046 695,952 0.18 417,000 Commercial 2013-LC6 Mortgage Trust (Class E) 3.50 10/01/2046 312,770 0.08 749,000 Commercial 2014-CCRE16 Mortgage Trust (Class C) 4.93 10/04/2047 707,076 0.19 209,000 Commercial 2014-CCRE17 Mortgage Trust (Class D) 4.85 10/05/2047 154,381 0.04 803,000 Commercial 2014-CCRE19 Mortgage Trust (Class D) 4.73 10/08/2047 475,711 0.12 469,000 Commercial 2014-CCRE21 Mortgage Trust (Class C) 4.43 10/12/2047 454,052 0.12 470,000 Commercial 2014-UBS3 Mortgage Trust (Class C) 4.74 10/06/2047 447,247 0.12 822,000 Commercial 2014-UBS4 Mortgage Trust (Class C) 4.64 10/08/2047 769,701 0.20 534,000 Commercial 2015-LC19 Mortgage Trust (Class D) 2.87 10/02/2048 410,314 0.11 479,000 Commercial 2017-COR2 Mortgage Trust (Class C) 4.56 10/09/2050 431,179 0.11 29,000 CSAIL 2015-C1 Commercial Mortgage Trust (Class C) 4.41 15/04/2050 27,572 0.01 689,000 DBUBS 2011-LC1 Mortgage Trust (Class C) 5.69 10/11/2046 693,081 0.18 1,175,000 DBUBS 2011-LC2 Mortgage Trust (Class D) 5.53 10/07/2044 1,107,072 0.29 424,000 GS Mortgage Securities Trust 2010-C1 (Class D) 5.98 10/08/2043 296,800 0.08 1,276,000 GS Mortgage Securities Trust 2013-GC13 (Class D) 4.08 10/07/2046 896,162 0.24 40,000 GS Mortgage Securities Trust 2014-GC18 (Class C) 4.99 10/01/2047 37,964 0.01 545,000 GS Mortgage Securities Trust 2014-GC24 (Class C) 4.53 10/09/2047 439,714 0.12 57,000 GS Mortgage Securities Trust 2014-GC24 (Class D) 4.53 10/09/2047 21,090 0.01 1,977,887 GSAA Home Equity Trust 2006-1 (Class A1) 0.27 25/01/2036 909,828 0.24 265,068 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9 (Class AMS) 5.34 15/05/2047 202,960 0.05 387,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C3 (Class B) 5.01 15/02/2046 377,179 0.10 593,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 (Class C) 5.53 15/07/2046 583,138 0.15 663,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 (Class D) 5.61 15/08/2046 534,507 0.14 823,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 (Class D) 5.32 15/05/2045 656,333 0.17 450,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 (Class D) 4.83 15/10/2045 429,409 0.11 854,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX (Class B) 5.08 15/06/2045 781,149 0.21 688,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 (Class D) 5.19 15/12/2046 626,960 0.16 18,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class D) 4.31 15/04/2046 13,139 - 697,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 (Class C) 4.75 15/07/2047 664,546 0.17 593,000 JPMBB Commercial Mortgage Securities Trust 2013-C12 (Class C) 4.24 15/07/2045 570,591 0.15 732,000 JPMBB Commercial Mortgage Securities Trust 2013-C14 (Class C) 4.86 15/08/2046 683,173 0.18 400,000 JPMBB Commercial Mortgage Securities Trust 2013-C14 (Class D) 4.86 15/08/2046 309,319 0.08 20,000 JPMBB Commercial Mortgage Securities Trust 2014-C18 (Class C) 4.97 15/02/2047 17,377 - 499,000 JPMBB Commercial Mortgage Securities Trust 2014-C18 (Class D) 4.97 15/02/2047 234,036 0.06 467,000 JPMBB Commercial Mortgage Securities Trust 2014-C19 (Class D) 4.83 15/04/2047 373,600 0.10 677,000 JPMBB Commercial Mortgage Securities Trust 2014-C23 (Class D) 4.12 15/09/2047 534,887 0.14 372,000 Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 (Class G) 4.50 15/11/2045 223,200 0.06 330,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 (Class D) 4.92 15/10/2046 255,819 0.07 699,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 (Class C) 4.17 15/05/2046 683,497 0.18 1,099,000 Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 (Class C) 4.90 15/05/2049 1,002,113 0.26 25,000 Morgan Stanley Capital I Trust 2011-C3 (Class E) 5.42 15/07/2049 19,866 0.01 486,000 Morgan Stanley Capital I Trust 2012-C4 (Class C) 5.60 15/03/2045 438,754 0.12 2,585,000 Towd Point Mortgage Trust 2018-5 (Class M1) 2.85 25/07/2058 2,591,230 0.69 423,000 UBS-Barclays Commercial Mortgage Trust 2012-C3 (Class C) 5.03 10/08/2049 399,186 0.10 1,018,000 UBS-Citigroup Commercial Mortgage Trust 2011-C1 (Class B) 6.05 10/01/2045 962,721 0.25 2,197,971 WaMu Asset-Backed Certificates WaMu Series 2007-HE4 Trust (Class 1A) 0.35 25/07/2047 1,694,640 0.45 433,000 Wells Fargo Commercial Mortgage Trust 2012-LC5 (Class D) 4.92 15/10/2045 389,700 0.10 787,000 Wells Fargo Commercial Mortgage Trust 2016-BNK1 (Class C) 3.07 15/08/2049 602,295 0.16 350,000 Wells Fargo Commercial Mortgage Trust 2018-C48 (Class C) 5.29 15/01/2052 356,516 0.09 13,000 WFRBS Commercial Mortgage Trust 2012-C10 (Class D) 4.58 15/12/2045 4,791 - 493,000 WFRBS Commercial Mortgage Trust 2013-C13 (Class D) 4.28 15/05/2045 439,436 0.12 32,471,139 8.53

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

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (55.24%) (30 June 2019: 58.43%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (17.91%) USD 2,738,347 American Home Mortgage Investment Trust 2007-1 (Class A1C) 0.37 25/05/2047 USD 1,388,201 0.36 16,330 Bear Stearns ALT-A Trust 2005-8 (Class 21A1) 3.72 25/10/2035 14,597 - 1,386,282 Connecticut Avenue Securities Trust 2019-HRP1 (Class M2) 2.33 25/11/2039 1,271,820 0.33 200,000 Connecticut Avenue Securities Trust 2019-R02 (Class 1B1) 4.33 25/08/2031 188,751 0.05 10,000 Connecticut Avenue Securities Trust 2019-R03 (Class 1B1) 4.28 25/09/2031 9,536 - 915,000 Connecticut Avenue Securities Trust 2019-R04 (Class 2B1) 5.43 25/06/2039 835,509 0.22 1,361,000 Connecticut Avenue Securities Trust 2019-R05 (Class 1B1) 4.28 25/07/2039 1,211,040 0.32 794,000 Connecticut Avenue Securities Trust 2019-R06 (Class 2B1) 3.93 25/09/2039 627,260 0.16 542,000 Connecticut Avenue Securities Trust 2020-SBT1 (Class 1M2) 3.83 25/02/2040 505,757 0.13 1,097,137 Fannie Mae Connecticut Avenue Securities (Class 1B) 9.43 25/04/2029 1,097,137 0.29 1,273,418 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.93 25/10/2028 1,525,329 0.40 336,506 Fannie Mae Connecticut Avenue Securities (Class 1B) 11.93 25/08/2028 403,401 0.11 10,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 3.93 25/03/2031 9,544 - 1,394,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 3.93 25/10/2030 1,282,480 0.34 950,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 3.73 25/07/2030 914,672 0.24 1,306,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 4.18 25/05/2030 1,305,997 0.34 218,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 4.33 25/02/2030 220,042 0.06 1,067,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 3.78 25/01/2030 1,015,462 0.27 78,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 5.03 25/10/2029 81,977 0.02 1,667,000 Fannie Mae Connecticut Avenue Securities (Class 1B1) 5.93 25/07/2029 1,751,796 0.46 1,952,000 Fannie Mae Connecticut Avenue Securities (Class 1M2) 3.18 25/10/2029 1,942,240 0.51 1,889,690 Fannie Mae Connecticut Avenue Securities (Class 1M2) 5.48 25/10/2028 1,980,488 0.52 2,292,000 Fannie Mae Connecticut Avenue Securities (Class 1M2C) 3.73 25/07/2029 2,286,671 0.60 9,937 Fannie Mae Connecticut Avenue Securities (Class 2B) 12.93 25/10/2028 11,956 - 10,000 Fannie Mae Connecticut Avenue Securities (Class 2B1) 4.63 25/05/2030 9,962 - 912,000 Fannie Mae Connecticut Avenue Securities (Class 2B1) 4.63 25/02/2030 875,520 0.23 10,000 Fannie Mae Connecticut Avenue Securities (Class 2B1) 5.68 25/09/2029 10,387 - 77,101 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.38 25/08/2030 75,361 0.02 70,557 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.98 25/02/2030 69,240 0.02 2,236,908 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.03 25/11/2029 2,197,368 0.58 2,808,685 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.83 25/09/2029 2,815,707 0.74 58,831 Fannie Mae Connecticut Avenue Securities (Class B) 11.24 25/01/2029 62,261 0.02 1,244,458 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 12.93 25/09/2028 1,455,464 0.38 1,365,738 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 10.17 25/07/2028 1,569,152 0.41 441,747 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 9.53 25/04/2028 515,995 0.14 832,292 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B) 7.73 25/12/2027 889,949 0.23 1,280,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 4.63 25/03/2030 1,291,995 0.34 1,300,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 4.93 25/12/2029 1,351,556 0.35 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 5.33 25/10/2029 258,709 0.07 670,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 5.13 25/07/2029 704,963 0.19 526,277 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B2) 10.18 25/07/2029 483,716 0.13 2,324,353 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.48 25/09/2030 2,291,594 0.60 154,650 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 1.98 25/07/2030 149,914 0.04 1,840,823 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.83 25/12/2029 1,823,448 0.48 1,299,741 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 3.73 25/08/2029 1,320,044 0.35 2,055,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.98 25/03/2029 2,091,240 0.55 2,980,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.03 25/03/2029 3,059,372 0.80 48,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class B1) 3.18 25/09/2049 43,955 0.01 1,731,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 4.43 25/10/2048 1,618,485 0.43 1,382,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 11.18 25/10/2048 1,268,485 0.33 510,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 4.83 25/01/2049 502,421 0.13

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

114 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (55.24%) (30 June 2019: 58.43%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (17.91%) cont. USD 10,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 10.93 25/01/2049 USD 10,963 - 17,734 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.83 25/01/2049 17,451 - 930,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 4.53 25/03/2049 903,253 0.24 28,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 10.68 25/03/2049 28,982 0.01 21,584 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.63 25/03/2049 21,125 0.01 205,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 4.97 25/09/2047 164,000 0.04 1,000,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 4.58 25/02/2049 971,113 0.26 20,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 12.43 25/02/2049 21,000 0.01 813,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 4.28 25/04/2049 780,744 0.21 621,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.23 25/11/2049 602,517 0.16 100,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class M2) 2.03 25/02/2050 94,313 0.02 1,900,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B1) 5.27 25/06/2050 1,900,000 0.50 2,851,000 Freddie Mac Structured Agency Credit Risk Debt Notes Trust (Class B2) 9.52 25/06/2050 2,851,000 0.75 68,630 HarborView Mortgage Loan Trust 2005-2 (Class 1A) 0.71 19/05/2035 36,217 0.01 34,667 Mello Warehouse Securitization Trust 2018-1 (Class A) 1.03 25/11/2051 34,623 0.01 65,873 Morgan Stanley Re-REMIC Trust 2010-R4 (Class 4B) 2.93 26/02/2037 59,477 0.02 150,000 Oaktown Re II Limited (Class M2) 3.03 25/07/2028 141,512 0.04 250,000 Seasoned Credit Risk Transfer Trust Series 2017-3 (Class M2) 4.75 25/07/2056 234,535 0.06 1,740,000 Seasoned Credit Risk Transfer Trust Series 2018-4 (Class M) 4.75 25/03/2058 1,614,356 0.42 1,780,000 Seasoned Credit Risk Transfer Trust Series 2019-4 (Class M) 4.50 25/02/2059 1,631,488 0.43 1,690,000 STACR Trust 2018-DNA2 (Class B1) 3.88 25/12/2030 1,609,954 0.42 1,000,000 STACR Trust 2018-DNA2 (Class M2) 2.33 25/12/2030 977,630 0.26 1,700,000 STACR Trust 2018-DNA3 (Class B1) 4.08 25/09/2048 1,639,810 0.43 1,336,000 STACR Trust 2018-DNA3 (Class B2) 7.93 25/09/2048 1,055,648 0.28 62,640 Structured Asset Mortgage Investments II Trust 2006-AR7 (Class A1B) 0.30 25/08/2036 55,409 0.01 49,771 WaMu Mortgage Pass-Through Certificates Series 2005-AR12 Trust (Class 1A8) 3.86 25/10/2035 48,727 0.01 68,193,773 17.91 Total Mortgage-Backed Securities USD 210,326,085 55.24

REPURCHASE AGREEMENTS (3.03%) (30 June 2019: 9.67%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 11,521,000 Repurchase Agreement - Barclays Capital, Incorporated* 0.07 01/07/2020 USD 11,521,000 3.03 Total Repurchase Agreements USD 11,521,000 3.03

*Interest in USD50,000,000 bulk repurchase agreement dated 30 June 2020 with Barclays Capital, Incorporated due 1 July 2020 - maturity value of USD11,521,022 for an effective yield of 0.070% (collateralised by a U.S. Treasury note with a coupon rate of 3.375% and a due date of 15 November 2048, valued at USD51,098,902).

COMMERCIAL PAPER (1.93%) (30 June 2019: -%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,300,000 BPCE 0.30 03/08/2020 USD 1,299,643 0.34 1,550,000 Mizuho Bank Limited 0.23 25/08/2020 1,549,455 0.42 1,650,000 Nationwide Building Society 0.22 13/07/2020 1,649,878 0.43 1,500,000 Prudential PLC 0.20 10/08/2020 1,499,667 0.39 1,350,000 Societe Generale 0.22 06/07/2020 1,349,959 0.35 Total Commercial Paper USD 7,348,602 1.93

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

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

U.S. TREASURY OBLIGATIONS (33.75%) (30 June 2019: 14.49%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 7,500,000 United States Cash Management Bill1 0.15 06/10/2020 USD 7,497,089 1.97 7,500,000 United States Cash Management Bill2 0.11 22/09/2020 7,498,044 1.97 7,500,000 United States Treasury Bill3 0.15 24/09/2020 7,497,370 1.97 7,500,000 United States Treasury Bill4 0.13 17/09/2020 7,497,928 1.97 7,500,000 United States Treasury Bill5 0.16 15/09/2020 7,497,467 1.97 7,500,000 United States Treasury Bill6 0.08 10/09/2020 7,498,776 1.97 7,500,000 United States Treasury Bill7 0.08 03/09/2020 7,499,008 1.97 7,500,000 United States Treasury Bill8 0.13 25/08/2020 7,498,518 1.97 7,500,000 United States Treasury Bill9 0.15 20/08/2020 7,498,508 1.97 6,500,000 United States Treasury Bill10 0.11 18/08/2020 6,499,047 1.70 6,000,000 United States Treasury Bill11 0.11 13/08/2020 5,999,255 1.58 6,000,000 United States Treasury Bill12 0.14 06/08/2020 5,999,203 1.58 7,500,000 United States Treasury Bill13 0.10 23/07/2020 7,499,553 1.97 8,000,000 United States Treasury Bill 0.09 21/07/2020 7,999,596 2.10 6,000,000 United States Treasury Bill14 1.54 16/07/2020 5,996,228 1.57 7,500,000 United States Treasury Bill15 0.12 14/07/2020 7,499,667 1.97 6,000,000 United States Treasury Bill 0.16 09/07/2020 5,999,791 1.58 7,500,000 United States Treasury Bill 0.09 02/07/2020 7,499,981 1.97 Total U.S. Treasury Obligations USD 128,475,029 33.75

(1)Security is partly held as collateral by Citigroup Global Markets Inc. (USD 832,482), Credit Suisse (USD 110,401), Goldman Sachs (USD 120,347), Merrill Lynch International (USD 139,534) and Morgan Stanley (USD 851,379). (2)Security is partly held as collateral by Citigroup Global Markets Inc. (USD 300,400), Credit Suisse (USD 39,788), Goldman Sachs (USD 1,467,185), JP Morgan Securities Inc. (USD 1,201,599) and Morgan Stanley (USD 3,847,505). (3)Security is partly held as collateral by Citigroup Global Markets Inc. (USD 430,706) and Morgan Stanley (USD 479,446). (4)Security is partly held as collateral by Citigroup Global Markets Inc. (USD 2,479,791), Credit Suisse (USD 120,359), Goldman Sachs (USD 10,942), Merrill Lynch International (USD 150,435) and Morgan Stanley (USD 2,340,533). (5)Security is partly held as collateral by Citigroup Global Markets Inc. (USD 4,031,525), Credit Suisse (USD 139,258) and Morgan Stanley (USD 173,078). (6)Security is partly held as collateral by Citigroup Global Markets Inc. (USD 951,929), Credit Suisse (USD 260,612) and Morgan Stanley (USD 493,372). (7)Security is partly held as collateral by Credit Suisse (USD 170,111), JP Morgan Securities Inc. (USD 612,797) and Morgan Stanley (USD 399,910). (8)Security is partly held as collateral by Morgan Stanley (USD 450,645). (9)Security is partly held as collateral by Morgan Stanley (USD 2,010,493). (10)Security is partly held as collateral by Credit Suisse (USD 120,371) and Morgan Stanley (USD 360,118). (11)Security is partly held as collateral by Citigroup Global Markets Inc. (USD 3,656,888), Credit Suisse (USD 62,672) and Morgan Stanley (USD 141,262). (12)Security is partly held as collateral by Morgan Stanley (USD 1,823,653). (13)Security is partly held as collateral by Morgan Stanley (USD 659,619). (14) Security is partly held as collateral by Citigroup Global Markets Inc. (USD 4,004,475), Credit Suisse (USD 250,715), Merrill Lynch International (USD 93,051) and Morgan Stanley (USD 1,620,693). (15)Security is partly held as collateral by Morgan Stanley (USD 390,001).

PURCHASED EQUITY OPTIONS OUTSTANDING (0.26%) (30 June 2019: -%) 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 2.50% TBA commitments (Call) Aug-20/ USD 104.03 USD 181,000,000 USD 181,000,000 USD 565,625 0.14 Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Call) Aug-20/104.81 43,000,000 43,000,000 175,053 0.05 Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Call) Aug-20/104.88 39,000,000 39,000,000 136,968 0.04 Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Call) Aug-20/104.84 26,000,000 26,000,000 98,540 0.03 Total Purchased Equity Options Outstanding USD 976,186 0.26 Total Value of Investments* USD 680,281,761 178.68

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

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.17%) (30 June 2019: -%) 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 2.50% TBA commitments (Put) Aug-20/ USD 104.03 USD 181,000,000 USD 181,000,000 USD (565,625) (0.14) Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Put) Aug-20/104.81 43,000,000 43,000,000 (34,013) (0.01) Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Put) Aug-20/104.88 39,000,000 39,000,000 (33,384) (0.01) Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Put) Aug-20/104.84 26,000,000 26,000,000 (21,398) (0.01) Total Written Equity Options Outstanding USD (654,420) (0.17)

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

116 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

TBA SALES COMMITMENTS OUTSTANDING (-31.22%) (30 June 2019: -49.45%) Principal Coupon Settlement Value % of AmountAgency Rate % Dates USD Fund USD 1,000,000 Government National Mortgage Association 4.00 21/07/2020 USD (1,060,234) (0.28) 96,000,000 Uniform Mortgage-Backed Securities 3.00 14/07/2020 (101,111,251) (26.56) 16,000,000 Uniform Mortgage-Backed Securities 3.00 14/07/2020 (16,682,499) (4.38) Total TBA Sales Commitments Outstanding USD (118,853,984) (31.22)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.01%) (30 June 2019: 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 269,074,000 USD 944,450 USD 405,118 17/06/2022 0.40% - Semiannually 3 month USD-LIBOR-BBA - Quarterly USD (549,901) (0.15) 101,684,000 1,655,009 912,764 17/06/2025 0.65% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (756,124) (0.20) 983,000 4,787 (7,401) 17/06/2050 3 month USD-LIBOR-BBA - Quarterly 0.90% - Semiannually (11,958) - 103,000 2,197 (1,436) 17/06/2030 3 month USD-LIBOR-BBA - Quarterly 0.85% - Semiannually 784 - 4,905,000 22,308 (65) 24/04/2030 0.678% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (19,110) (0.01) 4,905,000 21,445 (65) 24/04/2030 0.67619% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (18,230) - 7,424,000 7,572 (98) 01/05/2030 0.6205% - Semiannually 3 month USD-LIBOR-BBA - Quarterly 8,434 - 4,283,000 132,970 (146) 04/05/2050 0.805% - Semiannually 3 month USD-LIBOR-BBA - Quarterly 131,202 0.03 7,557,000 29,064 (100) 12/05/2030 0.591% - Semiannually 3 month USD-LIBOR-BBA - Quarterly 27,447 0.01 4,789,000 15,382 (64) 12/05/2030 0.5975% - Semiannually 3 month USD-LIBOR-BBA - Quarterly 14,315 - 7,262,000 10,857 (96) 15/05/2030 0.615% - Semiannually 3 month USD-LIBOR-BBA - Quarterly 8,774 - 7,262,000 7,669 (96) 15/05/2030 0.6195% - Semiannually 3 month USD-LIBOR-BBA - Quarterly 5,544 - 6,394,000 21,298 (85) 15/06/2030 3 month USD-LIBOR-BBA - Quarterly 0.6675% - Semiannually 22,220 0.01 6,394,000 21,823 (85) 15/06/2030 3 month USD-LIBOR-BBA - Quarterly 0.66833% - Semiannually 22,747 0.01 6,394,000 21,931 (85) 15/06/2030 3 month USD-LIBOR-BBA - Quarterly 0.6685% - Semiannually 22,856 0.01 7,607,500 40,731 (101) 16/06/2030 3 month USD-LIBOR-BBA - Quarterly 0.6882% - Semiannually 41,794 0.01 3,804,000 23,847 (50) 16/06/2030 3 month USD-LIBOR-BBA - Quarterly 0.6975% - Semiannually 24,394 0.01 13,304,000 34,950 (176) 17/06/2030 0.66003% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (36,994) (0.01) 6,743,000 79,594 (89) 18/06/2030 0.7535% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (80,769) (0.02) 8,227,000 72,167 (109) 19/06/2030 0.723% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (73,392) (0.02) 14,701,000 28,329 (119) 24/06/2025 0.3615% - Semiannually 3 month USD-LIBOR-BBA - Quarterly (28,633) (0.01) 13,549,000 2,642 (180) 01/07/2030 3 month USD-LIBOR-BBA - Quarterly 0.633% - Semiannually (2,822) - 12,361,000 38,072 (E) (164) 02/07/2030 3 month USD-LIBOR-BBA - Quarterly 0.6035% - Semiannually (38,236) (0.01) Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 330,511 0.09 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (1,616,169) (0.43) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (1,285,658) (0.34) Variation Margin Settlement to Date USD 1,340,952 0.35 Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 55,294 0.01

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

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

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-7.16%) (30 June 2019: 0.01%) 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 36,665 11/05/2063 200 bp - Monthly USD 3,113 - CMBX NA A.6 Index A/P 62,059 402,000 51,536 11/05/2063 200 bp - Monthly 10,656 - CMBX NA A.6 Index A/P 75,543 451,000 57,818 11/05/2063 200 bp - Monthly 17,875 - CMBX NA A.6 Index A/P 86,315 488,000 62,562 11/05/2063 200 bp - Monthly 23,916 0.01 CMBX NA A.6 Index A/P 91,204 603,000 77,305 11/05/2063 200 bp - Monthly 14,100 - CMBX NA A.6 Index A/P 375,226 2,257,000 289,347 11/05/2063 200 bp - Monthly 86,631 0.03 CMBX NA A.6 Index A/P 516,538 4,805,000 616,001 11/05/2063 200 bp - Monthly (97,862) (0.03) CMBX NA A.6 Index A/P 857,360 6,124,000 785,097 11/05/2063 200 bp - Monthly 74,305 0.02 CMBX NA BB.11 Index BB-/P 347,475 615,000 210,207 18/11/2054 500 bp - Monthly 137,781 0.04 CMBX NA BBB-.6 Index BB+/P 350,130 1,061,000 331,987 11/05/2063 300 bp - Monthly 18,674 - CMBX NA BBB-.6 Index BB+/P 81,081 1,191,000 372,664 11/05/2063 300 bp - Monthly (290,987) (0.08) CMBX NA BBB-.6 Index BB+/P 84,087 1,278,000 399,886 11/05/2063 300 bp - Monthly (315,160) (0.08) CMBX NA BBB-.6 Index BB+/P 98,188 1,489,000 465,908 11/05/2063 300 bp - Monthly (366,976) (0.10) CMBX NA BBB-.6 Index BB+/P 3,091,867 48,554,000 15,192,547 11/05/2063 300 bp - Monthly (12,076,403) (3.16) CMBX NA BBB-.7 Index BBB-/P 25 5,000 1,071 11/05/2063 300 bp - Monthly (1,043) - Credit Suisse International CMBX NA BB.7 Index BB-/P 535 4,000 1,715 17/01/2047 500 bp - Monthly (1,177) - CMBX NA BBB-.6 Index BB+/P 994 9,000 2,816 11/05/2063 300 bp - Monthly (1,817) - CMBX NA BBB-.6 Index BB+/P 390,790 4,159,000 1,301,351 11/05/2063 300 bp - Monthly (908,482) (0.24) Goldman Sachs International CMBX NA A.6 Index A/P 6,531 55,000 7,051 11/05/2063 200 bp - Monthly (501) - CMBX NA A.6 Index A/P 23,816 219,000 28,076 11/05/2063 200 bp - Monthly (4,187) - CMBX NA A.6 Index A/P 38,188 260,000 33,332 11/05/2063 200 bp - Monthly 4,942 - CMBX NA A.6 Index A/P 31,853 274,000 35,127 11/05/2063 200 bp - Monthly (3,183) - CMBX NA A.6 Index A/P 51,656 435,000 55,767 11/05/2063 200 bp - Monthly (3,966) - CMBX NA A.6 Index A/P 75,255 519,000 66,536 11/05/2063 200 bp - Monthly 8,892 - CMBX NA A.6 Index A/P 1,251,250 7,000,000 897,400 11/05/2063 200 bp - Monthly 356,183 0.10 CMBX NA BB.6 Index B+/P 39,485 278,000 140,279 11/05/2063 500 bp - Monthly (100,562) (0.03) CMBX NA BBB-.6 Index BB+/P 301 3,000 939 11/05/2063 300 bp - Monthly (636) - CMBX NA BBB-.6 Index BB+/P 8,330 113,000 35,358 11/05/2063 300 bp - Monthly (26,971) (0.01) CMBX NA BBB-.6 Index BB+/P 8,280 113,000 35,358 11/05/2063 300 bp - Monthly (27,021) (0.01) CMBX NA BBB-.6 Index BB+/P 8,944 118,000 36,922 11/05/2063 300 bp - Monthly (27,919) (0.01) CMBX NA BBB-.6 Index BB+/P 7,810 123,000 38,487 11/05/2063 300 bp - Monthly (30,616) (0.01) CMBX NA BBB-.6 Index BB+/P 25,217 300,000 93,870 11/05/2063 300 bp - Monthly (68,503) (0.02) CMBX NA BBB-.6 Index BB+/P 25,816 340,000 106,386 11/05/2063 300 bp - Monthly (80,400) (0.02) CMBX NA BBB-.6 Index BB+/P 49,676 371,000 116,086 11/05/2063 300 bp - Monthly (66,225) (0.02) CMBX NA BBB-.6 Index BB+/P 62,014 466,000 145,811 11/05/2063 300 bp - Monthly (83,565) (0.02) JPMorgan Securities LLC CMBX NA A.6 Index A/P 37,520 268,000 34,358 11/05/2063 200 bp - Monthly 3,252 - CMBX NA A.6 Index A/P 158,155 1,061,000 136,020 11/05/2063 200 bp - Monthly 22,489 0.01 CMBX NA A.6 Index A/P 373,428 2,779,000 356,268 11/05/2063 200 bp - Monthly 18,087 - CMBX NA A.6 Index A/P 537,188 3,000,000 384,600 11/05/2063 200 bp - Monthly 153,588 0.05 CMBX NA BB.10 Index BB-/P 401 5,000 2,138 11/05/2063 500 bp - Monthly (1,733) - CMBX NA BB.7 Index BB-/P 128,290 262,000 112,346 17/01/2047 500 bp - Monthly 16,162 - CMBX NA BBB-.6 Index BB+/P 3,425,291 10,714,000 3,352,411 11/05/2063 300 bp - Monthly 78,237 0.02 Merrill Lynch International CMBX NA BBB-.6 Index BB+/P 458 6,000 1,877 11/05/2063 300 bp - Monthly (1,417) - CMBX NA BBB-.6 Index BB+/P 7,326 102,000 31,916 11/05/2063 300 bp - Monthly (24,538) (0.01) CMBX NA BBB-.6 Index BB+/P 9,141 124,000 38,800 11/05/2063 300 bp - Monthly (29,597) (0.01) CMBX NA BBB-.6 Index BB+/P 45,370 622,000 194,624 11/05/2063 300 bp - Monthly (148,942) (0.04) CMBX NA BBB-.6 Index BB+/P 49,431 769,000 240,620 11/05/2063 300 bp - Monthly (190,805) (0.05) CMBX NA BBB-.6 Index #N/A 85,546 1,568,000 490,627 11/05/2063 300 bp - Monthly (404,297) (0.11)

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

118 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-7.16%) (30 June 2019: 0.01%) 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 Morgan Stanley & Co. International PLC CMBX NA A.6 Index A/P USD 8,800 USD 88,000 USD 11,282 11/05/2063 200 bp - Monthly USD (2,452) - CMBX NA A.6 Index A/P 22,000 220,000 28,204 11/05/2063 200 bp - Monthly (6,131) - CMBX NA A.6 Index A/P 40,610 262,000 33,588 11/05/2063 200 bp - Monthly 7,109 - CMBX NA A.6 Index A/P 59,688 382,000 48,972 11/05/2063 200 bp - Monthly 10,842 - CMBX NA A.6 Index A/P 132,500 1,000,000 128,200 11/05/2063 200 bp - Monthly 4,633 - CMBX NA A.6 Index A/P 148,540 1,061,000 136,020 11/05/2063 200 bp - Monthly 12,873 - CMBX NA A.6 Index A/P 490,078 2,761,000 353,960 11/05/2063 200 bp - Monthly 137,038 0.04 CMBX NA A.6 Index A/P 1,143,563 8,025,000 1,028,805 11/05/2063 200 bp - Monthly 117,433 0.03 CMBX NA BB.6 Index B+/P 1,808 10,000 5,046 11/05/2063 500 bp - Monthly (3,230) - CMBX NA BBB-.6 Index BB+/P 16,659 227,000 71,028 11/05/2063 300 bp - Monthly (54,256) (0.01) CMBX NA BBB-.6 Index BB+/P 44,199 590,000 184,611 11/05/2063 300 bp - Monthly (140,117) (0.04) CMBX NA BBB-.6 Index BB+/P 52,261 796,000 249,068 11/05/2063 300 bp - Monthly (196,410) (0.05) CMBX NA BBB-.6 Index BB+/P 52,948 802,000 250,946 11/05/2063 300 bp - Monthly (197,597) (0.05) CMBX NA BBB-.6 Index BB+/P 3,394,967 51,245,000 16,034,561 11/05/2063 300 bp - Monthly (12,613,971) (3.30) Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 1,338,811 0.35 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (28,599,655) (7.51) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (27,260,844) (7.16)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.16%) (30 June 2019: -0.21%) 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 1,283 17/11/2059 (500 bp) - Monthly USD 951 - CMBX NA BB.10 Index (209) 2,000 855 17/11/2059 (500 bp) - Monthly 645 - CMBX NA BB.11 Index (63,039) 917,000 313,431 18/11/2054 (500 bp) - Monthly 249,627 0.07 CMBX NA BB.11 Index (31,115) 610,000 208,498 18/11/2054 (500 bp) - Monthly 176,875 0.05 CMBX NA BB.11 Index (31,644) 610,000 208,498 18/11/2054 (500 bp) - Monthly 176,346 0.05 CMBX NA BB.11 Index (1,083) 15,000 5,127 18/11/2054 (500 bp) - Monthly 4,031 - CMBX NA BB.11 Index (907) 7,000 2,393 18/11/2054 (500 bp) - Monthly 1,480 - CMBX NA BB.11 Index (189) 2,000 684 18/11/2054 (500 bp) - Monthly 493 - CMBX NA BB.12 Index (30,982) 361,000 119,491 17/08/2061 (500 bp) - Monthly 88,208 0.02 CMBX NA BB.12 Index (2,575) 30,000 9,930 17/08/2061 (500 bp) - Monthly 7,330 - CMBX NA BB.7 Index (19,249) 286,000 122,637 17/01/2047 (500 bp) - Monthly 103,149 0.03 CMBX NA BB.8 Index (3,161) 18,000 8,469 17/10/2057 (500 bp) - Monthly 5,293 - CMBX NA BB.8 Index (745) 6,000 2,823 17/10/2057 (500 bp) - Monthly 2,073 - CMBX NA BB.9 Index (7,929) 202,000 83,426 17/09/2058 (500 bp) - Monthly 75,329 0.02 CMBX NA BBB-.10 Index (171,604) 576,000 115,200 17/11/2059 (300 bp) - Monthly (56,692) (0.01) CMBX NA BBB-.11 Index (178,280) 557,000 113,851 18/11/2054 (300 bp) - Monthly (64,707) (0.02) CMBX NA BBB-.11 Index (165,986) 506,000 103,426 18/11/2054 (300 bp) - Monthly (62,813) (0.02) CMBX NA BBB-.11 Index (69,780) 347,000 70,927 18/11/2054 (300 bp) - Monthly 973 - CMBX NA BBB-.11 Index (82,666) 253,000 51,713 18/11/2054 (300 bp) - Monthly (31,080) (0.01) CMBX NA BBB-.11 Index (62,788) 192,000 39,245 18/11/2054 (300 bp) - Monthly (23,640) (0.01) CMBX NA BBB-.11 Index (47,119) 147,000 30,047 18/11/2054 (300 bp) - Monthly (17,145) - CMBX NA BBB-.12 Index (398,044) 1,262,000 255,934 17/08/2061 (300 bp) - Monthly (142,741) (0.04) CMBX NA BBB-.12 Index (255,879) 749,000 151,897 17/08/2061 (300 bp) - Monthly (104,356) (0.03) CMBX NA BBB-.12 Index (221,205) 662,000 134,254 17/08/2061 (300 bp) - Monthly (87,282) (0.02) CMBX NA BBB-.12 Index (191,524) 551,000 111,743 17/08/2061 (300 bp) - Monthly (80,057) (0.02) CMBX NA BBB-.12 Index (155,567) 442,000 89,638 17/08/2061 (300 bp) - Monthly (66,150) (0.02) CMBX NA BBB-.12 Index (49,100) 147,000 29,812 17/08/2061 (300 bp) - Monthly (19,362) (0.01) CMBX NA BBB-.9 Index (33,596) 142,000 27,605 17/09/2058 (300 bp) - Monthly (6,062) - Credit Suisse International CMBX NA BB.10 Index (595) 5,000 2,138 17/11/2059 (500 bp) - Monthly 1,539 - CMBX NA BB.10 Index (667) 5,000 2,138 17/11/2059 (500 bp) - Monthly 1,467 - CMBX NA BB.10 Index (373) 3,000 1,283 17/11/2059 (500 bp) - Monthly 907 -

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

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.16%) (30 June 2019: -0.21%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Credit Suisse International cont. CMBX NA BB.8 Index USD (5,958) USD 34,000 USD 15,997 17/10/2057 (500 bp) - Monthly USD 10,011 - CMBX NA BB.9 Index (6,416) 64,000 26,432 17/09/2058 (500 bp) - Monthly 19,963 0.01 Goldman Sachs International CMBX NA BB.12 Index (72,132) 197,000 65,207 17/08/2061 (500 bp) - Monthly (7,089) - CMBX NA BB.8 Index (2,153) 19,000 8,940 17/10/2057 (500 bp) - Monthly 6,771 - CMBX NA BB.9 Index (11,923) 307,000 126,791 17/09/2058 (500 bp) - Monthly 114,612 0.03 CMBX NA BB.9 Index (238) 2,000 826 17/09/2058 (500 bp) - Monthly 586 - CMBX NA BB.9 Index (241) 2,000 826 17/09/2058 (500 bp) - Monthly 584 - CMBX NA BB.9 Index (108) 1,000 413 17/09/2058 (500 bp) - Monthly 304 - CMBX NA BBB-.12 Index (138,465) 410,000 83,148 17/08/2061 (300 bp) - Monthly (55,522) (0.01) JPMorgan Securities LLC CMBX NA BB.11 Index (3,145,242) 5,767,000 1,971,161 18/11/2054 (500 bp) - Monthly (1,178,887) (0.31) CMBX NA BB.11 Index (5,148) 10,000 5,046 11/05/2063 (500 bp) - Monthly (110) - CMBX NA BB.12 Index (107,097) 195,000 64,545 17/08/2061 (500 bp) - Monthly (42,715) (0.01) CMBX NA BBB-.10 Index (75,498) 268,000 53,600 17/11/2059 (300 bp) - Monthly (22,032) (0.01) CMBX NA BBB-.10 Index (56,308) 189,000 37,800 17/11/2059 (300 bp) - Monthly (18,602) - CMBX NA BBB-.11 Index (155,067) 481,000 98,316 18/11/2054 (300 bp) - Monthly (56,991) (0.01) CMBX NA BBB-.11 Index (149,922) 477,000 97,499 18/11/2054 (300 bp) - Monthly (52,662) (0.01) CMBX NA BBB-.11 Index (75,013) 239,000 48,852 18/11/2054 (300 bp) - Monthly (26,281) (0.01) CMBX NA BBB-.11 Index (75,118) 239,000 48,852 18/11/2054 (300 bp) - Monthly (26,386) (0.01) CMBX NA BBB-.12 Index (76,482) 219,000 44,413 17/08/2061 (300 bp) - Monthly (32,178) (0.01) CMBX NA BBB-.12 Index (65,033) 196,000 39,749 17/08/2061 (300 bp) - Monthly (25,382) (0.01) CMBX NA BBB-.7 Index (704) 3,000 642 17/01/2047 (300 bp) - Monthly (63) - Merrill Lynch International CMBX NA BB.10 Index (228) 4,000 1,710 17/11/2059 (500 bp) - Monthly 1,479 - CMBX NA BB.11 Index (35,585) 72,000 24,610 18/11/2054 (500 bp) - Monthly (11,035) - CMBX NA BB.7 Index (1,273) 7,000 3,002 17/01/2047 (500 bp) - Monthly 1,723 - CMBX NA BB.9 Index (47,489) 1,219,000 503,447 17/09/2058 (500 bp) - Monthly 454,943 0.12 CMBX NA BBB-.9 Index (47,053) 254,000 49,378 17/09/2058 (300 bp) - Monthly 2,197 - CMBX NA BBB-.9 Index (47,053) 254,000 49,378 17/09/2058 (300 bp) - Monthly 2,197 - Morgan Stanley & Co. International PLC CMBX NA BB.10 Index (210) 2,000 855 17/11/2059 (500 bp) - Monthly 644 - CMBX NA BB.11 Index (667) 7,000 2,393 18/11/2054 (500 bp) - Monthly 1,720 - CMBX NA BB.11 Index (196) 2,000 684 18/11/2054 (500 bp) - Monthly 486 - CMBX NA BB.12 Index (42,038) 796,000 263,476 17/08/2061 (500 bp) - Monthly 220,774 0.06 CMBX NA BB.12 Index (20,812) 295,000 97,645 17/08/2061 (500 bp) - Monthly 76,588 0.02 CMBX NA BB.12 Index (112,800) 188,000 62,228 17/08/2061 (500 bp) - Monthly (50,729) (0.01) CMBX NA BB.12 Index (286) 4,000 1,324 17/08/2061 (500 bp) - Monthly 1,035 - CMBX NA BB.12 Index (219) 3,000 993 17/08/2061 (500 bp) - Monthly 771 - CMBX NA BB.12 Index (82) 1,000 331 17/09/2058 (500 bp) - Monthly 248 - CMBX NA BB.7 Index (28,114) 540,000 231,552 17/01/2047 (500 bp) - Monthly 202,988 0.05 CMBX NA BB.9 Index (66,149) 1,225,000 505,925 17/09/2058 (500 bp) - Monthly 438,755 0.13 CMBX NA BB.9 Index (50,358) 1,016,000 419,608 17/09/2058 (500 bp) - Monthly 368,404 0.10 CMBX NA BB.9 Index (28,293) 802,000 331,226 17/09/2058 (500 bp) - Monthly 302,264 0.08 CMBX NA BB.9 Index (9,109) 233,000 96,229 17/09/2058 (500 bp) - Monthly 86,926 0.02 CMBX NA BB.9 Index (3,939) 29,000 11,977 17/09/2058 (500 bp) - Monthly 8,013 - CMBX NA BB.9 Index (3,860) 29,000 11,977 17/09/2058 (500 bp) - Monthly 8,093 - CMBX NA BB.9 Index (3,828) 28,000 11,564 17/09/2058 (500 bp) - Monthly 7,712 - CMBX NA BB.9 Index (3,923) 26,000 10,738 17/09/2058 (500 bp) - Monthly 6,793 - CMBX NA BB.9 Index (1,968) 13,000 5,369 17/09/2058 (500 bp) - Monthly 3,390 - CMBX NA BB.9 Index (1,968) 13,000 5,369 17/09/2058 (500 bp) - Monthly 3,390 - CMBX NA BB.9 Index (703) 8,000 3,304 17/09/2058 (500 bp) - Monthly 2,594 - CMBX NA BB.9 Index (426) 7,000 2,891 17/09/2058 (500 bp) - Monthly 2,460 - CMBX NA BB.9 Index (599) 7,000 2,891 17/09/2058 (500 bp) - Monthly 2,287 - CMBX NA BB.9 Index (431) 7,000 2,891 17/09/2058 (500 bp) - Monthly 2,455 - CMBX NA BB.9 Index (369) 6,000 2,478 17/09/2058 (500 bp) - Monthly 2,104 - CMBX NA BB.9 Index (485) 4,000 1,652 17/09/2058 (500 bp) - Monthly 1,164 - CMBX NA BB.9 Index (243) 2,000 826 17/09/2058 (500 bp) - Monthly 582 -

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

120 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.16%) (30 June 2019: -0.21%) cont. Upfront Unrealised Premium Payments Appreciation/ Swap Counterparty/ received/ Notional Termination (paid) (Depreciation) % of Referenced Debt* (paid)** Amount Value Date by Fund USD Fund Morgan Stanley & Co. International PLC cont. CMBX NA BBB-.11 Index USD (171,558) USD 536,000 USD 109,558 18/11/2054 (300 bp) - Monthly USD (62,268) (0.02) CMBX NA BBB-.11 Index (171,558) 536,000 109,558 18/11/2054 (300 bp) - Monthly (62,268) (0.02) CMBX NA BBB-.11 Index (154,776) 490,000 100,156 18/11/2054 (300 bp) - Monthly (54,865) (0.01) CMBX NA BBB-.11 Index (150,969) 477,000 97,499 18/11/2054 (300 bp) - Monthly (53,708) (0.01) CMBX NA BBB-.11 Index (74,592) 239,000 48,852 18/11/2054 (300 bp) - Monthly (25,860) (0.01) CMBX NA BBB-.11 Index (42,230) 210,000 42,924 18/11/2054 (300 bp) - Monthly 589 - CMBX NA BBB-.11 Index (1,031) 4,000 818 18/11/2054 (300 bp) - Monthly (215) - CMBX NA BBB-.12 Index (79,429) 239,000 48,469 17/08/2061 (300 bp) - Monthly (31,079) (0.01) CMBX NA BBB-.12 Index (46,369) 150,000 30,420 17/08/2061 (300 bp) - Monthly (16,024) - CMBX NA BBB-.9 Index (16,889) 110,000 21,384 17/09/2058 (300 bp) - Monthly 4,440 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 3,269,755 0.86 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (2,675,038) (0.70) Net Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 594,717 0.16

* 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 30 June 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 (0.15%) (30 June 2019: 0.08%) 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 16/09/2020 USD 42,560,587 USD 42,453,228 USD 107,359 0.03 Barclays Bank PLC British Pound Buy 16/09/2020 15,620 15,870 (250) - Euro Buy 16/09/2020 18,903,887 18,864,606 39,281 0.01 Citibank, N.A. British Pound Buy 16/09/2020 4,463 4,535 (72) - Euro Buy 16/09/2020 31,924,857 31,851,555 73,302 0.02 HSBC Bank British Pound Sell 16/09/2020 44,008 44,707 699 - Euro Buy 16/09/2020 27,147,287 27,087,806 59,481 0.02 Euro Buy 16/09/2020 7,810,354 7,864,525 (54,171) (0.02) JPMorgan Chase Bank, N.A. British Pound Sell 16/09/2020 7,314 7,431 117 - Euro Buy 16/09/2020 61,982,824 61,812,978 169,847 0.04 NatWest Markets PLC British Pound Buy 16/09/2020 6,198 6,308 (110) - British Pound Sell 16/09/2020 4,959 4,941 (18) - British Pound Sell 16/09/2020 15,744 15,997 253 - Euro Buy 16/09/2020 31,277,314 31,199,946 77,368 0.02 State Street Bank & Trust Company British Pound Buy 16/09/2020 5,083 5,144 (61) - British Pound Buy 16/09/2020 496,603 504,562 (7,959) - British Pound Buy 16/09/2020 14,380 14,751 (371) - Euro Buy 16/09/2020 3,276,765 3,279,664 (2,899) - Euro Buy 16/09/2020 5,023,803 5,053,030 (29,227) (0.01) Euro Buy 16/09/2020 27,076,501 27,074,307 2,194 - Euro Buy 16/09/2020 44,061,842 43,966,553 95,289 0.03 Euro Sell 16/09/2020 5,557,796 5,562,735 4,939 -

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

Putnam Securitised Credit Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.15%) (30 June 2019: 0.08%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund UBS AG British Pound Sell 16/09/2020 USD 5,454 USD 5,506 USD 52 - Euro Buy 16/09/2020 7,071,092 7,114,593 (43,501) (0.01) Euro Buy 16/09/2020 46,517,194 46,422,382 94,812 0.02 Euro Buy 16/09/2020 27,076,388 27,074,950 1,438 - Euro Sell 16/09/2020 3,522,323 3,523,266 943 - Westpac Banking Corporation British Pound Sell 16/09/2020 16,735 17,002 267 - Euro Sell 16/09/2020 1,196,840 1,194,082 (2,758) - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 727,641 0.19 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (141,397) (0.04) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 586,244 0.15 Total Financial Assets at Fair Value through Profit or Loss USD 685,673,262 180.09 Total Financial Liabilities at Fair Value through Profit or Loss USD (150,924,494) (39.64)

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

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 0.44 Transferable securities dealt on another regulated market 61.98 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 20.88 OTC financial derivative instruments 0.65 Exchange Traded financial derivative instruments 0.12 Centrally cleared financial derivative instruments 0.01 Other assets 15.92 Total Assets 100.00

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

122 Putnam World Trust

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Schedule of Investments 30 June 2020

NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Aerospace and Defense (0.01%) Banking (1.07%) cont 128 Airbus SE (Netherlands) USD 9,108 0.01 4,100 DBS Group Holdings Limited (Singapore) USD 61,330 0.06 9,108 0.01 2,832 DNB ASA (Norway) 37,471 0.04 Agriculture (0.12%) 1,644 FinecoBank Banca Fineco SpA (Italy) 22,153 0.02 1,505 British American Tobacco PLC (United 98,000 Industrial & Commercial Bank of China Kingdom) 57,825 0.06 Limited (China) 59,359 0.06 89,400 Hanjaya Mandala Sampoerna Tbk PT 3,847 ING Groep NV (Netherlands) 26,724 0.03 (Indonesia) 10,356 0.01 11,190 Israel Discount Bank Limited (Israel) 34,240 0.03 776 KT&G Corporation (South Korea) 50,710 0.05 718 KBC Group NV (Belgium) 41,123 0.04 118,891 0.12 546 OTP Bank Nyrt (Hungary) 19,123 0.02 Airlines (0.02%) 7,100 Seven Bank Limited (Japan) 19,421 0.02 1,300 Japan Airlines Company Limited (Japan) 23,433 0.02 8,447 Skandinaviska Enskilda Banken AB 23,433 0.02 (Sweden) 73,056 0.07 Apparel (0.24%) 3,600 Sumitomo Mitsui Financial Group 536 Bata India Limited (India) 9,308 0.01 Incorporated (Japan) 101,244 0.11 2,000 Feng TAY Enterprise Company Limited 1,500 Sumitomo Mitsui Trust Holdings (Taiwan) 11,251 0.01 Incorporated (Japan) 42,098 0.04 126 Hermes International (France) 105,163 0.11 1,061,957 1.07 115 Kering SA (France) 62,464 0.06 Beverages (0.12%) 98 LVMH Moet Hennessy Louis Vuitton SE 637 Carlsberg AS (Denmark) 84,147 0.09 (France) 42,924 0.04 1,346 Coca-Cola HBC AG (Switzerland) 33,782 0.03 7,000 Pou Chen Corporation (Taiwan) 6,816 0.01 117,929 0.12 237,926 0.24 Biotechnology (0.05%) Auto Parts and Equipment (0.22%) 496 Seegene Incorporated (South Korea) 46,518 0.05 229 Cie Generale des Etablissements Michelin 46,518 0.05 SCA (France) 23,724 0.02 Building Materials (0.33%) 902 Faurecia SE (France) 35,167 0.04 12,500 Anhui Conch Cement Company Limited 440 Hyundai Mobis Company Limited (South (China) 84,075 0.09 Korea) 70,203 0.07 28,000 China Resources Cement Holdings Limited 700 Koito Manufacturing Company Limited (Japan) 28,178 0.03 (Cayman Islands) 34,560 0.03 900 Stanley Electric Company Limited (Japan) 21,673 0.02 635 Cie de Saint-Gobain (France) 22,824 0.02 19,000 Weichai Power Company Limited (China) 35,446 0.04 1,793 CRH PLC (Ireland) 61,326 0.06 214,391 0.22 500 Daikin Industries Limited (Japan) 80,403 0.08 Automotive (0.35%) 607 LafargeHolcim Limited (Switzerland) 26,549 0.03 140 Ferrari NV (Netherlands) 23,855 0.02 14,000 Xinyi Glass Holdings Limited (Cayman 3,750 Fiat Chrysler Automobiles NV (Netherlands) 37,617 0.04 Islands) 17,219 0.02 1,100 Ford Otomotiv Sanayi AS (Turkey) 11,375 0.01 326,956 0.33 688 Kia Motors Corporation (South Korea) 18,552 0.02 Chemicals (0.33%) 4,406 Peugeot SA (France) 71,522 0.07 294 Arkema SA (France) 28,076 0.03 800 Porsche Automobil Holding SE 3,427 Axalta Coating Systems Limited (Bermuda) 77,280 0.07 (Preference shares) (Germany) 45,848 0.05 1,686 Covestro AG (Germany) 63,986 0.06 10,000 Sinotruk Hong Kong Limited (Hong Kong) 25,832 0.03 5,880 ICL Group Limited (Israel) 17,503 0.02 3,062 Tofas Turk Otomobil Fabrikasi AS (Turkey) 11,834 0.01 204 Koninklijke DSM NV (Netherlands) 28,197 0.03 403 Volkswagen AG (Preference shares) (Germany) 60,945 0.06 500 Nitto Denko Corporation (Japan) 28,293 0.03 2,507 Volvo AB (Sweden) 39,188 0.04 500 Shin-Etsu Chemical Company Limited 346,568 0.35 (Japan) 58,449 0.06 Banking (1.07%) 359 Soulbrain Holdings Company Limited 3,200 Banco BBVA Argentina SA (Argentina) 12,000 0.01 (South Korea) (F) 28,889 0.03 20,777 Banco Bilbao Vizcaya Argentaria SA (Spain) 71,366 0.07 330,673 0.33 553 Banco de Chile (Chile) 9,760 0.01 Commercial Services (0.23%) 8,057 Banco do Brasil SA (Brazil) 47,633 0.05 933 Adecco Group AG (Switzerland) 43,715 0.04 1,793 Banco Macro SA (Argentina) 33,260 0.03 6,363 Brambles Limited (Australia) 47,868 0.06 12,000 China Yuhua Education Corporation Limited 5,000 Banco Santander Brasil SA (Brazil) 25,763 0.03 (Cayman Islands) 9,834 0.01 17,300 Bank BTPN Syariah Tbk PT (Indonesia) 3,864 - 1,200 Nihon M&A Center Incorporated (Japan) 54,206 0.05 9,000 Bank Central Asia Tbk PT (Indonesia) 17,948 0.02 5,200 Qualicorp Consultoria e Corretora de 8,280 Bank Leumi Le-Israel BM (Israel) 41,721 0.04 Seguros SA (Brazil) 27,730 0.03 10,000 Bank of China Limited (China) 3,698 - 600 Recruit Holdings Company Limited (Japan) 20,510 0.02 1,993 BNP Paribas SA (France) 79,009 0.08 300 Sohgo Security Services Company Limited 11,000 BOC Hong Kong Holdings Limited (Hong (Japan) 13,965 0.01 Kong) 34,926 0.04 4,600 Westports Holdings Bhd (Malaysia) 4,110 - 10,500 China Merchants Bank Company Limited 900 YDUQS Participacoes SA (Brazil) 5,569 0.01 (China) 48,361 0.05 227,507 0.23 55,000 China Minsheng Banking Corporation Limited (China) 37,781 0.04 6,090 Credit Agricole SA (France) 57,525 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. 30 June 2020

NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) cont. NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Computers (0.67%) Electrical Components & Equipment (0.08%) 322 Accenture PLC (Ireland) USD 69,140 0.07 1,500 Brother Industries Limited (Japan) USD 27,029 0.03 1,600 Amdocs Limited (Guernsey) 97,408 0.09 724 Legrand SA (France) 54,936 0.05 230 Capgemini SE (France) 26,310 0.03 81,965 0.08 300 Fujitsu Limited (Japan) 35,116 0.04 Electronics (0.32%) 10,518 Infosys Limited (India) 102,646 0.10 2,484 Garmin Limited (Switzerland) 242,191 0.24 1,400 Itochu Techno-Solutions Corporation 500 Hoya Corporation (Japan) 47,882 0.05 (Japan) 52,468 0.05 8,000 Radiant Opto-Electronics Corporation 12,000 Lite-On Technology Corporation (Taiwan) 18,916 0.02 (Taiwan) 32,302 0.03 677 Logitech International SA (Switzerland) 44,143 0.04 322,375 0.32 1,700 Nomura Research Institute Limited (Japan) 46,387 0.05 Engineering and Construction (0.17%) 713 ACS Actividades de Construccion 900 Otsuka Corporation (Japan) 47,404 0.05 y Servicios SA (Spain) 17,939 0.02 206 Samsung SDS Company Limited (South Korea) 29,137 0.03 262 Aena SME SA (Spain) 34,880 0.03 307 Daelim Industrial Company Limited (South 2,582 Tata Consultancy Services Limited (India) 71,471 0.07 Korea) 21,201 0.02 9,276 Wipro Limited (India) 27,068 0.03 453 Eiffage SA (France) 41,362 0.04 667,614 0.67 1,754 Grupo Aeroportuario del Centro Norte SAB Cosmetics/Personal Care (0.26%) de CV (Mexico) 8,152 0.01 2,793 Essity AB (Sweden) 90,170 0.09 3,000 Obayashi Corporation (Japan) 28,055 0.03 200 Kose Corporation (Japan) 24,045 0.02 1,480 Samsung Engineering Company Limited 346 L'Oreal SA (France) 110,924 0.12 (South Korea) 15,295 0.02 632 Unilever PLC (United Kingdom) 34,076 0.03 166,884 0.17 259,215 0.26 Food (0.68%) Distribution/Wholesale (0.21%) 2,609 a2 Milk Company Limited (New Zealand) 34,166 0.03 1,197 Ferguson PLC (Jersey) 97,920 0.10 1,462 Associated British Foods PLC (United 4,500 ITOCHU Corporation (Japan) 96,908 0.10 Kingdom) 34,645 0.03 17,400 Sime Darby Bhd (Malaysia) 8,796 0.01 57,700 Charoen Pokphand Foods PCL (Thailand) 59,273 0.06 203,624 0.21 2,390 Coles Group Limited (Australia) 28,391 0.03 Diversified Financial Services (0.36%) 193 Dino Polska SA (Poland) 9,780 0.01 248 Amundi SA (France) 19,398 0.02 24,100 Indofood Sukses Makmur Tbk PT 12,520 Chailease Holding Company Limited (Indonesia) 11,015 0.01 (Cayman Islands) 52,864 0.05 400 Kobe Bussan Company Limited (Japan) 22,549 0.02 408 Deutsche Boerse AG (Germany) 73,745 0.08 3,190 Koninklijke Ahold Delhaize NV 23,000 Fubon Financial Holding Company Limited (Netherlands) 86,868 0.09 (Taiwan) 34,153 0.03 1,741 Nestle SA (Switzerland) 192,338 0.20 877 Hargreaves Lansdown PLC (United 28,000 Want Want China Holdings Limited Kingdom) 17,672 0.02 (Cayman Islands) 21,214 0.02 707 Magellan Financial Group Limited 80,500 WH Group Limited (Cayman Islands) 69,084 0.07 (Australia) 28,777 0.03 13,100 Wilmar International Limited (Singapore) 38,583 0.04 Mitsubishi UFJ Lease & Finance Company 2,617 Woolworths Group Limited (Australia) 67,487 0.07 3,500 Limited (Japan) 16,566 0.02 675,393 0.68 4,600 ORIX Corporation (Japan) 56,720 0.06 Food Service (0.04%) 5,500 Singapore Exchange Limited (Singapore) 33,006 0.03 3,236 Compass Group PLC (United Kingdom) 44,518 0.04 9,600 Tisco Financial Group PCL (Thailand) 21,587 0.02 44,518 0.04 354,488 0.36 Gas (0.06%) Electric Utilities (0.37%) 4,016 Indraprastha Gas Limited (India) 23,550 0.02 4,739 AGL Energy Limited (Australia) 55,892 0.06 8,109 Snam SpA (Italy) 39,441 0.04 3,000 CLP Holdings Limited (Hong Kong) 29,378 0.03 62,991 0.06 5,050 E.ON SE (Germany) 56,776 0.06 Health-Care Services (0.01%) 3,400 Electricity Generating PCL (Thailand) 27,171 0.03 300 PeptiDream Incorporated (Japan) 13,744 0.01 5,865 Enel Americas SA (Chile) 44,046 0.04 13,744 0.01 9,270 Enel SpA (Italy) 79,863 0.08 Home Builders (0.11%) 2,040,000 Federal Grid Company Unified Energy 501 Berkeley Group Holdings PLC (United System PJSC (Russian Federation) 5,353 0.01 Kingdom) 25,819 0.03 600 Glow Energy PCL (Thailand) (F) - - 1,500 Daiwa House Industry Company Limited 637,185 Inter RAO UES PJSC (Russian Federation) 43,371 0.04 (Japan) 35,378 0.03 1,287 Mahanagar Gas Limited (India) 17,954 0.02 764 Persimmon PLC (United Kingdom) 21,606 0.02 770 Manila Electric Company (Philippines) 4,156 - 16,139 Taylor Wimpey PLC (United Kingdom) 28,472 0.03 400 Transmissora Alianca de Energia Eletrica SA 111,275 0.11 (Brazil) 2,067 - 366,027 0.37

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

124 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) cont. NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Home Furnishings (0.18%) Medical Technology (0.59%) 300 Hoshizaki Corporation (Japan) USD 25,706 0.03 297 DiaSorin SpA (Italy) USD 56,813 0.06 466 LG Electronics Incorporated (South Korea) 24,736 0.02 869 Fisher & Paykel Healthcare Corporation 1,900 Sony Corporation (Japan) 130,115 0.13 Limited (New Zealand) 20,096 0.02 180,557 0.18 4,546 Medtronic PLC (Ireland) 416,868 0.41 Household Products/Wares (0.06%) 1,344 QIAGEN NV (Netherlands) 57,537 0.06 2,096 Hindustan Unilever Limited (India) 60,584 0.06 146 Sartorius Stedim Biotech (France) 36,852 0.04 60,584 0.06 588,166 0.59 Industrial Conglomerates (0.04%) Mining (0.43%) 5,500 CK Hutchison Holdings Limited (Cayman 779 Anglo American Platinum Limited (South Islands) 35,258 0.04 Africa) 56,245 0.06 35,258 0.04 3,127 Anglo American PLC (United Kingdom) 72,281 0.07 Insurance (0.56%) 1,455 BHP Group Limited (Australia) 36,108 0.04 689 Allianz SE (Germany) 140,537 0.15 2,867 BHP Group PLC (United Kingdom) 58,859 0.06 21,526 Aviva PLC (United Kingdom) 72,847 0.07 860 Impala Platinum Holdings Limited (South 12,100 BB Seguridade Participacoes SA (Brazil) 60,677 0.06 Africa) 5,745 0.01 94 Chubb Limited (Switzerland) 11,902 0.01 79 Korea Zinc Company Limited (South Korea) 22,162 0.02 5,578 Direct Line Insurance Group PLC (United 2,386 MMC Norilsk Nickel PJSC (Russian Kingdom) 18,705 0.02 Federation) 62,379 0.06 1,376 Gjensidige Forsikring ASA (Norway) 25,346 0.03 2,008 Rio Tinto PLC (United Kingdom) 112,990 0.11 15,029 Legal & General Group PLC (United 426,769 0.43 Kingdom) 41,041 0.04 Miscellaneous Manufacturer (0.09%) 12,000 Ping An Insurance Group Company of China 10,800 Hartalega Holdings Bhd (Malaysia) 32,984 0.03 Limited (China) 119,845 0.12 189 Knorr-Bremse AG (Germany) 19,123 0.02 1,500 Powszechny Zaklad Ubezpieczen SA 2,600 Kossan Rubber Industries (Malaysia) 5,198 0.01 (Poland) 10,962 0.01 1,100 Toshiba Corporation (Japan) 35,055 0.03 1,000 Qualitas Controladora SAB de CV (Mexico) 3,933 - 92,360 0.09 52 Swiss Life Holding AG (Switzerland) 19,231 0.02 Oil and Natural Gas Utilities (0.38%) 89 Zurich Insurance Group AG (Switzerland) 31,343 0.03 1,558 Ecopetrol SA (Colombia) 17,341 0.02 556,369 0.56 4,026 Eni SpA (Italy) 38,337 0.04 Internet (0.77%) 719 LUKOIL PJSC (Russian Federation) 53,297 0.05 1,360 Alibaba Group Holding Limited (Cayman 1,211 Polski Koncern Naftowy ORLEN SA Islands) 293,352 0.30 (Poland) 19,155 0.02 3,384 Auto Trader Group PLC (United Kingdom) 22,049 0.02 15,400 PTT Exploration & Production PCL (Thailand) 45,715 0.05 821 JD.com Incorporated (Cayman Islands) 49,408 0.05 9,401 Royal Dutch Shell PLC (United Kingdom) 142,256 0.14 700 Kakaku.com Incorporated (Japan) 17,726 0.02 41,773 Surgutneftegas PJSC (Preference shares) 500 M3 Incorporated (Japan) 21,263 0.02 (Russian Federation) 20,563 0.02 62 NCSoft Corporation (South Korea) 46,251 0.05 1,146 TOTAL SA (France) 43,651 0.04 3,600 Tencent Holdings Limited (Cayman Islands) 231,242 0.23 380,315 0.38 4,006 Vipshop Holdings Limited (Cayman Islands) 79,759 0.08 Pharmaceuticals (1.14%) 761,050 0.77 1,900 Astellas Pharma Incorporated (Japan) 31,629 0.03 Iron/Steel (0.08%) 457 AstraZeneca PLC (United Kingdom) 47,641 0.05 5,141 Fortescue Metals Group Limited (Australia) 49,329 0.05 26 China Biologic Products Holdings 433 Kumba Iron Ore Limited (South Africa) 11,564 0.01 Incorporated (Cayman Islands) 2,657 - 851 Novolipetsk Steel PJSC (Russian 600 Chugai Pharmaceutical Company Limited Federation) 16,888 0.02 (Japan) 32,074 0.03 77,781 0.08 672 Dr Reddy's Laboratories Limited (India) 35,301 0.04 Machinery (0.11%) 166 Galapagos NV (Belgium) 32,587 0.03 1,217 Atlas Copco AB (Sweden) 51,462 0.05 2,835 GlaxoSmithKline PLC (United Kingdom) 57,443 0.06 100 SMC Corporation (Japan) 51,040 0.05 1,120 Hikma Pharmaceuticals PLC (United 7,000 Teco Electric and Machinery Company Kingdom) 30,784 0.03 Limited (Taiwan) 6,411 0.01 4,400 Hypera SA (Brazil) 26,943 0.03 108,913 0.11 148 Jazz Pharmaceuticals PLC (Ireland) 16,330 0.02 Machinery-Construction and Mining (0.18%) 200 Kobayashi Pharmaceutical Company 2,400 Hitachi Limited (Japan) 75,767 0.08 Limited (Japan) 17,571 0.02 5,718 Sandvik AB (Sweden) 106,650 0.10 800 Mylan NV (Netherlands) 12,864 0.01 182,417 0.18 2,331 Novartis AG (Switzerland) 202,542 0.20 Media (0.08%) 2,448 Novo Nordisk A/S (Denmark) 158,413 0.16 1,068 Wolters Kluwer NV (Netherlands) 83,315 0.08 800 Ono Pharmaceutical Company Limited (Japan) 23,270 0.02 83,315 0.08 692 Roche Holding AG (Switzerland) 239,592 0.24 1,300 Shionogi & Company Limited (Japan) 81,379 0.08 29,000 Sino Biopharmaceutical Limited (Cayman Islands) 54,699 0.06 700 Suzuken Company Limited (Japan) 26,091 0.03 1,129,810 1.14 The accompanying notes form an integral part of these financial statements. Putnam World Trust 125

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) cont. NON-U.S. EQUITIES (13.93%) (30 June 2019: 17.34%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Pipelines (0.04%) Telecommunications (0.59%) 1,600 Petronas Gas Bhd (Malaysia) USD 6,313 0.01 6,100 Advanced Info Service PCL (Thailand) USD 36,512 0.04 7,550 Petronet LNG Limited (India) 25,908 0.03 14,888 BT Group PLC (United Kingdom) 21,013 0.02 32,221 0.04 8,000 China Mobile Limited (Hong Kong) 54,057 0.05 Private Equity (0.13%) 7,517 Deutsche Telekom AG (Germany) 125,739 0.13 4,245 3i Group PLC (United Kingdom) 43,721 0.04 462 Elisa Oyj (Finland) 28,083 0.03 97 Partners Group Holding AG (Switzerland) 87,838 0.09 1,019 Hellenic Telecommunications Organization 131,559 0.13 SA (Greece) 13,880 0.01 Real Estate (0.30%) 100 Hikari Tsushin Incorporated (Japan) 22,774 0.02 11,500 CK Asset Holdings Limited (Cayman 3,600 KDDI Corporation (Japan) 107,937 0.11 Islands) 68,384 0.07 579 KT Corporation (South Korea) 11,421 0.01 6,000 Country Garden Services Holdings 2,600 Nippon Telegraph & Telephone Corporation Company Limited (Cayman Islands) 27,901 0.03 (Japan) 60,529 0.06 300 Daito Trust Construction Company Limited 1,400 NTT DOCOMO Incorporated (Japan) 37,347 0.04 (Japan) 27,564 0.03 200 PLDT Incorporated (Philippines) 4,990 0.01 5,175 Goodman Group (Australia) 53,260 0.05 300 SoftBank Group Corporation (Japan) 15,116 0.02 8,100 Henderson Land Development Company Limited (Hong Kong) 30,674 0.03 15,274 Telstra Corporation Limited (Australia) 33,065 0.03 11,000 Logan Group Company Limited (Cayman 4,700 TIM Participacoes SA (Brazil) 12,273 0.01 Islands) 19,662 0.02 584,736 0.59 1,500 Nomura Real Estate Holdings Incorporated Toys/Games/Hobbies (0.13%) (Japan) 27,846 0.03 300 Nintendo Company Limited (Japan) 133,490 0.13 2,000 Ruentex Development Company Limited 133,490 0.13 (Taiwan) 3,456 - Transportation (0.27%) 3,000 Sun Hung Kai Properties Limited (Hong 12,428 Aurizon Holdings Limited (Australia) 42,314 0.05 Kong) 38,233 0.04 3,250 Deutsche Post AG (Germany) 118,559 0.13 296,980 0.30 600 Hankyu Hanshin Holdings Incorporated Retail (0.43%) (Japan) 20,280 0.02 2,114 Clicks Group Limited (South Africa) 25,616 0.03 13,500 MISC Bhd (Malaysia) 24,164 0.02 17,300 Com7 PCL (Thailand) 15,952 0.02 1,000 Odakyu Electric Railway Company Limited 3,675 Industria de Diseno Textil SA (Spain) 97,164 0.09 (Japan) 24,579 0.02 470 Pandora A/S (Denmark) 25,515 0.03 600 West Japan Railway Company (Japan) 33,644 0.03 2,000 President Chain Store Corporation (Taiwan) 20,087 0.02 263,540 0.27 1,200 Ryohin Keikaku Company Limited (Japan) 16,983 0.02 Water (0.02%) 7,500 Sun Art Retail Group Limited (Hong Kong) 12,806 0.01 1,467 Cia de Saneamento Basico do Estado de 800 Sundrug Company Limited (Japan) 26,433 0.03 Sao Paulo (Brazil) 15,565 0.02 7,271 Wal-Mart de Mexico SAB de CV (Mexico) 17,389 0.02 15,565 0.02 3,737 Wesfarmers Limited (Australia) 116,070 0.12 Total Non-U.S. Equities USD 13,819,074 13.93 8,000 Zhongsheng Group Holdings Limited (Cayman Islands) 44,639 0.04 U.S. EQUITIES (25.56%) (30 June 2019: 37.62%) 418,654 0.43 Number of Value % of Shares USD Fund Semiconductors (0.74%) 146 ASML Holding NV (Netherlands) 53,520 0.05 Advertising (0.16%) 2,969 Omnicom Group Incorporated USD 162,107 0.16 3,000 Globalwafers Company Limited (Taiwan) 40,874 0.04 162,107 0.16 400 Lasertec Corporation (Japan) 37,718 0.04 1,000 Parade Technologies Limited (Cayman Aerospace and Defense (0.55%) Islands) 33,494 0.03 1,085 Lockheed Martin Corporation 395,938 0.40 6,286 Samsung Electronics Company Limited 470 Teledyne Technologies Incorporated 146,147 0.15 (South Korea) 278,653 0.29 542,085 0.55 3,392 Taiwan Semiconductor Manufacturing Airlines (0.13%) Company Limited (Taiwan) 192,564 0.20 4,107 Delta Air Lines Incorporated 115,202 0.12 200 Tokyo Electron Limited (Japan) 49,082 0.05 289 United Airlines Holdings Incorporated 10,002 0.01 82,000 United Microelectronics Corporation 125,204 0.13 (Taiwan) 44,114 0.04 Auto Parts and Equipment (0.07%) 730,019 0.74 1,994 Allison Transmission Holdings Incorporated 73,339 0.07 Shipbuilding (0.02%) 73,339 0.07 32,400 Yangzijiang Shipbuilding Holdings Limited Banking (1.30%) (Singapore) 21,647 0.02 1,913 Goldman Sachs Group Incorporated 378,047 0.38 21,647 0.02 4,928 JPMorgan Chase & Company 463,527 0.47 Software (0.14%) 2,776 State Street Corporation 176,415 0.18 142 NetEase Incorporated (Cayman Islands) 60,972 0.07 7,368 US Bancorp 271,290 0.27 2,100 Nexon Company Limited (Japan) 47,430 0.05 1,289,279 1.30 33 SAP SE (Germany) 4,593 -

3,040 Tech Mahindra Limited (India) 22,034 0.02

135,029 0.14

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

126 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

U.S. EQUITIES (25.56%) (30 June 2019: 37.62%) cont. U.S. EQUITIES (25.56%) (30 June 2019: 37.62%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Beverages (0.27%) Food (0.63%) 1,922 Coca-Cola Company USD 85,875 0.09 1,745 Hershey Company USD 226,187 0.23 1,390 PepsiCo Incorporated 183,841 0.18 7,845 Mondelez International Incorporated 401,115 0.40 269,716 0.27 627,302 0.63 Biotechnology (0.48%) Health-Care Services (0.32%) 127 Alexion Pharmaceuticals Incorporated 14,254 0.01 212 Chemed Corporation 95,627 0.10 641 Amgen Incorporated 151,186 0.16 713 Laboratory Corporation of America 265 Biogen Incorporated 70,901 0.07 Holdings 118,437 0.11 158 BioMarin Pharmaceutical Incorporated 19,488 0.02 918 Quest Diagnostics Incorporated 104,615 0.11 28 Bio-Rad Laboratories Incorporated 12,642 0.01 318,679 0.32 194 Bluebird Bio Incorporated 11,842 0.01 Household Products/Wares (0.33%) 1,508 Clorox Company 330,810 0.33 571 Exelixis Incorporated 13,556 0.01 330,810 0.33 198 Incyte Corporation 20,586 0.02 Insurance (0.58%) 222 Moderna Incorporated 14,255 0.01 3,185 Allstate Corporation 308,914 0.30 88 Regeneron Pharmaceuticals Incorporated 54,881 0.06 724 American Financial Group Incorporated 45,945 0.05 104 United Therapeutics Corporation 12,584 0.01 443 Assurant Incorporated 45,757 0.05 266 Vertex Pharmaceuticals Incorporated 77,222 0.09 2,992 Loews Corporation 102,596 0.10 473,397 0.48 4,665 MGIC Investment Corporation 38,206 0.04 Building Materials (0.13%) 453 Reinsurance Group of America Incorporated 35,533 0.04 5,727 Carrier Global Corporation 127,254 0.13 576,951 0.58 127,254 0.13 Internet (2.92%) Chemicals (0.19%) 564 Alphabet Incorporated 799,780 0.81 546 Ecolab Incorporated 108,627 0.11 480 Amazon.com Incorporated 1,324,234 1.33 194 NewMarket Corporation 77,693 0.08 6,643 eBay Incorporated 348,425 0.35 186,320 0.19 Commercial Services (0.08%) 1,373 F5 Networks Incorporated 191,506 0.19 83 Automatic Data Processing Incorporated 12,358 0.01 874 Facebook Incorporated 198,459 0.20 413 Bright Horizons Family Solutions 39 MercadoLibre Incorporated 38,445 0.04 Incorporated 48,403 0.06 2,900,849 2.92 391 ServiceMaster Global Holdings Incorporated 13,955 0.01 Iron/Steel (0.07%) 74,716 0.08 768 Reliance Steel & Aluminum Company 72,906 0.07 Computers (1.61%) 72,906 0.07 2,839 Apple Incorporated 1,035,667 1.04 Machinery (0.04%) 4,714 Cognizant Technology Solutions 1,563 Ingersoll Rand Incorporated 43,952 0.04 Corporation 267,849 0.27 43,952 0.04 3,060 HP Incorporated 53,336 0.05 Media (0.35%) 2,603 Leidos Holdings Incorporated 243,823 0.25 459 Charter Communications Incorporated 234,109 0.24 1,600,675 1.61 1,014 Walt Disney Company 113,071 0.11 Cosmetics/Personal Care (0.23%) 347,180 0.35 177 Colgate-Palmolive Company 12,967 0.01 Medical Technology (0.64%) 1,779 Procter & Gamble Company 212,715 0.22 3,035 Baxter International Incorporated 261,313 0.27 225,682 0.23 3,886 Hologic Incorporated 221,502 0.22 Diversified Financial Services (0.39%) 276 Thermo Fisher Scientific Incorporated 100,006 0.10 3,449 Intercontinental Exchange Incorporated 315,929 0.32 455 Zimmer Biomet Holdings Incorporated 54,309 0.05 3,331 Western Union Company 72,016 0.07 637,130 0.64 387,945 0.39 Miscellaneous Manufacturer (0.02%) Electric Utilities (0.76%) 197 AptarGroup Incorporated 22,060 0.02 1,978 American Electric Power Company 22,060 0.02 Incorporated 157,528 0.17 Oil and Natural Gas Utilities (0.44%) 2,181 CenterPoint Energy Incorporated 40,719 0.04 7,409 Cabot Oil & Gas Corporation 127,287 0.13 2,538 DTE Energy Company 272,835 0.27 964 Chevron Corporation 86,018 0.09 7,475 Exelon Corporation 271,268 0.27 2,388 EQT Corporation 28,417 0.03 161 Pinnacle West Capital Corporation 11,800 0.01 4,313 Exxon Mobil Corporation 192,877 0.19 754,150 0.76 434,599 0.44 Electronics (0.51%) Packaging and Containers (0.18%) 226 Agilent Technologies Incorporated 19,972 0.02 3,162 Berry Global Group Incorporated 140,140 0.14 3,202 Gentex Corporation 82,516 0.08 1,096 Silgan Holdings Incorporated 35,499 0.04 2,721 Honeywell International Incorporated 393,428 0.40 175,639 0.18 16 Mettler-Toledo International Incorporated 12,889 0.01 Pharmaceuticals (1.20%) 508,805 0.51 1,345 AbbVie Incorporated 132,052 0.13 Environmental Control (0.33%) 2,485 Bristol-Myers Squibb Company 146,118 0.15 274 Republic Services Incorporated 22,482 0.02 917 Eli Lilly and Company 150,553 0.15 2,872 Waste Management Incorporated 304,173 0.31 326,655 0.33 The accompanying notes form an integral part of these financial statements. Putnam World Trust 127

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

U.S. EQUITIES (25.56%) (30 June 2019: 37.62%) cont. U.S. EQUITIES (25.56%) (30 June 2019: 37.62%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Pharmaceuticals (1.20%) cont. Real Estate (3.69%) cont. 2,252 Johnson & Johnson USD 316,698 0.33 2,172 STORE Capital Corporation USD 51,715 0.05 2,447 Merck & Company Incorporated 189,227 0.19 634 Terreno Realty Corporation 33,374 0.03 109 Neurocrine Biosciences Incorporated 13,298 0.01 1,728 UDR Incorporated 64,593 0.07 4,997 Pfizer Incorporated 163,402 0.17 469 Ventas Incorporated 17,175 0.02 83 Sarepta Therapeutics Incorporated 13,308 0.01 9,706 VEREIT Incorporated 62,410 0.06 466 Zoetis Incorporated 63,861 0.06 7,270 VICI Properties Incorporated 146,780 0.15 1,188,517 1.20 1,422 Vornado Realty Trust 54,335 0.05 Pipelines (0.29%) 2,160 Weingarten Realty Investors 40,889 0.04 19,113 Kinder Morgan Incorporated 289,944 0.29 852 Welltower Incorporated 44,091 0.04 289,944 0.29 3,664,436 3.69 Real Estate (3.69%) Retail (0.84%) 5,575 AGNC Investment Corporation 71,918 0.07 701 Costco Wholesale Corporation 212,550 0.21 878 Agree Realty Corporation 57,693 0.06 962 Dollar General Corporation 183,271 0.18 70 Alexandria Real Estate Equities 3,744 Starbucks Corporation 275,521 0.29 Incorporated 11,358 0.01 611 Target Corporation 73,277 0.07 1,641 American Campus Communities 1,780 Yum China Holdings Incorporated 85,565 0.09 Incorporated 57,369 0.06 830,184 0.84 3,631 American Homes 4 Rent 97,674 0.10 Savings&Loans (0.04%) 2,137 Americold Realty Trust 77,573 0.08 4,152 New York Community Bancorp 3,210 Apple Hospitality REIT Incorporated 31,009 0.03 Incorporated 42,350 0.04 773 AvalonBay Communities Incorporated 119,537 0.12 42,350 0.04 654 Boston Properties Incorporated 59,109 0.06 Semiconductors (0.96%) 3,560 Brixmor Property Group Incorporated 45,639 0.05 513 KLA Corporation 99,768 0.10 1,658 Camden Property Trust 151,243 0.15 2,223 Maxim Integrated Products Incorporated 134,736 0.14 361 Chatham Lodging Trust 2,209 - 699 NVIDIA Corporation 265,557 0.27 4,265 City Office REIT Incorporated 42,906 0.04 3,494 Texas Instruments Incorporated 443,634 0.45 2,133 Colony Capital Incorporated 5,119 0.01 943,695 0.96 85 Community Healthcare Trust Incorporated 3,477 - Software (3.65%) 2,261 Corporate Office Properties Trust 57,294 0.06 743 Activision Blizzard Incorporated 56,394 0.06 324 Digital Realty Trust Incorporated 46,044 0.05 1,301 Adobe Incorporated 566,338 0.57 3,700 Duke Realty Corporation 130,943 0.13 558 Black Knight Incorporated 40,488 0.04 2,704 Easterly Government Properties 1,876 Cadence Design Systems Incorporated 180,021 0.18 Incorporated 62,516 0.06 1,281 Electronic Arts Incorporated 169,156 0.17 417 Equinix Incorporated 292,858 0.29 3,043 Fidelity National Information Services 2,818 Equity Commonwealth 90,740 0.09 Incorporated 408,036 0.41 1,901 Equity LifeStyle Properties Incorporated 118,774 0.12 1,440 Intuit Incorporated 426,514 0.43 2,906 Equity Residential 170,931 0.17 4,435 Microsoft Corporation 902,566 0.91 415 Essex Property Trust Incorporated 95,106 0.10 1,286 Synopsys Incorporated 250,770 0.25 976 Extra Space Storage Incorporated 90,153 0.09 1,924 Take-Two Interactive Software 2,120 Gaming and Leisure Properties Incorporated 268,533 0.27 Incorporated 73,352 0.07 1,504 Veeva Systems Incorporated 352,568 0.36 1,193 Gladstone Commercial Corporation 22,369 0.02 3,621,384 3.65 1,031 Global Medical REIT Incorporated 11,681 0.01 Telecommunications (1.00%) 2,151 Healthcare Realty Trust Incorporated 63,003 0.06 6,033 Cisco Systems Incorporated 281,379 0.28 237 Healthpeak Properties Incorporated 6,532 0.01 7,850 Juniper Networks Incorporated 179,451 0.18 5,823 Host Hotels & Resorts Incorporated 62,830 0.06 9,605 Verizon Communications Incorporated 529,524 0.54 686 Life Storage Incorporated 65,136 0.07 990,354 1.00 1,144 LTC Properties Incorporated 43,094 0.04 Transportation (0.18%) 651 Mid-America Apartment Communities 1,200 CH Robinson Worldwide Incorporated 94,872 0.10 Incorporated 74,650 0.08 2,619 Schneider National Incorporated 64,611 0.07 834 National Health Investors Incorporated 50,640 0.05 73 Union Pacific Corporation 12,342 0.01 1,602 National Retail Properties Incorporated 56,839 0.06 171,825 0.18 4,788 Paramount Group Incorporated 36,915 0.04 Total U.S. Equities USD 25,358,075 25.56 3,703 Physicians Realty Trust 64,877 0.07 2,608 Prologis Incorporated 243,404 0.25 WARRANTS (0.57%) (30 June 2019: 0.19%) 574 Public Storage 110,145 0.11 Number of Value % of Warrants USD Fund 480 Realty Incorporatedome Corporation 28,560 0.03 1,015 Foshan Haitian Flavouring & Food 3,329 Retail Opportunity Investments Corporation 37,718 0.04 Company Limited (Luxembourg) USD 17,870 0.02 2,215 Sabra Health Care REIT Incorporated 31,962 0.03 8,300 Gree Electric Appliances Incorporated 1,114 Simon Property Group Incorporated 76,175 0.08 (Luxembourg) 66,453 0.07 28,500 Sany Heavy Industry Company Limited 75,670 0.07 3,186 Seazen Holdings Company (Luxembourg) 14,087 0.01 The accompanying notes form an integral part of these financial statements.

128 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

WARRANTS (0.57%) (30 June 2019: 0.19%) cont. Number of Value % of Warrants USD Fund 400 UBS AG (United Kingdom) USD 82,817 0.08 20,600 UBS AG (United Kingdom) 16,531 0.02 3,693 UBS AG (United Kingdom) 3,042 - 46,200 UBS AG (United Kingdom) 69,179 0.07 1,800 UBS AG (United Kingdom) 77,878 0.08 39,210 UBS AG (United Kingdom) 46,060 0.05 23,500 UBS AG (United Kingdom) 48,453 0.05 3,100 UBS AG (United Kingdom) 46,465 0.05 Total Warrants USD 564,505 0.57

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (19.53%) (30 June 2019: 18.67%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund U.S. Government Agency Mortgage Obligations (17.40%) USD 131,516 Uniform Mortgage Backed Securities Pass-Through Certificates 4.00 01/01/2057 USD 145,278 0.15 543,235 Uniform Mortgage Backed Securities Pass-Through Certificates 3.50 01/12/2049 571,018 0.58 262,886 Uniform Mortgage Backed Securities Pass-Through Certificates 3.50 01/11/2049 277,316 0.28 1,443,692 Uniform Mortgage Backed Securities Pass-Through Certificates 4.00 01/05/2049 1,533,859 1.55 2,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 13/08/2050 2,081,328 2.10 1,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 13/08/2050 1,051,250 1.06 5,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50 14/07/2050 5,213,282 5.24 2,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 14/07/2050 2,106,484 2.12 2,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00 14/07/2050 2,119,531 2.14 1,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 6.00 14/07/2050 1,114,061 1.12 1,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00 16/07/2035 1,050,859 1.06 17,264,266 17.40 U.S. Government Guaranteed Mortgage Obligations (2.13%) 2,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50 21/07/2050 2,110,469 2.13 2,110,469 2.13 Total U.S. Government and Agency Mortgage Obligations USD 19,374,735 19.53

U.S. GOVERNMENT AGENCY OBLIGATIONS (-%) (30 June 2019: 2.37%)

MORTGAGE-BACKED SECURITIES (5.70%) (30 June 2019: 5.05%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Agency Collateralised Mortgage Obligations (0.33%) USD 462,340 Federal Home Loan Mortgage Corporation (Class PI) 3.00 15/11/2042 USD 40,395 0.04 681,939 Federal National Mortgage Association (Class DS) 5.92 25/12/2048 82,685 0.07 4,691 Federal National Mortgage Association (Class SE) 22.45 25/11/2035 6,828 0.01 75,573 Government National Mortgage Association (Class AS) 5.86 20/06/2043 14,947 0.02 493,712 Government National Mortgage Association (Class EI) 0.64 20/06/2066 49,026 0.05 497,924 Government National Mortgage Association (Class EI) 1.85 20/10/2065 41,626 0.04 127,525 Government National Mortgage Association (Class IC) 5.00 16/01/2044 26,313 0.03 256,173 Government National Mortgage Association (Class LI) 3.50 20/03/2044 21,872 0.02 140,936 Government National Mortgage Association (Class QI) 5.00 20/10/2047 25,854 0.03 20,878 Government National Mortgage Association (Class QI) 4.50 20/01/2040 3,340 - 102,886 Government National Mortgage Association (Class UI) 5.00 20/01/2040 18,777 0.02 331,663 0.33 Commercial Mortgage-Backed Securities (3.25%) 1,004,583 Banc of America Commercial Mortgage Trust 2015-UBS7 (Class XA) 0.94 15/09/2048 35,160 0.04 653,153 CD 2016-CD1 Mortgage Trust (Class XA) 1.40 10/08/2049 39,356 0.04 83,021 Centex Home Equity Loan Trust 2005-A (Class M1) 0.90 25/01/2035 80,069 0.08 84,000 Citigroup Commercial Mortgage Trust 2014-GC21 (Class AS) 4.03 10/05/2047 85,538 0.09 41,000 Citigroup Commercial Mortgage Trust 2014-GC21 (Class C) 4.78 10/05/2047 37,746 0.04 800,628 Citigroup Commercial Mortgage Trust 2014-GC23 (Class XA) 0.94 10/07/2047 25,471 0.03 139,000 Commercial 2012-LC4 Mortgage Trust (Class C) 5.54 10/12/2044 122,109 0.12 230,473 Commercial 2012-LC4 Mortgage Trust (Class XA) 2.10 10/12/2044 5,266 0.01 635,628 Commercial 2013-CCRE11 Mortgage Trust (Class XA) 0.92 10/08/2050 16,323 0.02 59,000 Commercial 2013-CCRE13 Mortgage Trust (Class AM) 4.45 10/11/2046 64,414 0.06 145,000 Commercial 2013-CCRE9 Mortgage Trust (Class D) 4.24 10/07/2045 103,269 0.10 1,027,289 Commercial 2013-LC13 Mortgage Trust (Class XA) 1.12 10/08/2046 29,478 0.03 1,430,458 Commercial 2014-CCRE17 Mortgage Trust (Class XA) 0.97 10/05/2047 44,283 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. 30 June 2020

MORTGAGE-BACKED SECURITIES (5.70%) (30 June 2019: 5.05%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (3.25%) cont. USD 752,810 Commercial 2014-CCRE20 Mortgage Trust (Class XA) 1.02 10/11/2047 USD 26,755 0.03 43,000 Commercial 2014-CR14 Mortgage Trust (Class AM) 4.53 10/02/2047 46,763 0.05 2,873,672 Commercial 2014-CR14 Mortgage Trust (Class XA) 0.59 10/02/2047 51,192 0.05 44,000 Commercial 2014-UBS6 Mortgage Trust (Class C) 4.45 10/12/2047 37,599 0.04 1,325,433 Commercial 2014-UBS6 Mortgage Trust (Class XA) 0.89 10/12/2047 41,885 0.04 27,000 Commercial 2015-LC19 Mortgage Trust (Class A4) 3.18 10/02/2048 28,812 0.03 34,000 Commercial 2017-COR2 Mortgage Trust (Class AM) 3.80 10/09/2050 36,967 0.04 1,048,380 CSAIL 2015-C1 Commercial Mortgage Trust (Class XA) 0.98 15/04/2050 33,200 0.03 111,000 CSMC Trust 2016-NXSR (Class C) 4.50 15/12/2049 87,258 0.09 209,907 CWABS Incorporated Asset-Backed Certificates Trust 2004-5 (Class 2A) 0.68 25/10/2034 201,625 0.21 166,000 DBUBS 2011-LC3 Mortgage Trust (Class D) 5.33 10/08/2044 164,475 0.17 63,372 EquiFirst Mortgage Loan Trust 2004-1 (Class M2) 1.61 25/01/2034 63,756 0.06 93,000 GS Mortgage Securities Trust 2014-GC22 (Class AS) 4.11 10/06/2047 99,537 0.10 135,000 GS Mortgage Securities Trust 2014-GC22 (Class C) 4.69 10/06/2047 122,622 0.12 1,345,931 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 (Class XA) 1.73 15/05/2045 29,212 0.03 40,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class AS) 3.22 15/04/2046 40,755 0.04 1,113,467 JPMBB Commercial Mortgage Securities Trust 2013-C17 (Class XA) 0.92 15/01/2047 24,000 0.02 90,000 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class C) 4.71 15/09/2047 77,066 0.08 1,012,145 JPMBB Commercial Mortgage Securities Trust 2014-C22 (Class XA) 0.99 15/09/2047 28,990 0.03 34,532 Long Beach Mortgage Loan Trust 2004-5 (Class A5) 0.74 25/09/2034 34,242 0.03 168,000 LSTAR Commercial Mortgage Trust 2015-3 (Class B) 3.36 20/04/2048 176,453 0.19 41,000 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 (Class C) 4.66 15/08/2047 37,211 0.04 772,253 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 (Class XA) 1.27 15/08/2047 24,691 0.02 650,289 Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 (Class XA) 1.23 15/10/2048 26,535 0.03 57,000 Morgan Stanley Capital I Trust 2016-BNK2 (Class C) 4.03 15/11/2049 54,150 0.05 34,122 Multifamily Connecticut Avenue Securities Trust 2019-01 (Class M7) 1.88 15/10/2049 29,252 0.03 95,315 Towd Point Asset Trust 2018-SL1 (Class A) 0.77 25/01/2046 93,875 0.09 38,000 UBS Commercial Mortgage Trust 2012-C1 (Class C) 5.57 10/05/2045 34,322 0.03 2,092,065 UBS-Barclays Commercial Mortgage Trust 2012-C2 (Class XA) 1.30 10/05/2063 45,184 0.05 41,000 Wells Fargo Commercial Mortgage Trust 2013-LC12 (Class AS) 4.41 15/07/2046 41,981 0.04 37,000 Wells Fargo Commercial Mortgage Trust 2017-C39 (Class A5) 3.42 15/09/2050 41,321 0.04 116,000 WF-RBS Commercial Mortgage Trust 2011-C2 (Class D) 5.85 15/02/2044 113,708 0.11 155,000 WFRBS Commercial Mortgage Trust 2011-C4 (Class D) 5.39 15/06/2044 157,460 0.16 751,901 WFRBS Commercial Mortgage Trust 2012-C10 (Class XA) 1.68 15/12/2045 22,571 0.02 270,000 WFRBS Commercial Mortgage Trust 2012-C7 (Class D) 4.97 15/06/2045 270,293 0.28 32,000 WFRBS Commercial Mortgage Trust 2012-C9 (Class B) 3.84 15/11/2045 31,959 0.03 2,058,000 WFRBS Commercial Mortgage Trust 2012-C9 (Class XB) 0.88 15/11/2045 30,458 0.03 947,266 WFRBS Commercial Mortgage Trust 2014-C24 (Class XA) 0.98 15/11/2047 24,637 0.02 3,221,254 3.25 Residential Mortgage-Backed Securities (non-agency) (2.12%) 133,217 Adjustable Rate Mortgage Trust 2005-9 (Class 5A1) 0.72 25/11/2035 126,678 0.13 200,000 Bellemeade Re 2018-2 Limited (Class M1C) 1.78 25/08/2028 188,238 0.19 33,317 COLT 2018-2 Mortgage Loan Trust (Class A1) 3.47 27/07/2048 33,817 0.03 20,000 Fannie Mae Connecticut Avenue Securities (Class 1EB1) 1.43 25/07/2029 19,239 0.02 98,929 Fannie Mae Connecticut Avenue Securities (Class 1M2) 4.43 25/01/2029 102,357 0.10 179,578 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.18 25/09/2028 186,197 0.19 263,990 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.93 25/08/2028 275,458 0.27 17,936 Fannie Mae Connecticut Avenue Securities (Class 1M2) 5.08 25/11/2024 18,586 0.02 6,633 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.53 25/05/2029 6,860 0.01 26,564 Fannie Mae Connecticut Avenue Securities (Class 2M2) 7.13 25/08/2028 28,026 0.03 27,490 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.18 25/07/2025 28,082 0.03 22,141 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.08 25/07/2024 20,809 0.02 48,072 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.78 25/05/2024 44,848 0.05 189,297 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.83 25/10/2028 194,525 0.20 229,353 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 5.72 25/07/2028 239,394 0.24 35,333 Mello Warehouse Securitization Trust 2018-1 (Class A) 1.03 25/11/2051 35,289 0.04 137,147 MortgageIT Trust 2005-1 (Class 1M1) 0.90 25/02/2035 129,930 0.13 234,132 WaMu Mortgage Pass-Through Certificates Series 2005-AR11 Trust (Class A1A) 0.50 25/08/2045 234,874 0.23 100,420 WaMu Mortgage Pass-Through Certificates Series 2005-AR8 (Class 2A1A) 0.76 25/07/2045 93,506 0.09 101,512 WaMu Mortgage Pass-Through Certificates Series 2006-AR1 Trust (Class 2A1A) 2.57 25/01/2046 96,944 0.10 2,103,657 2.12 Total Mortgage-Backed Securities USD 5,656,574 5.70 The accompanying notes form an integral part of these financial statements.

130 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

REPURCHASE AGREEMENTS (12.55%) (30 June 2019: 2.41%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 12,456,000 Repurchase Agreement - Barclays Capital Incorporated* 0.07 01/07/2020 USD 12,456,000 12.55 Total Repurchase Agreements USD 12,456,000 12.55

*Interest in USD 50,000,000 bulk repurchase agreement dated 30 June 2020 with Barclays Capital Incorporated due 1 July 2020 - maturity value of USD12,456,024 for an effective yield of 0.070% (collateralised by a U.S. Treasury note with a coupon rate of 3.375% and a due date of 15 November 2048, valued at USD51,098,902)

NON-U.S. CORPORATE BONDS AND NOTES (5.24%) (30 June 2019: 5.38%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Auto Parts and Equipment (0.03%) USD 20,000 Clarios Global LP (Canada) 6.75 15/05/2025 USD 20,800 0.02 5,000 Clarios Global LP (International) 6.25 15/05/2026 5,156 0.01 25,956 0.03 Banking (2.47%) 4,000 Bank of Montreal (Canada) 3.80 15/12/2032 4,305 - 65,000 Bank of Montreal (Canada) 3.10 13/04/2021 66,410 0.07 126,000 Bank of Nova Scotia (Canada) 2.70 07/03/2022 130,707 0.13 200,000 Banque Federative du Credit Mutuel SA (France) 2.20 20/07/2020 200,184 0.20 200,000 BPCE SA (France) 5.15 21/07/2024 221,394 0.22 328,000 Commonwealth Bank of Australia (Australia) 2.20 09/11/2020 329,861 0.33 200,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 209,250 0.21 200,000 DNB Bank ASA (Norway) 2.15 02/12/2022 206,951 0.21 105,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 3.54 26/07/2021 108,144 0.11 50,000 Royal Bank of Canada (Canada) 4.65 27/01/2026 58,219 0.06 200,000 Santander UK Group Holdings PLC (United Kingdom) 4.75 15/09/2025 216,848 0.22 57,000 Toronto-Dominion Bank (Canada) 3.63 15/09/2031 64,127 0.06 150,000 Toronto-Dominion Bank (Canada) 1.90 01/12/2022 154,762 0.16 200,000 UBS Group AG (Switzerland) 3.49 23/05/2023 209,000 0.21 240,000 VTB Bank OJSC Via VTB Capital SA (Luxembourg) 6.95 17/10/2022 255,299 0.27 12,000 Westpac Banking Corporation (Australia) 4.42 24/07/2039 14,148 0.01 2,449,609 2.47 Building Materials (0.09%) 40,000 Johnson Controls International PLC (Ireland) 4.95 02/07/2064 47,877 0.05 20,000 Johnson Controls International PLC (Ireland) 4.50 15/02/2047 22,792 0.02 15,000 Masonite International Corporation (Canada) 5.38 01/02/2028 15,338 0.02 86,007 0.09 Chemicals (0.11%) 15,000 Nutrien Limited (Canada) 5.25 15/01/2045 18,541 0.02 25,000 Nutrien Limited (Canada) 4.13 15/03/2035 28,066 0.03 20,000 Nutrien Limited (Canada) 2.95 13/05/2030 21,198 0.02 28,000 Nutrien Limited (Canada) 4.20 01/04/2029 32,493 0.03 10,000 Tronox Finance PLC (United Kingdom) 5.75 01/10/2025 9,250 0.01 109,548 0.11 Commercial Services (0.27%) 28,000 IHS Markit Limited (Bermuda) 4.75 01/08/2028 32,865 0.03 10,000 IHS Markit Limited (Bermuda) 4.00 01/03/2026 11,050 0.01 153,000 IHS Markit Limited (Bermuda) 4.75 15/02/2025 171,360 0.18 55,000 Nielsen Company Luxembourg SARL (Luxembourg) 5.00 01/02/2025 54,038 0.05 269,313 0.27 Diversified Financial Services (0.03%) 35,000 goeasy Limited (Canada) 5.38 01/12/2024 33,950 0.03 33,950 0.03 Environmental Control (0.05%) 35,000 GFL Environmental Incorporated (Canada) 5.13 15/12/2026 36,225 0.04 10,000 Waste Connections Incorporated (Canada) 3.50 01/05/2029 11,230 0.01 47,455 0.05 Forest Products & Paper (0.08%) 65,000 Smurfit Kappa Treasury Funding DAC (Ireland) 7.50 20/11/2025 75,563 0.08 75,563 0.08

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

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Schedule of Investments cont. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (5.24%) (30 June 2019: 5.38%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Home Builders (0.09%) USD 15,000 Brookfield Residential Properties Incorporated (Canada) 6.25 15/09/2027 USD 14,345 0.01 35,000 Mattamy Group Corporation (Canada) 4.63 01/03/2030 33,600 0.03 45,000 Mattamy Group Corporation (Canada) 5.25 15/12/2027 44,775 0.05 92,720 0.09 Insurance (0.23%) 180,000 Fairfax Financial Holdings Limited (Canada) 4.85 17/04/2028 192,805 0.19 35,000 Willis Towers Watson PLC (Ireland) 5.75 15/03/2021 36,118 0.04 228,923 0.23 Iron/Steel (0.05%) 45,000 ArcelorMittal SA (Luxembourg) 7.25 15/10/2039 52,706 0.05 52,706 0.05 Leisure Time (0.02%) 15,000 Carnival Corporation (Panama) 11.50 01/04/2023 16,275 0.02 5,000 Royal Caribbean Cruises Limited (Liberia) 9.13 15/06/2023 4,956 - 21,231 0.02 Media (0.15%) 47,000 Quebecor Media Incorporated (Canada) 5.75 15/01/2023 49,174 0.05 60,000 Videotron Limited (Canada) 5.13 15/04/2027 62,258 0.06 40,000 Videotron Limited (Canada) 5.00 15/07/2022 41,350 0.04 152,782 0.15 Medical Technology (0.01%) 10,000 DH Europe Finance II Sarl (Luxembourg) 3.40 15/11/2049 11,117 0.01 11,117 0.01 Mining (0.04%) 40,000 Hudbay Minerals Incorporated (Canada) 7.63 15/01/2025 38,000 0.04 38,000 0.04 Oil and Natural Gas Utilities (1.01%) 20,000 Baytex Energy Corporation (Canada) 5.63 01/06/2024 12,200 0.01 30,000 Cenovus Energy Incorporated (Canada) 6.75 15/11/2039 29,361 0.03 5,000 Equinor ASA (Norway) 5.10 17/08/2040 6,758 0.01 65,000 Equinor ASA (Norway) 2.90 08/11/2020 65,521 0.07 15,000 MEG Energy Corporation (Canada) 7.13 01/02/2027 12,469 0.01 21,000 MEG Energy Corporation (Canada) 6.50 15/01/2025 19,596 0.02 15,000 Nabors Industries Limited (Bermuda) 7.50 15/01/2028 9,225 0.01 15,000 Nabors Industries Limited (Bermuda) 7.25 15/01/2026 9,225 0.01 19,000 Petrobras Global Finance BV (Netherlands) 6.00 27/01/2028 19,879 0.02 56,000 Petrobras Global Finance BV (Netherlands) 7.38 17/01/2027 62,372 0.06 6,000 Petrobras Global Finance BV (Netherlands) 5.30 27/01/2025 6,234 0.01 231,000 Petrobras Global Finance BV (Netherlands) 6.25 17/03/2024 246,880 0.25 57,000 Petrobras Global Finance BV (Netherlands) 6.13 17/01/2022 59,494 0.06 100,000 Petroleos Mexicanos (Mexico) 6.84 23/01/2030 88,025 0.09 55,000 Precision Drilling Corporation (Canada) 7.13 15/01/2026 35,200 0.04 275,000 Total Capital International SA (France) 2.75 19/06/2021 281,267 0.28 16,700 Transocean Pontus Limited (Cayman Islands) 6.13 01/08/2025 14,613 0.01 25,000 Transocean Poseidon Limited (Cayman Islands) 6.88 01/02/2027 21,250 0.02 999,569 1.01 Pharmaceuticals (0.20%) 15,000 Bausch Health Companies Incorporated (Canada) 5.25 30/01/2030 14,231 0.01 35,000 Bausch Health Companies Incorporated (Canada) 7.25 30/05/2029 36,750 0.04 25,000 Bausch Health Companies Incorporated (Canada) 6.25 15/02/2029 25,125 0.03 15,000 Bausch Health Companies Incorporated (Canada) 5.00 30/01/2028 14,122 0.01 15,000 Bausch Health Companies Incorporated (Canada) 7.00 15/01/2028 15,450 0.02 30,000 Bausch Health Companies Incorporated (Canada) 5.50 01/11/2025 30,750 0.03 55,000 Bausch Health Companies Incorporated (Canada) 7.00 15/03/2024 57,063 0.06 193,491 0.20 Pipelines (0.09%) 25,000 Enbridge Incorporated (Canada) 4.25 01/12/2026 28,443 0.03 64,000 Transcanada Trust (Canada) 5.30 15/03/2077 62,880 0.06 91,323 0.09

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

132 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (5.24%) (30 June 2019: 5.38%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Retail (0.14%) USD 30,000 1011778 BC ULC (Canada) 3.88 15/01/2028 USD 29,063 0.03 20,000 1011778 BC ULC (Canada) 4.38 15/01/2028 19,604 0.02 60,000 1011778 BC ULC (Canada) 5.00 15/10/2025 59,624 0.06 6,000 Alimentation Couche-Tard Incorporated (Canada) 2.95 25/01/2030 6,221 0.01 20,000 Alimentation Couche-Tard Incorporated (Canada) 3.55 26/07/2027 21,425 0.02 135,937 0.14 Telecommunications (0.08%) 27,000 Deutsche Telekom International Finance BV (Netherlands) 8.75 15/06/2030 42,238 0.04 35,000 Rogers Communications Incorporated (Canada) 4.50 15/03/2043 42,679 0.04 84,917 0.08 Total Non-U.S. Corporate Bonds and Notes USD 5,200,117 5.24

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.24%) USD 107,000 Interpublic Group of Companies Incorporated 4.65 01/10/2028 USD 124,370 0.12 70,000 Omnicom Group Incorporated 3.60 15/04/2026 78,113 0.08 10,000 Outfront Media Capital LLC 4.63 15/03/2030 9,050 0.01 30,000 Outfront Media Capital LLC 6.25 15/06/2025 30,197 0.03 241,730 0.24 Aerospace and Defense (0.36%) 45,000 Boeing Company 4.88 01/05/2025 49,041 0.05 29,000 L3Harris Technologies Incorporated 4.40 15/06/2028 34,304 0.03 39,000 L3Harris Technologies Incorporated 3.85 15/12/2026 44,639 0.04 50,000 Northrop Grumman Corporation 3.25 15/01/2028 55,917 0.06 5,000 Raytheon Technologies Corporation 4.88 15/10/2040 6,367 0.01 5,000 Raytheon Technologies Corporation 4.13 16/11/2028 5,889 0.01 45,000 TransDigm Incorporated 5.50 15/11/2027 39,272 0.04 55,000 TransDigm Incorporated 6.38 15/06/2026 50,104 0.05 70,000 TransDigm Incorporated 6.25 15/03/2026 69,826 0.06 5,000 TransDigm Incorporated 8.00 15/12/2025 5,255 0.01 360,614 0.36 Apparel (0.15%) 15,000 Hanesbrands Incorporated 5.38 15/05/2025 15,169 0.02 50,000 Hanesbrands Incorporated 4.63 15/05/2024 49,750 0.05 15,000 Levi Strauss & Company 5.00 01/05/2025 15,056 0.02 45,000 Wolverine World Wide Incorporated 5.00 01/09/2026 43,313 0.04 20,000 Wolverine World Wide Incorporated 6.38 15/05/2025 20,950 0.02 144,238 0.15 Automotive (0.38%) 65,000 Allison Transmission Incorporated 4.75 01/10/2027 64,512 0.07 2,000 BMW US Capital LLC 3.95 14/08/2028 2,258 - 95,000 BMW US Capital LLC 2.00 11/04/2021 95,834 0.11 40,000 Ford Motor Company 9.00 22/04/2025 43,288 0.04 25,000 General Motors Company 6.13 01/10/2025 28,092 0.03 62,000 General Motors Financial Company Incorporated 4.00 06/10/2026 64,360 0.06 30,000 General Motors Financial Company Incorporated 4.30 13/07/2025 31,277 0.03 10,000 General Motors Financial Company Incorporated 4.00 15/01/2025 10,454 0.01 30,000 Navistar International Corporation 9.50 01/05/2025 32,147 0.03 372,222 0.38 Banking (2.75%) 97,000 Bank of America Corporation 6.10 29/12/2049 103,184 0.10 40,000 Bank of America Corporation 6.50 29/10/2049 42,986 0.04 145,000 Bank of America Corporation 6.11 29/01/2037 205,771 0.22 25,000 CIT Group Incorporated 5.25 07/03/2025 25,901 0.03 55,000 CIT Group Incorporated 5.00 01/08/2023 56,031 0.06 20,000 CIT Group Incorporated 5.00 15/08/2022 20,425 0.02 105,000 Citigroup Incorporated 4.75 18/05/2046 133,561 0.13 31,000 Citigroup Incorporated 3.67 24/07/2028 34,515 0.03

The accompanying notes form an integral part of these financial statements. Putnam World Trust 133

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (2.75%) cont. USD 6,000 Citigroup Incorporated 3.89 10/01/2028 USD 6,763 0.01 61,000 Citigroup Incorporated 4.45 29/09/2027 69,642 0.07 75,000 Citigroup Incorporated 4.60 09/03/2026 85,653 0.09 60,000 Citigroup Incorporated 4.50 14/01/2022 63,588 0.06 139,000 Citigroup Incorporated 2.65 26/10/2020 139,970 0.14 24,000 Fifth Third Bancorp 5.10 29/12/2049 20,880 0.02 40,000 Freedom Mortgage Corporation 8.25 15/04/2025 39,600 0.04 35,000 Freedom Mortgage Corporation 8.13 15/11/2024 33,950 0.03 3,000 Goldman Sachs Group Incorporated 6.75 01/10/2037 4,342 - 41,000 Goldman Sachs Group Incorporated 2.60 07/02/2030 42,972 0.04 164,000 Goldman Sachs Group Incorporated 4.22 01/05/2029 190,812 0.19 390,000 Goldman Sachs Group Incorporated 2.60 27/12/2020 394,091 0.40 35,000 Huntington Bancshares Incorporated 4.35 04/02/2023 37,615 0.04 77,000 JPMorgan Chase & Company 4.60 31/12/2099 68,723 0.07 17,000 JPMorgan Chase & Company 6.10 29/10/2049 17,397 0.02 117,000 JPMorgan Chase & Company 3.96 15/11/2048 143,089 0.14 42,000 JPMorgan Chase & Company 1.39 15/05/2047 29,229 0.03 23,000 JPMorgan Chase & Company 2.96 13/05/2031 24,393 0.02 250,000 Manufacturers & Traders Trust Company 2.05 17/08/2020 250,151 0.26 72,000 Morgan Stanley 4.38 22/01/2047 92,762 0.09 41,000 Morgan Stanley 5.50 28/07/2021 43,173 0.04 18,000 PNC Financial Services Group Incorporated 3.30 08/03/2022 18,777 0.02 40,000 Regions Financial Corporation 2.75 14/08/2022 41,654 0.04 35,000 Truist Financial Corporation 4.80 31/12/2099 32,238 0.03 31,000 US Bancorp 2.95 15/07/2022 32,489 0.03 10,000 Wells Fargo & Company 5.88 29/12/2049 10,375 0.01 175,000 Wells Fargo & Company 2.60 22/07/2020 175,214 0.19 2,731,916 2.75 Beverages (0.19%) 23,000 Anheuser-Busch InBev Worldwide Incorporated 5.55 23/01/2049 30,663 0.03 28,000 Anheuser-Busch InBev Worldwide Incorporated 4.75 23/01/2029 33,833 0.03 23,000 Anheuser-Busch InBev Worldwide Incorporated 4.15 23/01/2025 26,099 0.03 28,000 Keurig Dr Pepper Incorporated 4.60 25/05/2028 33,584 0.03 34,000 Keurig Dr Pepper Incorporated 4.42 25/05/2025 39,204 0.05 22,000 Keurig Dr Pepper Incorporated 4.06 25/05/2023 23,976 0.02 187,359 0.19 Biotechnology (0.10%) 47,000 Amgen Incorporated 4.66 15/06/2051 62,658 0.06 34,000 Amgen Incorporated 2.60 19/08/2026 37,033 0.04 99,691 0.10 Building Materials (0.54%) 60,000 BMC East LLC 5.50 01/10/2024 60,450 0.06 85,000 Boise Cascade Company 5.63 01/09/2024 85,637 0.09 28,000 Builders FirstSource Incorporated 6.75 01/06/2027 28,665 0.03 20,000 JELD-WEN Incorporated 4.88 15/12/2027 19,200 0.02 25,000 JELD-WEN Incorporated 4.63 15/12/2025 24,000 0.02 15,000 JELD-WEN Incorporated 6.25 15/05/2025 15,656 0.02 45,000 Louisiana-Pacific Corporation 4.88 15/09/2024 45,347 0.05 5,000 Standard Industries Incorporated 4.75 15/01/2028 5,069 0.01 70,000 Standard Industries Incorporated 5.00 15/02/2027 70,875 0.07 125,000 Standard Industries Incorporated 5.38 15/11/2024 128,437 0.12 53,000 US Concrete Incorporated 6.38 01/06/2024 52,338 0.05 535,674 0.54 Chemicals (0.60%) 10,000 Avient Corporation 5.75 15/05/2025 10,288 0.01 26,000 Celanese US Holdings LLC 3.50 08/05/2024 27,445 0.03 50,000 CF Industries Incorporated 4.95 01/06/2043 53,890 0.05 57,000 CF Industries Incorporated 4.50 01/12/2026 62,680 0.06 15,000 Chemours Company 5.38 15/05/2027 13,555 0.01 100,000 Dow Chemical Company 3.50 01/10/2024 107,942 0.12

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

134 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Chemicals (0.60%) cont. USD 60,000 Ecolab Incorporated 3.25 01/12/2027 USD 67,996 0.07 70,000 GCP Applied Technologies Incorporated 5.50 15/04/2026 69,825 0.07 32,000 International Flavors & Fragrances Incorporated 4.45 26/09/2028 36,415 0.04 30,000 Sherwin-Williams Company 3.45 01/06/2027 33,566 0.03 5,000 Tronox Incorporated 6.50 01/05/2025 5,050 0.01 25,000 Valvoline Incorporated 4.25 15/02/2030 24,625 0.02 10,000 Valvoline Incorporated 4.38 15/08/2025 10,050 0.01 25,000 WR Grace & Company 4.88 15/06/2027 25,326 0.03 40,000 WR Grace & Company 5.63 01/10/2024 42,100 0.04 590,753 0.60 Commercial Services (0.86%) 55,000 Carriage Services Incorporated 6.63 01/06/2026 57,475 0.06 20,000 ERAC USA Finance LLC 5.63 15/03/2042 23,249 0.02 51,000 ERAC USA Finance LLC 7.00 15/10/2037 65,333 0.07 5,000 Gartner Incorporated 4.50 01/07/2028 5,059 0.01 30,000 Gartner Incorporated 5.13 01/04/2025 30,722 0.03 40,000 Global Payments Incorporated 2.90 15/05/2030 41,974 0.04 5,000 Global Payments Incorporated 4.00 01/06/2023 5,420 0.01 10,000 Jaguar Holding Company II 5.00 15/06/2028 10,238 0.01 5,000 Jaguar Holding Company II 4.63 15/06/2025 5,089 0.01 75,000 Nielsen Finance LLC 5.00 15/04/2022 74,735 0.07 30,000 Prime Security Services Borrower LLC 6.25 15/01/2028 28,275 0.03 50,000 Refinitiv US Holdings Incorporated 6.25 15/05/2026 53,000 0.05 50,000 S&P Global Incorporated 4.40 15/02/2026 58,848 0.06 50,000 Service Corporation International 5.13 01/06/2029 53,800 0.05 35,000 Service Corporation International 4.63 15/12/2027 36,488 0.04 300,000 Service Corporation International 5.38 15/05/2024 305,624 0.30 855,329 0.86 Computers (0.48%) 49,000 Apple Incorporated 4.38 13/05/2045 64,604 0.07 58,000 Apple Incorporated 3.85 04/05/2043 71,908 0.07 30,000 Apple Incorporated 3.45 06/05/2024 33,148 0.03 11,000 Dell International LLC 8.35 15/07/2046 14,672 0.01 181,000 Dell International LLC 6.02 15/06/2026 207,512 0.21 10,000 Dell International LLC 5.85 15/07/2025 11,492 0.01 35,000 Dell International LLC 7.13 15/06/2024 36,258 0.04 15,000 Tempo Acquisition LLC 5.75 01/06/2025 15,375 0.02 20,000 Western Digital Corporation 4.75 15/02/2026 20,669 0.02 475,638 0.48 Distribution/Wholesale (0.12%) 20,000 American Builders & Contractors Supply Company Incorporated 4.00 15/01/2028 19,435 0.02 10,000 American Builders & Contractors Supply Company Incorporated 5.88 15/05/2026 9,900 0.01 30,000 Resideo Funding Incorporated 6.13 01/11/2026 29,325 0.03 55,000 Univar Solutions USA Incorporated 5.13 01/12/2027 55,640 0.06 114,300 0.12 Diversified Financial Services (0.87%) 30,000 AG Issuer LLC 6.25 01/03/2028 27,900 0.03 60,000 AIG Global Funding 2.15 02/07/2020 60,000 0.06 94,000 Air Lease Corporation 3.25 01/10/2029 89,303 0.09 47,000 Air Lease Corporation 4.63 01/10/2028 48,083 0.05 110,000 Ally Financial Incorporated 8.00 01/11/2031 141,935 0.14 40,000 Ally Financial Incorporated 5.75 20/11/2025 42,802 0.04 60,000 American Express Company 2.65 02/12/2022 62,844 0.06 5,000 BGC Partners Incorporated 5.13 27/05/2021 5,069 0.01 64,000 Cantor Fitzgerald LP 6.50 17/06/2022 67,895 0.07 14,000 Capital One Financial Corporation 4.20 29/10/2025 15,552 0.02 70,000 LPL Holdings Incorporated 5.75 15/09/2025 70,874 0.07 20,000 Nationstar Mortgage Holdings Incorporated 6.00 15/01/2027 19,000 0.02

The accompanying notes form an integral part of these financial statements. Putnam World Trust 135

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Diversified Financial Services (0.87%) cont. USD 10,000 Nationstar Mortgage Holdings Incorporated 9.13 15/07/2026 USD 10,575 0.01 35,000 Nationstar Mortgage Holdings Incorporated 8.13 15/07/2023 35,919 0.04 41,000 Neuberger Berman Group LLC 4.88 15/04/2045 43,258 0.04 35,000 OneMain Finance Corporation 5.38 15/11/2029 32,725 0.03 20,000 OneMain Finance Corporation 6.63 15/01/2028 19,800 0.02 20,000 OneMain Finance Corporation 7.13 15/03/2026 20,700 0.02 15,000 OneMain Finance Corporation 8.88 01/06/2025 16,036 0.02 30,000 OneMain Finance Corporation 6.88 15/03/2025 30,778 0.03 861,048 0.87 Electric Utilities (1.42%) 52,000 AES Corporation 5.13 01/09/2027 53,950 0.05 10,000 AES Corporation 3.30 15/07/2025 10,298 0.01 140,000 AES Corporation 5.50 15/04/2025 143,499 0.14 10,000 American Electric Power Company Incorporated 4.30 01/12/2028 11,760 0.01 85,000 American Transmission Systems Incorporated 5.00 01/09/2044 105,276 0.11 100,000 Calpine Corporation 4.50 15/02/2028 97,500 0.10 30,000 Calpine Corporation 5.25 01/06/2026 30,291 0.03 8,000 Commonwealth Edison Company 5.90 15/03/2036 11,345 0.01 10,000 Consolidated Edison Company of New York Incorporated 4.20 15/03/2042 11,817 0.01 50,000 Duke Energy Corporation 3.15 15/08/2027 55,369 0.06 25,000 Duke Energy Progress LLC 3.38 01/09/2023 26,898 0.03 76,000 FirstEnergy Transmission LLC 5.45 15/07/2044 98,208 0.10 16,000 IPALCO Enterprises Incorporated 3.70 01/09/2024 17,106 0.02 80,000 NRG Energy Incorporated 4.45 15/06/2029 83,964 0.08 15,000 NRG Energy Incorporated 5.25 15/06/2029 15,750 0.02 20,000 NRG Energy Incorporated 5.75 15/01/2028 21,100 0.02 10,000 NRG Energy Incorporated 6.63 15/01/2027 10,438 0.01 30,000 NRG Energy Incorporated 7.25 15/05/2026 31,650 0.03 82,000 NRG Energy Incorporated 3.75 15/06/2024 86,560 0.09 110,000 Oncor Electric Delivery Company LLC 3.75 01/04/2045 131,741 0.13 10,000 Oncor Electric Delivery Company LLC 5.30 01/06/2042 13,899 0.01 50,000 Pacific Gas and Electric Company 2.50 01/02/2031 48,917 0.05 25,000 Pacific Gas and Electric Company 2.10 01/08/2027 24,741 0.02 30,000 Pacific Gas and Electric Company 2.95 01/03/2026 32,325 0.03 20,000 PPL Capital Funding Incorporated 3.40 01/06/2023 21,176 0.02 10,000 PPL Capital Funding Incorporated 4.20 15/06/2022 10,586 0.01 25,000 Vistra Corporation 8.13 30/01/2026 26,063 0.03 37,000 Vistra Operations Company LLC 4.30 15/07/2029 38,900 0.04 25,000 Vistra Operations Company LLC 5.00 31/07/2027 25,281 0.03 25,000 Vistra Operations Company LLC 5.63 15/02/2027 25,659 0.03 55,000 Vistra Operations Company LLC 5.50 01/09/2026 56,124 0.06 28,000 Vistra Operations Company LLC 3.55 15/07/2024 28,898 0.03 1,407,089 1.42 Electrical Components & Equipment (0.08%) 5,000 Energizer Holdings Incorporated 7.75 15/01/2027 5,331 0.01 20,000 Energizer Holdings Incorporated 6.38 15/07/2026 20,679 0.02 35,000 WESCO Distribution Incorporated 7.25 15/06/2028 37,013 0.03 15,000 WESCO Distribution Incorporated 7.13 15/06/2025 15,797 0.02 78,820 0.08 Electronics (0.10%) 5,000 Honeywell International Incorporated 3.81 21/11/2047 6,161 0.01 25,000 Itron Incorporated 5.00 15/01/2026 24,906 0.03 65,000 TTM Technologies Incorporated 5.63 01/10/2025 64,473 0.06 95,540 0.10 Engineering and Construction (0.04%) 35,000 TopBuild Corporation 5.63 01/05/2026 35,350 0.04 35,350 0.04

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

136 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Entertainment (0.39%) USD 5,000 Cinemark USA Incorporated 8.75 01/05/2025 USD 5,225 0.01 35,000 Cinemark USA Incorporated 4.88 01/06/2023 29,575 0.03 15,000 Cinemark USA Incorporated 5.13 15/12/2022 13,125 0.01 5,000 Eldorado Resorts Incorporated 6.00 15/09/2026 5,402 0.01 15,000 Live Nation Entertainment Incorporated 6.50 15/05/2027 15,450 0.02 20,000 Live Nation Entertainment Incorporated 5.63 15/03/2026 18,200 0.02 15,000 Live Nation Entertainment Incorporated 4.88 01/11/2024 13,500 0.01 35,000 Penn National Gaming Incorporated 5.63 15/01/2027 32,651 0.03 50,000 Six Flags Entertainment Corporation 5.50 15/04/2027 44,687 0.04 35,000 Six Flags Theme Parks Incorporated 7.00 01/07/2025 36,181 0.04 15,000 WMG Acquisition Corporation 5.50 15/04/2026 15,521 0.02 110,000 WMG Acquisition Corporation 5.00 01/08/2023 111,374 0.10 45,000 Wynn Resorts Finance LLC 5.13 01/10/2029 40,219 0.04 10,000 Wynn Resorts Finance LLC 7.75 15/04/2025 10,072 0.01 391,182 0.39 Environmental Control (0.04%) 15,000 Clean Harbors Incorporated 5.13 15/07/2029 15,557 0.02 25,000 Clean Harbors Incorporated 4.88 15/07/2027 25,688 0.02 41,245 0.04 Food (0.47%) 10,000 Albertsons Companies Incorporated 4.88 15/02/2030 10,231 0.01 105,000 Albertsons Companies Incorporated 4.63 15/01/2027 105,000 0.10 35,000 Albertsons Companies Incorporated 7.50 15/03/2026 37,800 0.04 45,000 Kraft Heinz Foods Company 5.00 15/07/2035 49,513 0.05 15,000 Kraft Heinz Foods Company 3.88 15/05/2027 15,675 0.02 50,000 Kraft Heinz Foods Company 3.00 01/06/2026 50,394 0.05 25,000 Lamb Weston Holdings Incorporated 4.88 15/05/2028 26,488 0.03 150,000 Lamb Weston Holdings Incorporated 4.88 01/11/2026 155,249 0.15 10,000 Lamb Weston Holdings Incorporated 4.63 01/11/2024 10,375 0.01 9,000 Mondelez International Incorporated 2.13 13/04/2023 9,322 0.01 470,047 0.47 Forest Products & Paper (0.12%) 56,000 Georgia-Pacific LLC 2.10 30/04/2027 58,155 0.05 25,000 International Paper Company 3.00 15/02/2027 26,838 0.03 20,000 Mercer International Incorporated 5.50 15/01/2026 18,800 0.02 5,000 Mercer International Incorporated 7.38 15/01/2025 4,975 0.01 15,000 Mercer International Incorporated 6.50 01/02/2024 14,741 0.01 123,509 0.12 Health-Care Services (1.11%) 70,000 Centene Corporation 4.63 15/12/2029 73,850 0.07 15,000 Centene Corporation 5.38 15/08/2026 15,603 0.02 20,000 Centene Corporation 5.38 01/06/2026 20,733 0.02 25,000 Centene Corporation 5.25 01/04/2025 25,742 0.03 60,000 Centene Corporation 4.75 15/05/2022 60,675 0.06 45,000 CHS 6.63 15/02/2025 42,300 0.04 130,000 CHS 6.25 31/03/2023 122,363 0.12 30,000 Fresenius Medical Care US Finance Incorporated 5.75 15/02/2021 30,849 0.03 8,000 HCA Incorporated 5.50 15/06/2047 9,742 0.01 15,000 HCA Incorporated 3.50 01/09/2030 14,448 0.01 48,000 HCA Incorporated 4.13 15/06/2029 52,948 0.05 75,000 HCA Incorporated 5.38 01/09/2026 81,656 0.08 75,000 HCA Incorporated 5.25 15/06/2026 86,649 0.09 5,000 Molina Healthcare Incorporated 4.88 15/06/2025 5,025 0.01 70,000 Tenet Healthcare Corporation 5.13 01/11/2027 69,069 0.07 10,000 Tenet Healthcare Corporation 6.25 01/02/2027 9,925 0.01 170,000 Tenet Healthcare Corporation 4.88 01/01/2026 165,537 0.18 10,000 Tenet Healthcare Corporation 7.50 01/04/2025 10,638 0.01 25,000 Tenet Healthcare Corporation 4.63 15/07/2024 24,495 0.02 44,000 UnitedHealth Group Incorporated 2.00 15/05/2030 46,065 0.05 110,000 UnitedHealth Group Incorporated 3.85 15/06/2028 130,106 0.13 1,098,418 1.11 The accompanying notes form an integral part of these financial statements. Putnam World Trust 137

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Home Builders (0.34%) USD 35,000 Lennar Corporation 5.88 15/11/2024 USD 38,246 0.04 15,000 Lennar Corporation 4.75 01/04/2021 15,181 0.02 95,000 PulteGroup Incorporated 7.88 15/06/2032 118,988 0.12 86,000 PulteGroup Incorporated 5.50 01/03/2026 93,792 0.09 20,000 Taylor Morrison Communities Incorporated 5.75 15/01/2028 20,600 0.02 15,000 TRI Pointe Group Incorporated 5.70 15/06/2028 15,225 0.02 30,000 TRI Pointe Group Incorporated 5.88 15/06/2024 30,810 0.03 332,842 0.34 Household Products/Wares (0.06%) 15,000 Spectrum Brands Incorporated 5.00 01/10/2029 14,813 0.01 45,000 Spectrum Brands Incorporated 6.13 15/12/2024 46,237 0.05 61,050 0.06 Housewares (0.11%) 35,000 Newell Brands Incorporated 4.70 01/04/2026 36,729 0.04 20,000 Newell Brands Incorporated 4.88 01/06/2025 20,946 0.02 50,000 Scotts Miracle-Gro Company 4.50 15/10/2029 51,438 0.05 109,113 0.11 Insurance (0.45%) 71,000 American International Group Incorporated 8.18 15/05/2058 90,525 0.09 14,000 Berkshire Hathaway Finance Corporation 4.30 15/05/2043 18,093 0.02 111,000 Berkshire Hathaway Finance Corporation 4.25 15/01/2021 113,333 0.12 35,000 CNO Financial Group Incorporated 5.25 30/05/2029 37,511 0.04 30,000 CNO Financial Group Incorporated 5.25 30/05/2025 33,203 0.03 16,000 Marsh & McLennan Companies Incorporated 4.38 15/03/2029 19,051 0.02 68,000 Prudential Financial Incorporated 5.20 15/03/2044 69,275 0.07 19,000 Prudential Financial Incorporated 5.63 15/06/2043 20,188 0.02 35,000 Swiss Re Treasury US Corporation 4.25 06/12/2042 42,791 0.04 443,970 0.45 Internet (0.60%) 35,000 Alphabet Incorporated 2.00 15/08/2026 37,498 0.04 145,000 Alphabet Incorporated 3.63 19/05/2021 149,179 0.16 80,000 Amazon.com Incorporated 3.15 22/08/2027 91,559 0.09 20,000 Go Daddy Operating Company LLC 5.25 01/12/2027 20,350 0.02 15,000 Match Group Holdings II LLC 4.63 01/06/2028 15,131 0.02 40,000 Match Group Holdings II LLC 5.00 15/12/2027 41,622 0.04 10,000 Netflix Incorporated 4.88 15/06/2030 10,725 0.01 20,000 Netflix Incorporated 5.38 15/11/2029 21,904 0.02 85,000 Netflix Incorporated 6.38 15/05/2029 98,600 0.10 55,000 Netflix Incorporated 5.88 15/11/2028 62,631 0.06 40,000 Netflix Incorporated 4.88 15/04/2028 42,771 0.04 591,970 0.60 Investment Companies (0.10%) 20,000 Icahn Enterprises LP 5.25 15/05/2027 19,300 0.02 35,000 Icahn Enterprises LP 6.25 15/05/2026 35,025 0.03 20,000 Icahn Enterprises LP 4.75 15/09/2024 18,804 0.02 30,000 Icahn Enterprises LP 6.75 01/02/2024 30,225 0.03 103,354 0.10 Iron/Steel (0.14%) 5,000 Allegheny Technologies Incorporated 5.88 01/12/2027 4,625 - 35,000 Allegheny Technologies Incorporated 7.88 15/08/2023 35,831 0.04 100,000 Steel Dynamics Incorporated 5.50 01/10/2024 102,750 0.10 143,206 0.14 Leisure Time (0.04%) 40,000 Sabre GLBL Incorporated 9.25 15/04/2025 42,150 0.04 42,150 0.04 Lodging (0.33%) 126,000 Hilton Worldwide Finance LLC 4.88 01/04/2027 123,007 0.13 60,000 Hyatt Hotels Corporation 4.85 15/03/2026 63,131 0.06 45,000 Marriott International Incorporated 4.63 15/06/2030 46,693 0.05

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

138 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Lodging (0.33%) cont. USD 22,000 Marriott International Incorporated 5.75 01/05/2025 USD 23,900 0.02 35,000 Wyndham Hotels & Resorts Incorporated 5.38 15/04/2026 33,688 0.03 45,000 Wynn Las Vegas LLC 5.25 15/05/2027 38,903 0.04 329,322 0.33 Machinery (0.18%) 10,000 Otis Worldwide Corporation 2.57 15/02/2030 10,507 0.01 70,000 RBS Global Incorporated 4.88 15/12/2025 70,350 0.07 55,000 Stevens Holding Company Incorporated 6.13 01/10/2026 57,475 0.06 35,000 Tennant Company 5.63 01/05/2025 35,350 0.04 173,682 0.18 Machinery-Construction and Mining (0.05%) 8,000 Oshkosh Corporation 3.10 01/03/2030 8,056 0.01 34,000 Oshkosh Corporation 4.60 15/05/2028 37,193 0.04 45,249 0.05 Media (1.98%) 25,000 CCO Holdings LLC 4.50 01/05/2032 25,313 0.03 15,000 CCO Holdings LLC 4.50 15/08/2030 15,300 0.02 150,000 CCO Holdings LLC 5.38 01/06/2029 158,249 0.16 55,000 CCO Holdings LLC 5.50 01/05/2026 56,942 0.06 35,000 CCO Holdings LLC 5.75 15/02/2026 36,202 0.04 5,000 Charter Communications Operating LLC 5.38 01/05/2047 5,905 0.01 96,000 Charter Communications Operating LLC 6.48 23/10/2045 126,936 0.13 48,000 Charter Communications Operating LLC 4.91 23/07/2025 55,012 0.06 25,000 Clear Channel Worldwide Holdings Incorporated 5.13 15/08/2027 24,000 0.02 33,000 Comcast Corporation 4.05 01/11/2052 40,490 0.04 36,000 Comcast Corporation 4.00 01/11/2049 43,475 0.04 37,000 Comcast Corporation 3.97 01/11/2047 44,499 0.04 13,000 Comcast Corporation 6.50 15/11/2035 19,773 0.02 20,000 Cox Communications Incorporated 3.50 15/08/2027 22,079 0.02 170,000 CSC Holdings LLC 5.25 01/06/2024 178,924 0.17 140,000 CSC Holdings LLC 6.75 15/11/2021 146,650 0.14 75,000 Diamond Sports Group LLC 6.63 15/08/2027 39,938 0.04 45,000 Diamond Sports Group LLC 5.38 15/08/2026 32,569 0.03 18,000 Discovery Communications LLC 3.63 15/05/2030 19,670 0.02 105,000 DISH DBS Corporation 5.88 15/11/2024 104,475 0.11 35,000 Entercom Media Corporation 6.50 01/05/2027 31,413 0.03 20,000 Fox Corporation 4.03 25/01/2024 22,169 0.02 65,000 Gray Television Incorporated 7.00 15/05/2027 66,950 0.07 30,000 iHeartCommunications Incorporated 6.38 01/05/2026 29,700 0.03 30,000 Meredith Corporation 6.50 01/07/2025 29,700 0.03 50,000 Nexstar Broadcasting Incorporated 5.63 15/07/2027 49,628 0.05 50,000 Nexstar Broadcasting Incorporated 5.63 01/08/2024 50,375 0.05 35,000 Sinclair Television Group Incorporated 5.50 01/03/2030 32,375 0.03 15,000 Sirius XM Radio Incorporated 5.50 01/07/2029 15,789 0.02 155,000 Sirius XM Radio Incorporated 5.00 01/08/2027 158,099 0.16 30,000 TCI Communications Incorporated 7.13 15/02/2028 41,723 0.04 10,000 Townsquare Media Incorporated 6.50 01/04/2023 8,600 0.01 35,000 Univision Communications Incorporated 6.63 01/06/2027 33,425 0.03 15,000 Univision Communications Incorporated 9.50 01/05/2025 15,900 0.02 55,000 Univision Communications Incorporated 5.13 15/02/2025 51,803 0.05 32,000 ViacomCBS Incorporated 4.20 01/06/2029 35,863 0.04 59,000 ViacomCBS Incorporated 2.90 15/01/2027 61,935 0.06 15,000 ViacomCBS Incorporated 4.00 15/01/2026 16,793 0.02 9,000 Walt Disney Company 7.75 01/12/2045 15,226 0.02 1,963,867 1.98 Medical Technology (0.02%) 20,000 Hologic Incorporated 4.38 15/10/2025 20,196 0.02 20,196 0.02

The accompanying notes form an integral part of these financial statements. Putnam World Trust 139

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Mining (0.27%) USD 50,000 Compass Minerals International Incorporated 6.75 01/12/2027 USD 52,500 0.05 20,000 Compass Minerals International Incorporated 4.88 15/07/2024 20,400 0.02 46,000 Glencore Funding LLC 4.00 16/04/2025 49,987 0.05 46,000 Glencore Funding LLC 4.63 29/04/2024 50,352 0.05 25,000 Novelis Corporation 4.75 30/01/2030 23,875 0.02 70,000 Novelis Corporation 5.88 30/09/2026 69,913 0.08 267,027 0.27 Miscellaneous Manufacturer (0.05%) 25,000 Amsted Industries Incorporated 4.63 15/05/2030 24,722 0.02 25,000 Amsted Industries Incorporated 5.63 01/07/2027 25,781 0.03 50,503 0.05 Oil and Natural Gas Utilities (1.25%) 22,000 Antero Resources Corporation 5.13 01/12/2022 15,895 0.02 37,000 Antero Resources Corporation 5.38 01/11/2021 34,225 0.03 20,000 Apache Corporation 5.10 01/09/2040 16,431 0.02 20,000 Apache Corporation 4.38 15/10/2028 17,661 0.02 20,000 Apache Corporation 3.25 15/04/2022 19,353 0.02 39,000 BP Capital Markets America Incorporated 3.94 21/09/2028 44,658 0.05 45,000 ChampionX Corporation 6.38 01/05/2026 41,817 0.04 30,000 Concho Resources Incorporated 3.75 01/10/2027 31,959 0.03 15,000 Continental Resources Incorporated 4.38 15/01/2028 13,203 0.01 45,000 Continental Resources Incorporated 4.50 15/04/2023 43,074 0.04 19,000 Continental Resources Incorporated 5.00 15/09/2022 18,620 0.02 10,000 Devon Energy Corporation 5.60 15/07/2041 9,762 0.01 20,000 Devon Energy Corporation 7.95 15/04/2032 23,180 0.02 15,000 Devon Energy Corporation 7.88 30/09/2031 17,604 0.02 10,000 Diamondback Energy Incorporated 3.25 01/12/2026 10,054 0.01 15,000 Diamondback Energy Incorporated 4.75 31/05/2025 16,050 0.02 30,000 Diamondback Energy Incorporated 5.38 31/05/2025 30,881 0.03 70,000 Endeavor Energy Resources LP 5.75 30/01/2028 67,201 0.07 35,000 Endeavor Energy Resources LP 6.63 15/07/2025 35,274 0.04 45,000 EOG Resources Incorporated 2.63 15/03/2023 47,146 0.05 280,000 Exxon Mobil Corporation 2.22 01/03/2021 283,219 0.30 25,000 Indigo Natural Resources LLC 6.88 15/02/2026 23,250 0.02 60,000 Newfield Exploration Company 5.75 30/01/2022 60,114 0.06 15,000 Noble Energy Incorporated 6.00 01/03/2041 14,625 0.01 25,000 Noble Energy Incorporated 3.90 15/11/2024 25,152 0.03 35,000 Occidental Petroleum Corporation 6.45 15/09/2036 29,575 0.03 15,000 Occidental Petroleum Corporation 3.50 15/06/2025 12,675 0.01 15,000 Occidental Petroleum Corporation 2.90 15/08/2024 12,817 0.01 20,000 Occidental Petroleum Corporation 4.85 15/03/2021 19,850 0.02 40,000 Occidental Petroleum Corporation 4.10 01/02/2021 40,160 0.04 15,000 USA Compression Partners LP 6.88 01/09/2027 14,400 0.01 35,000 USA Compression Partners LP 6.88 01/04/2026 33,819 0.03 10,000 Viper Energy Partners LP 5.38 01/11/2027 9,809 0.01 15,000 WPX Energy Incorporated 4.50 15/01/2030 13,200 0.01 25,000 WPX Energy Incorporated 5.88 15/06/2028 24,024 0.02 30,000 WPX Energy Incorporated 5.25 15/10/2027 28,026 0.03 15,000 WPX Energy Incorporated 5.75 01/06/2026 14,550 0.01 25,000 WPX Energy Incorporated 8.25 01/08/2023 27,750 0.03 1,241,063 1.25 Packaging and Containers (0.30%) 20,000 Berry Global Incorporated 5.63 15/07/2027 20,500 0.02 15,000 Berry Global Incorporated 4.50 15/02/2026 14,778 0.01 70,000 Berry Global Incorporated 5.13 15/07/2023 70,437 0.06 25,000 Crown Americas LLC 4.75 01/02/2026 25,476 0.03 40,000 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 46,800 0.05 50,000 Greif Incorporated 6.50 01/03/2027 50,893 0.05 10,000 Mauser Packaging Solutions Holding Company 8.50 15/04/2024 10,300 0.01

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

140 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Packaging and Containers (0.30%) cont. USD 15,000 Owens-Brockway Glass Container Incorporated 6.63 13/05/2027 USD 15,600 0.02 25,000 Packaging Corporation of America 4.50 01/11/2023 27,607 0.03 9,000 WestRock MWV LLC 7.95 15/02/2031 12,798 0.01 5,000 WestRock MWV LLC 8.20 15/01/2030 7,072 0.01 302,261 0.30 Pharmaceuticals (0.73%) 8,000 AbbVie Incorporated 3.20 21/11/2029 8,803 0.01 29,000 AbbVie Incorporated 3.45 15/03/2022 30,162 0.03 10,000 Bausch Health Americas Incorporated 8.50 31/01/2027 10,675 0.01 25,000 Becton Dickinson and Company 2.82 20/05/2030 26,453 0.03 15,000 Bristol-Myers Squibb Company 3.40 26/07/2029 17,475 0.02 70,000 Bristol-Myers Squibb Company 3.25 15/08/2022 73,895 0.07 55,000 Bristol-Myers Squibb Company 2.25 15/08/2021 56,031 0.06 44,000 Cigna Corporation 3.75 15/07/2023 47,761 0.05 54,000 Cigna Corporation 3.90 15/02/2022 56,749 0.06 71,000 CVS Health Corporation 4.78 25/03/2038 88,224 0.08 80,000 CVS Health Corporation 3.70 09/03/2023 85,915 0.09 18,946 CVS Pass-Through Trust 6.04 10/12/2028 21,375 0.02 35,000 Elanco Animal Health Incorporated 5.65 28/08/2028 38,808 0.04 45,000 Merck & Company Incorporated 3.70 10/02/2045 53,743 0.05 30,000 Upjohn Incorporated 2.30 22/06/2027 30,946 0.03 40,000 Zoetis Incorporated 2.00 15/05/2030 41,129 0.04 30,000 Zoetis Incorporated 3.90 20/08/2028 35,332 0.04 723,476 0.73 Pipelines (1.16%) 15,000 Buckeye Partners LP 5.85 15/11/2043 13,017 0.01 15,000 Buckeye Partners LP 4.50 01/03/2028 14,025 0.01 10,000 Buckeye Partners LP 3.95 01/12/2026 9,423 0.01 63,000 Cheniere Corpus Christi Holdings LLC 5.13 30/06/2027 69,229 0.07 45,000 Cheniere Corpus Christi Holdings LLC 5.88 31/03/2025 50,435 0.05 50,000 DCP Midstream Operating LP 6.75 15/09/2037 45,000 0.05 25,000 DCP Midstream Operating LP 5.63 15/07/2027 25,125 0.03 159,000 Energy Transfer Operating LP 6.63 31/12/2099 121,665 0.13 13,000 Energy Transfer Operating LP 6.13 15/12/2045 13,398 0.01 55,000 Energy Transfer Operating LP 3.75 15/05/2030 54,629 0.06 17,000 Energy Transfer Operating LP 2.90 15/05/2025 17,368 0.02 38,000 Energy Transfer Operating LP 5.88 15/01/2024 42,306 0.04 5,000 Energy Transfer Operating LP 5.20 01/02/2022 5,238 0.01 50,000 Energy Transfer Partners LP 4.50 01/11/2023 53,560 0.05 75,000 Enterprise Products Operating LLC 4.25 15/02/2048 82,301 0.08 35,000 Hess Midstream Operations LP 5.13 15/06/2028 33,685 0.03 80,000 Hess Midstream Operations LP 5.63 15/02/2026 79,158 0.08 15,000 Holly Energy Partners LP 5.00 01/02/2028 14,288 0.01 10,000 Kinder Morgan Energy Partners LP 5.40 01/09/2044 11,849 0.01 30,000 Kinder Morgan Energy Partners LP 3.45 15/02/2023 31,571 0.03 55,000 Kinder Morgan Energy Partners LP 3.50 01/03/2021 55,462 0.06 85,000 Kinder Morgan Incorporated 3.15 15/01/2023 89,031 0.09 40,000 Sabine Pass Liquefaction LLC 4.20 15/03/2028 42,938 0.04 23,000 Sabine Pass Liquefaction LLC 5.00 15/03/2027 25,735 0.03 50,000 Tallgrass Energy Partners LP 5.50 15/01/2028 43,250 0.04 10,000 Targa Resources Partners LP 5.50 01/03/2030 9,656 0.01 10,000 Targa Resources Partners LP 6.88 15/01/2029 10,475 0.01 70,000 Targa Resources Partners LP 5.00 15/01/2028 65,827 0.07 20,000 Targa Resources Partners LP 6.50 15/07/2027 20,050 0.02 1,149,694 1.16 Private Equity (0.04%) 35,000 KKR Group Finance Company III LLC 5.13 01/06/2044 42,094 0.04 42,094 0.04

The accompanying notes form an integral part of these financial statements. Putnam World Trust 141

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Real Estate (1.03%) USD 90,000 American Tower Corporation 2.75 15/01/2027 USD 96,656 0.09 16,000 American Tower Corporation 3.13 15/01/2027 17,506 0.02 10,000 Camden Property Trust 4.88 15/06/2023 10,939 0.01 22,000 CBRE Services Incorporated 4.88 01/03/2026 24,972 0.03 25,000 Crown Castle International Corporation 3.80 15/02/2028 28,100 0.03 13,000 Crown Castle International Corporation 3.65 01/09/2027 14,528 0.01 60,000 Crown Castle International Corporation 3.70 15/06/2026 66,821 0.06 22,000 Crown Castle International Corporation 4.45 15/02/2026 25,218 0.03 40,000 Crown Castle International Corporation 4.88 15/04/2022 42,990 0.04 52,000 Digital Realty Trust LP 4.45 15/07/2028 62,320 0.06 65,000 Diversified Healthcare Trust 9.75 15/06/2025 69,794 0.07 41,000 Equinix Incorporated 3.20 18/11/2029 44,590 0.04 20,000 Equinix Incorporated 5.38 15/05/2027 21,820 0.02 15,000 Equinix Incorporated 5.88 15/01/2026 15,786 0.02 30,000 ESH Hospitality Incorporated 5.25 01/05/2025 28,800 0.03 35,000 GLP Capital LP 5.38 15/04/2026 38,241 0.04 35,000 GLP Capital LP 5.25 01/06/2025 38,059 0.04 45,000 Howard Hughes Corporation 5.38 15/03/2025 41,877 0.04 15,000 Iron Mountain Incorporated 5.25 15/03/2028 14,925 0.02 60,000 Iron Mountain Incorporated 4.88 15/09/2027 58,649 0.06 50,000 iStar Incorporated 4.25 01/08/2025 45,250 0.05 50,000 iStar Incorporated 4.75 01/10/2024 46,688 0.05 20,000 iStar Incorporated 5.25 15/09/2022 19,400 0.02 35,000 Ladder Capital Finance Holdings LLLP 4.25 01/02/2027 28,000 0.03 7,000 Prologis LP 2.25 15/04/2030 7,371 0.01 4,000 Prologis LP 2.13 15/04/2027 4,208 - 10,000 Service Properties Trust 7.50 15/09/2025 10,535 0.01 50,000 Starwood Property Trust Incorporated 4.75 15/03/2025 45,500 0.05 38,000 Weyerhaeuser Company 7.38 15/03/2032 52,565 0.05 1,022,108 1.03 Retail (0.60%) 15,000 Beacon Roofing Supply Incorporated 4.50 15/11/2026 14,672 0.01 15,000 Gap Incorporated 8.63 15/05/2025 15,881 0.02 25,000 Gap Incorporated 8.38 15/05/2023 27,219 0.03 10,000 Home Depot Incorporated 5.95 01/04/2041 15,076 0.02 15,000 IRB Holding Corporation 7.00 15/06/2025 15,461 0.02 30,000 KFC Holding Company 4.75 01/06/2027 30,750 0.03 65,000 KFC Holding Company 5.25 01/06/2026 66,625 0.06 65,000 KFC Holding Company 5.00 01/06/2024 66,219 0.06 20,000 L Brands Incorporated 6.75 01/07/2036 16,400 0.02 35,000 L Brands Incorporated 7.50 15/06/2029 30,756 0.03 10,000 L Brands Incorporated 6.88 01/07/2025 10,325 0.01 5,000 L Brands Incorporated 9.38 01/07/2025 5,006 0.01 10,000 Macy's Incorporated 8.38 15/06/2025 9,955 0.01 30,000 Nordstrom Incorporated 8.75 15/05/2025 32,284 0.03 70,000 Penske Automotive Group Incorporated 5.38 01/12/2024 69,825 0.07 65,000 Penske Automotive Group Incorporated 5.75 01/10/2022 65,000 0.06 18,000 QVC Incorporated 4.85 01/04/2024 18,119 0.02 85,000 Staples Incorporated 7.50 15/04/2026 66,788 0.06 15,000 Yum! Brands Incorporated 4.75 15/01/2030 15,225 0.02 5,000 Yum! Brands Incorporated 7.75 01/04/2025 5,394 0.01 596,980 0.60 Semiconductors (0.29%) 80,000 Broadcom Corporation 3.50 15/01/2028 84,660 0.08 37,000 Broadcom Corporation 3.88 15/01/2027 39,983 0.04 45,000 Broadcom Incorporated 4.15 15/11/2030 48,901 0.05 15,000 Microchip Technology Incorporated 4.25 01/09/2025 15,095 0.02 63,000 Microchip Technology Incorporated 4.33 01/06/2023 67,962 0.07 30,000 Qorvo Incorporated 5.50 15/07/2026 31,200 0.03 287,801 0.29

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

142 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (23.78%) (30 June 2019: 20.27%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Software (0.68%) USD 10,000 Boxer Parent Company Incorporated 7.13 02/10/2025 USD 10,485 0.01 20,000 Dun & Bradstreet Corporation 6.88 15/08/2026 21,081 0.02 41,000 Fidelity National Information Services Incorporated 3.75 21/05/2029 48,041 0.05 16,000 Fidelity National Information Services Incorporated 4.25 15/05/2028 18,887 0.02 13,000 Fidelity National Information Services Incorporated 3.00 15/08/2026 14,404 0.01 5,000 Fiserv Incorporated 3.50 01/07/2029 5,621 0.01 50,000 Fiserv Incorporated 4.20 01/10/2028 58,670 0.06 5,000 Microsoft Corporation 2.53 01/06/2050 5,215 0.01 195,000 Microsoft Corporation 1.55 08/08/2021 197,670 0.19 35,000 Oracle Corporation 2.50 15/10/2022 36,568 0.04 81,000 Oracle Corporation 2.50 15/05/2022 83,752 0.08 60,000 Oracle Corporation 1.90 15/09/2021 61,025 0.06 61,000 salesforce.com Incorporated 3.70 11/04/2028 71,209 0.07 30,000 SS&C Technologies Incorporated 5.50 30/09/2027 30,600 0.03 15,000 VMware Incorporated 3.90 21/08/2027 15,918 0.02 679,146 0.68 Telecommunications (1.44%) 50,000 AT&T Incorporated 4.75 15/05/2046 59,942 0.06 16,000 AT&T Incorporated 4.30 15/02/2030 18,751 0.02 35,000 AT&T Incorporated 4.10 15/02/2028 40,038 0.04 112,000 AT&T Incorporated 3.80 15/02/2027 126,142 0.13 48,000 AT&T Incorporated 2.95 15/07/2026 52,241 0.05 15,000 CommScope Incorporated 6.00 01/03/2026 15,375 0.02 10,000 CommScope Incorporated 5.50 01/03/2024 10,100 0.01 30,000 CommScope Technologies LLC 6.00 15/06/2025 28,971 0.03 25,000 Level 3 Financing Incorporated 4.25 01/07/2028 24,971 0.03 35,000 Level 3 Financing Incorporated 4.63 15/09/2027 35,263 0.04 80,000 Plantronics Incorporated 5.50 31/05/2023 69,700 0.07 75,000 Sprint Capital Corporation 6.88 15/11/2028 91,313 0.09 35,000 Sprint Corporation 7.63 01/03/2026 41,313 0.04 125,000 Sprint Corporation 7.88 15/09/2023 140,781 0.14 55,000 Sprint Corporation 7.25 15/09/2021 57,659 0.06 48,000 T-Mobile USA Incorporated 3.88 15/04/2030 53,422 0.05 50,000 T-Mobile USA Incorporated 4.75 01/02/2028 52,820 0.05 112,000 T-Mobile USA Incorporated 3.75 15/04/2027 124,115 0.13 10,000 T-Mobile USA Incorporated 5.38 15/04/2027 10,525 0.01 20,000 T-Mobile USA Incorporated 4.50 01/02/2026 20,239 0.02 45,000 T-Mobile USA Incorporated 6.38 01/03/2025 46,238 0.05 30,000 T-Mobile USA Incorporated 6.00 01/03/2023 30,121 0.03 15,000 T-Mobile USA Incorporated 4.00 15/04/2022 15,360 0.02 15,000 Verizon Communications Incorporated 5.25 16/03/2037 20,081 0.02 55,000 Verizon Communications Incorporated 4.40 01/11/2034 67,750 0.07 139,000 Verizon Communications Incorporated 4.33 21/09/2028 167,290 0.16 5,000 Zayo Group Holdings Incorporated 4.00 01/03/2027 4,758 - 1,425,279 1.44 Toys/Games/Hobbies (0.05%) 50,000 Mattel Incorporated 5.88 15/12/2027 51,500 0.05 51,500 0.05 Transportation (0.05%) 40,000 CSX Corporation 4.10 15/03/2044 48,919 0.05 4,000 FedEx Corporation 2.63 01/08/2022 4,164 - 53,083 0.05 Trucking and Leasing (0.03%) 16,000 Penske Truck Leasing Company Lp 3.40 15/11/2026 16,877 0.01 15,000 Penske Truck Leasing Company Lp 3.90 01/02/2024 15,884 0.02 32,761 0.03 Total U.S. Corporate Bonds and Notes USD 23,596,459 23.78

The accompanying notes form an integral part of these financial statements. Putnam World Trust 143

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FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (1.00%) (30 June 2019: 0.95%) 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 174,990 0.18 205,000 Indonesia Government International Bond (Indonesia) 4.75 08/01/2026 230,882 0.22 EUR 100,000 Ivory Coast Government International Bond (Ivory Coast) 5.25 22/03/2030 104,290 0.11 USD 219,000 Mexico Government International Bond (Mexico) 4.50 22/04/2029 236,793 0.24 10,000 Peruvian Government International Bond (Peru) 5.63 18/11/2050 15,775 0.02 71,000 Peruvian Government International Bond (Peru) 2.39 23/01/2026 73,840 0.07 EUR 100,000 Senegal Government International Bond (Senegal) 4.75 13/03/2028 108,269 0.11 USD 40,000 Uruguay Government International Bond (Uruguay) 5.10 18/06/2050 51,600 0.05 Total Foreign Government and Agency Bonds And Notes USD 996,439 1.00

COMMERCIAL PAPER (1.01%) (30 June 2019: 2.55%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 500,000 Export Development Corporation 0.19 10/08/2020 USD 499,894 0.50 500,000 Nationwide Building Society 0.22 13/07/2020 499,964 0.51 Total Commercial Paper USD 999,858 1.01

PREFERRED STOCKS (0.04%) (30 June 2019: 0.16%) Number of Value % of Shares USD Fund Banking (0.03%) 1,260 GMAC Capital Trust I 28,249 0.03 28,249 0.03 Telecommunications (0.01%) 2,000 Telefonica Brasil SA (Preference shares) (Brazil) 17,664 0.01 17,664 0.01 Total Preferred Stocks USD 45,913 0.04

U.S. TREASURY OBLIGATIONS (2.49%) (30 June 2019: 1.28%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 500,000 United States Treasury Bill 0.10 25/08/2020 USD 499,922 0.50 290,000 United States Treasury Bill (0.12) 20/08/2020 290,000 0.29 516,000 United States Treasury Bill 0.11 11/08/2020 515,938 0.53 214,000 United States Treasury Bill 0.01 06/08/2020 213,998 0.22 396,000 United States Treasury Bill 4.25 16/07/2020 395,750 0.40 135,000 United States Treasury Bill 0.10 14/07/2020 134,995 0.14 405,000 United States Treasury Bill1 0.04 02/07/2020 404,999 0.41 Total U.S. Treasury Obligations USD 2,455,602 2.49

(1) Security is partly held as collateral by State Street Bank (USD 33,000).

(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. See Note 2 to the Financial Statements regarding valuation of investments.

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

144 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

PURCHASED CURRENCY OPTIONS OUTSTANDING (0.06%) (30 June 2019: 0.01%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. EUR/USD (Call) Nov-20/USD 1.16 USD 1,193,550 EUR 1,062,350 USD 9,938 0.01 EUR/USD (Call) Sep-20/1.17 1,172,485 1,043,600 3,197 - USD/JPY (Put) Nov-20/JPY 105.00 841,350 USD 841,350 9,009 0.01 Barclays Bank PLC EUR/USD (Call) Sep-20/USD 1.17 1,172,485 EUR 1,043,600 3,197 - Credit Suisse International EUR/CHF (Call) Dec-20/CHF 1.10 1,819,958 1,619,900 7,242 0.01 Goldman Sachs International AUD/USD (Put) Jul-20/USD 0.62 958,652 AUD 1,389,150 4 - EUR/USD (Call) Nov-20/1.16 1,193,550 EUR 1,062,350 9,938 0.01 USD/JPY (Put) Nov-20/JPY 105.00 841,350 USD 841,350 9,009 0.01 UBS AG EUR/GBP (Call) Aug-20/GBP 0.90 860,826 EUR 766,200 11,310 0.01 Total Purchased Currency Options Outstanding USD 62,844 0.06

PURCHASED EQUITY OPTIONS OUTSTANDING (0.91%) (30 June 2019: 0.54%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. S&P 500 Index (Put) May-21/USD 2,350.00 USD 3,838,159 USD 1,238 USD 125,425 0.13 S&P 500 Index (Put) Apr-21/2,250.00 3,838,159 1,238 94,520 0.10 Citibank, N.A. S&P 500 Index (Put) Feb-21/2,900.00 3,838,159 1,238 240,041 0.24 S&P 500 Index (Put) Jan-21/2,900.00 3,838,159 1,238 219,225 0.22 JPMorgan Chase Bank, N.A. S&P 500 Index (Put) Jun-21/2,500.00 3,838,159 1,238 170,730 0.17 S&P 500 Index (Put) Mar-21/1,950.00 3,838,159 1,238 45,200 0.05 Total Purchased Equity Options Outstanding USD 895,141 0.91

Total Value of Investments* USD 111,481,336 112.37

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

WRITTEN CURRENCY OPTIONS OUTSTANDING (-0.02%) (30 June 2019: -%) Expiration Notional Contract Value % of Counterparty date/strike price Amount Amount USD Fund Bank of America, N.A. EUR/USD (Call) Sep-20/USD 1.19 USD 1,172,485 EUR 1,043,600 USD (1,231) - EUR/USD (Call) Nov-20/1.20 1,193,550 1,062,350 (3,570) - USD/JPY (Put) Nov-20/JPY 100.00 841,350 USD 841,350 (3,581) (0.01) Barclays Bank PLC EUR/USD (Call) Sep-20/USD 1.19 1,172,485 EUR 1,043,600 (1,231) - Credit Suisse International EUR/CHF (Call) Dec-20/CHF 1.12 1,819,958 1,619,900 (3,933) (0.01) Goldman Sachs International EUR/USD (Call) Nov-20/USD 1.20 1,193,550 1,062,350 (3,570) - USD/JPY (Put) Nov-20/JPY 100.00 841,350 USD 841,350 (3,581) - UBS AG EUR/GBP (Call) Aug-20/GBP 0.94 860,826 EUR 766,200 (1,201) - Total Written Currency Options Outstanding USD (21,898) (0.02)

The accompanying notes form an integral part of these financial statements. Putnam World Trust 145

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Schedule of Investments cont. 30 June 2020

WRITTEN EQUITY OPTIONS OUTSTANDING (-%) (30 June 2019: -0.04%)

FUTURES CONTRACTS OUTSTANDING (0.15%) (30 June 2019: -0.19%) Unrealised Appreciation/ Number of Notional (Depreciation) % of contracts Amount Value Expiration Date USD Fund Euro-Bobl 5 yr (Long) 21 USD 3,184,651 USD 3,184,649 Sep-20 USD 17,417 0.02 Euro-Bund 10 yr (Long) 23 4,561,365 4,561,363 Sep-20 54,870 0.06 Euro-Buxl 30 yr (Long) 9 2,224,126 2,224,125 Sep-20 54,786 0.06 Euro-Schatz 2 yr (Long) 16 2,015,829 2,015,828 Sep-20 1,945 - Japanese Government Bond 10 yr (Long) 8 11,258,162 11,258,162 Sep-20 49,608 0.05 MSCI EAFE Index (Short) 7 623,202 622,440 Sep-20 (3,318) - Russell 2000 Index E-Mini (Long) 20 1,437,600 1,437,600 Sep-20 83,900 0.07 S&P 500 Index E-Mini (Short) 28 4,340,406 4,326,280 Sep-20 (115,438) (0.12) U.K. Gilt 10 yr (Long) 21 3,581,544 3,581,546 Sep-20 20,262 0.02 U.S. Treasury Bond 30 yr (Long) 4 714,250 714,250 Sep-20 (884) - U.S. Treasury Bond Ultra 30 yr (Long) 8 1,745,250 1,745,250 Sep-20 (7,338) (0.01) U.S. Treasury Note 2 yr (Long) 15 3,312,422 3,312,422 Sep-20 763 - U.S. Treasury Note 2 yr (Short) 42 9,274,781 9,274,781 Sep-20 (1,329) - U.S. Treasury Note 5 yr (Long) 26 3,269,297 3,269,297 Sep-20 7,676 0.01 U.S. Treasury Note 10 yr (Long) 26 3,618,469 3,618,469 Sep-20 8,660 0.01 U.S. Treasury Note 10 yr (Short) 36 5,010,188 5,010,188 Sep-20 (11,011) (0.01) U.S. Treasury Note Ultra 10 yr (Short) 36 5,669,438 5,669,438 Sep-20 (12,206) (0.01) Unrealised Appreciation on Future Contracts Outstanding USD 299,887 0.30 Unrealised Depreciation on Future Contracts Outstanding USD (151,524) (0.15) Net Unrealised Appreciation on Futures Contracts Outstanding USD 148,363 0.15 Variation Margin Settlement to Date USD 726 - Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 149,089 0.15

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

TBA SALES COMMITMENTS OUTSTANDING (-5.29%) (30 June 2019: -10.34%) Principal Coupon Settlement Value % of Amount Agency Rate % Dates USD Fund USD 3,000,000 Uniform Mortgage-Backed Securities 3.00 14/07/2020 USD (3,159,726) (3.19) 2,000,000 Uniform Mortgage-Backed Securities 2.50 14/07/2020 (2,085,312) (2.10) Total TBA Sales Commitments Outstanding USD (5,245,038) (5.29)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.05%) (30 June 2019: -0.03%) Upfront Unrealised Premium Payments Payments Appreciation/ Notional received/ Termination made by received by (Depreciation) % of Amount Value (paid) Date Fund Fund USD Fund USD 1,508,000 USD 5,293 USD (1,818) 17/06/2022 3 month USD-LIBOR-BBA - Quarterly 0.40% - Semiannually USD 3,534 (0.01) 1,274,000 20,736 (14,302) 17/06/2025 3 month USD-LIBOR-BBA - Quarterly 0.65% - Semiannually 6,607 0.01 5,512,000 89,713 49,478 17/06/2025 3 month USD-LIBOR-BBA - 0.65% - Semiannually Quarterly (40,987) (0.04) 806,000 3,925 9,985 17/06/2050 3 month USD-LIBOR-BBA - Quarterly 0.90% - Semiannually 6,249 0.01 26,917,000 574,247 (362,357) 17/06/2030 3 month USD-LIBOR-BBA - Quarterly 0.85% - Semiannually 217,658 0.22 1,364,000 29,100 19,005 17/06/2030 3 month USD-LIBOR-BBA - 0.85% - Semiannually Quarterly (10,387) (0.01) 247,000 1,623 (3) 01/06/2030 3 month USD-LIBOR-BBA - 0.6995% - Semiannually Quarterly (1,698) - 182,000 14,571 (6) 09/06/2050 3 month USD-LIBOR-BBA - 1.21% - Semiannually Quarterly (14,677) (0.01) Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 234,048 0.24 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (67,749) (0.07) Net Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 166,299 0.17 Variation Margin Settlement to Date USD (216,365) (0.22) Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD (50,066) (0.05)

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

146 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.16%) (30 June 2019: -0.01%) 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 13,452,452 USD 13,420,134 USD - 20/06/2023 (3 month USD-LIBOR- BBA plus 0.10%) - A basket (MLFCF15) of common Quarterly stocks - Quarterly USD (22,680) (0.02) 13,442,109 13,370,689 - 20/06/2023 3 month USD-LIBOR- BBA minus 0.07% - Russell 1000 Total Return Index - Quarterly Quarterly 72,012 0.07 Barclays Bank PLC - 4,916 4,895 12/01/2040 4.50% (1 month USD- Synthetic MBX Index 4.50% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly (12) - 32,469 32,388 - 12/01/2041 5.00% (1 month USD- Synthetic MBX Index 5.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly (8) - 9,825 9,800 - 12/01/2040 5.00% (1 month USD- Synthetic MBX Index 5.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly (2) - 5,355 5,381 - 12/01/2038 (6.50%) 1 month USD- Synthetic MBX Index 6.50% 30 year LIBOR - Monthly Fannie Mae pools - Monthly (41) - 1,976 1,953 - 12/01/2043 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 4 - 22,369 22,680 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 632 - 6,886 6,982 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 195 - 2,519 2,527 - 12/01/2042 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 43 - 3,047 3,022 - 12/01/2041 (5.00%) 1 month USD- Synthetic TRS Index 5.00% 30 year LIBOR - Monthly Fannie Mae pools - Monthly (22) - Citibank, N.A. - 4,780,950 4,653,569 10/06/2021 (3 month USD-LIBOR- BBA plus 0.34%) - A basket (CGPUTQL2) of common Quarterly stocks - Quarterly (126,555) (0.13) 4,569,208 4,440,114 - 10/06/2021 3 month USD-LIBOR- BBA minus 0.11% - Russell 1000 Total Return Index - Quarterly Quarterly 129,596 0.13 3,834,526 3,850,162 07/12/2020 S&P GSCI Total Return Gold Official (0.13%) - Monthly Close Index - Monthly 15,349 0.02 3,116,685 3,201,865 02/09/2020 S&P GSCI Total Return Gold Official (0.13%) - Monthly Close Index - Monthly 84,880 0.09 Credit Suisse International - 4,198 4,140 12/01/2045 3.50% (1 month USD- Synthetic TRS Index 3.50% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 4 - 19,161 19,428 - 12/01/2041 (4.00%) 1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR - Monthly Fannie Mae pools - Monthly (541) - Goldman Sachs International - - 1,811,394 1,821,423 - 15/12/2025 (1 month USD-LIBOR- BBA plus 0.35%) - A basket (GSGLPHCL) of common Monthly stocks - Monthly 9,976 6,241 6,261 12/01/2042 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 107 - 6,241 6,261 - 12/01/2042 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 107 - 1,069 1,084 - 12/01/2041 4.00% (1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR) - Monthly Fannie Mae pools - Monthly 30 - JPMorgan Securities LLC - 11,163 11,318 - 12/01/2041 (4.00%) 1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR - Monthly Fannie Mae pools - Monthly (315) - 15,001 15,048 12/01/2042 (4.00%) 1 month USD- Synthetic TRS Index 4.00% 30 year LIBOR - Monthly Fannie Mae pools - Monthly (256) - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 312,935 0.31 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (150,432) (0.15) Net Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 162,503 0.16

The accompanying notes form an integral part of these financial statements. Putnam World Trust 147

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Schedule of Investments cont. 30 June 2020

CENTRALLY CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.04%) (30 June 2019: -0.03%) Upfront Total return Premium Payments received by Unrealised Notional Received Termination received (paid) or paid (Depreciation) % of Amount Value (paid) Date by Fund by Fund USD Fund USD 400,000 USD 13,791 USD (7) 01/10/2029 (1.765%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity USD (13,798) (0.01) 900,000 23,177 (15) 06/03/2030 (1.675%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (23,192) (0.02) 800,000 38,091 (13) 08/07/2029 (1.875%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (38,105) (0.04) 700,000 52,256 (12) 07/03/2029 (2.138%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (52,268) (0.05) 600,000 53,761 - 05/12/2026 (2.308%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (53,761) (0.05) 1,800,000 65,790 (30) 09/09/2029 (1.79%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (65,820) (0.07) 2,000,000 100,884 - 07/08/2025 (1.92%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (100,884) (0.10) 1,600,000 115,666 (27) 07/02/2029 (2.099%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (115,692) (0.12) 1,900,000 134,442 (21) 07/11/2027 (2.1438%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (134,463) (0.14) 1,300,000 134,746 (22) 02/07/2028 (2.356%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (134,768) (0.14) 1,900,000 186,468 (32) 06/04/2028 (2.3075%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (186,500) (0.19) 1,600,000 271,064 - 09/01/2023 (2.76%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (271,064) (0.27) 3,600,000 281,275 - 05/05/2027 (2.17%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (281,275) (0.28) 12,900,000 723,729 - 03/11/2026 (2.0413%) - At maturity USA Non Revised Consumer Price Index- Urban (CPI-U) - At maturity (723,729) (0.73) Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding USD (2,195,319) (2.21) Variation Margin Settlement to Date USD 2,237,392 2.25 Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 42,073 0.04

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

148 Putnam World Trust

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Schedule of Investments cont. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (-0.07%) (30 June 2019: 0.03%) 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 1,877 11/05/2063 300 bp - Monthly USD (1,504) - CMBX NA BBB-.6 Index BB+/P 478 7,000 2,190 11/05/2063 300 bp - Monthly (1,708) - CMBX NA BBB-.6 Index BB+/P 1,085 18,000 5,632 11/05/2063 300 bp - Monthly (4,538) (0.01) Citigroup Global Markets, Inc. CMBX NA BBB-.7 Index BBB-/P 5.00 1,000 214 11/05/2063 300 bp - Monthly (209) - Credit Suisse International CMBX NA A.6 Index A/P (112) 101,000 12,948 11/05/2063 200 bp - Monthly (13,026) (0.01) Goldman Sachs International CMBX NA A.6 Index A/P 119 1,000 128 11/05/2063 200 bp - Monthly (9) - CMBX NA A.6 Index A/P 30 1,000 128 11/05/2063 200 bp - Monthly (97) - CMBX NA A.6 Index A/P 326 3,000 385 11/05/2063 200 bp - Monthly (57) - CMBX NA A.6 Index A/P 349 3,000 385 11/05/2063 200 bp - Monthly (35) - CMBX NA A.6 Index A/P 255 11,000 1,410 11/05/2063 200 bp - Monthly (1,152) - CMBX NA A.6 Index A/P 371 12,000 1,538 11/05/2063 200 bp - Monthly (1,163) - CMBX NA A.6 Index A/P 1,116 17,000 2,179 11/05/2063 200 bp - Monthly (1,057) - CMBX NA A.6 Index A/P 1,152 22,000 2,820 11/05/2063 200 bp - Monthly (1,661) - CMBX NA A.6 Index A/P 1,235 25,000 3,205 11/05/2063 200 bp - Monthly (1,962) - CMBX NA A.6 Index A/P 286 38,000 4,872 11/05/2063 200 bp - Monthly (4,573) (0.01) CMBX NA A.6 Index A/P 3,375 56,000 7,179 11/05/2063 200 bp - Monthly (3,786) - CMBX NA A.6 Index A/P 2,510 80,000 10,256 11/05/2063 200 bp - Monthly (7,720) (0.01) CMBX NA A.6 Index A/P 5,121 101,000 12,948 11/05/2063 200 bp - Monthly (7,793) (0.01) CMBX NA BBB-.7 Index BBB-/P 3,308 42,000 8,992 17/01/2047 300 bp - Monthly (5,663) (0.01) JPMorgan Securities LLC CMBX NA A.6 Index A/P 700 5,000 641 11/05/2063 200 bp - Monthly 61 - CMBX NA A.6 Index A/P 3,770 29,000 3,718 11/05/2063 200 bp - Monthly 52 - CMBX NA A.6 Index A/P 9,726 78,000 10,000 11/05/2063 200 bp - Monthly (252) - CMBX NA A.6 Index A/P 18,983 146,000 18,717 11/05/2063 200 bp - Monthly 315 - CMBX NA BBB-.7 Index BBB-/P 11,503 49,000 10,491 17/01/2047 300 bp - Monthly 1,037 - Morgan Stanley & Co. International PLC CMBX NA A.6 Index A/P 200 2,000 256 11/05/2063 200 bp - Monthly (56) - CMBX NA A.6 Index A/P 600 6,000 769 11/05/2063 200 bp - Monthly (167) - CMBX NA A.6 Index A/P (729) 95,000 12,179 11/05/2063 200 bp - Monthly (12,876) (0.01) Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD 1,465 - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (71,064) (0.07) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold USD (69,599) (0.07)

The accompanying notes form an integral part of these financial statements. Putnam World Trust 149

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (0.02%) (30 June 2019: -%) 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 BBB-.11 Index USD (10,658) USD 53,000 USD 10,833 18/11/2054 (300 bp) - Monthly USD 149 - CMBX NA BBB-.6 Index (64) 1,000 313 11/05/2063 (300 bp) - Monthly 249 - Credit Suisse International CMBX NA BBB-.6 Index (1,890) 12,000 3,755 11/05/2063 (300 bp) - Monthly 1,859 - CMBX NA BBB-.7 Index (3,575) 67,000 14,345 17/01/2047 (300 bp) - Monthly 10,736 0.01 CMBX NA BBB-.7 Index (1,296) 24,000 5,138 17/01/2047 (300 bp) - Monthly 3,831 0.01 JPMorgan Securities LLC CMBX NA BBB-.10 Index (1,409) 5,000 1,000 17/11/2059 (300 bp) - Monthly (411) - CMBX NA BBB-.6 Index (5,755) 18,000 5,632 11/05/2063 (300 bp) - Monthly (131) - Merrill Lynch International CMBX NA BBB-.9 Index (8,151) 44,000 8,554 17/09/2058 (300 bp) - Monthly 381 - CMBX NA BBB-.9 Index (8,151) 44,000 8,554 17/09/2058 (300 bp) - Monthly 381 - Morgan Stanley & Co. International PLC CMBX NA BBB-.11 Index (10,821) 42,000 8,585 18/11/2054 (300 bp) - Monthly (2,258) - CMBX NA BBB-.11 Index (6,435) 32,000 6,541 18/11/2054 (300 bp) - Monthly 90 - CMBX NA BBB-.9 Index (5,067) 33,000 6,415 17/09/2058 (300 bp) - Monthly 1,332 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 19,008 0.02 Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD (2,800) - Net Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased USD 16,208 0.02

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION SOLD (0.08%) (30 June 2019: 0.01%) Unrealised Upfront Premium Payments Appreciation/ received/ Notional Termination received by (Depreciation) % of Referenced debt* Rating*** (paid)** amount Value Date Fund USD Fund EM Series 33 Index BBB-/P USD 594,591 USD 5,795,000 USD 258,353 20/06/2025 100 bp - Quarterly USD 337,687 0.34 NA HY Series 34 Index B+/P 67,588 9,600,700 66,226 20/06/2025 500 bp - Quarterly 13,363 0.01 NA IG Series 34 Index BBB+/P (9,649) 700,000 8,182 20/06/2025 100 bp - Quarterly (1,293) - Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold USD 351,050 0.35 Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold USD (1,293) - Net Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Sold USD 349,757 0.35 Variation Margin Settlement to Date USD (265,856) (0.27) Cumulative Unrealised Appreciation less Variation Margin Settlement to Date USD 83,901 0.08

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING - PROTECTION PURCHASED (-%) (30 June 2019: -%) Upfront Premium Payments Unrealised received/ Notional Termination (paid) by Depreciation % of Referenced debt* (paid)** amount Value Date Fund USD Fund EM Series 33 Index USD (336,673) USD 4,979,900 USD 222,014 20/06/2025 (100 bp) - Quarterly USD (115,904) (0.12) Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Purchased USD (115,904) (0.12) Variation Margin Settlement to Date USD 115,904 0.12 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 30 June 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.

150 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.18%) (30 June 2019: 1.00%) 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 15/07/2020 USD 60,664 USD 56,036 USD 4,628 0.01 Canadian Dollar Buy 15/07/2020 74,767 74,013 754 - Canadian Dollar Sell 15/07/2020 70,200 67,651 (2,549) - Canadian Dollar Sell 15/07/2020 106,884 103,526 (3,358) (0.01) Canadian Dollar Sell 15/07/2020 75,135 71,814 (3,321) (0.01) Euro Buy 16/09/2020 978,967 976,498 2,469 - Euro Buy 16/09/2020 14,189,563 14,153,770 35,793 0.04 Euro Buy 16/09/2020 216,410 215,864 546 - Euro Buy 16/09/2020 128,856 128,531 325 - Hong Kong Dollar Sell 19/08/2020 108,096 107,987 (109) - Japanese Yen Sell 19/08/2020 62,757 63,102 345 - New Zealand Dollar Buy 15/07/2020 87,314 81,109 6,205 0.01 Norwegian Krone Sell 16/09/2020 37,111 37,039 (72) - Swedish Krona Buy 16/09/2020 100,724 100,731 (7) - Taiwan Dollar Buy 19/08/2020 151,168 151,464 (296) - Taiwan Dollar Sell 19/08/2020 139,350 138,962 (388) - Barclays Bank PLC Australian Dollar Buy 15/07/2020 179,716 182,288 (2,572) - Australian Dollar Sell 15/07/2020 69 61 (8) - British Pound Buy 16/09/2020 6,570 6,675 (105) - Euro Buy 16/09/2020 1,857,438 1,853,578 3,860 - Euro Sell 16/09/2020 479,299 478,303 (996) - Euro Sell 16/09/2020 3,546,744 3,539,374 (7,370) (0.01) Euro Sell 16/09/2020 414,252 413,391 (861) - Hong Kong Dollar Sell 19/08/2020 147,916 147,786 (130) - Indonesian Rupiah Buy 19/08/2020 71,354 66,844 4,510 0.01 Indonesian Rupiah Buy 19/08/2020 70,082 66,330 3,752 - Indonesian Rupiah Sell 19/08/2020 146,146 146,984 838 - Japanese Yen Buy 19/08/2020 231,515 232,847 (1,332) - New Zealand Dollar Buy 15/07/2020 133,068 123,627 9,441 0.01 Norwegian Krone Buy 16/09/2020 148,246 150,615 (2,369) - Norwegian Krone Buy 16/09/2020 148,246 150,502 (2,256) - Norwegian Krone Buy 16/09/2020 148,235 150,753 (2,518) - Norwegian Krone Sell 16/09/2020 148,433 147,108 (1,325) - Polish Zloty Buy 16/09/2020 146,763 146,758 5 - Polish Zloty Sell 16/09/2020 149,898 149,653 (245) - Swedish Krona Sell 16/09/2020 150,329 149,684 (645) - Citibank, N.A. British Pound Sell 16/09/2020 37,189 37,109 (80) - British Pound Sell 16/09/2020 37,189 38,186 997 - British Pound Sell 16/09/2020 18,471 18,492 21 - Canadian Dollar Sell 15/07/2020 41,398 40,101 (1,297) - Danish Krone Sell 16/09/2020 153,755 152,974 (781) - Euro Buy 16/09/2020 128,856 128,560 296 - Euro Buy 16/09/2020 7,393,626 7,376,650 16,976 0.02 Euro Buy 16/09/2020 99,371 99,143 228 - Hong Kong Dollar Sell 19/08/2020 41,355 41,251 (104) - Japanese Yen Buy 19/08/2020 44,976 45,185 (209) - Japanese Yen Sell 19/08/2020 12,256 12,349 93 - New Zealand Dollar Sell 15/07/2020 131,584 122,207 (9,377) (0.01) Norwegian Krone Sell 16/09/2020 37,111 37,055 (56) - Swedish Krona Sell 16/09/2020 18,594 18,601 7 - Swedish Krona Sell 16/09/2020 37,585 37,261 (324) - Swiss Franc Sell 16/09/2020 29,091 28,682 (409) -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 151

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.18%) (30 June 2019: 1.00%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Credit Suisse International Australian Dollar Buy 15/07/2020 USD 81,645 USD 72,524 USD 9,121 0.01 Australian Dollar Sell 15/07/2020 80,955 70,323 (10,632) (0.01) British Pound Sell 16/09/2020 37,313 37,910 597 - Canadian Dollar Sell 15/07/2020 75,135 72,301 (2,834) - Euro Sell 16/09/2020 105,110 104,837 (273) - Japanese Yen Buy 19/08/2020 2,030,510 2,042,025 (11,515) (0.01) New Zealand Dollar Buy 15/07/2020 75,827 70,460 5,367 0.01 New Zealand Dollar Sell 15/07/2020 73,633 68,307 (5,326) (0.01) Goldman Sachs International Australian Dollar Buy 15/07/2020 18,565 18,453 112 - British Pound Buy 16/09/2020 77,478 78,711 (1,233) - Canadian Dollar Buy 15/07/2020 325,366 315,421 9,945 0.01 Euro Buy 16/09/2020 1,199,091 1,195,692 3,399 - Euro Buy 16/09/2020 15,584,358 15,540,185 44,173 0.04 Euro Sell 16/09/2020 75,400 75,187 (213) - Japanese Yen Buy 19/08/2020 956,342 960,961 (4,619) (0.01) Japanese Yen Sell 19/08/2020 16,275 16,353 78 - New Zealand Dollar Sell 15/07/2020 37,946 35,101 (2,845) - New Zealand Dollar Sell 15/07/2020 86,023 79,913 (6,110) (0.01) Norwegian Krone Buy 16/09/2020 197,432 199,272 (1,840) - Norwegian Krone Buy 16/09/2020 145,835 145,439 396 - Norwegian Krone Sell 16/09/2020 149,742 148,910 (832) - Norwegian Krone Sell 16/09/2020 149,555 150,942 1,387 - Russian Ruble Buy 16/09/2020 137,974 134,025 3,949 - Russian Ruble Sell 16/09/2020 143,853 144,407 554 - South African Rand Buy 15/07/2020 182,287 166,004 16,283 0.02 Swedish Krona Buy 16/09/2020 212,888 212,832 56 - Swedish Krona Buy 16/09/2020 36,650 36,421 229 - HSBC Bank USA, National Association Australian Dollar Buy 15/07/2020 81,576 72,463 9,113 0.01 Australian Dollar Buy 15/07/2020 38,096 38,098 (2) - Australian Dollar Buy 15/07/2020 37,544 37,868 (324) - Australian Dollar Buy 15/07/2020 39,615 34,709 4,906 0.01 Australian Dollar Buy 15/07/2020 72,880 67,851 5,029 0.01 Australian Dollar Buy 15/07/2020 72,673 68,214 4,459 0.01 Australian Dollar Sell 15/07/2020 78,885 72,244 (6,641) (0.01) British Pound Buy 16/09/2020 11,281 11,460 (179) - Canadian Dollar Buy 15/07/2020 36,684 35,560 1,124 - Canadian Dollar Buy 15/07/2020 36,315 35,225 1,090 - Canadian Dollar Buy 15/07/2020 142,610 141,021 1,589 - Canadian Dollar Buy 15/07/2020 74,546 72,555 1,991 - Canadian Dollar Sell 15/07/2020 75,135 72,316 (2,819) - Canadian Dollar Sell 15/07/2020 36,536 36,773 237 - Canadian Dollar Sell 15/07/2020 37,862 37,940 78 - Canadian Dollar Sell 15/07/2020 70,347 68,062 (2,285) - Canadian Dollar Sell 15/07/2020 70,347 68,055 (2,292) - Euro Buy 16/09/2020 1,600,739 1,597,231 3,508 - Euro Buy 16/09/2020 29,372 29,634 (262) - Euro Buy 16/09/2020 11,910,784 11,884,687 26,097 0.03 Euro Buy 16/09/2020 1,575,193 1,589,231 (14,038) (0.01) Euro Buy 16/09/2020 116,477 116,222 255 - Euro Buy 16/09/2020 37,250 37,384 (134) - Euro Sell 16/09/2020 79,902 80,456 554 - Euro Sell 16/09/2020 11,141 11,117 (24) - Hong Kong Dollar Buy 19/08/2020 37,434 37,424 10 - Hong Kong Dollar Sell 19/08/2020 47,818 47,801 (17) -

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

152 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.18%) (30 June 2019: 1.00%) 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 Sell 19/08/2020 USD 68,792 USD 68,720 USD (72) - Hong Kong Dollar Sell 19/08/2020 68,792 68,722 (70) - Hong Kong Dollar Sell 19/08/2020 45,883 45,846 (37) - Hong Kong Dollar Sell 19/08/2020 262,151 261,877 (274) - Indian Rupee Buy 19/08/2020 137,126 136,080 1,046 - Indian Rupee Sell 19/08/2020 144,556 144,124 (432) - Japanese Yen Buy 19/08/2020 348,920 350,826 (1,906) - Japanese Yen Buy 19/08/2020 150,257 151,077 (820) - Japanese Yen Buy 19/08/2020 35,386 35,454 (68) - Japanese Yen Sell 19/08/2020 12,256 12,348 92 - Japanese Yen Sell 19/08/2020 68,856 69,660 804 - New Zealand Dollar Buy 15/07/2020 77,440 72,590 4,850 0.01 New Zealand Dollar Buy 15/07/2020 82,474 76,587 5,887 0.01 New Zealand Dollar Buy 15/07/2020 39,172 36,595 2,577 - New Zealand Dollar Buy 15/07/2020 39,043 36,493 2,550 - New Zealand Dollar Buy 15/07/2020 78,086 72,301 5,785 0.01 New Zealand Dollar Sell 15/07/2020 72,536 67,052 (5,484) (0.01) New Zealand Dollar Sell 15/07/2020 77,634 72,121 (5,513) (0.01) New Zealand Dollar Sell 15/07/2020 77,634 72,133 (5,501) (0.01) New Zealand Dollar Sell 15/07/2020 75,182 69,864 (5,318) (0.01) Norwegian Krone Sell 16/09/2020 37,111 37,036 (75) - Norwegian Krone Sell 16/09/2020 37,111 37,083 (28) - JPMorgan Chase Bank, N.A. Australian Dollar Buy 15/07/2020 18,565 18,453 112 - Australian Dollar Buy 15/07/2020 37,682 38,170 (488) - Australian Dollar Sell 15/07/2020 39,339 36,451 (2,888) - British Pound Buy 16/09/2020 30,867 31,361 (494) - British Pound Buy 16/09/2020 84,172 85,519 (1,347) - British Pound Sell 16/09/2020 37,313 37,714 401 - British Pound Sell 16/09/2020 37,065 36,846 (219) - Canadian Dollar Buy 15/07/2020 431,955 418,872 13,083 0.01 Canadian Dollar Buy 15/07/2020 72,926 71,627 1,299 - Canadian Dollar Sell 15/07/2020 82,354 79,860 (2,494) - Canadian Dollar Sell 15/07/2020 37,641 38,051 410 - Canadian Dollar Sell 15/07/2020 24,898 24,676 (222) - Canadian Dollar Sell 15/07/2020 37,641 36,002 (1,639) - Euro Buy 16/09/2020 7,588,429 7,567,635 20,794 0.02 Euro Buy 16/09/2020 988,420 985,712 2,708 - Euro Sell 16/09/2020 76,751 76,541 (210) - Euro Sell 16/09/2020 183,099 182,597 (502) - Japanese Yen Sell 19/08/2020 146,295 146,894 599 - New Zealand Dollar Sell 15/07/2020 13,681 12,713 (968) - Norwegian Krone Sell 16/09/2020 74,471 75,203 732 - Singapore Dollar Buy 19/08/2020 33,945 33,412 533 - Singapore Dollar Buy 19/08/2020 146,758 145,970 788 - Singapore Dollar Buy 19/08/2020 146,758 146,484 274 - Singapore Dollar Sell 19/08/2020 69,755 68,180 (1,575) - Singapore Dollar Sell 19/08/2020 142,668 139,549 (3,119) - Singapore Dollar Sell 19/08/2020 69,540 68,048 (1,492) - Swedish Krona Buy 16/09/2020 149,319 149,273 46 - Swedish Krona Sell 16/09/2020 240,150 240,076 (74) - Swiss Franc Sell 16/09/2020 405,046 399,363 (5,683) (0.01) NatWest Markets PLC British Pound Buy 16/09/2020 35,206 35,772 (566) - Canadian Dollar Buy 15/07/2020 54,584 52,927 1,657 - Canadian Dollar Sell 15/07/2020 36,094 35,456 (638) - Euro Buy 16/09/2020 8,103 8,083 20 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 153

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.18%) (30 June 2019: 1.00%) 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 16/09/2020 USD 200,317 USD 199,822 USD (495) - New Zealand Dollar Buy 15/07/2020 103,705 96,349 7,356 0.01 New Zealand Dollar Sell 15/07/2020 38,333 35,214 (3,119) - State Street Bank & Trust Company Australian Dollar Buy 15/07/2020 40,029 36,029 4,000 0.01 Australian Dollar Buy 15/07/2020 40,029 35,262 4,767 0.01 Australian Dollar Buy 15/07/2020 37,406 37,162 244 - Australian Dollar Buy 15/07/2020 60,733 56,097 4,636 0.01 Australian Dollar Buy 15/07/2020 36,923 35,590 1,333 - Australian Dollar Buy 15/07/2020 36,854 35,131 1,723 - Australian Dollar Buy 15/07/2020 40,098 36,660 3,438 - Australian Dollar Buy 15/07/2020 36,992 37,428 (436) - Australian Dollar Buy 15/07/2020 36,509 34,909 1,600 - Australian Dollar Buy 15/07/2020 39,684 34,766 4,918 0.01 Australian Dollar Buy 15/07/2020 37,613 37,303 310 - Australian Dollar Buy 15/07/2020 80,955 71,826 9,129 0.01 Australian Dollar Sell 15/07/2020 39,615 36,522 (3,093) - Australian Dollar Sell 15/07/2020 299,388 264,557 (34,831) (0.04) Australian Dollar Sell 15/07/2020 39,339 36,453 (2,886) - Australian Dollar Sell 15/07/2020 38,718 35,781 (2,937) - Australian Dollar Sell 15/07/2020 39,201 35,753 (3,448) (0.01) British Pound Sell 16/09/2020 37,065 37,233 168 - British Pound Sell 16/09/2020 36,322 36,762 440 - British Pound Sell 16/09/2020 189,418 192,454 3,036 - British Pound Sell 16/09/2020 18,471 18,492 21 - British Pound Sell 16/09/2020 36,694 37,336 642 - British Pound Sell 16/09/2020 36,942 37,388 446 - Canadian Dollar Buy 15/07/2020 74,472 72,545 1,927 - Canadian Dollar Buy 15/07/2020 37,494 36,321 1,173 - Canadian Dollar Buy 15/07/2020 72,189 70,574 1,615 - Canadian Dollar Buy 15/07/2020 37,936 36,669 1,267 - Canadian Dollar Buy 15/07/2020 38,010 36,698 1,312 - Canadian Dollar Buy 15/07/2020 37,862 36,421 1,441 - Canadian Dollar Buy 15/07/2020 38,010 36,979 1,031 - Canadian Dollar Buy 15/07/2020 37,862 37,059 803 - Canadian Dollar Sell 15/07/2020 35,137 33,837 (1,300) - Canadian Dollar Sell 15/07/2020 36,021 34,851 (1,170) - Canadian Dollar Sell 15/07/2020 75,135 71,859 (3,276) (0.01) Canadian Dollar Sell 15/07/2020 37,052 36,963 (89) - Canadian Dollar Sell 15/07/2020 37,641 38,064 423 - Canadian Dollar Sell 15/07/2020 24,898 24,675 (223) - Canadian Dollar Sell 15/07/2020 867,814 841,356 (26,458) (0.03) Canadian Dollar Sell 15/07/2020 37,199 37,659 460 - Canadian Dollar Sell 15/07/2020 37,494 37,398 (96) - Euro Buy 16/09/2020 34,099 34,448 (349) - Euro Buy 16/09/2020 30,723 30,445 278 - Euro Buy 16/09/2020 26,109 26,210 (101) - Euro Buy 16/09/2020 1,526,014 1,541,643 (15,629) (0.02) Euro Buy 16/09/2020 7,389,462 7,373,481 15,981 0.02 Euro Buy 16/09/2020 1,173,658 1,178,189 (4,531) (0.01) Euro Buy 16/09/2020 395,458 394,603 855 - Euro Buy 16/09/2020 148,888 149,040 (152) - Euro Buy 16/09/2020 37,250 37,401 (151) - Euro Buy 16/09/2020 37,250 37,376 (126) - Euro Buy 16/09/2020 150,126 150,187 (61) - Euro Sell 16/09/2020 3,953,681 3,945,130 (8,551) (0.01)

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

154 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.18%) (30 June 2019: 1.00%) 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 Sell 16/09/2020 USD 47,491 USD 47,533 USD 42 - Euro Sell 16/09/2020 2,099,056 2,100,922 1,866 - Euro Sell 16/09/2020 522,063 520,934 (1,129) - Euro Sell 16/09/2020 146,637 145,357 (1,280) - Euro Sell 16/09/2020 150,126 150,270 144 - Euro Sell 16/09/2020 150,126 150,314 188 - Hong Kong Dollar Sell 19/08/2020 137,583 137,447 (136) - Hong Kong Dollar Sell 19/08/2020 68,792 68,720 (72) - Hong Kong Dollar Sell 19/08/2020 68,805 68,733 (72) - Hong Kong Dollar Sell 19/08/2020 319,772 319,437 (335) - Israeli Shekel Buy 15/07/2020 202 193 9 - Japanese Yen Buy 19/08/2020 33,983 34,509 (526) - Japanese Yen Buy 19/08/2020 83,789 84,065 (276) - Japanese Yen Sell 19/08/2020 699,984 703,391 3,407 - Japanese Yen Sell 19/08/2020 312,714 312,759 45 - Japanese Yen Sell 19/08/2020 428,961 431,049 2,088 - Japanese Yen Sell 19/08/2020 12,256 12,348 92 - New Zealand Dollar Buy 15/07/2020 181,468 168,572 12,896 0.01 New Zealand Dollar Buy 15/07/2020 78,021 72,256 5,765 0.01 New Zealand Dollar Buy 15/07/2020 38,526 35,597 2,929 - New Zealand Dollar Buy 15/07/2020 38,720 35,660 3,060 - New Zealand Dollar Buy 15/07/2020 39,043 36,491 2,552 - New Zealand Dollar Buy 15/07/2020 78,537 73,876 4,661 0.01 New Zealand Dollar Buy 15/07/2020 37,236 36,987 249 - New Zealand Dollar Sell 15/07/2020 38,397 35,268 (3,129) - New Zealand Dollar Sell 15/07/2020 38,656 35,961 (2,695) - New Zealand Dollar Sell 15/07/2020 39,365 37,057 (2,308) - New Zealand Dollar Sell 15/07/2020 39,107 35,978 (3,129) - New Zealand Dollar Sell 15/07/2020 78,215 73,911 (4,304) (0.01) New Zealand Dollar Sell 15/07/2020 38,720 36,355 (2,365) - Norwegian Krone Sell 16/09/2020 36,633 36,983 350 - Swedish Krona Buy 16/09/2020 36,812 37,383 (571) - Swedish Krona Sell 16/09/2020 37,810 38,010 200 - Swedish Krona Sell 16/09/2020 18,604 18,612 8 - Toronto-Dominion Bank Australian Dollar Buy 15/07/2020 40,167 35,002 5,165 0.01 Australian Dollar Buy 15/07/2020 39,960 35,968 3,992 0.01 Australian Dollar Buy 15/07/2020 36,854 37,026 (172) - British Pound Buy 16/09/2020 16,487 16,749 (262) - Canadian Dollar Sell 15/07/2020 36,610 35,280 (1,330) - Canadian Dollar Sell 15/07/2020 36,610 36,848 238 - Canadian Dollar Sell 15/07/2020 101,801 98,654 (3,147) (0.01) Canadian Dollar Sell 15/07/2020 37,568 37,629 61 - Euro Buy 16/09/2020 753,103 750,943 2,160 - Euro Sell 16/09/2020 146,749 146,328 (421) - New Zealand Dollar Buy 15/07/2020 38,914 36,157 2,757 - New Zealand Dollar Sell 15/07/2020 37,365 37,086 (279) - UBS AG Australian Dollar Buy 15/07/2020 37,544 37,329 215 - Australian Dollar Buy 15/07/2020 37,682 38,083 (401) - Australian Dollar Buy 15/07/2020 37,820 37,895 (75) - Australian Dollar Sell 15/07/2020 146,934 146,531 (403) - Australian Dollar Sell 15/07/2020 39,270 35,927 (3,343) (0.01) Australian Dollar Sell 15/07/2020 39,822 36,871 (2,951) - Australian Dollar Sell 15/07/2020 80,886 70,275 (10,611) (0.01) British Pound Sell 16/09/2020 152,229 154,702 2,473 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 155

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.18%) (30 June 2019: 1.00%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund UBS AG cont. Canadian Dollar Buy 15/07/2020 USD 73,220 USD 70,279 USD 2,941 - Canadian Dollar Buy 15/07/2020 36,389 35,295 1,094 - Canadian Dollar Buy 15/07/2020 73,220 70,274 2,946 - Canadian Dollar Buy 15/07/2020 142,610 140,984 1,626 - Canadian Dollar Sell 15/07/2020 70,274 67,727 (2,547) - Canadian Dollar Sell 15/07/2020 75,135 71,880 (3,255) (0.01) Canadian Dollar Sell 15/07/2020 37,273 37,149 (124) - Canadian Dollar Sell 15/07/2020 75,209 71,887 (3,322) (0.01) Canadian Dollar Sell 15/07/2020 20,625 19,998 (627) - Canadian Dollar Sell 15/07/2020 37,347 37,358 11 - Euro Buy 16/09/2020 100,721 100,516 205 - Euro Buy 16/09/2020 975,591 973,602 1,989 - Euro Buy 16/09/2020 636,627 635,329 1,298 - Euro Buy 16/09/2020 489,877 490,446 (569) - Euro Sell 16/09/2020 148,212 147,910 (302) - Hong Kong Dollar Sell 19/08/2020 135,713 135,576 (137) - Japanese Yen Buy 19/08/2020 34,665 35,051 (386) - Japanese Yen Buy 19/08/2020 33,767 33,970 (203) - Japanese Yen Buy 19/08/2020 157,829 158,712 (883) - Japanese Yen Buy 19/08/2020 35,042 35,115 (73) - Japanese Yen Buy 19/08/2020 34,052 34,356 (304) - Japanese Yen Sell 19/08/2020 37,021 37,052 31 - New Zealand Dollar Buy 15/07/2020 254,197 236,123 18,074 0.02 New Zealand Dollar Buy 15/07/2020 77,505 72,634 4,871 0.01 New Zealand Dollar Buy 15/07/2020 149,395 147,085 2,310 - New Zealand Dollar Sell 15/07/2020 39,043 35,912 (3,131) - Norwegian Krone Sell 16/09/2020 148,453 146,886 (1,567) - Swedish Krona Buy 16/09/2020 149,813 149,144 669 - Swedish Krona Buy 16/09/2020 10,656 10,661 (5) - Westpac Banking Corporation Australian Dollar Buy 15/07/2020 77,918 70,059 7,859 0.01 Australian Dollar Buy 15/07/2020 39,615 35,475 4,140 0.01 Australian Dollar Buy 15/07/2020 77,918 70,077 7,841 0.01 Australian Dollar Sell 15/07/2020 78,954 72,348 (6,606) (0.01) British Pound Buy 16/09/2020 554,495 563,336 (8,841) (0.01) British Pound Sell 16/09/2020 248 252 4 - British Pound Sell 16/09/2020 36,818 37,345 527 - Canadian Dollar Buy 15/07/2020 47,217 45,473 1,744 - Canadian Dollar Buy 15/07/2020 74,546 72,616 1,930 - Canadian Dollar Buy 15/07/2020 74,546 72,569 1,977 - Canadian Dollar Sell 15/07/2020 37,568 36,428 (1,140) - Canadian Dollar Sell 15/07/2020 35,505 34,729 (776) - Canadian Dollar Sell 15/07/2020 71,894 69,309 (2,585) - Canadian Dollar Sell 15/07/2020 24,824 24,601 (223) - Canadian Dollar Sell 15/07/2020 36,978 37,223 245 - Euro Buy 16/09/2020 2,121,564 2,116,674 4,890 0.01 Euro Buy 16/09/2020 11,560,228 11,533,584 26,643 0.03 Euro Buy 16/09/2020 37,250 37,393 (143) - Euro Sell 16/09/2020 40,626 40,533 (93) - Japanese Yen Buy 19/08/2020 158,890 159,665 (775) - Japanese Yen Sell 19/08/2020 45,433 45,655 222 -

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

156 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.18%) (30 June 2019: 1.00%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type* date USD USD USD Fund Westpac Banking Corporation cont. New Zealand Dollar Buy 15/07/2020 USD 39,172 USD 36,148 USD 3,024 - New Zealand Dollar Buy 15/07/2020 86,733 80,539 6,193 0.01 New Zealand Dollar Sell 15/07/2020 75,246 69,936 (5,310) (0.01) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 554,511 0.56 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (376,131) (0.38) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 178,380 0.18 Total Financial Assets at Fair Value through Profit or Loss USD 112,644,318 113.53 Total Financial Liabilities at Fair Value through Profit or Loss USD (5,917,429) (5.96)

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

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 50.65 Transferable securities dealt on another regulated market 32.32 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 7.43 OTC financial derivative instruments 0.78 Exchange Traded financial derivative instruments 0.85 Centrally cleared financial derivative instruments 0.10 Other assets 7.87 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. Putnam World Trust 157

Putnam U.S. Large Cap Growth Fund

Schedule of Investments cont. 30 June 2020

NON-U.S. EQUITIES (6.70%) (30 June 2019: 5.27%) U.S. EQUITIES (91.02%) (30 June 2019: 92.80%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Chemicals (0.75%) Diversified Financial Services (5.70%) 2,826 Linde PLC (Ireland) USD 599,423 0.75 6,593 Mastercard Incorporated USD 1,949,550 2.43 599,423 0.75 13,561 Visa Incorporated 2,619,578 3.27 Commercial Services (0.75%) 4,569,128 5.70 13,819 Edenred (France) 603,708 0.75 Electronics (0.76%) 603,708 0.75 1,579 Roper Technologies Incorporated 613,063 0.76 Consumer Services (-%) 613,063 0.76 2 HC Brillant Services GmbH (Germany) 2 - Entertainment (0.50%) 2 - 9,012 Live Nation Entertainment Incorporated 399,502 0.50 Diversified Financial Services (0.70%) 399,502 0.50 5,441 London Stock Exchange Group PLC (United Health-Care Services (2.66%) Kingdom) 562,838 0.70 7,237 UnitedHealth Group Incorporated 2,134,553 2.66 562,838 0.70 2,134,553 2.66 Environmental Control (1.16%) Internet (15.98%) 9,896 Waste Connections Incorporated (Canada) 928,146 1.16 2,515 Alphabet Incorporated 3,555,229 4.43 928,146 1.16 2,328 Amazon.com Incorporated 6,422,533 8.01 Health-Care Services (1.45%) 460 Booking Holdings Incorporated 732,476 0.91 2,214 Lonza Group AG (Switzerland) 1,167,429 1.45 8,355 Facebook Incorporated 1,897,170 2.36 1,167,429 1.45 468 Netflix Incorporated 212,959 0.27 Insurance (0.62%) 12,820,367 15.98 53,114 AIA Group Limited (Hong Kong) 494,336 0.62 Media (1.66%) 494,336 0.62 2,605 Charter Communications Incorporated 1,328,654 1.66 Internet (0.70%) 1,328,654 1.66 2,618 Alibaba Group Holding Limited (Cayman Islands) 564,703 0.70 Medical Technology (4.64%) 9,292 Danaher Corporation 1,643,104 2.05 564,703 0.70 Software (0.57%) 4,797 IDEXX Laboratories Incorporated 1,583,778 1.97 2,667 Dassault Systemes SE (France) 459,640 0.57 2,218 Quidel Corporation 496,255 0.62 459,640 0.57 3,723,137 4.64 Total Non-U.S. Equities USD 5,380,225 6.70 Pharmaceuticals (2.93%) 2,553 DexCom Incorporated 1,034,986 1.29 U.S. EQUITIES (91.02%) (30 June 2019: 92.80%) 5,745 Eli Lilly and Company 943,214 1.18 Number of Value % of 4,800 Merck & Company Incorporated 371,184 0.46 Shares USD Fund 2,349,384 2.93 Aerospace and Defense (1.63%) Real Estate (3.08%) 2,895 Northrop Grumman Corporation USD 890,039 1.11 6,357 American Tower Corporation 1,643,539 2.05 950 TransDigm Group Incorporated 419,948 0.52 2,766 SBA Communications Corporation 824,047 1.03 1,309,987 1.63 2,467,586 3.08 Apparel (2.00%) Retail (4.16%) 16,333 NIKE Incorporated 1,601,451 2.00 692 Chipotle Mexican Grill Incorporated 728,233 0.91 1,601,451 2.00 5,176 Home Depot Incorporated 1,296,640 1.61 Automotive (0.51%) 2,563 Lululemon Athletica Incorporated 799,682 1.00 377 Tesla Incorporated 407,088 0.51 4,267 Walmart Incorporated 511,101 0.64 407,088 0.51 3,335,656 4.16 Biotechnology (3.68%) Semiconductors (3.55%) 1,236 Regeneron Pharmaceuticals Incorporated 770,831 0.96 4,853 NVIDIA Corporation 1,843,703 2.29 4,243 Seattle Genetics Incorporated 720,971 0.90 7,936 Texas Instruments Incorporated 1,007,634 1.26 5,026 Vertex Pharmaceuticals Incorporated 1,459,098 1.82 2,851,337 3.55 2,950,900 3.68 Software (18.86%) Chemicals (1.02%) 4,772 Adobe Incorporated 2,077,299 2.59 1,413 Sherwin-Williams Company 816,502 1.02 4,914 DocuSign Incorporated 846,240 1.05 816,502 1.02 5,631 Dynatrace Incorporated 228,619 0.28 Commercial Services (6.59%) 4,943 Everbridge Incorporated 683,913 0.85 1,752 CoStar Group Incorporated 1,245,094 1.55 9,378 Fidelity National Information Services 16,313 PayPal Holdings Incorporated 2,842,214 3.54 Incorporated 1,257,496 1.57 3,661 S&P Global Incorporated 1,206,226 1.50 38,882 Microsoft Corporation 7,912,876 9.86 5,293,534 6.59 2,524 RingCentral Incorporated 719,365 0.90 Computers (8.47%) 7,525 salesforce.com Incorporated 1,409,658 1.76 18,622 Apple Incorporated 6,793,306 8.47 15,135,466 18.86 6,793,306 8.47 Transportation (1.23%) Cosmetics/Personal Care (1.41%) 5,848 Union Pacific Corporation 988,721 1.23 5,995 Estee Lauder Companies Incorporated 1,131,137 1.41 988,721 1.23 1,131,137 1.41 Total U.S. Equities USD 73,020,459 91.02

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

158 Putnam World Trust

Putnam U.S. Large Cap Growth Fund

Schedule of Investments cont. 30 June 2020

WARRANTS (-%) (30 June 2019: -%) Number of Value % of Warrants USD Fund 854 Neuralstem Incorporated (F) USD - - Total Warrants USD - -

REPURCHASE AGREEMENTS (0.52%) (30 June 2019: 0.13%) Principal Effective Maturity Value % of Amount Yield Date USD Fund USD 415,000 Repurchase Agreement - BofA Securities Incorporated* 0.06 01/07/2020 USD 415,000 0.52 Total Repurchase Agreement USD 415,000 0.52

* Interest in USD14,687,000 bulk repurchase agreement dated 30 June 2020 with BofA Securities Incorporated due 1 July 2020 - maturity value of USD415,001 for an effective yield of 0.060% (collateralised by a U.S. Treasury note with a coupon rate of 0.000% and a due date of 21 July 2020, valued at USD14,979,502).

U.S. TREASURY OBLIGATIONS (1.31%) (30 June 2019: 0.89%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 458,000 United States Treasury Bill1 - 20/08/2020 USD 458,000 0.56 184,000 United States Treasury Bill (0.03) 13/08/2020 184,000 0.23 37,000 United States Treasury Bill 0.11 11/08/2020 36,995 0.05 169,000 United States Treasury Bill 0.01 06/08/2020 168,998 0.21 206,000 United States Treasury Bill 0.08 21/07/2020 205,991 0.26 Total U.S. Treasury Obligations USD 1,053,984 1.31

(1) Security is partly held as collateral by Barclays Bank PLC (USD 10,943). (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. See Note 2 to the Financial Statements regarding valuation of investments.

PURCHASED EQUITY OPTIONS OUTSTANDING (-%) (30 June 2019: 0.03%)

Total Value of Investments excluding financial derivative instruments USD 79,869,668 99.55

WRITTEN EQUITY OPTIONS OUTSTANDING (-%) (30 June 2019: -0.02%)

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.04%) (30 June 2019:-%) Swap Upfront Payments Total return Unrealised counterparty/ Premium Termination received/(paid) received by Depreciation % of Notional Amount Value received/(paid) Date by Fund or paid by Fund USD Fund Goldman Sachs International USD 472,641 USD 437,754 USD - 15/12/2025 (1 month USD-LIBOR-BBA A basket (GSCBPAND) of plus 0.35%) - Monthly common stocks - Monthly USD (34,987) (0.04) Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (34,987) (0.04)

The accompanying notes form an integral part of these financial statements. Putnam World Trust 159

Putnam U.S. Large Cap Growth Fund

Schedule of Investments cont. 30 June 2020

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (0.23%) (30 June 2019: 1.28%) 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 16/09/2020 USD 4,344,975 USD 4,334,015 USD 10,960 0.01 Barclays Bank PLC Euro Sell 16/09/2020 11,382,418 11,358,767 (23,651) (0.03) Citibank, N.A. Euro Buy 16/09/2020 10,606,245 10,581,892 24,353 0.03 Goldman Sachs International Euro Buy 16/09/2020 11,054,258 11,022,926 31,332 0.04 HSBC Bank Euro Buy 16/09/2020 15,654,356 15,620,057 34,299 0.05 JPMorgan Chase Bank, N.A. Euro Buy 16/09/2020 6,767,465 6,748,921 18,544 0.02 NatWest Markets PLC Euro Buy 16/09/2020 4,848,582 4,836,588 11,994 0.01 State Street Bank & Trust Company Euro Buy 16/09/2020 11,713,730 11,688,398 25,332 0.03 Euro Buy 16/09/2020 2,565,301 2,567,570 (2,269) - UBS AG Euro Buy 16/09/2020 9,369,566 9,350,469 19,097 0.02 Westpac Banking Corporation Euro Buy 16/09/2020 14,293,773 14,260,829 32,945 0.05 Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 208,856 0.26 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (25,920) (0.03) Net Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 182,936 0.23 Total Financial Assets at Fair Value Through Profit or Loss USD 80,078,524 99.81 Total Financial Liabilities at Fair Value Through Profit or Loss USD (60,907) (0.07)

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

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 97.00 Transferable securities dealt on another regulated market 0.51 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.48 OTC financial derivative instruments 0.26 Other assets 1.75 Total Assets 100.00

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

160 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments 30 June 2020

U.S. GOVERNMENT AGENCY OBLIGATIONS (0.75%) (30 June 2019: -%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 7,000,000 Federal Farm Credit Banks Funding Corporation 0.57 07/11/2022 USD 7,023,363 0.75 Total U.S. Government Agency Obligations USD 7,023,363 0.75

MORTGAGE-BACKED SECURITIES (11.28%) (30 June 2019: 12.68%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (5.47%) USD 1,500,000 Ally Auto Receivables Trust 2017-2 (Class A4) 2.10 15/03/2022 USD 1,505,587 0.16 617,673 Ameriquest Mortgage Securities Incorporated Asset-Backed Pass-Through Ctfs Ser 2005-R8 (Class M2) 0.92 25/10/2035 617,673 0.07 172,150 Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series 2004-W8 (Class A2) 1.14 25/05/2034 172,318 0.02 4,370,000 BA Credit Card Trust (Class A1) 2.70 17/07/2023 4,435,717 0.46 1,991,051 Bank of The West Auto Trust 2018-1 (Class A3) 3.43 15/12/2022 2,020,138 0.21 12,089 Bear Stearns Asset Backed Securities I Trust 2005-TC1 (Class M1) 0.84 25/05/2035 12,089 - 130,266 Bear Stearns Asset Backed Securities I Trust 2005-TC2 (Class M2) 1.19 25/08/2035 129,521 0.01 2,967,469 CarMax Auto Owner Trust (Class A3) 3.13 15/06/2023 3,031,889 0.32 374,058 Carrington Mortgage Loan Trust Series 2006-RFC1 (Class A4) 0.42 25/03/2036 329,001 0.03 923,877 Centex Home Equity Loan Trust 2005-A (Class M1) 0.90 25/01/2035 891,019 0.09 92,628 Citigroup Mortgage Loan Trust Incorporated (Class M1) 0.47 25/10/2036 92,175 0.01 1,800,000 Citigroup Mortgage Loan Trust Incorporated (Class M4) 0.93 25/01/2036 1,767,567 0.19 215,276 Countrywide Asset-Backed Certificates (Class M6) 1.23 25/08/2035 214,499 0.02 439,060 CWABS Asset-Backed Certificates Trust 2004-10 (Class MV3) 1.31 25/12/2034 433,010 0.05 92,393 CWABS Asset-Backed Certificates Trust 2004-AB2 (Class M2) 1.04 25/05/2036 92,064 0.01 1,125,039 CWABS Asset-Backed Certificates Trust 2005-4 (Class MV4) 1.14 25/10/2035 1,141,915 0.12 88,882 Ellington Loan Acquisition Trust 2007-1 (Class A2C) 1.43 25/05/2037 86,891 0.01 77,460 First Franklin Mortgage Loan Trust 2004-FF7 (Class M1) 1.05 25/09/2034 73,019 0.01 362,384 First Franklin Mortgage Loan Trust Series 2005-FF12 (Class M1) 0.63 25/11/2036 350,714 0.04 29,673 GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 (Class A1) 0.63 25/12/2035 29,666 - 582,189 GM Financial Compannsumer Automobile Receivables Trust 2018-3 (Class A3) 3.02 16/05/2023 594,760 0.06 846,100 GM Financial Consumer Automobile Receivables Trust 2018-1 (Class A3) 2.32 18/07/2022 854,006 0.09 4,199,863 GM Financial Consumer Automobile Receivables Trust 2018-4 (Class A3) 3.21 16/10/2023 4,298,799 0.46 588,249 GSAA Home Equity Trust 2005-8 (Class A3) 0.61 25/06/2035 585,308 0.06 19,814 GSAMP Trust 2004-AR2 (Class M1) 1.02 25/08/2034 19,808 - 862,000 Honda Auto Receivables 2017-1 Owner Trust (Class A4) 2.05 21/06/2023 864,771 0.09 3,495,000 Honda Auto Receivables 2018-2 Owner Trust (Class A4) 3.16 19/08/2024 3,614,658 0.38 517,385 Honda Auto Receivables 2018-3 Owner Trust (Class A3) 2.95 22/08/2022 526,458 0.06 393,725 HSI Asset Securitization Corp Trust 2007-WF1 (Class 2A4) 0.43 25/05/2037 384,268 0.04 1,700,000 Hyundai Auto Receivables Trust 2016-B (Class D) 2.68 15/09/2023 1,723,110 0.18 650,000 Hyundai Auto Receivables Trust 2017-A (Class A4) 2.09 17/04/2023 653,994 0.07 677,842 JP Morgan Mortgage Acquisition Trust 2007-CH1 (Class MV2) 0.46 25/11/2036 676,223 0.07 69,845 Mastr Asset-Backed Securities Trust 2006-Fre1 (Class A4) 0.76 25/12/2035 67,691 0.01 483,003 Morgan Stanley Capital I Incorporated Trust 2006-HE1 (Class A4) 0.47 25/01/2036 452,815 0.05 3,712 New Century Home Equity Loan Trust 2005-2 (Class M2) 0.86 25/06/2035 3,708 - 154,420 New Century Home Equity Loan Trust 2005-3 (Class M3) 0.95 25/07/2035 153,016 0.02 1,700,000 Nissan Auto Receivables 2017-A Owner Trust (Class A4) 2.11 15/05/2023 1,713,962 0.18 1,420,000 Nissan Auto Receivables 2017-B Owner Trust (Class A4) 1.95 16/10/2023 1,437,294 0.15 433,557 Nissan Auto Receivables 2017-C Owner Trust (Class A3) 2.12 18/04/2022 436,340 0.05 765,154 Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4 (Class M1) 0.84 25/11/2035 762,804 0.08 180,341 Park Place Securities Incorporated Asset-Backed Pass-Through Ctfs Ser 2004- WHQ2 (Class M3) 1.22 25/02/2035 179,406 0.02 44,082 Popular ABS Mortgage Pass-Through Trust 2005-A (Class M1) 0.61 25/06/2035 43,915 - 226,164 RAMP Series 2006-EFC2 Trust (Class A3) 0.34 25/12/2036 225,632 0.02 543,470 RASC Series 2004-KS10 Trust (Class M1) 1.08 25/11/2034 508,474 0.05 11,976 RASC Series 2005-KS12 Trust (Class M1) 0.62 25/01/2036 11,954 - 237,194 RASC Series 2006-KS2 Trust (Class M1) 0.55 25/03/2036 234,440 0.02 1,050,505 RASC Series 2006-KS7 Trust (Class A4) 0.42 25/09/2036 1,020,126 0.11 1,435,974 Santander Retail Auto Lease Trust 2020-A (Class A1) 1.66 22/02/2021 1,437,618 0.15 474,872 Securitized Asset Backed Receivables LLC Trust 2006-CB1 (Class AV1) 0.66 25/01/2036 467,551 0.05 1,028,101 Securitized Term Auto Receivables Trust 2018-1 (Class A3) 3.07 25/01/2022 1,036,196 0.11 151,941 Structured Asset Investment Loan Trust 2005-1 (Class M2) 0.90 25/02/2035 148,840 0.02 16,959 Structured Asset Investment Loan Trust 2005-HE1 (Class M1) 0.65 25/07/2035 16,896 - 1,128,104 Structured Asset Investment Loan Trust 2005-HE3 (Class M1) 0.90 25/09/2035 1,111,565 0.12 The accompanying notes form an integral part of these financial statements. Putnam World Trust 161

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (11.28%) (30 June 2019: 12.68%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Commercial Mortgage-Backed Securities (5.47%) cont. USD 289,581 Structured Asset Securities Corp 2005-WF1 (Class M1) 0.84 25/02/2035 USD 286,146 0.03 100,281 Structured Asset Securities Corporation Mortgage Loan Trust 2005-WF3 (Class M1) 0.90 25/07/2035 100,281 0.01 59,406 Structured Asset Securities Corporation Mortgage Loan Trust 2006-GEL3 (Class A3) 0.48 25/07/2036 59,115 0.01 3,300,000 Toyota Auto Receivables 2017-C Owner Trust (Class A4) 1.98 15/12/2022 3,344,169 0.36 115,000 Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust (Class M6) 1.19 25/11/2035 111,444 0.01 2,312,000 World Omni Auto Receivables Trust 2016-B (Class A4) 1.48 15/11/2022 2,318,766 0.25 621,620 World Omni Auto Receivables Trust 2018-A (Class A3) 2.50 17/04/2023 629,452 0.07 1,164,000 World Omni Auto Receivables Trust 2018-C (Class A3) 3.13 15/11/2023 1,189,482 0.13 51,731,733 5.47 Residential Mortgage-Backed Securities (non-agency) (5.81%) 352,036 Alternative Loan Trust 2004-J5 (Class M1) 1.08 25/08/2034 352,036 0.04 1,214,461 Angel Oak Mortgage Trust I LLC 2017-2 (Class A1) 2.48 25/07/2047 1,205,838 0.13 1,031,708 Angel Oak Mortgage Trust I LLC 2018-3 (Class A1) 3.65 25/09/2048 1,051,624 0.11 4,126,436 Angel Oak Mortgage Trust I LLC 2019-4 (Class A1) 2.99 26/07/2049 4,167,701 0.44 429,334 Angel Oak Mortgage Trust LLC (Class A1) 2.71 25/11/2047 426,672 0.05 24,281 Banc of America Funding 2015-R4 Trust (Class 6A1) 0.31 27/08/2036 24,159 - 709,392 Bellemeade Re 2018-1 Limited (Class M1B) 1.78 25/04/2028 689,923 0.07 202,460 Citigroup Mortgage Loan Trust 2006-AR9 (Class 1A3) 0.42 25/11/2036 197,588 0.02 239,793 COLT 2018-2 Mortgage Loan Trust (Class A1) 3.47 27/07/2048 243,390 0.03 306,024 COLT 2018-4 Mortgage Loan Trust (Class A1) 4.01 28/12/2048 310,914 0.03 95,994 Deephaven Residential Mortgage Trust 2017-1 (Class A1) 2.73 26/12/2046 95,399 0.01 75,756 Deephaven Residential Mortgage Trust 2017-3 (Class A1) 2.58 25/10/2047 76,287 0.01 3,545,270 Deephaven Residential Mortgage Trust 2018-1 (Class A1) 2.98 25/12/2057 3,579,378 0.38 394,743 Ellington Financial Mortgage Trust 2018-1 (Class AFLA) 0.93 25/10/2058 392,296 0.04 20,539 Fannie Mae Connecticut Avenue Securities (Class 1M1) 1.13 25/10/2029 20,521 - 1,824,379 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.18 25/09/2028 1,891,626 0.20 1,197,614 Fannie Mae Connecticut Avenue Securities (Class 1M2) 6.93 25/08/2028 1,249,636 0.13 295,141 Fannie Mae Connecticut Avenue Securities (Class 1M2A) 4.43 25/01/2029 298,011 0.03 412,355 Fannie Mae Connecticut Avenue Securities (Class 2M2) 5.18 25/07/2025 421,227 0.04 331,981 Fannie Mae Connecticut Avenue Securities (Class 2M2) 4.73 25/02/2025 341,624 0.04 608,889 Fannie Mae Connecticut Avenue Securities (Class 2M2) 3.08 25/07/2024 572,240 0.06 168,253 Fannie Mae Connecticut Avenue Securities (Class 2M2) 2.78 25/05/2024 156,968 0.02 370,684 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.53 25/04/2030 365,238 0.04 2,074,953 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 3.43 25/07/2029 2,090,709 0.22 165,686 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 1.48 25/04/2029 165,061 0.02 16,491 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 1.48 25/03/2029 16,436 - 337,098 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 3.03 25/04/2028 334,719 0.04 456,502 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.03 25/10/2027 458,600 0.05 287,844 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.13 25/05/2025 290,340 0.03 264,140 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.38 25/09/2024 264,140 0.03 152,109 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2) 2.38 25/02/2024 150,367 0.02 1,463,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2AR) 0.93 25/03/2030 1,442,089 0.15 799,221 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M2AS) 1.23 25/12/2029 767,526 0.08 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.98 25/03/2029 254,409 0.03 196,948 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.08 25/12/2027 200,188 0.02 459,710 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 3.98 25/03/2025 466,222 0.05 467,900 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.33 25/01/2025 474,592 0.05 1,437,657 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.73 25/10/2024 1,465,178 0.16 618,072 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.93 25/10/2024 633,011 0.07 708,370 Freddie Mac Structured Agency Credit Risk Debt Notes (Class M3) 4.18 25/08/2024 718,094 0.08 17,835 Freddie Mac Structured Agency Credit Risk Debt Notes Trust 2018-HQA2 (Class M1) 0.93 25/10/2048 17,808 - 4,812,705 FWD Securitization Trust 2019-INV1 (Class A1) 2.81 25/06/2049 4,885,492 0.52 1,082,377 FWD Securitization Trust 2020-INV1 (Class A1) 2.24 25/01/2050 1,095,906 0.12 162,016 Galton Funding Mortgage Trust 2017-1 (Class A43) 3.50 25/11/2057 160,287 0.02 621,184 Galton Funding Mortgage Trust 2018-2 (Class A41) 4.50 25/10/2058 635,859 0.07 145,008 Home Re 2018-1 Limited (Class M1) 1.78 25/10/2028 144,607 0.02

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

162 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 30 June 2020

MORTGAGE-BACKED SECURITIES (11.28%) (30 June 2019: 12.68%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Residential Mortgage-Backed Securities (non-agency) (5.81%) cont. USD 486,655 HomeBanc Mortgage Trust 2005-4 (Class A1) 0.45 25/10/2035 USD 471,014 0.05 813,244 Homeward Opportunities Fund I Trust 2018-1 (Class A1) 3.77 25/06/2048 828,754 0.09 116,874 JP Morgan Resecuritization Trust Series 2014-1 (Class 7A1) 3.00 26/06/2035 118,066 0.01 2,202,000 Mello Warehouse Securitization Trust 2018-1 (Class A) 1.03 25/11/2051 2,199,248 0.23 3,051,448 New Residential Mortgage Loan Trust 2018-4 (Class A1S) 0.93 25/01/2048 3,007,458 0.32 564,128 Opteum Mortgage Acceptance Corporation Asset Backed Pass-Through Certificates Series 20 (Class M1) 0.64 25/07/2035 557,328 0.06 11,109 STACR Trust 2018-DNA2 (Class M1) 0.98 25/12/2030 11,099 - 590 STACR Trust 2018-DNA3 (Class M1) 0.93 25/09/2048 590 - 458,462 STACR Trust 2018-HRP2 (Class M2) 1.43 25/02/2047 455,951 0.05 1,000,000 STACR Trust 2018-HRP2 (Class M3AS) 1.18 25/02/2047 970,000 0.10 1,453,232 Starwood Mortgage Residential Trust 2018-IMC1 (Class A1) 3.79 25/03/2048 1,472,278 0.16 903,021 Starwood Mortgage Residential Trust 2018-IMC2 (Class A1) 4.12 25/10/2048 929,697 0.10 1,700,479 Verus Securitization Trust 2018-2 (Class A1) 3.68 01/06/2058 1,720,900 0.18 1,605,658 Verus Securitization Trust 2019-2 (Class A1) 3.21 25/05/2059 1,637,225 0.17 1,784,890 Verus Securitization Trust 2019-3 (Class A1) 2.78 25/07/2059 1,820,080 0.19 3,032,302 Verus Securitization Trust 2019-INV3 (Class A1) 2.69 25/11/2059 3,068,611 0.33 54,530,235 5.81 Total Mortgage-Backed Securities USD 106,261,968 11.28

NON-U.S. CORPORATE BONDS AND NOTES (25.21%) (30 June 2019: 21.73%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (23.82%) USD 5,360,000 ABN AMRO Bank NV (Netherlands) 0.94 27/08/2021 USD 5,381,670 0.57 3,315,000 ABN AMRO Bank NV (Netherlands) 1.55 19/01/2021 3,321,185 0.35 245,000 ABN AMRO Bank NV (Netherlands) 2.65 19/01/2021 247,122 0.03 820,000 Australia & New Zealand Banking Group Limited (Australia) 0.86 21/11/2022 821,348 0.09 1,150,000 Australia & New Zealand Banking Group Limited (Australia) 0.85 17/05/2021 1,153,542 0.12 1,600,000 Australia & New Zealand Banking Group Limited (Australia) 0.77 09/11/2020 1,601,292 0.17 3,150,000 Australia & New Zealand Banking Group Limited (Australia) 0.88 19/08/2020 3,151,981 0.33 3,700,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 3.00 20/10/2020 3,727,192 0.40 450,000 Banco Santander SA (Spain) 1.83 11/04/2022 452,068 0.05 3,056,000 Bank of Montreal (Canada) 0.78 10/03/2023 3,033,184 0.32 4,534,000 Bank of Montreal (Canada) 0.85 26/03/2022 4,555,067 0.48 500,000 Bank of Montreal (Canada) 1.16 27/08/2021 503,666 0.05 1,490,000 Bank of Montreal (Canada) 0.73 13/04/2021 1,494,320 0.16 3,083,000 Bank of Montreal (Canada) 1.50 22/01/2021 3,089,610 0.33 4,263,000 Bank of Nova Scotia (Canada) 0.96 07/03/2022 4,287,902 0.46 26,000 Bank of Nova Scotia (Canada) 1.58 20/04/2021 26,082 - 900,000 Bank of Nova Scotia (Canada) 1.41 25/01/2021 902,119 0.10 1,755,000 Bank of Nova Scotia (Canada) 1.70 14/07/2020 1,755,093 0.19 1,540,000 Banque Federative du Credit Mutuel SA (France) 2.75 15/10/2020 1,550,773 0.16 4,696,000 Banque Federative du Credit Mutuel SA (France) 1.63 20/07/2020 4,698,821 0.50 800,000 Banque Federative du Credit Mutuel SA (France) 2.20 20/07/2020 800,738 0.09 403,000 Barclays Bank PLC (United Kingdom) 5.14 14/10/2020 407,397 0.04 1,750,000 Barclays Bank PLC (United Kingdom) 1.12 07/08/2020 1,751,042 0.19 700,000 Barclays PLC (United Kingdom) 2.56 10/08/2021 710,758 0.08 300,000 Barclays PLC (United Kingdom) 3.20 10/08/2021 306,672 0.03 7,564,000 Barclays PLC (United Kingdom) 3.25 12/01/2021 7,662,332 0.81 500,000 BPCE SA (France) 1.24 31/05/2022 502,657 0.05 3,500,000 BPCE SA (France) 0.53 17/02/2022 3,476,486 0.37 3,000,000 BPCE SA (France) 0.57 14/01/2022 2,985,528 0.32 2,250,000 BPCE SA (France) 3.15 31/07/2020 2,254,613 0.24 4,800,000 Canadian Imperial Bank of Commerce (Canada) 0.91 17/03/2023 4,770,000 0.51 410,000 Canadian Imperial Bank of Commerce (Canada) 1.04 16/06/2022 413,067 0.04 1,500,000 Commonwealth Bank of Australia (Australia) 0.71 18/09/2020 1,500,774 0.16 2,354,000 Cooperatieve Rabobank UA (Netherlands) 1.10 10/01/2022 2,373,149 0.25 3,636,000 Credit Agricole Corporate & Investment Bank SA (France) 0.92 03/10/2021 3,640,469 0.39 3,000,000 Credit Agricole Corporate & Investment Bank SA (France) 0.96 03/05/2021 3,008,406 0.32 2,185,000 Credit Suisse AG (Switzerland) 0.53 04/02/2022 2,175,196 0.23 The accompanying notes form an integral part of these financial statements. Putnam World Trust 163

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (25.21%) (30 June 2019: 21.73%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (23.82%) cont. USD 500,000 Credit Suisse Group Funding Guernsey Limited (Guernsey) 3.43 16/04/2021 USD 506,759 0.05 5,045,000 Credit Suisse Group Funding Guernsey Limited (Guernsey) 3.43 16/04/2021 5,123,617 0.54 2,440,000 Credit Suisse Group Funding Guernsey Limited (Guernsey) 3.13 10/12/2020 2,467,956 0.26 200,000 Danske Bank A/S (Denmark) 2.80 10/03/2021 203,079 0.02 3,275,000 DNB Bank ASA (Norway) 0.96 02/12/2022 3,281,275 0.35 1,900,000 DNB Bank ASA (Norway) 1.41 02/06/2021 1,915,759 0.20 2,717,000 DNB Bank ASA (Norway) 0.67 02/10/2020 2,719,220 0.29 2,390,000 HSBC Holdings PLC (United Kingdom) 2.02 25/05/2021 2,416,646 0.26 910,000 HSBC Holdings PLC (United Kingdom) 2.95 25/05/2021 929,046 0.10 3,099,000 HSBC Holdings PLC (United Kingdom) 2.56 08/03/2021 3,138,700 0.33 2,371,000 ING Bank NV (Netherlands) 1.27 15/08/2021 2,387,387 0.25 1,200,000 ING Bank NV (Netherlands) 1.36 17/08/2020 1,201,447 0.13 200,000 ING Bank NV (Netherlands) 1.36 17/08/2020 200,241 0.02 4,602,000 Lloyds Bank PLC (United Kingdom) 0.96 07/05/2021 4,611,236 0.49 3,195,000 Lloyds Banking Group PLC (United Kingdom) 1.11 21/06/2021 3,208,355 0.34 1,750,000 Macquarie Bank Limited (Australia) 0.81 24/11/2021 1,755,679 0.19 404,000 Macquarie Bank Limited (Australia) 6.63 07/04/2021 421,002 0.04 600,000 Macquarie Bank Limited (Australia) 1.96 29/07/2020 600,620 0.06 400,000 Macquarie Group Limited (Australia) 6.25 14/01/2021 411,404 0.04 250,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.08 02/03/2023 248,963 0.03 48,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.78 25/07/2022 48,160 0.01 1,313,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.28 22/02/2022 1,321,038 0.14 3,807,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.37 13/09/2021 3,837,928 0.41 3,332,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 1.64 26/07/2021 3,343,668 0.36 512,000 Mitsubishi UFJ Financial Group Incorporated (Japan) 2.23 01/03/2021 517,118 0.05 601,000 Mitsubishi UFJ Trust & Banking Corporation (Japan) 2.65 19/10/2020 605,044 0.06 3,083,000 Mizuho Financial Group Incorporated (Japan) 1.31 28/02/2022 3,102,222 0.33 3,865,000 Mizuho Financial Group Incorporated (Japan) 1.45 13/09/2021 3,899,866 0.41 1,650,000 Mizuho Financial Group Incorporated (Japan) 1.75 12/04/2021 1,664,236 0.18 3,350,000 National Australia Bank Limited (Australia) 0.72 13/12/2022 3,348,724 0.36 2,500,000 National Australia Bank Limited (Australia) 1.27 04/11/2021 2,518,785 0.27 1,800,000 National Australia Bank Limited (Australia) 0.89 20/09/2021 1,806,300 0.19 2,100,000 National Australia Bank Limited (Australia) 0.62 12/01/2021 2,099,292 0.22 500,000 National Bank of Canada (Canada) 0.71 21/03/2021 500,170 0.05 1,700,000 National Bank of Canada (Canada) 0.89 02/11/2020 1,702,125 0.18 1,197,000 Nordea Bank Abp (Finland) 1.36 27/05/2021 1,206,966 0.13 2,500,000 Royal Bank of Canada (Canada) 0.63 17/01/2023 2,489,875 0.26 2,200,000 Royal Bank of Canada (Canada) 0.48 05/08/2022 2,185,742 0.23 800,000 Royal Bank of Canada (Canada) 1.31 29/04/2022 802,156 0.09 5,310,000 Royal Bank of Canada (Canada) 1.15 30/04/2021 5,325,793 0.57 2,055,000 Royal Bank of Scotland Group PLC (United Kingdom) 1.86 15/05/2023 2,056,274 0.22 1,760,000 Santander UK Group Holdings PLC (United Kingdom) 2.88 16/10/2020 1,772,186 0.19 4,855,000 Santander UK PLC (United Kingdom) 0.97 01/06/2021 4,870,955 0.52 1,275,000 Santander UK PLC (United Kingdom) 0.86 03/11/2020 1,276,138 0.14 4,780,000 Skandinaviska Enskilda Banken AB (Sweden) 0.82 17/05/2021 4,793,535 0.51 1,158,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 1.05 12/07/2022 1,160,379 0.12 2,080,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 1.24 11/01/2022 2,089,880 0.22 4,748,000 Sumitomo Mitsui Financial Group Incorporated (Japan) 2.28 19/10/2021 4,792,610 0.51 3,362,000 Svenska Handelsbanken AB (Sweden) 0.83 24/05/2021 3,373,938 0.36 2,700,000 Svenska Handelsbanken AB (Sweden) 1.46 30/03/2021 2,721,423 0.29 2,303,000 Svenska Handelsbanken AB (Sweden) 0.68 08/09/2020 2,304,633 0.24 500,000 Swedbank AB (Sweden) 1.30 02/06/2023 505,950 0.05 1,390,000 Swedbank AB (Sweden) 1.01 14/03/2022 1,391,557 0.15 2,705,000 Toronto-Dominion Bank (Canada) 0.55 27/01/2023 2,687,577 0.29 3,000,000 Toronto-Dominion Bank (Canada) 2.75 22/07/2022 2,904,738 0.31 1,978,000 Toronto-Dominion Bank (Canada) 0.74 11/06/2021 1,983,500 0.21 1,716,000 Toronto-Dominion Bank (Canada) 1.28 07/04/2021 1,727,615 0.18

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

164 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 30 June 2020

NON-U.S. CORPORATE BONDS AND NOTES (25.21%) (30 June 2019: 21.73%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (23.82%) cont. USD 775,000 Toronto-Dominion Bank (Canada) 0.57 17/03/2021 USD 776,171 0.08 530,000 Toronto-Dominion Bank (Canada) 1.23 25/01/2021 530,706 0.06 390,000 UBS AG (Switzerland) 1.75 21/04/2022 397,457 0.04 823,000 UBS AG (Switzerland) 0.83 01/12/2020 824,185 0.09 1,420,000 UBS Group AG (Switzerland) 2.22 01/02/2022 1,446,115 0.15 2,277,000 UBS Group AG (Switzerland) 3.00 15/04/2021 2,321,979 0.25 2,449,000 UBS Group AG (Switzerland) 2.05 14/04/2021 2,481,710 0.26 2,770,000 UBS Group AG (Switzerland) 1.74 24/09/2020 2,778,468 0.30 2,700,000 Westpac Banking Corporation (Australia) 0.66 13/01/2023 2,686,500 0.29 1,440,000 Westpac Banking Corporation (Australia) 1.12 11/01/2022 1,451,664 0.15 1,550,000 Westpac Banking Corporation (Australia) 1.33 25/01/2021 1,552,764 0.17 224,227,527 23.82 Chemicals (0.11%) 1,000,000 Nutrien Limited (Canada) 1.90 13/05/2023 1,031,954 0.11 1,031,954 0.11 Food (0.09%) 400,000 Mondelez International Holdings Netherlands BV (Netherlands) 2.13 19/09/2022 412,187 0.04 444,000 Mondelez International Holdings Netherlands BV (Netherlands) 2.00 28/10/2021 451,840 0.05 864,027 0.09 Insurance (0.11%) 1,000,000 Willis Towers Watson PLC (Ireland) 5.75 15/03/2021 1,031,942 0.11 1,031,942 0.11 Miscellaneous Manufacturer (0.30%) 2,800,000 Siemens Financieringsmaatschappij NV (Netherlands) 0.93 16/03/2022 2,810,724 0.30 2,810,724 0.30 Oil and Natural Gas Utilities (0.60%) 5,600,000 BP Capital Markets PLC (United Kingdom) 0.61 24/11/2020 5,601,835 0.60 5,601,835 0.60 Pharmaceuticals (0.18%) 1,690,000 GlaxoSmithKline Capital PLC (United Kingdom) 0.77 14/05/2021 1,692,825 0.18 1,692,825 0.18 Total Non-U.S. Corporate Bonds And Notes USD 237,260,834 25.21

U.S. CORPORATE BONDS AND NOTES (36.06%) (30 June 2019: 31.79%) Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Advertising (0.16%) USD 1,532,000 Interpublic Group of Companies Incorporated 3.50 01/10/2020 USD 1,542,150 0.16 1,542,150 0.16 Aerospace and Defense (0.63%) 5,100,000 L3Harris Technologies Incorporated 1.06 10/03/2023 5,085,136 0.54 819,000 L3Harris Technologies Incorporated 4.95 15/02/2021 829,085 0.09 5,914,221 0.63 Apparel (0.15%) 1,355,000 VF Corporation 2.05 23/04/2022 1,387,649 0.15 1,387,649 0.15 Automotive (2.85%) 7,650,000 American Honda Finance Corporation 0.82 10/05/2023 7,588,774 0.81 2,396,000 BMW US Capital LLC 0.93 13/08/2021 2,383,460 0.25 1,000,000 BMW US Capital LLC 0.68 12/04/2021 996,948 0.11 1,060,000 Nissan Motor Acceptance Corporation 0.70 28/09/2020 1,052,039 0.11 1,675,000 Nissan Motor Acceptance Corporation 1.70 13/07/2020 1,674,567 0.18 2,900,000 Toyota Motor Credit Corporation 0.57 07/10/2021 2,898,904 0.31 5,000,000 Toyota Motor Credit Corporation 0.52 12/03/2021 4,998,254 0.53 5,211,000 Toyota Motor Credit Corporation 0.51 23/10/2020 5,210,949 0.55 26,803,895 2.85 Banking (13.57%) 785,000 Bank of America Corporation 2.02 24/04/2023 789,129 0.08 1,073,000 Bank of America Corporation 0.95 25/06/2022 1,073,736 0.11 2,416,000 Bank of America Corporation 1.42 23/01/2022 2,409,372 0.26 1,780,000 Bank of America Corporation 0.95 01/10/2021 1,781,383 0.19

The accompanying notes form an integral part of these financial statements. Putnam World Trust 165

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (36.06%) (30 June 2019: 31.79%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (13.57%) cont. USD 5,369,000 Bank of America Corporation 1.77 21/07/2021 USD 5,370,244 0.57 3,364,000 Bank of America Corporation 2.56 19/04/2021 3,399,329 0.36 2,150,000 Bank of New York Mellon Corporation 1.95 23/08/2022 2,216,590 0.24 1,213,000 Bank of New York Mellon Corporation 1.26 17/08/2020 1,214,136 0.13 3,100,000 BBVA USA 1.04 11/06/2021 3,076,230 0.33 400,000 BBVA USA 3.50 11/06/2021 408,836 0.04 2,000,000 Citibank NA 0.98 20/05/2022 2,003,380 0.21 850,000 Citigroup Incorporated 1.95 25/04/2022 854,674 0.09 2,914,000 Citigroup Incorporated 1.39 08/12/2021 2,936,794 0.31 3,656,000 Citigroup Incorporated 1.75 02/08/2021 3,690,156 0.39 4,304,000 Citigroup Incorporated 1.69 30/03/2021 4,343,418 0.46 775,000 Citizens Bank NA 1.17 26/05/2022 775,583 0.08 2,000,000 Citizens Bank NA 1.14 14/02/2022 2,000,193 0.21 1,265,000 Citizens Bank NA 2.55 13/05/2021 1,285,695 0.14 500,000 Fifth Third Bancorp 1.63 05/05/2023 512,853 0.05 1,780,000 Fifth Third Bank NA 1.80 30/01/2023 1,827,647 0.19 1,400,000 Fifth Third Bank NA 1.43 26/07/2021 1,402,842 0.15 337,000 Goldman Sachs Group Incorporated 2.10 26/04/2022 338,576 0.04 1,000,000 Goldman Sachs Group Incorporated 5.25 27/07/2021 1,050,007 0.11 770,000 Goldman Sachs Group Incorporated 2.63 25/04/2021 782,267 0.08 625,000 Goldman Sachs Group Incorporated 2.60 27/12/2020 631,556 0.07 1,202,000 Goldman Sachs Group Incorporated 1.51 15/09/2020 1,203,539 0.13 2,187,000 HSBC Bank USA NA 4.88 24/08/2020 2,200,866 0.23 1,440,000 Huntington Bancshares Incorporated 3.15 14/03/2021 1,463,981 0.16 1,570,000 Huntington Bancshares Incorporated 7.00 15/12/2020 1,615,231 0.17 1,710,000 Huntington National Bank 2.88 20/08/2020 1,713,203 0.18 422,000 JPMorgan Chase & Company 2.25 24/10/2023 426,722 0.05 100,000 JPMorgan Chase & Company 1.89 25/04/2023 100,343 0.01 839,000 JPMorgan Chase & Company 0.92 18/06/2022 840,297 0.09 1,598,000 JPMorgan Chase & Company 1.83 01/03/2021 1,609,157 0.17 1,587,000 JPMorgan Chase & Company 2.05 29/10/2020 1,591,310 0.17 1,004,000 JPMorgan Chase & Company 4.25 15/10/2020 1,015,366 0.11 2,950,000 KeyBank NA 1.35 01/02/2022 2,959,747 0.31 1,445,000 KeyBank NA 1.17 22/11/2021 1,454,237 0.15 1,420,000 KeyCorp 2.90 15/09/2020 1,426,620 0.15 1,005,000 Manufacturers & Traders Trust Company 0.99 01/12/2021 1,002,943 0.11 4,720,000 Manufacturers & Traders Trust Company 1.26 25/01/2021 4,726,574 0.50 1,100,000 Morgan Stanley 0.77 20/01/2023 1,096,276 0.12 2,360,000 Morgan Stanley 2.03 22/07/2022 2,372,183 0.25 3,503,000 Morgan Stanley 2.32 20/01/2022 3,517,397 0.37 1,802,000 Morgan Stanley 2.51 21/04/2021 1,817,716 0.19 3,935,000 PNC Bank NA 0.68 24/02/2023 3,931,030 0.42 1,300,000 PNC Bank NA 0.74 09/12/2022 1,301,480 0.14 200,000 PNC Bank NA 1.49 27/07/2022 200,794 0.02 3,880,000 PNC Bank NA 1.55 22/07/2022 3,888,411 0.41 5,539,000 Regions Bank 0.93 13/08/2021 5,538,086 0.59 1,248,000 Regions Bank 3.37 13/08/2021 1,250,603 0.13 2,860,000 Regions Bank 0.68 01/04/2021 2,847,034 0.30 833,000 State Street Corporation 2.55 18/08/2020 835,366 0.09 1,110,000 Truist Bank 0.83 09/03/2023 1,102,528 0.12 200,000 Truist Bank 1.15 02/08/2022 200,678 0.02 3,400,000 Truist Bank 0.98 17/05/2022 3,410,461 0.36 2,700,000 Truist Bank 1.49 26/10/2021 2,704,570 0.29 2,315,000 Truist Financial Corporation 0.95 01/04/2022 2,325,159 0.25 1,060,000 US Bancorp 1.66 24/01/2022 1,066,361 0.11 2,500,000 US Bank NA 0.71 09/12/2022 2,496,955 0.27 5,000,000 US Bank NA 0.80 23/05/2022 5,021,069 0.53

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

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Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (36.06%) (30 June 2019: 31.79%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Banking (13.57%) cont. USD 650,000 US Bank NA 0.77 16/11/2021 USD 651,642 0.07 212,000 Wells Fargo & Company 2.13 24/01/2023 213,134 0.02 990,000 Wells Fargo & Company 1.38 11/02/2022 993,002 0.11 2,615,000 Wells Fargo & Company 2.02 26/07/2021 2,635,159 0.28 996,000 Wells Fargo & Company 1.33 07/12/2020 999,997 0.11 646,000 Wells Fargo & Company 1.98 22/07/2020 646,283 0.07 1,750,000 Wells Fargo Bank NA 1.61 22/10/2021 1,755,414 0.20 1,300,000 Wells Fargo Bank NA 1.54 23/07/2021 1,304,636 0.15 127,648,186 13.57 Beverages (0.63%) 1,570,000 Anheuser-Busch InBev Finance Incorporated 1.82 01/02/2021 1,579,678 0.17 4,207,000 Keurig Dr Pepper Incorporated 3.55 25/05/2021 4,323,914 0.46 5,903,592 0.63 Building Materials (0.32%) 3,005,000 Vulcan Materials Company 1.00 01/03/2021 2,988,863 0.32 2,988,863 0.32 Chemicals (0.50%) 1,010,000 Celanese US Holdings LLC 5.88 15/06/2021 1,054,056 0.11 1,880,000 DuPont de Nemours Incorporated 1.10 15/11/2020 1,883,019 0.20 339,000 DuPont de Nemours Incorporated 3.77 15/11/2020 342,864 0.04 1,450,000 International Flavors & Fragrances Incorporated 3.40 25/09/2020 1,457,253 0.15 4,737,192 0.50 Commercial Services (0.01%) 120,000 ERAC USA Finance LLC 5.25 01/10/2020 121,055 0.01 121,055 0.01 Computers (0.57%) 2,098,000 IBM Credit LLC 1.40 20/01/2021 2,101,508 0.22 3,300,000 International Business Machines Corporation 0.83 13/05/2021 3,311,260 0.35 5,412,768 0.57 Diversified Financial Services (2.03%) 1,810,000 AIG Global Funding 0.76 25/06/2021 1,813,095 0.19 3,107,000 AIG Global Funding 1.75 22/01/2021 3,110,506 0.33 1,165,000 AIG Global Funding 2.15 02/07/2020 1,165,000 0.12 400,000 AIG Global Funding 1.93 02/07/2020 400,000 0.04 1,300,000 AIG Global Funding 1.93 02/07/2020 1,300,000 0.14 1,300,000 American Express Company 1.00 20/05/2022 1,302,206 0.14 500,000 American Express Company 0.91 17/05/2021 501,273 0.05 2,000,000 American Express Company 2.20 30/10/2020 2,009,184 0.21 1,347,000 American Express Credit Corporation 1.36 14/09/2020 1,348,573 0.14 1,651,000 Capital One Financial Corporation 1.48 30/01/2023 1,618,323 0.17 490,000 Capital One Financial Corporation 1.26 09/03/2022 489,330 0.05 1,338,000 Capital One Financial Corporation 2.40 30/10/2020 1,343,871 0.14 1,500,000 Charles Schwab Corporation 0.69 21/05/2021 1,501,720 0.16 1,039,000 International Lease Finance Corporation 8.25 15/12/2020 1,063,376 0.12 175,000 USAA Capital Corporation 2.00 01/06/2021 177,669 0.03 19,144,126 2.03 Electric Utilities (2.24%) 3,420,000 Consolidated Edison Company of New York Incorporated 0.70 25/06/2021 3,426,961 0.36 500,000 Dominion Energy Incorporated 0.75 01/12/2020 499,320 0.05 1,800,000 Duke Energy Corporation 0.96 11/03/2022 1,798,547 0.19 3,950,000 Duke Energy Corporation 0.92 14/05/2021 3,958,348 0.42 1,000,000 Duke Energy Florida LLC 0.61 26/11/2021 999,482 0.11 1,400,000 NextEra Energy Capital Holdings Incorporated 0.76 28/09/2020 1,401,128 0.15 2,708,000 NextEra Energy Capital Holdings Incorporated 3.34 01/09/2020 2,720,863 0.29 1,466,000 NV Energy Incorporated 6.25 15/11/2020 1,497,590 0.16 1,500,000 Pacific Gas and Electric Company 1.75 16/06/2022 1,502,337 0.16 1,300,000 Pacific Gas and Electric Company 1.80 16/06/2022 1,301,856 0.14 1,944,000 Public Service Enterprise Group Incorporated 2.00 15/11/2021 1,975,445 0.21 21,081,877 2.24

The accompanying notes form an integral part of these financial statements. Putnam World Trust 167

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Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (36.06%) (30 June 2019: 31.79%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Food (0.59%) USD 1,285,000 Conagra Brands Incorporated 0.77 09/10/2020 USD 1,285,713 0.14 324,000 Mondelez International Incorporated 2.13 13/04/2023 335,577 0.04 2,500,000 Mondelez International Incorporated 0.63 01/07/2022 2,499,650 0.27 1,325,000 Tyson Foods Incorporated 0.82 21/08/2020 1,325,003 0.14 5,445,943 0.59 Forest Products & Paper (0.08%) 761,000 Georgia-Pacific LLC 5.40 01/11/2020 773,122 0.08 773,122 0.08 Gas (0.18%) 1,680,000 Dominion Energy Gas Holdings LLC 0.91 15/06/2021 1,677,599 0.18 1,677,599 0.18 Health-Care Services (0.19%) 1,750,000 UnitedHealth Group Incorporated 0.57 15/06/2021 1,750,617 0.19 1,750,617 0.19 Insurance (3.87%) 1,190,000 American International Group Incorporated 6.40 15/12/2020 1,221,721 0.13 330,000 American International Group Incorporated 3.38 15/08/2020 331,120 0.04 3,250,000 Jackson National Life Global Funding 0.71 06/01/2023 3,206,848 0.34 1,308,000 Jackson National Life Global Funding 1.04 27/06/2022 1,314,244 0.14 4,392,000 Jackson National Life Global Funding 0.79 11/06/2021 4,397,349 0.47 1,700,000 Jackson National Life Global Funding 0.58 15/10/2020 1,700,978 0.18 5,000 Marsh & McLennan Companies Incorporated 1.51 29/12/2021 5,003 - 141,000 Marsh & McLennan Companies Incorporated 3.50 29/12/2020 143,100 0.02 1,400,000 MassMutual Global Funding II 2.25 01/07/2022 1,447,029 0.15 1,000,000 Met Tower Global Funding 0.66 17/01/2023 991,151 0.11 2,745,000 Metropolitan Life Global Funding I 0.68 13/01/2023 2,726,409 0.29 1,500,000 Metropolitan Life Global Funding I 2.40 17/06/2022 1,554,377 0.17 450,000 Metropolitan Life Global Funding I 0.61 28/05/2021 450,112 0.05 640,000 Metropolitan Life Global Funding I 0.51 08/01/2021 640,642 0.07 2,700,000 Metropolitan Life Global Funding I 0.68 07/09/2020 2,701,738 0.29 3,250,000 New York Life Global Funding 0.55 10/01/2023 3,208,017 0.34 3,350,000 New York Life Global Funding 0.83 10/06/2022 3,354,717 0.36 3,000,000 New York Life Global Funding 1.39 21/01/2022 3,006,001 0.32 1,770,000 New York Life Global Funding 0.82 06/08/2021 1,774,392 0.19 2,000,000 Protective Life Global Funding 1.68 13/07/2020 2,000,677 0.21 36,175,625 3.87 Internet (0.55%) 593,000 Amazon.com Incorporated 1.90 21/08/2020 594,413 0.06 4,600,000 TD Ameritrade Holding Corporation 1.12 01/11/2021 4,589,602 0.49 5,184,015 0.55 Lodging (0.14%) 1,320,000 Marriott International Incorporated 0.97 08/03/2021 1,307,315 0.14 1,307,315 0.14 Machinery (0.21%) 2,000,000 Otis Worldwide Corporation 0.75 05/04/2023 1,978,019 0.21 1,978,019 0.21 Media (0.58%) 2,669,000 Comcast Corporation 0.63 01/10/2020 2,671,059 0.28 415,000 Time Warner Cable LLC 4.13 15/02/2021 419,757 0.04 2,000,000 Walt Disney Company 0.60 01/09/2021 1,997,026 0.21 500,000 Walt Disney Company 4.50 15/02/2021 512,626 0.05 5,600,468 0.58 Oil and Natural Gas Utilities (0.22%) 965,000 BP Capital Markets America Incorporated 4.50 01/10/2020 973,956 0.10 570,000 Chevron Corporation 1.14 11/05/2023 579,817 0.06 581,000 Phillips 66 0.96 26/02/2021 580,132 0.06 2,133,905 0.22

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

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Schedule of Investments cont. 30 June 2020

U.S. CORPORATE BONDS AND NOTES (36.06%) (30 June 2019: 31.79%) cont. Principal Coupon Maturity Value % of Amount Rate Dates USD Fund Pharmaceuticals (3.25%) USD 3,000,000 AbbVie Incorporated 0.84 19/11/2021 USD 2,998,567 0.32 2,464,000 AbbVie Incorporated 2.15 19/11/2021 2,510,852 0.27 549,000 AbbVie Incorporated 3.38 14/11/2021 568,860 0.06 635,000 AbbVie Incorporated 2.30 14/05/2021 643,692 0.07 406,000 Allergan Sales LLC 4.88 15/02/2021 411,018 0.04 824,000 Becton Dickinson and Company 1.18 29/12/2020 824,053 0.09 700,000 Bristol-Myers Squibb Company 0.77 16/05/2022 701,740 0.07 3,750,000 Bristol-Myers Squibb Company 0.59 16/11/2020 3,752,592 0.40 264,000 Bristol-Myers Squibb Company 2.88 15/08/2020 264,765 0.03 3,597,000 Cigna Corporation 4.13 15/09/2020 3,622,214 0.38 1,439,000 CVS Health Corporation 1.03 09/03/2021 1,444,468 0.15 840,000 CVS Health Corporation 3.35 09/03/2021 856,666 0.09 3,689,000 CVS Health Corporation 2.80 20/07/2020 3,692,327 0.39 4,000,000 Upjohn Incorporated 1.13 22/06/2022 4,024,047 0.42 4,065,000 Zoetis Incorporated 0.82 20/08/2021 4,071,057 0.44 200,000 Zoetis Incorporated 3.45 13/11/2020 201,734 0.03 30,588,652 3.25 Pipelines (0.20%) 1,405,000 Kinder Morgan Energy Partners LP 5.80 01/03/2021 1,450,819 0.15 430,000 Kinder Morgan Energy Partners LP 5.30 15/09/2020 433,609 0.05 1,884,428 0.20 Real Estate (0.44%) 377,000 American Tower Corporation 3.30 15/02/2021 383,408 0.04 3,694,000 Crown Castle International Corporation 3.40 15/02/2021 3,751,903 0.40 4,135,311 0.44 Retail (0.49%) 3,895,000 McDonald's Corporation 1.32 28/10/2021 3,903,675 0.41 735,000 McDonald's Corporation 2.75 09/12/2020 741,432 0.08 4,645,107 0.49 Telecommunications (1.06%) 5,708,000 AT&T Incorporated 1.23 15/07/2021 5,754,520 0.61 3,480,000 AT&T Incorporated 1.10 01/06/2021 3,497,626 0.37 700,000 Verizon Communications Incorporated 1.32 16/03/2022 709,407 0.08 9,961,553 1.06 Trucking and Leasing (0.35%) 930,000 Aviation Capital Group LLC 1.43 30/07/2021 876,891 0.09 2,600,000 Aviation Capital Group LLC 1.30 01/06/2021 2,472,975 0.26 3,349,866 0.35 Total U.S. Corporate Bonds And Notes USD 339,277,119 36.06

CERTIFICATES OF DEPOSIT (6.10%) (30 June 2019: 1.98%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 500,000 Bank of Montreal 0.33 02/03/2021 USD 499,993 0.05 3,000,000 BNP Paribas SA 0.43 03/08/2020 3,000,000 0.32 750,000 Canadian Imperial Bank of Commerce 0.33 03/03/2021 749,990 0.08 2,000,000 Canadian Imperial Bank of Commerce 0.48 09/10/2020 2,000,808 0.21 5,000,000 Canadian Imperial Bank of Commerce 0.44 30/09/2020 5,000,000 0.53 1,500,000 Cooperatieve Rabobank UA 0.6 24/09/2021 1,500,000 0.16 2,500,000 Cooperatieve Rabobank UA 0.6 17/06/2021 2,503,604 0.27 4,000,000 Credit Suisse New York 0.41 15/01/2021 4,002,916 0.43 4,000,000 Goldman Sachs Bank USA 0.48 10/12/2020 4,000,000 0.43 3,000,000 Morgan Stanley Bank NA 2.10 02/12/2021 3,076,650 0.33 3,750,000 Natixis 0.51 11/12/2020 3,750,000 0.40 3,000,000 Nordea Bank AB 0.70 19/11/2021 3,003,718 0.32 2,000,000 Nordea Bank AB 0.72 12/02/2021 2,002,968 0.21 3,000,000 Nordea Bank AB 0.61 12/02/2021 3,002,390 0.32 3,000,000 Skandinaviska Enskilda Banken AB 0.39 20/07/2020 3,000,378 0.32

The accompanying notes form an integral part of these financial statements. Putnam World Trust 169

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Schedule of Investments cont. 30 June 2020

CERTIFICATES OF DEPOSIT (6.10%) (30 June 2019: 1.98%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 3,675,000 Standard Chartered Bank 0.78 06/11/2020 USD 3,678,570 0.39 2,000,000 Sumitomo Mitsui Banking Corporation 0.91 05/11/2021 2,000,534 0.21 2,100,000 Sumitomo Mitsui Banking Corporation 1.66 12/07/2021 2,103,236 0.22 2,000,000 Sumitomo Mitsui Banking Corporation 0.74 13/05/2021 2,002,670 0.21 3,000,000 Svenska Handelsbanken AB 1.63 06/01/2022 2,993,692 0.32 2,000,000 Svenska Handelsbanken AB 0.40 24/07/2020 2,000,315 0.21 1,500,000 Swedbank AB 0.68 24/08/2020 1,500,816 0.16 Total Certificates of Deposit USD 57,373,248 6.10

COMMERCIAL PAPER (19.37%) (30 June 2019: 33.34%) Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 500,000 American Honda Finance Corporation 0.55 21/08/2020 USD 499,637 0.05 1,000,000 Aon Corporation 1.91 17/08/2020 999,445 0.11 1,000,000 Avery Dennison Corporation 0.83 24/08/2020 999,323 0.11 1,000,000 BASF Aktiengesellschaft 0.42 17/09/2020 997,685 0.11 1,000,000 BASF Aktiengesellschaft 1.71 12/08/2020 998,298 0.11 1,000,000 BASF Aktiengesellschaft 1.65 11/08/2020 998,318 0.11 2,000,000 BASF Aktiengesellschaft 1.71 10/08/2020 1,996,677 0.21 2,000,000 Bemis Company Incorporated 0.35 16/07/2020 1,999,757 0.21 1,500,000 BP Capital Markets PLC 1.29 02/11/2020 1,498,411 0.16 1,000,000 Cabot Corporation 0.55 22/07/2020 999,679 0.11 1,500,000 CNH Industrial Capital 2.30 20/10/2020 1,496,775 0.16 3,000,000 DNB Bank ASA 1.72 22/07/2020 3,000,372 0.32 2,000,000 Dupont De Nemours Incorporated 0.40 07/08/2020 1,999,259 0.21 1,000,000 Dupont De Nemours Incorporated 0.40 05/08/2020 999,652 0.11 1,000,000 Dupont De Nemours Incorporated 0.42 27/07/2020 999,657 0.11 1,000,000 Dupont De Nemours Incorporated 1.13 17/07/2020 999,680 0.11 500,000 Dupont De Nemours Incorporated 0.35 14/07/2020 499,870 0.05 1,000,000 Dupont De Nemours Incorporated 0.95 08/07/2020 999,851 0.11 500,000 Eastman Chemical Company 0.48 14/07/2020 499,948 0.05 500,000 Eastman Chemical Company 0.48 13/07/2020 499,951 0.05 1,500,000 Eastman Chemical Company 0.49 09/07/2020 1,499,899 0.16 500,000 Eastman Chemical Company 0.48 08/07/2020 499,970 0.05 1,750,000 Eastman Chemical Company 0.49 02/07/2020 1,749,974 0.19 4,000,000 Eastman Chemical Company 0.35 01/07/2020 3,999,970 0.43 2,000,000 Enbridge Incorporated 0.70 20/08/2020 1,998,776 0.21 1,000,000 Enbridge Incorporated 0.52 29/07/2020 999,745 0.11 1,500,000 Enbridge Incorporated 0.42 23/07/2020 1,499,715 0.16 3,000,000 Enbridge Incorporated 0.50 21/07/2020 2,999,492 0.32 9,000,000 Energy Transfer Partners 0.70 01/07/2020 8,999,328 0.96 2,750,000 ENGIE 1.79 11/08/2020 2,747,927 0.29 2,250,000 ENGIE 0.41 22/07/2020 2,249,319 0.24 1,000,000 ENGIE 0.65 15/07/2020 999,725 0.11 750,000 ENGIE 0.65 08/07/2020 749,878 0.08 2,000,000 ENGIE 0.68 06/07/2020 1,999,756 0.21 1,500,000 Entergy Corporation 0.55 10/09/2020 1,498,188 0.16 1,500,000 Entergy Corporation 0.70 03/09/2020 1,498,402 0.16 1,500,000 Entergy Corporation 0.85 25/08/2020 1,498,654 0.16 1,500,000 Entergy Corporation 0.87 19/08/2020 1,498,806 0.16 1,500,000 Entergy Corporation 0.50 14/08/2020 1,498,931 0.16 4,500,000 Evergy 0.27 01/07/2020 4,499,966 0.48 1,000,000 FMC Corporation 1.00 20/07/2020 999,841 0.11 1,000,000 FMC Corporation 1.15 17/07/2020 999,869 0.11 2,000,000 FMC Corporation 1.15 13/07/2020 1,999,624 0.21 4,500,000 FMC Corporation 0.75 01/07/2020 4,499,948 0.48 500,000 General Motors Financial Company Incorporated 0.95 23/07/2020 499,546 0.05 1,000,000 General Motors Financial Company Incorporated 1.30 21/07/2020 999,234 0.11 750,000 General Motors Financial Company Incorporated 2.66 20/07/2020 749,472 0.08

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

170 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 30 June 2020

COMMERCIAL PAPER (19.37%) (30 June 2019: 33.34%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,000,000 General Motors Financial Company Incorporated 1.93 16/07/2020 USD 999,521 0.11 500,000 General Motors Financial Company Incorporated 1.10 13/07/2020 499,830 0.05 1,000,000 General Motors Financial Company Incorporated 0.80 10/07/2020 999,776 0.11 4,250,000 General Motors Financial Company Incorporated 0.65 01/07/2020 4,249,924 0.44 2,000,000 Hawaiian Electric Incorporated 0.90 01/07/2020 1,999,970 0.21 1,000,000 Humana Incorporated 0.75 18/08/2020 999,220 0.11 1,000,000 Humana Incorporated 0.80 17/08/2020 999,237 0.11 1,750,000 Humana Incorporated 0.50 13/07/2020 1,749,667 0.19 2,000,000 Humana Incorporated 1.00 08/07/2020 1,999,768 0.21 1,000,000 Hyundai Capital America 0.57 15/07/2020 999,804 0.11 2,000,000 Hyundai Capital America 0.65 14/07/2020 1,999,654 0.21 1,500,000 Hyundai Capital America 0.55 09/07/2020 1,499,880 0.16 3,000,000 Hyundai Capital America 0.45 01/07/2020 2,999,978 0.32 2,750,000 Intesa Sanpaolo Funding LLC 0.88 28/09/2020 2,745,806 0.29 2,000,000 Intesa Sanpaolo Funding LLC 0.85 21/09/2020 1,997,252 0.21 1,650,000 Keurig Dr Pepper Incorporated 0.35 24/08/2020 1,648,858 0.18 2,000,000 Keurig Dr Pepper Incorporated 0.75 07/07/2020 1,999,895 0.21 3,500,000 LVMH 0.40 04/01/2021 3,492,908 0.37 1,000,000 LVMH 0.51 05/08/2020 999,864 0.11 2,700,000 Macquarie Bank Limited 1.77 09/07/2020 2,700,188 0.29 1,500,000 Marriott Internation 1.85 04/09/2020 1,492,823 0.16 1,000,000 Mid-America Apartment Communities Incorporated 0.30 09/07/2020 999,933 0.11 2,000,000 Mid-America Apartment Communities Incorporated 0.35 08/07/2020 1,999,880 0.21 1,500,000 Mid-America Apartment Communities Incorporated 0.35 07/07/2020 1,499,921 0.16 2,000,000 Mondelez International Incorporated 0.68 06/08/2020 1,999,266 0.21 1,500,000 Mondelez International Incorporated 0.80 24/07/2020 1,499,700 0.16 1,250,000 National Grid Electric 0.35 16/07/2020 1,249,848 0.13 1,500,000 National Grid Electric 0.35 10/07/2020 1,499,888 0.16 1,500,000 Nutrien Limited 0.50 16/09/2020 1,498,343 0.16 1,500,000 Nutrien Limited 0.45 17/08/2020 1,499,168 0.16 750,000 Nutrien Limited 0.52 11/08/2020 749,664 0.08 1,500,000 Nutrien Limited 0.38 16/07/2020 1,499,790 0.16 750,000 Nutrien Limited 0.35 13/07/2020 749,913 0.08 250,000 Reckitt Benckiser Treasury 2.18 01/07/2020 249,999 0.03 1,250,000 Schlumberger Holdings Corporation 0.40 19/10/2020 1,245,888 0.13 1,250,000 Schlumberger Holdings Corporation 2.17 14/09/2020 1,247,670 0.13 2,000,000 Schlumberger Holdings Corporation 0.41 03/08/2020 1,999,165 0.21 1,000,000 Schlumberger Holdings Corporation 0.45 27/07/2020 999,726 0.11 2,000,000 Shell International Finance BV 0.52 22/06/2021 1,989,112 0.21 2,000,000 Shell International Finance BV 0.55 14/06/2021 1,989,375 0.21 2,000,000 Shell International Finance BV 0.51 03/05/2021 1,990,722 0.21 1,500,000 Sherwin-Williams Company 0.70 23/07/2020 1,499,894 0.16 1,000,000 Sherwin-Williams Company 0.48 09/07/2020 999,977 0.11 1,000,000 Societe Generale 0.65 14/06/2021 1,000,000 0.11 1,000,000 Societe Generale 0.66 08/06/2021 1,000,000 0.11 2,000,000 Societe Generale 0.67 02/06/2021 2,000,000 0.21 1,500,000 Southern Company Gas Capital Corporation 0.45 27/08/2020 1,498,867 0.15 1,000,000 Suncor Energy Incorporated 0.70 24/09/2020 998,751 0.11 1,500,000 Suncor Energy Incorporated 0.61 21/09/2020 1,498,209 0.15 500,000 Suncor Energy Incorporated 0.70 18/09/2020 499,430 0.05 1,250,000 Suncor Energy Incorporated 0.92 04/08/2020 1,249,578 0.13 1,500,000 Suncor Energy Incorporated 1.37 16/07/2020 1,499,818 0.15 1,250,000 Suncor Energy Incorporated 1.00 07/07/2020 1,249,934 0.13 2,000,000 Suncor Energy Incorporated 1.08 06/07/2020 1,999,910 0.21 2,000,000 Total Capital Canada Limited 0.55 23/11/2020 1,995,920 0.21 1,500,000 TransCanada PipeLines Limited 0.65 10/07/2020 1,499,888 0.15 1,500,000 UDR Incorporated 0.35 22/07/2020 1,499,731 0.15 3,000,000 UDR Incorporated 0.29 09/07/2020 2,999,798 0.32 2,000,000 Walt Disney Company 0.50 15/12/2020 1,995,632 0.21

The accompanying notes form an integral part of these financial statements. Putnam World Trust 171

Putnam Ultra Short Duration Income Fund

Schedule of Investments cont. 30 June 2020

COMMERCIAL PAPER (19.37%) (30 June 2019: 33.34%) cont. Principal Maturity Value % of Amount Yield (%) Dates USD Fund USD 1,000,000 Walt Disney Company 1.89 01/10/2020 USD 999,083 0.11 1,500,000 Walt Disney Company 1.40 15/07/2020 1,499,919 0.15 3,500,000 Westpac Banking Corporation 1.98 19/10/2020 3,500,000 0.37 1,000,000 WRKCo Incorporated 0.25 06/07/2020 999,955 0.11 1,000,000 WRKCo Incorporated 0.35 02/07/2020 999,985 0.11 Total Commercial Paper USD 182,231,273 19.37 Total Financial Assets at Fair Value through Profit or Loss USD 929,427,805 98.77

% of Total Analysis of Total Assets (unaudited) Assets Transferable securities admitted to official stock exchange listing 33.27 Transferable securities dealt on another regulated market 6.51 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 57.92 Other assets 2.30 Total Assets 100.00

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

172 Putnam World Trust

Statement of Comprehensive Income

Putnam European High Yield Fund

Year ended Year ended 30 June 2020 30 June 2019 EUR EUR Operating (Loss)/Income Interest Income € 728,099 € 747,031 Other Income 5,403 1,553 Net Realised Losses on Financial Assets and Liabilities at Fair Value through Profit or Loss (351,567) (226,151) Net Movement in Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (546,332) 537,322 € (164,397) € 1,059,755 Operating Expenses Management Fees (Note 11) 102,613 99,750 Depositary Fees (Note 8) 8,601 - Administrator Fees (Note 8) 35,162 34,420 Auditors’ Fees 20,517 18,958 Professional Fees (Note 11) 1,660 2,090 Other Expenses 9,447 24,517 € 178,000 € 179,735

Operating (Loss)/Profit € (342,397) € 880,020 (Loss)/Profit for Financial Year before Tax € (342,397) € 880,020 Non-reclaimable withholding tax - (3,379) Total Comprehensive (Loss)/Income for the year € (342,397) € 876,641

There are no recognised gains or losses arising in the year other than the total comprehensive (loss)/income. In arriving at the results for the financial year, all amounts above relate to continuing operations.

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 173

Statement of Comprehensive Income cont.

Putnam Fixed Income Global Alpha Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Operating Loss Interest Income $ 10,124,485 $ 11,447,363 Other Income 8,000 16,000 Net Realised Losses on Financial Assets and Liabilities at Fair Value through Profit or Loss (1,485,769) (23,405,035) Net Movement in Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (17,395,429) 7,339,278 $ (8,748,713) $ (4,602,394) Operating Expenses Management Fees (Note 11) 1,216,246 850,869 Performance Fees (Note 11) - 181,007 Depositary Fees (Note 8) 146,279 171,830 Administrator Fees (Note 8) 209,507 219,123 Auditors’ Fees 80,650 109,957 Professional Fees (Note 11) 20,600 27,343 Other Expenses 24,181 87,568 $ 1,697,463 $ 1,647,697 Expense reimbursement from Manager (Note 11) -(107,537) $ 1,697,463 $ 1,540,160 Operating Loss $ (10,446,176) $ (6,142,554) Loss for Financial Year before Tax $ (10,446,176) $ (6,142,554) Non-reclaimable withholding tax (12,057) (18,153) Decrease in Net Assets attributable to redeemable participating Unitholders from operations $ (10,458,233) $ (6,160,707)

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

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. 174 Putnam World Trust

Statement of Comprehensive Income cont.

Putnam Global High Yield Bond Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Operating (Loss)/Income Interest Income $ 17,127,186 $17,975,495 Dividend Income 104,723 74,616 Other Income 5,000 10,000 Net Realised Losses on Financial Assets and Liabilities at Fair Value through Profit or Loss (10,841,882) (20,374,726) Net Movement in Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (15,360,871) 12,673,197 $ (8,965,844) $ 10,358,582 Operating Expenses Management Fees (Note 11) 1,537,237 1,535,044 Depositary Fees (Note 8) 144,102 156,562 Administrator Fees (Note 8) 378,511 379,714 Auditors’ Fees 40,260 42,150 Professional Fees (Note 11) 21,456 34,375 Other Expenses 18,726 120,455 $ 2,140,292 $ 2,268,300 Expense reimbursement from Manager (Note 11) (137,245) (193,159) $ 2,003,047 $ 2,075,141 Operating (Loss)/Profit $ (10,968,891) $ 8,283,441 Finance Costs Distributions to redeemable participating Unitholders (Note 3) (11,983,053) (11,888,197) Loss for Financial Year after Distributions and before Tax $ (22,951,944) $ (3,604,756) Non-reclaimable withholding tax (36,091) (45,731) Decrease in Net Assets attributable to redeemable participating Unitholders from operations $ (22,988,035) $ (3,650,487)

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

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 175

Statement of Comprehensive Income cont.

Putnam Multi-Asset Absolute Return Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Operating Loss Interest Income $ 7,160,839 $ 10,501,261 Dividend Income 4,801,448 4,392,158 Other Income 20,000 10,000 Net Realised Losses on Financial Assets and Liabilities at Fair Value through Profit or Loss (55,041,759) (47,949,145) Net Movement in Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (16,580,810) 14,930,381 $ (59,640,282) $ (18,115,345) Operating Expenses Management Fees (Note 11) 3,124,310 3,026,420 Depositary Fees (Note 8) 288,348 288,644 Administrator Fees (Note 8) 436,594 450,716 Auditors’ Fees 73,840 82,600 Professional Fees (Note 11) 33,250 48,825 Other Expenses 154,960 97,706 $ 4,111,302 $ 3,994,911 Expense reimbursement from Manager (Note 11) (404,527) (455,332) $ 3,706,775 $ 3,539,579 Operating Loss $ (63,347,057) $ (21,654,924) Finance Costs Distributions to redeemable participating Unitholders (Note 3) (4,802,266) (4,367,943) Loss for Financial Year after Distributions and before Tax $ (68,149,323) $ (26,022,867) Non-reclaimable withholding tax (496,450) (550,769) Decrease in Net Assets attributable to redeemable participating Unitholders from operations $ (68,645,773) $ (26,573,636)

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

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. 176 Putnam World Trust

Statement of Comprehensive Income cont.

Putnam Securitised Credit Fund

Year ended Period ended 30 June 2020 30 June 2019* USD USD Operating (Loss)/Income Interest Income $ 5,338,722 $ 401,072 Other Income 4,000 - Net Realised Gains/(Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss 7,990,728 (134,962) Net Movement in Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (28,742,017) 140,002 $ (15,408,567) $ 406,112 Operating Expenses Management Fees (Note 11) 665,903 38,927 Depositary Fees (Note 8) 50,776 21,819 Administrator Fees (Note 8) 203,179 60,112 Auditors’ Fees 22,085 25,760 Professional Fees (Note 11) 18,660 9,550 Other Expenses 49,675 22,780 $ 1,010,278 $ 178,948 Expense reimbursement from Manager (Note 11) - (110,823) $ 1,010,278 $ 68,125 Operating (Loss)/Profit $ (16,418,845) $ 337,987 (Loss)/Profit for Financial Year/Period before Tax $ (16,418,845) $ 337,987 Non-reclaimable withholding tax -- (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations $ (16,418,845) $ 337,987

* Putnam Securitised Credit Fund launched on 11 July 2018. The comparative Statement of Comprehensive Income is the financial period from launch date to 30 June 2019.

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

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 177

Statement of Comprehensive Income cont.

Putnam Total Return Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Operating Loss Interest Income $ 1,937,291 $ 2,726,215 Dividend Income 1,668,198 2,527,126 Other Income 10,000 10,000 Net Realised Losses on Financial Assets and Liabilities at Fair Value through Profit or Loss (3,651,422) (13,393,315) Net Movement in Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (7,752,339) 1,633,021 $ (7,788,272) $ (6,496,953) Operating Expenses Management Fees (Note 11) 1,129,497 1,510,164 Depositary Fees (Note 8) 140,114 175,122 Administrator Fees (Note 8) 185,403 185,841 Auditors’ Fees 80,170 84,425 Professional Fees (Note 11) 9,280 29,200 Other Expenses 25,531 93,624 $ 1,569,995 $ 2,078,376 Expense reimbursement from Manager (Note 11) (87,368) (103,082) $ 1,482,627 $ 1,975,294 Operating Loss $ (9,270,899) $ (8,472,247) Finance Costs Distributions to redeemable participating Unitholders (Note 3) (2,166,201) (2,687,109) Loss for Financial Year after Distributions and before Tax $ (11,437,100) $ (11,159,356) Non-reclaimable withholding tax (359,032) (541,057) Decrease in Net Assets attributable to redeemable participating Unitholders from operations $ (11,796,132) $ (11,700,413)

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

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. 178 Putnam World Trust

Statement of Comprehensive Income cont.

Putnam U.S. Large Cap Growth Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Operating Income Dividend Income $680,067$625,750 Other Income 23,944 46,195 Net Realised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 7,219,034 882,222 Net Movement in Unrealised Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss 7,679,391 5,501,571 $ 15,602,436 $ 7,055,738 Operating Expenses Management Fees (Note 11) 421,433 408,893 Depositary Fees (Note 8) 40,867 59,248 Administrator Fees (Note 8) 152,215 151,269 Auditors’ Fees 18,594 21,235 Professional Fees (Note 11) 6,600 13,740 Other Expenses 26,487 31,204 $ 666,196 $ 685,589 Operating Profit $ 14,936,240 $ 6,370,149 Profit for Financial Year before Tax $ 14,936,240 $ 6,370,149 Non-reclaimable withholding tax (227,448) (170,894) Increase in Net Assets attributable to redeemable participating Unitholders from operations $ 14,708,792 $ 6,199,255

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

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 179

Statement of Comprehensive Income cont.

Putnam Ultra Short Duration Income Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Operating Income Interest Income $ 26,537,708 $ 27,283,814 Net Realised Losses on Financial Assets and Liabilities at Fair Value through Profit or Loss (3,767,782) (33,967) Net Movement in Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (197,411) 315,283 $ 22,572,515 $ 27,565,130 Operating Expenses Management Fees (Note 11) 5,696,136 4,769,001 Depositary Fees (Note 8) 344,145 299,220 Administrator Fees (Note 8) 1,312,375 1,132,063 Auditors’ Fees 19,130 17,075 Professional Fees (Note 11) 106,400 82,400 Other Expenses 332,907 151,182 $ 7,811,093 $ 6,450,941 Expense reimbursement from Manager (Note 11) (1,173,796) (991,489) $ 6,637,297 $ 5,459,452 Operating Profit $ 15,935,218 $ 22,105,678 Finance Costs Distributions to redeemable participating Unitholders (Note 3) (6,488,592) (7,567,797) Profit for Financial Year after Distributions and before Tax $ 9,446,626 $ 14,537,881 Non-reclaimable withholding tax (4,159) - Increase in Net Assets attributable to redeemable participating Unitholders from operations $ 9,442,467 $ 14,537,881

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

On behalf of the Manager:

Director

Director

14 October 2020

The accompanying notes form an integral part of these financial statements. 180 Putnam World Trust

Statement of Financial Position

Putnam European High Yield Fund

30 June 2020 30 June 2019 EUR EUR Current Assets Financial Assets at Fair Value through Profit or Loss € 14,579,922 € 15,025,442 Cash at Bank (Note 2) 916,983 1,098,789 Sales of Investments Awaiting Settlement 181,559 119,133 Interest Income Receivable 158,364 190,352 Other Debtors 3,636 4,072 Total Assets € 15,840,464 € 16,437,788 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 6,007 - Purchase of Investments Awaiting Settlement 104,375 359,935 Expenses Payable 100,364 105,738 Other Payables 10,572 10,572 Total Current Liabilities € 221,318 € 476,245

Equity Capital and Reserves Attributable to Equity Unitholders 16,100,151 15,533,836 Retained Earnings (481,005) 427,707 Total Equity € 15,619,146 € 15,961,543

Total Equity and Current Liabilities € 15,840,464 € 16,437,788

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 181

Statement of Financial Position cont.

Putnam Fixed Income Global Alpha Fund

30 June 2020 30 June 2019 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 451,217,817 $ 328,185,596 Cash at Bank (Note 2) 1,934,361 126,449 Cash Pledged as Collateral for Financial Derivative Instruments (Note 6) 4,509,241 2,068,563 Broker Cash Held as Collateral for Financial Derivative Instruments (Note 6) 896,000 1,197,000 Receivable for Expense Reimbursement from Manager (Note 11) -51,092 Sales of Investments Awaiting Settlement 16,491,844 34,512,659 Premium Paid on Swap Contracts 2,523,188 902,634 Interest Income Receivable 2,455,602 2,424,290 Total Assets $ 480,028,053 $ 369,468,283 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 63,266,010 47,568,469 Purchase of Investments Awaiting Settlement 173,683,901 71,177,121 Broker Cash due to Counterparties for Financial Derivative Instruments (Note 6) 896,000 1,197,000 Premium Received on Swap Contracts 3,456,204 2,448,462 Redemption of Units Awaiting Settlement 455,209 455,209 Expenses Payable 836,665 811,012 Interest Payable 43,514 61,806 Total Current Liabilities $ 242,637,503 $ 123,719,079 Net Assets attributable to redeemable participating Unitholders $ 237,390,550 $ 245,749,204

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. 182 Putnam World Trust

Statement of Financial Position cont.

Putnam Global High Yield Bond Fund

30 June 2020 30 June 2019 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 274,962,691 $ 325,313,946 Cash at Bank (Note 2) 256,338 443,751 Broker Cash Held as Collateral for Financial Derivative Instruments (Note 6) 350,000 493,000 Receivable for Expense Reimbursement from Manager (Note 11) 32,503 97,518 Sales of Investments Awaiting Settlement 1,978,997 1,067,435 Subscription of Units Awaiting Settlement 153,729 467,824 Interest Income Receivable 3,539,327 4,434,440 Total Assets $ 281,273,585 $ 332,317,914 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 3,912,109 583,892 Purchase of Investments Awaiting Settlement 2,131,347 2,843,337 Broker Cash due to Counterparties for Financial Derivative Instruments (Note 6) 350,000 493,000 Redemption of Units Awaiting Settlement 147,946 401,629 Distributions Payable -10,800 Expenses Payable 837,045 1,062,720 Total Current Liabilities $ 7,378,447 $ 5,395,378 Net Assets attributable to redeemable participating Unitholders $ 273,895,138 $ 326,922,536

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 183

Statement of Financial Position cont.

Putnam Multi-Asset Absolute Return Fund

30 June 2020 30 June 2019 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 644,055,378 $ 657,512,183 Cash at Bank (Note 2) 7,211,250 - Cash Pledged as Collateral for Financial Derivative Instruments (Note 6) 12,353,427 8,273,227 Broker Cash Held as Collateral for Financial Derivative Instruments (Note 6) 3,386,000 5,244,000 Receivable for Expense Reimbursement from Manager (Note 11) 170,147 223,962 Sales of Investments Awaiting Settlement 21,751,942 30,014,610 Subscription of Units Awaiting Settlement -275,630 Premium Paid on Swap Contracts 90,704 261,234 Dividend Income Receivable 540,150 666,985 Interest Income Receivable 677,020 667,039 Total Assets $ 690,236,018 $ 703,138,870 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 67,050,941 66,175,711 Purchase of Investments Awaiting Settlement 150,965,585 73,110,098 Broker Cash due to Counterparties for Financial Derivative Instruments (Note 6) 3,386,000 5,244,000 Redemption of Units Awaiting Settlement -49,871 Premium Received on Swap Contracts 1,530,061 6,942,930 Expenses Payable 1,540,427 1,801,146 Distributions payable -209,926 Interest Payable 44,417 70,581 Bank Overdraft (Note 2) - 4,599,265 Total Current Liabilities $ 224,517,431 $ 158,203,528 Net Assets attributable to redeemable participating Unitholders $ 465,718,587 $ 544,935,342

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. 184 Putnam World Trust

Statement of Financial Position cont.

Putnam Securitised Credit Fund

30 June 2020 30 June 2019 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 685,673,262 $ 20,993,214 Cash Pledged as Collateral for Financial Derivative Instruments (Note 6) 7,400,236 89,600 Broker Cash Held as Collateral for Financial Derivative Instruments (Note 6) 1,133,000 - Receivable for Expense Reimbursement from Manager (Note 11) -14,812 Sales of Investments Awaiting Settlement 56,844,070 2,047,937 Subscription of Units Awaiting Settlement 54,365,280 - Premium Paid on Swap Contracts 7,972,352 81,377 Interest Income Receivable 2,144,613 69,383 Other Receivables 336 - Total Assets $ 815,533,149 $ 23,296,323 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 150,924,494 5,151,443 Purchase of Investments Awaiting Settlement 253,810,765 7,191,983 Broker Cash due to Counterparties for Financial Derivative Instruments (Note 6) 1,133,000 - Premium Received on Swap Contracts 18,729,688 513,364 Redemption of Units Awaiting Settlement 9,329,108 - Expenses Payable 616,118 93,979 Interest Payable 121,688 6,806 Bank Overdraft (Note 2) 124,621 761 Total Current Liabilities $ 434,789,482 $ 12,958,336 Net Assets attributable to redeemable participating Unitholders $ 380,743,667 $ 10,337,987

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 185

Statement of Financial Position cont.

Putnam Total Return Fund

30 June 2020 30 June 2019 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 112,644,318 $ 161,649,492 Cash at Bank (Note 2) -325,414 Cash Pledged as Collateral for Financial Derivative Instruments (Note 6) 4,430,393 4,801,677 Broker Cash Held as Collateral for Financial Derivative Instruments (Note 6) 990,000 1,300,000 Receivable for Expense Reimbursement from Manager (Note 11) 22,324 36,837 Sales of Investments Awaiting Settlement 3,620,655 10,502,279 Subscription of Units Awaiting Settlement 12,303 283,959 Premium Paid for Swap Contracts 64,113 8,843 Dividend Income Receivable 80,764 171,081 Interest Income Receivable 390,493 528,094 Total Assets $ 122,255,363 $ 179,607,676 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 5,917,429 15,573,298 Purchase of Investments Awaiting Settlement 15,210,159 22,005,966 Broker Cash due to Counterparties for Financial Derivative Instruments (Note 6) 990,000 1,300,000 Premium Received on Swap Contracts 66,973 49,153 Redemption of Units Awaiting Settlement 12,303 811,609 Expenses Payable 732,793 974,933 Interest Payable 5,056 20,569 Bank Overdraft (Note 2) 106,175 - Total Current Liabilities $ 23,040,888 $ 40,735,528 Net Assets attributable to redeemable participating Unitholders $ 99,214,475 $ 138,872,148

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. 186 Putnam World Trust

Statement of Financial Position cont.

Putnam U.S. Large Cap Growth Fund

30 June 2020 30 June 2019 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 80,078,524 $ 78,629,031 Broker Cash Held as Collateral for Financial Derivative Instruments (Note 6) 10,000 540,000 Sales of Investments Awaiting Settlement 1,409,507 - Dividend Income Receivable 15,448 13,538 Total Assets $ 81,513,479 $ 79,182,569 Creditors (amounts falling due within one year) Financial Liabilities at Fair Value through Profit or Loss 60,907 13,817 Purchase of Investments Awaiting Settlement 917,626 - Broker Cash due to Counterparties for Financial Derivative Instruments (Note 6) 10,000 540,000 Expenses Payable 293,822 297,506 Bank Overdraft (Note 2) 4,387 15,437 Total Current Liabilities $ 1,286,742 $ 866,760 Net Assets attributable to redeemable participating Unitholders $ 80,226,737 $ 78,315,809

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. Putnam World Trust 187

Statement of Financial Position cont.

Putnam Ultra Short Duration Income Fund

30 June 2020 30 June 2019 USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 929,427,805 $ 1,221,916,701 Cash at Bank (Note 2) 16,195 - Receivable for Expense Reimbursement from Manager (Note 11) 570,784 706,155 Sales of Investments Awaiting Settlement - 236 Subscription of Units Awaiting Settlement 19,337,640 11,568,712 Interest Income Receivable 1,994,574 3,591,119 Total Assets $ 951,346,998 $ 1,237,782,923 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement 5,965,773 21,751,592 Redemption of Units Awaiting Settlement 1,254,016 7,171,955 Expenses Payable 3,072,308 3,015,717 Distributions Payable 80,303 297,392 Bank Overdraft (Note 2) - 1,882,108 Total Current Liabilities $ 10,372,400 $ 34,118,764 Net Assets attributable to redeemable participating Unitholders $ 940,974,598 $ 1,203,664,159

On behalf of the Manager:

Director:

Director:

14 October 2020

The accompanying notes form an integral part of these financial statements. 188 Putnam World Trust

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

Putnam Fixed Income Global Alpha Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of year $ 245,749,204 $ 251,741,864 Decrease in Net Assets attributable to redeemable participating Unitholders from operations (10,458,233) (6,160,707) Issue of redeemable participating Units 2,111,514 168,057 Redemption of redeemable participating Units (11,935) (10) Net Increase in Net Assets resulting from Unit Transactions 2,099,579 168,047 Decrease in Net Assets (8,358,654) (5,992,660) Net Assets attributable to redeemable participating Unitholders at end of year $ 237,390,550 $ 245,749,204

Putnam Global High Yield Bond Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of year $ 326,922,536 $ 312,969,274 Decrease in Net Assets attributable to redeemable participating Unitholders from operations (22,988,035) (3,650,487) Issue of redeemable participating Units 39,981,322 57,500,680 Redemption of redeemable participating Units (77,657,526) (46,524,097) Net (Decrease)/Increase in Net Assets resulting from Unit Transactions (37,676,204) 10,976,583 Dividends Reinvested 7,636,841 6,627,166 (Decrease)/Increase in Net Assets (53,027,398) 13,953,262 Net Assets attributable to redeemable participating Unitholders at end of year $ 273,895,138 $ 326,922,536

Putnam Multi-Asset Absolute Return Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of year $ 544,935,342 $ 467,169,899 Decrease in Net Assets attributable to redeemable participating Unitholders from operations (68,645,773) (26,573,636) Issue of redeemable participating Units 84,227,226 180,728,469 Redemption of redeemable participating Units (99,367,994) (80,532,731) Net (Decrease)/Increase in Net Assets resulting from Unit Transactions (15,140,768) 100,195,738 Dividends Reinvested 4,569,786 4,143,341 (Decrease)/Increase in Net Assets (79,216,755) 77,765,443 Net Assets attributable to redeemable participating Unitholders at end of year $ 465,718,587 $ 544,935,342

Putnam Securitised Credit Fund

Year ended Period ended 30 June 2020 30 June 2019* USD USD Net Assets attributable to redeemable participating Unitholders at beginning of year/period $ 10,337,987 $ - (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (16,418,845) 337,987 Issue of redeemable participating Units 590,883,517 10,000,000 Redemption of redeemable participating Units (204,058,992) - Net Increase in Net Assets resulting from Unit Transactions 386,824,525 10,000,000 Increase in Net Assets 370,405,680 10,337,987 Net Assets attributable to redeemable participating Unitholders at end of year/period $ 380,743,667 $ 10,337,987

* Putnam Securitised Credit Fund launched on 11 July 2018. The comparative Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders is the financial period from launch date to 30 June 2019.

The accompanying notes form an integral part of these financial statements. Putnam World Trust 189

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

Putnam Total Return Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of year $ 138,872,148 $ 175,460,221 Decrease in Net Assets attributable to redeemable participating Unitholders from operations (11,796,132) (11,700,413) Issue of redeemable participating Units 3,805,012 1,850,148 Redemption of redeemable participating Units (33,832,607) (29,009,417) Net Decrease in Net Assets resulting from Unit Transactions (30,027,595) (27,159,269) Dividends Reinvested 2,166,054 2,271,609 Decrease in Net Assets (39,657,673) (36,588,073) Net Assets attributable to redeemable participating Unitholders at end of year $ 99,214,475 $ 138,872,148

Putnam U.S. Large Cap Growth Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of year $ 78,315,809 $ 75,954,890 Increase in Net Assets attributable to redeemable participating Unitholders from operations 14,708,792 6,199,255 Issue of redeemable participating Units 731,077 2,830,499 Redemption of redeemable participating Units (13,528,941) (6,668,835) Net Decrease in Net Assets resulting from Unit Transactions (12,797,864) (3,838,336) Increase in Net Assets 1,910,928 2,360,919 Net Assets attributable to redeemable participating Unitholders at end of year $ 80,226,737 $ 78,315,809

Putnam Ultra Short Duration Income Fund

Year ended Year ended 30 June 2020 30 June 2019 USD USD Net Assets attributable to redeemable participating Unitholders at beginning of year $ 1,203,664,159 $ 601,526,926 Increase in Net Assets attributable to redeemable participating Unitholders from operations 9,442,467 14,537,881 Issue of redeemable participating Units 1,414,436,766 1,598,489,192 Redemption of redeemable participating Units (1,690,263,957) (1,015,022,127) Net (Decrease)/Increase in Net Assets resulting from Unit Transactions (275,827,191) 583,467,065 Dividends Reinvested 3,695,163 4,132,287 (Decrease)/Increase in Net Assets (262,689,561) 602,137,233 Net Assets attributable to redeemable participating Unitholders at end of year $ 940,974,598 $ 1,203,664,159

The accompanying notes form an integral part of these financial statements. 190 Putnam World Trust

Statement of Changes in Equity*

Putnam European High Yield Fund

Year ended Year ended 30 June 2020 30 June 2019 EUR EUR Total Equity at beginning of year € 15,961,543 € 15,084,902 Total Comprehensive (Loss)/Income for the year (342,397) 876,641 Capital contributions 566,315 541,177 Net capital contributions 566,315 541,177 Distributions to equity Unitholders (566,315) (541,177) (Decrease)/Increase in Equity (342,397) 876,641 Total Equity at end of year € 15,619,146 € 15,961,543

* 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. Please see note 2 for more information.

The accompanying notes form an integral part of these financial statements. Putnam World Trust 191

Notes to the Financial Statements for the year ended 30 June 2020

1. Basis of Preparation The financial statements have been prepared for the year ended 30 June 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 Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions are outlined below. Fair value of financial instruments The Trust may, from time to time, hold financial instruments that are not quoted in active markets, such as securities which are valued using prices sourced from a broker, and over-the-counter (“OTC”) derivatives. The fair value of such instruments is determined using valuation techniques, further details are included in Note 2 A) (i) Fair value estimation. Where valuation techniques are used to determine fair value they are validated and periodically reviewed by experienced personnel at the Manager or its affiliates, independent of the party that created them. The prices used at the year end which have been sourced from a single broker source are the best estimates of fair value as at the year end date. However, there is a degree of uncertainty in respect of these prices. It may not always be possible to close out the positions at the stated mark with the given counterparty. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Manager. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. Refer to Note 5 (C) of the financial statements for the Fair Valuation Hierarchy of these investments. The Directors believe that the values arrived at are reasonable and prudent, however, actual results may differ from these estimates and the differences could be material. All the Trust’s financial assets and financial liabilities are held for the purpose of being traded. Functional 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.

192 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

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. A) Investments i) Valuation of Investments Investments are reported at fair value at the Statement of Financial Position date. The fair value of securities traded in active markets is based on the last quoted trade price for listed equities, except where the Investment Advisor deems it appropriate to apply fair value estimation as outlined in more detail in the "Fair Value Estimation" section of this note, and the closing bid price for fixed income securities. Where any of the investments are not listed on Recognised Stock Exchanges or traded on regulated markets and a quotation from an independent pricing service is not available, such securities shall be valued at their fair value as determined by the Manager or its delegate, each of them being approved by the Depositary as a competent person for such purpose. Securities valued following procedures approved by the Investment Advisor are indicated by “F” in each Fund's Schedule of Investments. The total fair value of securities valued by following the procedures approved by the Investment Advisor for each Fund as at 30 June 2020 and 30 June 2019 is listed below.

30 June 2020

Fund Number of Positions Fair Value % of Fund Putnam Global High Yield Bond Fund USD 3 14,865 0.01% Putnam Multi-Asset Absolute Return Fund USD 2 728,028 0.16% Putnam Total Return Fund USD 2 28,889 0.03% Putnam U.S. Large Cap Growth Fund USD 2 2 -

30 June 2019

Fund Number of Positions Fair Value % of Fund Putnam Global High Yield Bond Fund USD 7 67,222 0.01% Putnam U.S. Large Cap Growth Fund USD 5 4,775 0.01%

Classification The Trust classifies its investments in debt and equity securities, and related derivatives, as financial assets or financial liabilities at fair value through profit or loss. This category has two sub-categories: financial assets or financial liabilities held for trading; and those designated at fair value through profit or loss at inception. A financial asset or financial liability is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing in the near term or if on initial recognition is part of a portfolio of identifiable financial investments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking. Derivatives held by the Funds are categorised by the Trust's Manager as held for trading. Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Trust’s documented investment strategy. The Trust’s policy is for the Investment Advisor to evaluate the information about these financial assets on a fair value basis together with other related financial information. Except for derivatives, financial assets and liabilities held by the Funds are categorised by the Trust's Manager as designated at fair value through profit or loss at inception. Financial assets and financial liabilities are acquired or incurred principally for the purpose of generating a profit from fluctuation in price. Fair value estimation The fair value of financial instruments traded in active markets is based upon market prices at the Statement of Financial Position date. When the Trust holds derivatives with offsetting market risks, it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies this mid-price to the net open position, as appropriate. The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Trust uses a variety of methods and makes assumptions that are based on market conditions existing at each Statement of Financial Position date. Valuation techniques used include the use of comparable recent arm’s length transactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants. Please see Note 1 ‘Critical accounting estimates and assumptions’ for more details.

Putnam World Trust 193

Notes to the Financial Statements for the year ended 30 June 2020 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. Fair value estimation cont. Certain securities may be valued on the basis of a price provided by a single broker. Some Funds may invest in securities with contractual cash flows, such as asset-backed securities, collateralised mortgage obligations and commercial mortgage backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate values, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Many securities markets and exchanges outside the U.S. close prior to the 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 Investment Advisor will fair value certain 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. These 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 this fair value.

Rights and Warrants Rights and warrants contracts are options to purchase additional securities from the issuer at a specified price during a specified year. Rights and warrants are sometimes used to gain exposure to emerging market equities where custody, liquidity, or other issues make ownership of local shares sub-optimal.

The valuation of the rights and warrants depends on the level of trading. If the rights and warrants are actively traded in the market then the market price is used. If the rights and warrants are not actively traded in the market then either the intrinsic value of the right/warrant based on underlying equity price and right/warrant strike price or modified Black-Scholes derived value, adjusted for liquidity or other risks deemed appropriate are used. Premiums paid on rights which expired or were unexercised are recognised on the expiry date as realised gains or losses in the Statement of Comprehensive Income. If a right is exercised, the premium paid is included with the cost of the transaction to determine whether the Fund has realised a gain or loss on the related investment transaction. Futures The potential risk to the Funds is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognised on the Funds' Statement of Financial Position. Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The Funds and the broker agree to exchange an amount of cash based on the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. For open futures, changes in the value of the contract are recognised as unrealised profits or losses by “marking-to-market” the value of the contract at the Statement of Financial Position date. Unrealised gains or losses on open futures contracts are shown in the Schedule of Investments of each relevant Fund and as appropriate, on the Statement of Financial Position as part of financial assets or financial liabilities at fair value through profit or loss. When the contract is closed, the Funds record a realised gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Options Contracts The potential risk to the Funds is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Unrealised gains and losses on purchased and written options are shown in the Schedule of Investments of each relevant Fund and as appropriate, in the Statement of Financial Position as part of financial assets or financial liabilities at fair value through profit or loss. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

194 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. Options Contracts cont. Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers. Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract. Forward Foreign Exchange Currency Contracts Please refer to Note 2C(i) for the discussion on forward foreign exchange currency contracts. Total Return Swap Contracts The Funds may enter into OTC and/or centrally cleared total return swap contracts, which are arrangements between two parties to exchange a market linked return for a periodic payment, both based on a notional principal amount to help enhance the Funds’ return and manage the Funds’ exposure to risk. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Funds will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealised gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as part of the financial assets or financial liabilities at fair value through profit or loss in the Statement of Financial Position and recorded as unrealised gain or loss. Payments received or made are recorded as realised gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates, and are indicated by “E” in the Schedule of Investments. Payments related to these swap contracts are accrued based on the terms of the contract. The Funds could be exposed to credit or market risk due to unfavourable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Funds’ maximum risk of loss from counterparty risk or central clearing is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the Funds and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognised on the Statement of Financial Position. Interest Rate Swap Contracts The Funds may enter into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Funds’ exposure to interest rates. An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment paid/(received) by the Funds is recorded as an asset/(liability) on the Funds’ accounting records. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealised gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded as part of financial assets or financial liabilities at fair value through profit or loss in the Statement of Financial Position and recorded as unrealised gain or loss. Payments, including upfront premiums, received or made are recorded as realised gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates, and are indicated by "E" in the Schedule of Investments. Payments related to these swap contracts are accrued based on the terms of the contract. The Funds could be exposed to credit or market risk due to unfavourable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The Funds’ maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the Funds and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognised on the Statement of Financial Position.

Putnam World Trust 195

Notes to the Financial Statements for the year ended 30 June 2020 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. Credit Default Contracts The Funds may enter into OTC and/or centrally cleared credit default contracts to provide a measure of protection against risk of loss following a default, or other credit event in respect of issuers within an underlying index or a single issuer, or to gain credit exposure to an underlying index or issuer. In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by a Fund is recorded as a liability on the Funds' books. An upfront payment made by a Fund is recorded as an asset on the Funds’ books. Upfront and periodic payments received or paid by the Funds for OTC and centrally cleared credit default contracts are recorded as realised gains or losses at the reset date or close of the contract. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealised gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded as part of the financial assets or financial liabilities at fair value through profit or loss in the Statement of Financial Position and recorded as unrealised gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realised gain or loss. In addition to bearing the risk that the credit event will occur, the Funds could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that a Fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the Funds may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. Risk of loss may exceed amounts recognised on the Statement of Financial Position. A Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for the OTC credit default contracts by having a master netting arrangement between that Fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default contracts due to the clearing house guarantee fund and other resources that are available in the event of a clearing member default. Where a Fund is a seller of protection, the maximum potential amount of future payments the Funds may be required to make is equal to the notional amount. When-Issued and Delayed Delivery Securities The Funds may purchase or sell securities on a when-issued or delayed-delivery basis for the purposes of hedging and investment purposes. In this instance payment for and delivery of securities take place in the future at a stated price in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction. Securities are considered “delayed delivery” securities when traded in the secondary market, or “when-issued” securities if they are an initial issuance of securities. Delayed delivery securities (which will not begin to accrue interest until the settlement date) and when-issued securities will be recorded as assets of the Fund and will be subject to risks of fair value fluctuations. The purchase price of delayed delivery and when-issued securities will be recorded as a liability of the Fund until settlement date and, when issued or delivered as the case may be, such securities will be taken into account when calculating the investment restrictions limits. When-issued (WIS) and delayed delivery or forward commitment (FWC) securities, if any, are disclosed in each Fund's Schedule of Investments. To Be Announced (“TBA”) Commitments The Funds may enter into TBA commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The Funds hold, and maintain until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the Funds may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.

196 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. To Be Announced (“TBA”) Commitments cont. The Funds may also enter into TBA sales commitments to hedge its portfolio positions, to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sales commitments are not received until the contractual settlement date. During the time a TBA sales commitment is outstanding either equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sales commitment are segregated. If the TBA sales commitment is closed through the acquisition of an offsetting TBA purchase commitment, the Funds realise a gain or loss. If the Funds deliver securities under the commitment, the Funds realise a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform. Counterparty risk is mitigated by having a master agreement between the Funds and the counterparty. Unsettled TBA commitments are valued at their fair value. The contract is marked to market daily and the change in fair value is recorded by the Funds as an unrealised gain or loss. Based on market circumstances, the Manager will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement. Repurchase Agreements Securities purchased under agreements to resell are valued at notional value plus accrued interest. Interest rates vary for each repurchase agreement and are set at the initiation of the agreement. Interest earned under such agreements is accounted for on an accruals basis. Investments in Investment Funds/Investment Companies Investments in Investment Funds or Investment Companies are valued at the latest available unaudited Net Asset Value for the shares obtained from the relevant administrator unless, in the Manager’s reasonable opinion, there are reasons to justify departing temporarily or permanently from that price. Such reasons may, without limitation include those associated with the liquidity and/or the pricing methodology being employed by such investment funds/companies. The changes in the daily Net Asset Value of these shares is recognised as part of “Net Movement in Unrealised Gains/(Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss” as part of the Statement of Comprehensive Income. Cash and Other Liquid Assets Cash comprises current deposits with banks. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. All Cash at Bank as per the Statement of Financial Position as at 30 June 2020 and 30 June 2019, and all cash equivalents where applicable, are held with State Street Bank and Trust Company. There were no cash equivalents held on the Funds as at 30 June 2020 and 30 June 2019. Cash and other liquid assets will be valued at their face value with interest accrued, where applicable. Refer to Note 2 (f) for details of bank overdrafts. Accounting for Investments Recognition/derecognition Purchases and sales of investments are recognised on the day the transaction takes place (the trade date). Investments are derecognised when the rights to receive cash flows from the investments have expired or the Trust has transferred substantially all risks and rewards of ownership. Measurement Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed in the Statement of Comprehensive Income. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value in accordance with the policies above. Gains and losses arising from changes in the fair value of the financial assets and financial liabilities at fair value through profit or loss category are presented in the Statement of Comprehensive Income in the year in which they arise. Classification The Funds classify their investments as financial assets or financial liabilities at fair value through profit or loss under FRS 102.

Putnam World Trust 197

Notes to the Financial Statements for the year ended 30 June 2020 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. Net Gains/(Losses) on Investment Activities In respect of each instrument type classified as financial assets or financial liabilities at fair value through profit or loss, the movement in unrealised gains/(losses) since the prior year end and realised gains/(losses) are reflected in the "net realised gains/(losses) on financial assets and liabilities at fair value through profit or loss" and "net movement in unrealised gains/(losses) on financial assets and liabilities at fair value through profit or loss" lines of the Statement of Comprehensive Income. Realised gains and losses on investment transactions are calculated using the average cost method. B) Income and Expenses i) Dividend Income Dividend income arising on the underlying equity investments of the Funds is credited to the Statement of Comprehensive Income on the date on which the relevant securities are listed as “ex-dividend”. Income is accounted for gross of any non reclaimable/irrecoverable withholding taxes and net of any tax credits. The withholding tax is shown separately in the Statement of Comprehensive Income. ii) Interest Income and Expense Bond interest is recognised as income of the Funds on an effective interest basis. Bond interest is included in interest income in the Statement of Comprehensive Income. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Funds estimate cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The net amounts of interest payments and receipts on swaps are included in interest income in the Statement of Comprehensive Income and in premium paid or received on swap contracts or purchase of investments awaiting settlement (as appropriate) on the Statement of Financial Position. The interest income earned on repurchase agreements is disclosed as part of interest income in the Statement of Comprehensive Income. Bank interest is recognised on an accruals basis and included in interest income in the Statement of Comprehensive Income. iii) Other Income Other income, as reflected in the Statements of Comprehensive Income, is recognised on an accruals basis. iv) Capital Gains Tax The Funds currently incur taxes imposed by certain countries on capital gains. Such gains are recorded gross of capital gains tax in the Statement of Comprehensive Income. Capital gains tax, where it occurs, is shown as a separate item in the Statement of Comprehensive Income. v) Expenses Each Fund shall pay all of its expenses and such proportion of the Trust’s expenses which are allocated to that Fund based on the average Net Asset Value of the Fund when the expense is accrued. The costs and gains or losses of any currency hedging transactions will be attributable to the relevant Class in their entirety. To the extent that expenses are attributable entirely to a specific Class of a Fund, that Class shall bear such expenses. All expenses are accrued on a daily basis. vi) Transaction Costs Transaction costs are defined as the incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on the purchase and sale of fixed income investments, forwards, repurchase agreements, swaps and swaptions, are included in the purchase and sale price of the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed. Transaction costs on purchases and sales of equities, investment funds/companies, futures and options are included in net gains/(losses) on investments in the Statement of Comprehensive Income for each Fund.

198 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

2. Accounting Policies cont. C) Foreign Exchange Translation i) Functional and Presentation Currency Items included in each Fund’s financial statements are measured and reported using the currency of the primary economic environment in which it operates (the “functional currency" or "presentation currency"). As stated in Note 1, US Dollars is the functional currency for each Fund of the Trust, other than Putnam European High Yield Fund, whose functional currency is Euro. Assets and liabilities, including net assets attributable to redeemable participating Unitholders/holder 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. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year- end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

ii) Forward Foreign Exchange Currency Contracts The Funds may enter into various types of forward foreign exchange currency contracts including EUR and GBP Class level hedging, foreign security hedging and security transaction level hedging. The unrealised gain or loss on open forward foreign exchange currency contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts, which have been settled or offset by other contracts. For foreign security hedges and security transaction level hedges, realised and unrealised gains and losses are allocated at the Fund level. For EUR and GBP Class level hedges, these realised and unrealised gains and losses are allocated solely to the EUR and GBP Unit Classes. While the Funds will attempt to hedge against the USD to EUR and GBP currency exposure, there can be no guarantee that the value of the EUR and GBP Classes will not be affected by the value of the EUR and GBP relative to the USD. D) Redeemable Participating Units/Equity Units and Distributions Redeemable participating units/equity units are issued and redeemed at the Unitholder’s option at prices based on a Fund’s Net Asset Value per unit/Equity per unit at the time of issue or redemption. For all Funds except Putnam European High Yield Fund, more than one class of redeemable participating units are in issue which are redeemable at the Unitholder’s option and are classified as financial liabilities. A Fund’s Net Asset Value per unit is calculated by dividing the net assets attributable to holders of Redeemable Participating Units of each class of units with the total number of outstanding units for each respective class. Distributions to redeemable participating Unitholders are recognised as a finance cost in the Statement of Comprehensive Income and are recognised on ex-date. The participating unit can be put back to a Fund at any time for cash equal to a proportionate share of the Fund’s Net Asset Value. The participating unit is carried at the redemption amount that is payable at the Statement of Financial Position date if the Unitholder exercised his/her right to put the unit back to the Fund. For Putnam European High Yield Fund, Units in issue are redeemable at the Unitholder’s option and are classified as equity. The Fund's Equity per unit is calculated by dividing the Equity of the Fund with the total number of outstanding units of the Fund. Distributions to equity Unitholders are recognised in the Statement of Changes in Equity and are recognised on ex-date. Each equity unit can be put back to the Fund at any time for cash equal to a proportionate share of the Fund’s Equity. E) Other Receivables and Payables i) Receivables Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Receivables are recognised at fair value plus transaction costs that are directly attributable to their acquisition origination. ii) Payables Payables are recognised at fair value. iii) Offsetting Financial Instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. F) Bank overdrafts Under the Trust Deed between the Manager and State Street Custodial Services (Ireland) Limited, the depositary bank has a lien on the securities of each Fund to the extent permitted by the Trust Deed. 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 199

Notes to the Financial Statements for the year ended 30 June 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 year ending 30 June 2020. The Trust has been approved for the UK reporting regime for the year ending 30 June 2020. There was no change in the nature of the Trust’s business during the year. 4. Current and Prior 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.

30 June 2020 30 June 2019 30 June 2018 Putnam European High Yield Fund EUR EUR EUR Total Equity Value € 15,619,146 € 15,961,543 € 15,084,902 Class E Units in Issue 15,905 15,356 14,794 Total Equity 15,619,146 15,961,543 15,084,902 Equity Value per Unit € 982.00 € 1,039.45 € 1,019.67*

* Total Equity Value per Unit may not recalculate due to rounding of fractional units. 30 June 2020 30 June 2019 30 June 2018 Putnam Fixed Income Global Alpha Fund USD USD USD Total Net Asset Value $ 237,390,550 $ 245,749,204 $ 251,741,864 Class E Units in Issue 5,893,303 5,728,483 5,717,068 Net Assets 65,792,790 66,620,950 68,261,738 Net Asset Value per Unit € 9.93 € 10.23 € 10.23 Class S Units in Issue 18,052,129 18,029,918 18,026,361 Net Assets 171,597,760 179,128,254 183,480,126 Net Asset Value per Unit £ 7.67 £ 7.82 £ 7.70

200 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

4. Current and Prior Year NAV/ Equity Details cont. 30 June 2020 30 June 2019 30 June 2018 Putnam Global High Yield Bond Fund USD USD USD Total Net Asset Value $ 273,895,138 $ 326,922,536 $ 312,969,274 Class A Units in Issue 864,356 1,017,251 1,655,955 Net Assets 5,405,000 6,787,305 10,844,355 Net Asset Value per Unit $ 6.25 $ 6.67 $ 6.55 Class B Units in Issue 231,776 255,322 308,854 Net Assets 1,445,878 1,698,322 2,016,869 Net Asset Value per Unit $ 6.24 $ 6.65 $ 6.53 Class C Units in Issue 303,466 270,658 393,193 Net Assets 2,398,570 2,282,167 3,257,606 Net Asset Value per Unit $ 7.90 $ 8.43$ 8.29 Class E Units in Issue 3,308,655 2,957,757 2,624,098 Net Assets 23,116,603 22,956,461 21,239,634 Net Asset Value per Unit € 6.23 € 6.83 € 6.93 Class E2* Units in Issue 38,485 38,485 - Net Assets 429,905 452,806 - Net Asset Value per Unit € 9.95 € 10.35 € - Class I Units in Issue 13,102,814 13,143,777 13,251,493 Net Assets 31,303,278 33,476,637 33,151,778 Net Asset Value per Unit $ 2.39 $ 2.55 $ 2.50 Class S Units in Issue 31,582,445 29,167,018 27,404,600 Net Assets 164,904,807 170,527,836 167,111,203 Net Asset Value per Unit £ 4.22 £ 4.60 £ 4.62 Class S2 Units in Issue 2,853,640 5,574,977 4,841,704 Net Assets 42,635,566 88,199,247 75,347,829 Net Asset Value per Unit £ 12.07 £ 12.45 £ 11.78 Class S3** Units in Issue 185,796 41,969 - Net Assets 2,255,531 541,755 - Net Asset Value per Unit £ 9.80 £ 10.16£-

* Class E2 of Putnam Global High Yield Bond Fund launched on 31 July 2018. ** Class S3 of Putnam Global High Yield Bond Fund launched on 17 May 2019.

Putnam World Trust 201

Notes to the Financial Statements for the year ended 30 June 2020 cont.

4. Current and Prior Year NAV/ Equity Details cont. 30 June 2020 30 June 2019 30 June 2018 Putnam Multi-Asset Absolute Return Fund USD USD USD Total Net Asset Value $ 465,718,587 $ 544,935,342 $ 467,169,899 Class E Units in Issue 22,559,200 21,228,981 17,788,262 Net Assets 208,371,567 226,871,162 202,677,868 Net Asset Value per Unit € 8.23 €9.40 € 9.76 Class E2 Units in Issue 21,067,175 24,283,457 20,295,816 Net Assets 209,413,054 274,378,551 241,164,883 Net Asset Value per Unit € 8.86 € 9.94 € 10.18 Class I Units in Issue 1,005 1,005 1,005 Net Assets 9,819 10,756 10,691 Net Asset Value per Unit $ 9.77 $ 10.70 $ 10.64 Class S Units in Issue 4,498,748 3,601,246 35,000 Net Assets 47,924,147 43,674,873 444,993 Net Asset Value per Unit £ 8.60 £ 9.54 £ 9.62 Class Y* Units in Issue -- 2,519,370 Net Assets - - 22,871,464 Net Asset Value per Unit ¥ - ¥ - ¥ 1,005.69

* Class Y Units of Putnam Multi-Asset Absolute Return Fund fully redeemed on 11 July 2018.

30 June 2020 30 June 2019 30 June 2018 Putnam Securitised Credit Fund* USD USD USD Total Net Asset Value $ 380,743,667 $ 10,337,987 $ - Class E Units in Issue 35,377,195 42,830 - Net Assets 371,334,220 491,575 - Net Asset Value per Unit € 9.35 €10.10 € - Class I - Units in Issue 907,619 900,000 - Net Assets 8,961,196 9,355,664 - Net Asset Value per Unit $ 9.87 $10.40 $ - Class S Units in Issue 37,836 37,836 - Net Assets 448,251 490,748 - Net Asset Value per Unit £ 9.57 £10.21 £ -

* Putnam Securitised Credit Fund launched on 11 July 2018 with the launch of Class E Units, Class I Units and Class S Units on that date. There is no comparative information for 30 June 2018.

202 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

4. Current and Prior Year NAV/ Equity Details cont. 30 June 2020 30 June 2019 30 June 2018 Putnam Total Return Fund USD USD USD Total Net Asset Value $ 99,214,475 $ 138,872,148 $ 175,460,221 Class A Units in Issue 1,062,048 1,356,919 1,670,914 Net Assets 15,664,045 21,069,338 26,200,188 Net Asset Value per Unit $ 14.75 $ 15.53 $ 15.68 Class B Units in Issue 35,870 35,870 39,829 Net Assets 450,927 477,005 537,571 Net Asset Value per Unit $ 12.57 $ 13.30 $ 13.50 Class C Units in Issue 419,185 703,632 956,214 Net Assets 5,440,672 9,637,482 13,260,187 Net Asset Value per Unit $ 12.98 $ 13.70 $ 13.87 Class E Units in Issue 6,868,633 7,984,749 7,735,836 Net Assets 74,470,415 96,862,748 102,288,751 Net Asset Value per Unit € 9.66 € 10.67 € 11.33 Class I Units in Issue 126,550 189,340 189,593 Net Assets 1,508,108 2,357,308 2,365,941 Net Asset Value per Unit $ 11.92 $ 12.45 $ 12.48 Class M Units in Issue 155,195 712,902 972,484 Net Assets 1,680,308 8,468,267 12,366,459 Net Asset Value per Unit € 9.65 € 10.45 € 10.89 Class S* Units in Issue - - 3,754,614 Net Assets - - 18,441,124 Net Asset Value per Unit £ -£-£ 3.72

* Class S Units of Putnam Total Return Fund fully redeemed on 22 March 2019.

30 June 2020 30 June 2019 30 June 2018 Putnam U.S. Large Cap Growth Fund USD USD USD Total Net Asset Value $ 80,226,737 $ 78,315,809 $ 75,954,890 Class A Units in Issue 4,990 5,411 5,947 Net Assets 151,297 131,508 126,603 Net Asset Value per Unit $ 30.32 $ 24.30 $ 21.29 Class E Units in Issue 3,630,919 4,292,563 4,529,080 Net Assets 80,075,440 78,184,301 75,828,286 Net Asset Value per Unit € 19.65 € 16.03 € 14.34

Putnam World Trust 203

Notes to the Financial Statements for the year ended 30 June 2020 cont.

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

30 June 2020 30 June 2019 30 June 2018 Putnam Ultra Short Duration Income Fund USD USD USD Total Net Asset Value $ 940,974,598 $ 1,203,664,159 $ 601,526,926 Class A Units in Issue 17,757,808 23,188,685 21,191,785 Net Assets 177,747,596 231,882,176 211,912,600 Net Asset Value per Unit $ 10.01 $ 10.00 $ 10.00 Class A2 Units in Issue 50,129,652 67,667,415 29,405,401 Net Assets 528,716,821 701,312,800 298,018,968 Net Asset Value per Unit $ 10.55 $ 10.36 $ 10.13 Class I Units in Issue 10,811,365 10,985,963 5,311,181 Net Assets 108,342,232 109,967,273 53,161,822 Net Asset Value per Unit $ 10.02 $ 10.01 $ 10.01 Class I2 Units in Issue 11,874,487 15,406,603 3,782,002 Net Assets 126,167,949 160,501,910 38,433,536 Net Asset Value per Unit $ 10.63 $ 10.42 $ 10.16

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 year to which these financial statements relate. A) Market Price Risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Trust might suffer through holding market positions in the face of price movements caused by factors specific to the individual investment or factors affecting all instruments traded in the market. The Investment Advisor considers the asset allocation of the portfolios in order to minimise the risk associated with particular countries or industry sectors whilst continuing to follow the Trust’s investment objectives. The Investment Advisor measures both the Fund’s total risk as well as its risk of underperformance versus its stated benchmark (also referred to as active risk or tracking error “TE”). The market risk exposure for each Fund as at 30 June 2020 and 30 June 2019 is equivalent to the fair values of investments held, as reflected in each Fund’s Schedule of Investments, and Statement of Financial Position under Financial Assets at Fair Value through Profit or Loss and Financial Liabilities at Fair Value through Profit or Loss. Aggregate Value at Risk The Funds use relative Value at Risk (“VaR”) as a risk measurement technique to measure, monitor and manage risks. The VaR measure estimates the potential loss in pre-taxation profit over a given holding year for a specified confidence level. The VaR methodology is a statistically defined, probability-based approach that takes into account market volatilities as well as risk diversification by recognising offsetting positions and correlations between products and markets. Risks can be measured consistently across all markets and products, and risk measures can be aggregated to arrive at a single risk number. Given the interdependencies between market variables, the Trust also estimates the VaR or threshold loss that is not expected to be exceeded at the 99th percentile confidence level over a 1-day horizon. The Investment Advisor uses a proprietary multi-factor model to estimate the total risk from which VaR estimates can be analytically derived. The VaR estimates presented below are point-in-time and vary over time as a function of market and portfolio composition changes.

204 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont.

A) Market Price Risk cont. Given its reliance on historical data, VaR is most effective in estimating risk exposures in markets in which there are no sudden fundamental changes or sudden shifts in market conditions. An inherent limitation of VaR is that the distribution of past changes in market risk factors may not produce accurate predictions of future risk. Different VaR methodologies and distributional assumptions could produce a materially different VaR. Moreover, VaR calculated for a one-day time horizon does not fully capture the market risk of positions that cannot be liquidated or offset with hedges within one day. Changes in VaR between reporting years are generally due to changes in levels of exposure, volatilities and/or correlations among asset classes. The tables below show the VaR of each Fund, its stated benchmark (if applicable) as well as the ratio between the two measures (also referred to as relative VaR) for Funds in issue as of 30 June 2020 and 30 June 2019:

Portfolio VaR Fund 1 Day % Min % Average % Max % Putnam European High Yield Fund 30-Jun-20 1.26 0.53 0.86 1.43 30-Jun-19 0.72 0.72 1.20 1.58 Putnam Fixed Income Global Alpha Fund 30-Jun-20 0.67 0.17 0.32 0.84 30-Jun-19 0.21 0.21 0.28 0.38 Putnam Global High Yield Bond Fund 30-Jun-20 1.54 0.61 0.94 1.58 30-Jun-19 0.83 0.83 1.03 1.20 Putnam Multi-Asset Absolute Return Fund 30-Jun-20 0.61 0.42 0.56 1.60 30-Jun-19 0.42 0.40 0.51 0.77 Putnam Securitised Credit Fund 30-Jun-20 0.96 0.08 0.59 1.50 30-Jun-19 0.40 0.13 0.47 0.68 Putnam Total Return Fund 30-Jun-20 2.20 0.48 1.30 2.73 30-Jun-19 1.09 0.78 1.11 1.59 Putnam U.S. Large Cap Growth Fund 30-Jun-20 4.23 1.74 2.83 4.60 30-Jun-19 2.31 1.66 2.36 3.01 Putnam Ultra Short Duration Income Fund 30-Jun-20 0.15 0.03 0.08 0.29 30-Jun-19 0.05 0.04 0.05 0.06

Benchmark VaR Fund 1 Day % Min % Average % Max % Reference Benchmark ICE BofA European Currency High Yield Constrained Putnam European High Yield Fund 30-Jun-20 1.18 0.67 0.87 1.36 Index (100% hedged in euros) 30-Jun-19 0.74 0.74 0.96 1.15 Putnam Fixed Income Global Alpha Fund 30-Jun-20 0.00 0.00 0.00 0.01 ICE BofA 1-month LIBOR Index 30-Jun-19 0.01 0.00 0.01 0.01 ICE BofA Global High Yield Investment Grade Putnam Global High Yield Bond Fund 30-Jun-20 1.31 0.64 0.88 1.39 Country Constrained Index (100% USD Hedged) 30-Jun-19 0.80 0.79 0.91 1.03 Putnam Multi-Asset Absolute Return Fund 30-Jun-20 0.00 0.00 0.00 0.01 ICE BofA U.S. Dollar 1-Month LIBOR Index 30-Jun-19 0.01 0.00 0.01 0.01 Putnam Securitised Credit Fund 30-Jun-20 0.00 0.00 0.00 0.01 ICE BofA U.S. Dollar 1-Month LIBOR Index 30-Jun-19 0.01 0.00 0.01 0.01 Putnam Total Return Fund 30-Jun-20 2.71 0.86 1.53 2.84 Custom Dynamic Risk Allocation Index 30-Jun-19 1.11 0.86 1.10 1.33 Putnam U.S. Large Cap Growth Fund 30-Jun-20 4.28 1.76 2.84 4.68 Russell 1000 Growth Index 30-Jun-19 2.29 1.63 2.31 2.99 Putnam Ultra Short Duration Income Fund 30-Jun-20 0.01 0.01 0.01 0.02 ICE BofA U.S. Treasury Bill Index 30-Jun-19 0.01 0.01 0.02 0.02

Putnam World Trust 205

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont.

A) Market Price Risk cont.

Relative VaR (ratio of Fund VaR / Benchmark VaR) Fund 1 Day % Putnam European High Yield Fund 30-Jun-20 1.07 30-Jun-19 0.97 Putnam Global High Yield Bond Fund 30-Jun-20 1.18 30-Jun-19 1.04 Putnam Total Return Fund 30-Jun-20 0.81 30-Jun-19 0.98 Putnam U.S. Large Cap Growth Fund 30-Jun-20 0.99 30-Jun-19 1.01

The below table details the daily VaR utilisation for the years ending 30 June 2020 and 30 June 2019.

Daily VaR Utilisation* Average Fund 1 Day % Min % % Max % Putnam European High Yield Fund 30-Jun-20 53% 37% 49% 60% 30-Jun-19 48% 48% 62% 75% Putnam Fixed Income Global Alpha Fund** 30-Jun-20 15% 4% 7% 19% 30-Jun-19 5% 5% 6% 8% Putnam Global High Yield Bond Fund 30-Jun-20 59% 46% 53% 65% 30-Jun-19 52% 52% 57% 62% Putnam Multi-Asset Absolute Return Fund** 30-Jun-20 14% 9% 13% 36% 30-Jun-19 9% 9% 11% 17% Putnam Securitised Credit Fund** 30-Jun-20 21% 2% 13% 34% 30-Jun-19 9% 3% 11% 15% Putnam Total Return Fund 30-Jun-20 41% 16% 44% 57% 30-Jun-19 49% 40% 50% 61% Putnam U.S. Large Cap Growth Fund 30-Jun-20 49% 47% 50% 52% 30-Jun-19 51% 50% 51% 53% Putnam Ultra Short Duration Income Fund** 30-Jun-20 3% 1% 2% 6% 30-Jun-19 1% 1% 1% 1%

* VaR Utilisation = Portfolio VaR / Benchmark VaR / 2 (with the exception of Putnam Fixed Income Global Alpha Fund, Putnam Multi-Asset Absolute Return Fund, Putnam Securitised Credit Fund and Putnam Ultra Short Duration Income Fund and as per footnote ** below). VaR utilisation measures the Fund's VaR relative to the Fund's VaR limit (99% confidence level over a 1 day horizon). Utilisation > 100% equates to breaking the limit. ** Putnam Fixed Income Global Alpha Fund, Putnam Multi-Asset Absolute Return Fund, Putnam Securitised Credit Fund and Putnam Ultra Short Duration Income Fund only report their portfolio VaR. For these Funds VaR is tracked against a limit of 4.47% and uses a cash equivalent benchmark. VaR utilisation amounts for these Funds = Portfolio VaR / 4.47%.

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

206 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont.

A) Market Price Risk cont. Leverage cont. The figures provided below are an average across the year and will vary from time to time.

Fund Year Ended Average % Year Ended Average % Putnam European High Yield Fund 30-Jun-20 20 30-Jun-19 21 Putnam Fixed Income Global Alpha Fund 30-Jun-20 647 30-Jun-19 910 Putnam Global High Yield Bond Fund 30-Jun-20 17 30-Jun-19 15 Putnam Multi-Asset Absolute Return Fund 30-Jun-20 667 30-Jun-19 636 Putnam Securitised Credit Fund 30-Jun-20 403 30-Jun-19 282 Putnam Total Return Fund 30-Jun-20 296 30-Jun-19 289 Putnam U.S. Large Cap Growth Fund 30-Jun-20 6 30-Jun-19 7 Putnam Ultra Short Duration Income Fund 30-Jun-20 - 30-Jun-19 -

B) Foreign Currency Risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The risk arises on financial instruments that are denominated in a currency other than the functional currency in which these are measured. A substantial proportion of each Fund’s assets are held in currencies other than the base currency with the result that each Funds’ Statement of Financial Position can be significantly affected by currency movements. Certain Class level hedges as included in the analysis of the Schedule of Investments are entered into in order to hedge the value of the Euro and Pound Sterling Hedge Classes, in the U.S. Dollar Funds. At 30 June 2020 and 30 June 2019, Putnam Ultra Short Duration Income Fund had no exposure to currencies other than U.S. Dollar. The remaining Funds’ exposure to currencies other than their functional currency is set out in the tables in the following pages. Putnam European High Yield Fund 2020 Monetary Non-Monetary Gross Foreign Forwards Currency Net Foreign Assets/(Liabilities) Assets Currency Exposure Contracts at Portfolio Level Currency Exposure Foreign Currency EUR EUR EUR EUR EUR British Pound 1,930,262 - 1,930,262 24,714 1,954,976 U.S. Dollar 1,087,417 - 1,087,417 (1,258) 1,086,159 Total 3,017,679 - 3,017,679 23,456 3,041,135

2019 Monetary Non-Monetary Gross Foreign Forwards Currency Net Foreign Assets/(Liabilities) Assets Currency Exposure Contracts at Portfolio Level Currency Exposure Foreign Currency EUR EUR EUR EUR EUR British Pound 1,916,002 - 1,916,002 17,475 1,933,477 U.S. Dollar 834,209 - 834,209 10,897 845,106 Total 2,750,211 - 2,750,211 28,372 2,778,583

Putnam Fixed Income Global Alpha Fund 2020

Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD Australian Dollar (213) - (213) 42,518 42,305 Brazilian Real (10) - (10) - (10) British Pound (6,857,148) - (6,857,148) (2,733,587) (9,590,735) Canadian Dollar 382,267 - 382,267 (158,274) 223,993 Czech Koruna (146,370) - (146,370) 600 (145,770) Euro (579,838) - (579,838) 140,680 (439,158) Hong Kong Dollar - - - (5,553) (5,553)

Putnam World Trust 207

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. B) Foreign Currency Risk cont.

Putnam Fixed Income Global Alpha Fund cont.

2020 cont.

Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD Indian Rupee (16,753) - (16,753) 2,639 (14,114) Indonesian Rupiah - - - 38,047 38,047 Japanese Yen 30,881 - 30,881 (19,512) 11,369 Mexican Peso (5,026) - (5,026) - (5,026) New Zealand Dollar (12,541) - (12,541) 170,505 157,964 Norwegian Krone (18,477) - (18,477) (47,840) (66,317) Polish Zloty - - - (950) (950) Russian Ruble - - - 18,855 18,855 Singapore Dollar - - - (21,482) (21,482) South Korean Won 10,463 - 10,463 - 10,463 Swedish Krona 7,018 - 7,018 (3,481) 3,537 Swiss Franc (42,715) - (42,715) 9,597 (33,118) Taiwan Dollar - - - (2,789) (2,789) Total (7,248,462) - (7,248,462) (2,570,027) (9,818,489)

2019

Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD Australian Dollar 3,691 - 3,691 (222,632) (218,941) Brazilian Real (10) - (10) (1,369) (1,379) British Pound (619,454) - (619,454) 567,042 (52,412) Canadian Dollar 268,348 - 268,348 (38,547) 229,801 Czech Koruna (64,313) - (64,313) 19 (64,294) Euro 4,367,346 - 4,367,346 814,944 5,182,290 Indian Rupee (18,260) - (18,260) 6,455 (11,805) Indonesian Rupiah - - - 2,273 2,273 Israeli Shekel 64,951 - 64,951 (14) 64,937 Japanese Yen 10,708 - 10,708 (169,644) (158,936) Mexican Peso (5,026) - (5,026) 862 (4,164) New Zealand Dollar (40,582) - (40,582) (92,270) (132,852) Norwegian Krone 49,210 - 49,210 131,538 180,748 Russian Ruble - - - (962) (962) South Korean Won 10,463 - 10,463 (18) 10,445 Swedish Krona 275,960 - 275,960 (60,273) 215,687 Swiss Franc (6,198) - (6,198) 5,114 (1,084) Taiwan Dollar - - - 1,669 1,669 Total 4,296,834 - 4,296,834 944,187 5,241,021

208 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. B) Foreign Currency Risk cont. Putnam Global High Yield Bond Fund 2020 Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD British Pound 6,454,892 - 6,454,892 (3,360,633) 3,094,259 Canadian Dollar 626,189 1,078 627,267 (26,083) 601,184 Euro 32,838,816 - 32,838,816 (20,710) 32,818,106 Swiss Franc 43,213 - 43,213 (642) 42,571 Total 39,963,110 1,078 39,964,188 (3,408,068) 36,556,120

2019 Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD British Pound 7,050,811 - 7,050,811 773,942 7,824,753 Canadian Dollar 652,823 146,683 799,506 (17,680) 781,826 Euro 41,835,294 - 41,835,294 (231,049) 41,604,245 Swiss Franc 43,807 - 43,807 (856) 42,951 Total 49,582,735 146,683 49,729,418 524,357 50,253,775

Putnam Multi-Asset Absolute Return Fund 2020 Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD Argentine Peso 1 - 1 - 1 Australian Dollar 51,003 - 51,003 26,979 77,982 Brazilian Real 1,908,296 6,493,562 8,401,858 - 8,401,858 British Pound (18,017) - (18,017) (720,075) (738,092) Canadian Dollar 43,733 - 43,733 (322,332) (278,599) Euro 487,697 394,808 882,505 1,033,370 1,915,875 Hong Kong Dollar 157,914 24,521,464 24,679,378 (12,231) 24,667,147 Hungarian Forint - 522,036 522,036 - 522,036 Indian Rupee (907,439) 10,866,074 9,958,635 5,237 9,963,872 Indonesian Rupiah 380,292 1,077,518 1,457,810 77,867 1,535,677 Japanese Yen - - - (12,990) (12,990) Malaysian Ringgit 404,407 2,091,453 2,495,860 - 2,495,860 Mexican Peso - 813,740 813,740 - 813,740 New Zealand Dollar (26,974) - (26,974) 354,128 327,154 Norwegian Krone (24,789) - (24,789) (98,692) (123,481) Phillipine Peso - 234,276 234,276 - 234,276 Polish Zloty 7,411 1,049,372 1,056,783 (2,044) 1,054,739 Russian Ruble - - - 39,163 39,163 Singapore Dollar - - - (43,956) (43,956) South African Rand - 2,693,231 2,693,231 - 2,693,231 South Korean Won (1,186,949) 17,107,991 15,921,042 - 15,921,042 Swedish Krona (68,796) - (68,796) (3,050) (71,846) Swiss Franc (14,000) - (14,000) (5,895) (19,895) Taiwan Dollar (4,197,547) 7,762,547 3,565,000 (5,829) 3,559,171 Thailand Baht 379,733 5,444,724 5,824,457 - 5,824,457 Turkish Lira - 564,062 564,062 - 564,062 Total (2,624,024) 81,636,858 79,012,834 309,650 79,322,484

Putnam World Trust 209

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. B) Foreign Currency Risk cont. Putnam Multi-Asset Absolute Return Fund cont. 2019 Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD Argentine Peso 50,731 - 50,731 - 50,731 Australian Dollar (22,810) - (22,810) (467,152) (489,962) Brazilian Real 46,351 13,147,477 13,193,828 (3,326) 13,190,502 British Pound (110,677) 2,530,307 2,419,630 (76,262) 2,343,368 Canadian Dollar 121,433 - 121,433 (98,860) 22,573 Euro 384,523 - 384,523 6,546,215 6,930,738 Hong Kong Dollar 552,149 35,265,858 35,818,007 - 35,818,007 Hungarian Forint - 570,710 570,710 - 570,710 Indian Rupee - - - 15,685 15,685 Indonesian Rupiah 6,284 994,526 1,000,810 5,524 1,006,334 Japanese Yen - - - (425,746) (425,746) Malaysian Ringgit 7,412 2,480,898 2,488,310 - 2,488,310 Mexican Peso - 4,702,055 4,702,055 2,093 4,704,148 New Zealand Dollar (6,891) - (6,891) (207,579) (214,470) Norwegian Krone 127,081 - 127,081 313,729 440,810 Philippine Peso - 122,872 122,872 - 122,872 Polish Zloty - 821,798 821,798 - 821,798 Russian Ruble 11,839 - 11,839 (2,336) 9,503 South African Rand 257,422 5,651,012 5,908,434 - 5,908,434 South Korean Won 1,804 20,602,802 20,604,606 (46) 20,604,560 Swedish Krona 38,517 - 38,517 (139,813) (101,296) Swiss Franc (137,618) - (137,618) (10,672) (148,290) Taiwan Dollar 328,894 9,862,981 10,191,875 4,054 10,195,929 Thailand Baht - 7,061,946 7,061,946 - 7,061,946 Turkish Lira - 682,019 682,019 - 682,019 Total 1,656,444 104,497,261 106,153,705 5,455,508 111,609,213

Putnam Securitised Credit Fund

2020

Monetary Non-Monetary Gross Foreign Forwards Currency Net Foreign Assets/(Liabilities) Assets Currency Exposure Contracts at Portfolio Level Currency Exposure Foreign Currency USD USD USD USD USD British Pound - - - (7,453) (7,453) Euro - - - 593,697 593,697 Total - - - 586,244 586,244

2019 Monetary Non-Monetary Gross Foreign Forwards Currency Net Foreign Assets/(Liabilities) Assets Currency Exposure Contracts at Portfolio Level Currency Exposure Foreign Currency USD USD USD USD USD British Pound - - - 1,480 1,480 Euro - -- 6,525 6,525 Total - - - 8,005 8,005

210 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. B) Foreign Currency Risk cont. Putnam Total Return Fund

2020 Monetary Non-Monetary Gross Foreign Forwards Currency Net Foreign Assets/(Liabilities) Assets Currency Exposure Contracts at Portfolio Level Currency Exposure Foreign Currency USD USD USD USD USD Australian Dollar 801 558,561 559,362 7,042 566,404 Brazilian Real 70,702 241,884 312,586 - 312,586 British Pound 1,170 1,137,964 1,139,134 (3,553) 1,135,581 Canadian Dollar - - - (17,914) (17,914) Danish Krone 706 268,075 268,781 (781) 268,000 Euro 269,500 2,555,841 2,825,341 159,574 2,984,915 Hong Kong Dollar 10,279 1,248,166 1,258,445 (1,555) 1,256,890 Hungarian Forint - 19,123 19,123 - 19,123 Indian Rupee (14,150) 395,823 381,673 614 382,287 Indonesian Rupiah 14,520 43,184 57,704 9,100 66,804 Israeli Shekel - 93,464 93,464 9 93,473 Japanese Yen (97,191) 2,299,564 2,202,373 (15,999) 2,186,374 Malaysian Ringgit 30,865 81,565 112,430 - 112,430 Mexican Peso - 29,475 29,475 - 29,475 New Zealand Dollar - 54,261 54,261 43,148 97,409 Norwegian Krone (9) 62,817 62,808 (10,073) 52,735 Phillipine Peso - 9,147 9,147 - 9,147 Polish Zloty - 39,897 39,897 (240) 39,657 Russian Ruble - - - 4,503 4,503 Singapore Dollar - 154,567 154,567 (4,591) 149,976 South African Rand - 99,169 99,169 16,283 115,452 South Korean Won (66,867) 663,728 596,861 - 596,861 Swedish Krona - 360,526 360,526 (411) 360,115 Swiss Franc 51 887,290 887,341 (6,092) 881,249 Taiwan Dollar (30,424) 304,739 274,315 (684) 273,631 Thailand Baht 12,592 206,211 218,803 - 218,803 Turkish Lira - 23,209 23,209 - 23,209 Total 202,545 11,838,250 12,040,795 178,380 12,219,175

Putnam World Trust 211

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. B) Foreign Currency Risk cont. Putnam Total Return Fund cont.

2019 Monetary Non-Monetary Gross Foreign Forwards Currency Net Foreign Assets/(Liabilities) Assets Currency Exposure Contracts at Portfolio Level Currency Exposure Foreign Currency USD USD USD USD USD Australian Dollar 13,402 831,851 845,253 (72,905) 772,348 Brazilian Real 2,370 654,607 656,977 (463) 656,514 British Pound 1,716 2,821,422 2,823,138 1,571 2,824,709 Canadian Dollar - - - (5,867) (5,867) Danish Krone 1,415 363,851 365,266 586 365,852 Euro 351,245 4,906,867 5,258,112 1,455,123 6,713,235 Hong Kong Dollar 27,628 2,584,541 2,612,169 (867) 2,611,302 Hungarian Forint - 28,239 28,239 - 28,239 Indian Rupee 1,603 628,190 629,793 2,185 631,978 Indonesian Rupiah 313 52,316 52,629 770 53,399 Israeli Shekel - 101,898 101,898 1 101,899 Japanese Yen 2,160 3,387,745 3,389,905 49,660 3,439,565 Malaysian Ringgit 366 125,502 125,868 - 125,868 Mexican Peso - 234,817 234,817 292 235,109 New Zealand Dollar - - - (29,830) (29,830) Norwegian Krone (9) 187,634 187,625 37,499 225,124 Philippine Peso - 5,815 5,815 - 5,815 Polish Zloty - 40,483 40,483 - 40,483 Russian Ruble 586 - 586 (325) 261 Singapore Dollar - 246,629 246,629 1,227 247,856 South African Rand 31,980 284,023 316,003 - 316,003 South Korean Won (2,530) 1,037,270 1,034,740 (6) 1,034,734 Swedish Krona - 247,673 247,673 (24,232) 223,441 Swiss Franc 49 1,200,124 1,200,173 (11,262) 1,188,911 Taiwan Dollar 51,435 489,461 540,896 565 541,461 Thailand Baht - 356,553 356,553 - 356,553 Turkish Lira - 35,190 35,190 - 35,190 Total 483,729 20,852,701 21,336,430 1,403,722 22,740,152

Putnam U.S. Large Cap Growth Fund 2020

Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD British Pound 9 562,838 562,847 - 562,847 Canadian Dollar 9 - 9 - 9 Euro - 1,063,351 1,063,351 182,936 1,246,287 Hong Kong Dollar - 494,336 494,336 - 494,336 Swiss Franc - 1,167,429 1,167,429 - 1,167,429 Total 18 3,287,954 3,287,972 182,936 3,470,908

212 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. B) Foreign Currency Risk cont. Putnam U.S. Large Cap Growth Fund cont. 2019 Forwards Currency Monetary Non-Monetary Gross Foreign Contracts at Portfolio Net Foreign Assets/(Liabilities) Assets Currency Exposure Level Currency Exposure Foreign Currency USD USD USD USD USD British Pound 9 - 9 - 9 Canadian Dollar 9 - 9 - 9 Euro 277 747,411 747,688 1,000,286 1,747,974 Hong Kong Dollar - 747,167 747,167 - 747,167 Swiss Franc - 894,529 894,529 - 894,529 Total 295 2,389,107 2,389,402 1,000,286 3,389,688

C) 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 year and there were no restrictions preventing redemptions at the year 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 Financial Statements, under “Fair Value Estimation”. 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 30 June 2020 and 30 June 2019. Putnam European High Yield Fund

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 -

Putnam World Trust 213

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam European High Yield Fund cont.

30 June 2020 Level 1 Level 2 Level 3 EUR EUR EUR Liabilities Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (6,007) - Total Financial Liabilities at Fair Value through Profit or Loss - (6,007) -

30 June 2019 Level 1 Level 2 Level 3 EUR EUR EUR Assets Corporate Bonds and Notes - 14,997,070 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 28,372 - Total Financial Assets at Fair Value through Profit or Loss - 15,025,442 -

Putnam Fixed Income Global Alpha Fund

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) -

214 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam Fixed Income Global Alpha Fund cont.

30 June 2019 Level 1 Level 2 Level 3 USD USD USD Assets Equities 18,411 87 - U.S. Government and Agency Mortgage Obligations - 77,357,805 - U.S. Government Agency Obligations - 5,758,957 - Mortgage-Backed Securities - 86,746,542 - Repurchase Agreements - 10,885,000 - Corporate Bonds and Notes - 100,911,384 - Foreign Government and Agency Bonds and Notes - 11,218,547 - Commercial Paper - 16,682,423 - U.S. Treasury Obligations - 8,351,892 - Purchased Currency Options Outstanding - 35,328 - Purchased Equity Options Outstanding - 119 - Purchased Swap Options Outstanding - 6,562,253 - Unrealised Appreciation on Forward Premium Swap Option Contracts Outstanding -539,599 - Cumulative Unrealised Appreciation on Futures Contracts Outstanding 7,081 - - Cumulative Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding -70,405 - Cumulative Unrealised Appreciation on Centrally Cleared Total Return Swap Contracts Outstanding -16,150 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 120,019 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Sold -737,765 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - 145,042 - Unrealised Appreciation on OTC Interest Rate Swap Contracts Outstanding - 62,461 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 1,958,326 - Total Financial Assets at Fair Value through Profit or Loss 25,492 328,160,104 - Liabilities Written Currency Options Outstanding - (12,248) - Written Equity Options Outstanding - (28) - Written Swap Options Outstanding - (5,146,417) - Unrealised Depreciation on Forward Premium Swap Option Contracts Outstanding -(490,307) - TBA Sales Commitments Outstanding - (40,491,875) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (121,887) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Sold -(12,830) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding - Protection Purchased - (275,114) - Cumulative Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding - Protection Purchased - (3,624) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (1,014,139) - Total Financial Liabilities at Fair Value through Profit or Loss - (47,568,469) -

Putnam World Trust 215

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam Global High Yield Bond Fund

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) -

30 June 2019 Level 1 Level 2 Level 3 USD USD USD Assets Equities 2,832,335 143 58,560 Warrants 95,251 - - U.S. Government Agency Obligations - 2,943,422 - Repurchase Agreements - 5,841,000 - Corporate Bonds and Notes - 300,375,180 62 Foreign Government and Agency Bonds and Notes - 43,623 - Commercial Paper - 1,598,209 - Convertible Preferred Stocks - 630,403 - U.S. Treasury Obligations - 9,787,509 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 1,108,249 - Total Financial Assets at Fair Value through Profit or Loss 2,927,586 322,327,738 58,622 Liabilities Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (583,892) - Total Financial Liabilities at Fair Value through Profit or Loss -(583,892) -

216 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam Multi-Asset Absolute Return Fund

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) -

Putnam World Trust 217

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam Multi-Asset Absolute Return Fund cont.

30 June 2019 Level 1 Level 2 Level 3 USD USD USD Assets Equities 120,391,456 - - Warrants 5,136,927 - U.S. Government and Agency Mortgage Obligations - 86,221,649 - U.S. Government Agency Obligations - 127,460,065 - Mortgage-Backed Securities - 30,993,931 - Repurchase Agreements 44,149,000 - Corporate Bonds and Notes - 1,267,545 - Foreign Government and Agency Bonds and Notes - 4,742,304 - Commercial Paper -57,129,375 - Preferred Stocks 2,384,457 - - U.S. Treasury Obligations - 143,200,487 - Purchased Currency Options Outstanding 84,266 - Purchased Equity Options Outstanding 1,332,177 - Cumulative Unrealised Appreciation on Futures Contracts Outstanding 5,426,303 - - Cumulative Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding - 111,432 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 17,559,028 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding- Protection Sold - 2,021,677 - Cumulative Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding- Protection Purchased - 97,337 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 7,802,767 - Total Financial Assets at Fair Value through Profit or Loss 128,202,216 529,309,967 - Liabilities Written Currency Options Outstanding - (29,213) - Written Equity Options Outstanding - (91,811) - TBA Sales Commitments Outstanding - (43,012,735) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (20,392,455) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding- Protection Sold -(32,706) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding- Protection Purchased -(187,829) - Cumulative Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding- Protection Sold - (81,703) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (2,347,259) - Total Financial Liabilities at Fair Value through Profit or Loss - (66,175,711) -

218 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam Securitised Credit Fund

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) -

30 June 2019 Level 1 Level 2 Level 3 USD USD USD Assets U.S. Government and Agency Mortgage Obligations - 10,222,852 - U.S. Government Agency Obligations - 2,204,282 - Mortgage-Backed Securities - 6,039,803 - Repurchase Agreements - 1,000,000 - U.S. Treasury Obligations - 1,498,397 - Cumulative Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding -1,148 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding– Protection Sold -18,686 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 8,046 - Total Financial Assets at Fair Value through Profit or Loss - 20,993,214 - Liabilities TBA Sales Commitments Outstanding - (5,112,110) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding- Protection Sold -(17,563) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding- Protection Purchased - (21,729) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (41) - Total Financial Liabilities at Fair Value through Profit or Loss - (5,151,443) -

Putnam World Trust 219

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam Total Return Fund

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) -

220 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam Total Return Fund cont.

30 June 2019 Level 1 Level 2 Level 3 USD USD USD Assets Equities 76,155,999 165,444 - Warrants - 261,396 - U.S. Government and Agency Mortgage Obligations - 25,933,236 - U.S. Government Agency Obligations - 3,298,112 - Mortgage-Backed Securities - 7,007,322 - Repurchase Agreements - 3,353,000 - Corporate Bonds and Notes - 35,600,690 - Foreign Government and Agency Bonds and Notes - 1,326,194 - Commercial Paper -3,544,319 - Preferred Stocks 152,856 70,655 - U.S. Treasury Obligations - 1,781,522 - Purchased Currency Options Outstanding - 11,693 - Purchased Equity Options Outstanding - 753,771 - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding - 413,152 - Unrealised Appreciation on OTC Credit Default Contracts Outstanding- Protection Sold - 46,883 - Cumulative Unrealised Appreciation on Centrally Cleared Default Contracts Outstanding- Protection Sold - 14,859 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 1,758,389 - Total Financial Assets at Fair Value through Profit or Loss 76,308,855 85,340,637 - Liabilities Written Currency Options Outstanding - (4,054) - Written Equity Options Outstanding - (52,144) - Cumulative Unrealised Depreciation on Futures Contracts Outstanding (266,654) - - TBA Sales Commitments Outstanding - (14,367,657) - Cumulative Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding -(40,055) - Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding - (433,013) - Cumulative Unrealised Depreciation on Centrally Cleared Total Return Swap Contracts Outstanding -(45,185) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding- Protection Sold - (1,163) - Unrealised Depreciation on OTC Credit Default Contracts Outstanding- Protection Purchased - (3,308) - Cumulative Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding- Protection Purchased - (5,398) - Unrealised Depreciation on Forward Foreign Exchange Currency Contracts - (354,667) - Total Financial Liabilities at Fair Value through Profit or Loss (266,654) (15,306,644) -

Putnam World Trust 221

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. C) Fair Valuation Hierarchy cont. Putnam U.S. Large Cap Growth Fund

30 June 2020 Level 1 Level 2 Level 3 USD USD USD Assets Equities 75,112,731 3,287,951 2 Warrants - - - 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) -

30 June 2019 Level 1 Level 2 Level 3 USD USD USD Assets Equities 76,794,612 - 4,775 Repurchase Agreements - 108,000 - U.S. Treasury Obligations - 698,596 - Purchased Equity Options Outstanding - 22,762 - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts - 1,000,286 - Total Financial Assets at Fair Value through Profit or Loss 76,794,612 1,829,644 4,775 Liabilities Written Equity Options Outstanding - (13,817) - Total Financial Liabilities at Fair Value through Profit or Loss - (13,817) -

Putnam Ultra Short Duration Income Fund

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 -

30 June 2019 Level 1 Level 2 Level 3 USD USD USD Assets Mortgage Backed Securities - 152,631,362 - Corporate Bonds and Notes - 648,159,606 - Commercial Paper - 421,125,733 - Total Financial Assets at Fair Value through Profit or Loss - 1,221,916,701 -

222 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. D) Interest Rate Risk Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The risk arises on cash at bank and on financial instruments whose fair value or future cash flows are affected by changes in interest rates. Short-term securities are less sensitive to interest rate changes than longer-term securities, but they also usually offer lower yields. The Funds invest in both fixed rate and floating rate securities. The following tables disclose the interest rate risk exposure of the Funds at 30 June 2020 and 30 June 2019. Putnam European High Yield Fund

2020 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing EUR Transferable securities 281,685 7,469 4,258,107 93,938 7,226,103 2,683,157 - 14,550,459 Financial derivative instruments ------29,463 29,463 Cash and bank balances - 916,983 - - - - - 916,983 Other assets ------343,559 343,559 Total assets 281,685 924,452 4,258,107 93,938 7,226,103 2,683,157 373,022 15,840,464 Financial derivative instruments ------(6,007) (6,007) Other liabilities ------(215,311) (215,311) Total liabilities ------(221,318) (221,318) Total Equity 15,619,146

2019 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing EUR Transferable securities 101,867 10,077 3,682,564 110,140 8,618,817 2,473,605 - 14,997,070 Financial derivative instruments ------28,372 28,372 Cash and bank balances - 1,098,789 - - - - - 1,098,789 Other assets ------313,557 313,557 Total assets 101,867 1,108,866 3,682,564 110,140 8,618,817 2,473,605 341,929 16,437,788 Other liabilities ------(476,245) (476,245) Total liabilities ------(476,245) (476,245) Total Equity 15,961,543

Putnam Fixed Income Global Alpha Fund 2020 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 58,664,601 - 38,390,505 3,242,102 255,047,316 81,106,264 3,864 436,454,652 Financial derivative instruments ------14,763,165 14,763,165 Cash and bank balances - 1,934,361 - - - - - 1,934,361 Cash pledged as collateral for financial derivative instruments - 4,509,241 - - - - - 4,509,241 Broker cash held as collateral for financial derivative instruments - 896,000 - - - - - 896,000 Other assets ------21,470,634 21,470,634 Total assets 58,664,601 7,339,602 38,390,505 3,242,102 255,047,316 81,106,264 36,237,663 480,028,053 TBA sales commitments outstanding (45,078,046) ------(45,078,046) Financial derivative instruments ------(18,187,964) (18,187,964) Broker cash due to counterparties for financial derivative instruments - (896,000) - - - - - (896,000) Other liabilities ------(178,475,493) (178,475,493) Total liabilities (45,078,046) (896,000) - - - - (196,663,457) (242,637,503) Total net assets attributable to redeemable participating Unitholders 237,390,550

Putnam World Trust 223

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. D) Interest Rate Risk cont. Putnam Fixed Income Global Alpha Fund cont.

2019 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 57,645,937 4,574,000 47,556,756 2,448,193 129,717,441 75,970,223 18,498 317,931,048 Financial derivative instruments - - 62,461 - - - 10,192,087 10,254,548 Cash and bank balances - 126,449 - - - - - 126,449 Cash pledged as collateral for financial derivative instruments - 2,068,563 - - - - - 2,068,563 Broker cash held as collateral for financial derivative instruments - 1,197,000 - - - - - 1,197,000 Other assets ------37,890,675 37,890,675 Total assets 57,645,937 7,966,012 47,619,217 2,448,193 129,717,441 75,970,223 48,101,260 369,468,283 TBA sales commitments outstanding (40,491,875) ------(40,491,875) Financial derivative instruments ------(7,076,594) (7,076,594) Broker cash due to counterparties for financial derivative instruments - (1,197,000) - - - - - (1,197,000) Other liabilities ------(74,953,610) (74,953,610) Total liabilities (40,491,875) (1,197,000) - - - - (82,030,204) (123,719,079) Total net assets attributable to redeemable participating Unitholders 245,749,204

Putnam Global High Yield Bond Fund

2020 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 13,538,781 33,567 75,854,048 116,261 172,377,069 9,186,705 3,352,219 274,458,650 Financial derivative instruments ------504,041 504,041 Cash and bank balances - 256,338 - - - - - 256,338 Broker cash held as collateral for financial derivative instruments - 350,000 - - - - - 350,000 Other assets ------5,704,556 5,704,556 Total assets 13,538,781 639,905 75,854,048 116,261 172,377,069 9,186,705 9,560,816 281,273,585 Financial derivative instruments ------(3,912,109) (3,912,109) Broker cash due to counterparties for financial derivative instruments - (350,000) - - - - - (350,000) Other liabilities ------(3,116,338) (3,116,338) Total liabilities - (350,000) - - - - (7,028,447) (7,378,447) Total net assets attributable to redeemable participating Unitholders 273,895,138

224 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. D) Interest Rate Risk cont.

Putnam Global High Yield Bond Fund cont.

2019 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 20,170,140 45,832 72,752,443 175,598 216,933,832 10,511,160 3,616,692 324,205,697 Financial derivative instruments ------1,108,249 1,108,249 Cash and bank balances - 443,751 - - - - - 443,751 Broker cash held as collateral for financial derivative instruments - 493,000 - - - - - 493,000 Other assets ------6,067,2176,067,217 Total assets 20,170,140 982,583 72,752,443 175,598 216,933,832 10,511,160 10,792,158 332,317,914 Financial derivative instruments ------(583,892) (583,892) Broker cash due to counterparties for financial derivative instruments - (493,000) -- - - - (493,000) Other liabilities ------(4,318,486) (4,318,486) Total liabilities - (493,000) - - - - (4,902,378) (5,395,378) Total net assets attributable to redeemable participating Unitholders 326,922,536

Putnam Multi-Asset Absolute Return Fund

2020 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 286,781,533 - 1,805,541 - 188,737,141 17,689,895 125,917,709 620,931,819 Financial derivative instruments ------23,123,559 23,123,559 Cash and bank balances - 7,211,250 - - - - - 7,211,250 Cash pledged as collateral for financial derivative instruments - 12,353,427 - - - - - 12,353,427 Broker cash held as collateral for financial derivative instruments - 3,386,000 - - - - - 3,386,000 Other assets ------23,229,963 23,229,963 Total assets 286,781,533 22,950,677 1,805,541 - 188,737,141 17,689,895 172,271,231 690,236,018 TBA sales commitments outstanding (45,141,445) ------(45,141,445) Financial derivative instruments - - - - - (21,909,496) (21,909,496) Broker cash due to counterparties for financial derivative instruments - (3,386,000) - - - - - (3,386,000) Other liabilities ------(154,080,490) (154,080,490) Total liabilities (45,141,445) (3,386,000) - - - - (175,989,986) (224,517,431) Total net assets attributable to redeemable participating Unitholders 465,718,587

Putnam World Trust 225

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. D) Interest Rate Risk cont.

Putnam Multi-Asset Absolute Return Fund cont.

2019 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 371,938,927 2,388,000 961,900 32,052 102,196,381 17,647,096 127,912,840 623,077,196 Financial derivative instruments ------34,434,987 34,434,987 Cash pledged as collateral for financial derivative instruments - 8,273,227 - - - - - 8,273,227 Broker cash held as collateral for financial derivative instruments - 5,244,000 - - - - - 5,244,000 Other assets ------32,109,460 32,109,460 Total assets 371,938,927 15,905,227 961,900 32,052 102,196,381 17,647,096 194,457,287 703,138,870 TBA sales commitments outstanding (43,012,735) ------(43,012,735) Financial derivative instruments ------(23,162,976) (23,162,976) Broker cash due to counterparties for financial derivative instruments - (5,244,000) - - - - - (5,244,000) Bank overdraft - (4,599,265) - - - - - (4,599,265) Other liabilities ------(82,184,552) (82,184,552) Total liabilities (43,012,735) (9,843,265) - - - - (105,347,528) (158,203,528) Total net assets attributable to redeemable participating Unitholders 544,935,342

Putnam Securitised Credit Fund 2020 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 159,842,073 - - - 337,597,803 181,865,699 - 679,305,575 Financial derivative instruments ------6,367,687 6,367,687 Cash pledged as collateral for financial derivative instruments - 7,400,236 - - - - - 7,400,236 Broker cash held as collateral for financial derivative instruments - 1,133,000 - - - - - 1,133,000 Other assets ------121,326,651 121,326,651 Total assets 159,842,073 8,533,236 - - 337,597,803 181,865,699 127,694,338 815,533,149 TBA sales commitments outstanding (118,853,984) ------(118,853,984) Financial derivative instruments ------(32,070,510) (32,070,510) Bank overdraft - (124,621) - - - - - (124,621) Broker cash due to counterparties for financial derivative instruments - (1,133,000) - - - - - (1,133,000) Other liabilities ------(282,607,367) (282,607,367) Total liabilities (118,853,984) (1,257,621) - - - - (314,677,877) (434,789,482) Total net assets attributable to redeemable participating Unitholders 380,743,667

226 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. D) Interest Rate Risk cont.

Putnam Securitised Credit Fund cont. 2019 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 4,702,679 68,000 - - 11,410,329 4,784,326 - 20,965,334 Financial derivative instruments ------27,880 27,880 Cash pledged as collateral for financial derivative instruments - 89,600 - - - - - 89,600 Other assets ------2,213,509 2,213,509 Total assets 4,702,679 157,600 - - 11,410,329 4,784,326 2,241,389 23,296,323 TBA sales commitments outstanding (5,112,110) ------(5,112,110) Financial derivative instruments ------(39,333) (39,333) Bank overdraft - (761) - - - - - (761) Other liabilities ------(7,806,132) (7,806,132) Total liabilities (5,112,110) (761) - - - - (7,845,465) (12,958,336) Total net assets attributable to redeemable participating Unitholders 10,337,987

Putnam Total Return Fund 2020

Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 18,718,383 - 8,856,300 84,243 36,591,291 6,485,567 39,787,567 110,523,351 Financial derivative instruments ------2,120,967 2,120,967 Cash pledged as collateral for financial derivative instruments - 4,430,393 - - - - - 4,430,393 Broker cash held as collateral for financial derivative instruments - 990,000 - - - - - 990,000 Other assets ------4,190,652 4,190,652 Total assets 18,718,383 5,420,393 8,856,300 84,243 36,591,291 6,485,567 46,099,186 122,255,363 TBA sales commitments outstanding (5,245,038) ------(5,245,038) Financial derivative instruments ------(672,391) (672,391) Bank overdraft - (106,175) - - - - - (106,175) Broker cash due to counterparties for financial derivative instruments - (990,000) - - - - - (990,000) Other liabilities ------(16,027,284) (16,027,284) Total liabilities (5,245,038) (1,096,175) - - - - (16,699,675) (23,040,888) Total net assets attributable to redeemable participating Unitholders 99,214,475

Putnam World Trust 227

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. D) Interest Rate Risk cont.

Putnam Total Return Fund cont. 2019 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 14,821,066 812,000 11,033,114 63,029 47,515,796 7,599,390 76,806,350 158,650,745 Financial derivative instruments ------2,998,747 2,998,747 Cash and bank balances - 325,414 - - - - - 325,414 Cash pledged as collateral for financial derivative instruments - 4,801,677 - - - - - 4,801,677 Broker cash held as collateral for financial derivative instruments - 1,300,000 - - - - - 1,300,000 Other assets ------11,531,093 11,531,093 Total assets 14,821,066 7,239,091 11,033,114 63,029 47,515,796 7,599,390 91,336,190 179,607,676 TBA sales commitments outstanding (14,367,657) ------(14,367,657) Financial derivative instruments ------(1,205,641) (1,205,641) Broker cash due to counterparties for financial derivative instruments - (1,300,000) - - - - - (1,300,000) Other liabilities ------(23,862,230) (23,862,230) Total liabilities (14,367,657) (1,300,000) - - - - (25,067,871) (40,735,528) Total net assets attributable to redeemable participating Unitholders 138,872,148

Putnam U.S. Large Cap Growth Fund

2020

Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 1,468,984 - - - - - 78,400,684 79,869,668 Financial derivative instruments ------208,856 208,856 Broker cash held as collateral for financial derivative instruments - 10,000 - - - - - 10,000 Other assets ------1,424,955 1,424,955 Total assets 1,468,984 10,000 - - - - 80,034,495 81,513,479 Financial derivative instruments ------(60,907) (60,907) Bank overdraft - (4,387) - - - - - (4,387) Broker cash due to counterparties for financial derivative instruments - (10,000) - - - - - (10,000) Other liabilities ------(1,211,448) (1,211,448) Total liabilities - (14,387) - - - - (1,272,355) (1,286,742) Total net assets attributable to redeemable participating Unitholders 80,226,737

228 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. D) Interest Rate Risk cont.

Putnam U.S. Large Cap Growth Fund cont.

2019

Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 806,596 - - - - - 76,799,387 77,605,983 Financial derivative instruments ------1,023,048 1,023,048 Broker cash held as collateral for financial derivative instruments - 540,000 - - - - - 540,000 Other assets ------13,538 13,538 Total assets 806,596 540,000 - - - - 77,835,973 79,182,569 Financial derivative instruments ------(13,817) (13,817) Bank overdraft - (15,437) - - - - - (15,437) Broker cash due to counterparties for financial derivative instruments - (540,000) - - - - - (540,000) Other liabilities ------(297,506) (297,506) Total liabilities - (555,437) - - - - (311,323) (866,760) Total net assets attributable to redeemable participating Unitholders 78,315,809

Putnam Ultra Short Duration Income Fund 2020 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 251,732,455 268,312,326 63,328,345 282,992,653 118,066 62,943,960 - 929,427,805 Cash and bank balances - 16,195 - - - - - 16,195 Other assets ------21,902,998 21,902,998 Total assets 251,732,455 268,328,521 63,328,345 282,992,653 118,066 62,943,960 21,902,998 951,346,998 Other liabilities ------(10,372,400) (10,372,400) Total liabilities ------(10,372,400) (10,372,400) Total net assets attributable to redeemable participating Unitholders 940,974,598

2019 Up to 1 year 1-5 years Over 5 years Non-interest Total Fixed Floating Fixed Floating Fixed Floating bearing USD Transferable securities 513,537,133 100,291,430 63,855,062 432,387,470 161,984 111,683,622 - 1,221,916,701 Other assets ------15,866,222 15,866,222 Total assets 513,537,133 100,291,430 63,855,062 432,387,470 161,984 111,683,622 15,866,222 1,237,782,923 Bank overdraft - (1,882,108) - - - - - (1,882,108) Other liabilities ------(32,236,656) (32,236,656) Total liabilities - (1,882,108) - - - - (32,236,656) (34,118,764) Total net assets attributable to redeemable participating Unitholders 1,203,664,159

Putnam World Trust 229

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. E) Liquidity Risk This is the risk that the Funds will encounter difficulty in meeting obligations associated with financial liabilities. The Funds’ assets primarily comprise mainly readily realisable securities. The main liability of each Fund is the redemption of any units that investors wish to sell, as well as other liabilities, such as purchases of investments awaiting settlement. The Funds’ financial instruments may include investments in OTC derivative contracts, which are not traded in an organised public market and may be illiquid. As a result, the Funds may not be able to promptly liquidate some of their investments in these instruments at an amount close to its fair value in order to meet their liquidity requirements or to respond to specific events such as deterioration in the credit worthiness of any particular issuer. Fair value amounts are presented in the Schedule of Investments to indicate the extent of the Funds' involvement in such instruments. The trading volumes of stocks and fixed income securities held by each Fund are generally sufficient to satisfy liquidity requirements when necessary. However, to minimise or mitigate the effect of liquidity risk where deemed necessary, the Investment Advisor could either reposition the portfolio or adjust the allocation to obtain a higher concentration of more liquid securities. These adjustments could impact the Funds’ returns. 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 in that Fund, 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 that Fund. Under the Trust Deed between the Manager and the Depositary, an overdraft facility is in place for the Funds, which further mitigates the liquidity risk of the Funds. The following tables disclose the liquidity risk exposure of the Funds at 30 June 2020 and 30 June 2019. Putnam European High Yield Fund As at 30 June 2020 As at 30 June 2019 EUR EUR <3 months 3-12 months >12 months <3 months 3-12 months >12 months Financial liabilities at fair value through profit or loss 6,007 - - - - - Expenses payable 100,364 - - 105,738 - - Other liabilities 114,947 - - 370,507 - - Total Equity Units 15,619,146 - - 15,961,543 - - Total financial liabilities 15,840,464 - - 16,437,788 - -

Putnam Fixed Income Global Alpha Fund As at 30 June 2020 As at 30 June 2019 USD USD <3 months 3-12 months >12 months <3 months 3-12 months >12 months Financial liabilities at fair value through profit or loss 49,603,371 1,112,626 12,550,013 43,441,082 311,117 3,816,270 Broker cash due to counterparties 896,000 - - 1,197,000 - - Expenses payable 836,665 - - 811,012 - - Other liabilities 177,638,828 - - 74,142,598 - - Redeemable participating Units 237,390,550 - - 245,749,204 - - Total financial liabilities 466,365,414 1,112,626 12,550,013 365,340,896 311,117 3,816,270

230 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. E) Liquidity Risk cont. Putnam Global High Yield Bond Fund As at 30 June 2020 As at 30 June 2019 USD USD <3 months 3-12 months >12 months <3 months 3-12 months >12 months Financial liabilities at fair value through profit or loss 3,912,109 - - 583,892 - - Broker cash due to counterparties 350,000 - - 493,000 - - Expenses payable 837,045 - - 1,062,720 - - Other liabilities 2,279,293 - - 3,255,766 - - Redeemable participating Units 273,895,138 - - 326,922,536 - - Total financial liabilities 281,273,585 - - 332,317,914 --

Putnam Multi-Asset Absolute Return Fund As at 30 June 2020 As at 30 June 2019 USD USD <3 months 3-12 months >12 months <3 months 3-12 months >12 months Financial liabilities at fair value through profit or loss 50,050,446 7,209,863 9,790,632 45,818,975 7,594,222 12,762,514 Broker cash due to counterparties 3,386,000 - - 5,244,000 - - Expenses payable 1,540,427 - - 1,801,146 - - Bank overdraft --- 4,599,265 -- Other liabilities 152,540,063 - - 80,383,406 - - Redeemable participating Units 465,718,587 - - 544,935,342 - - Total financial liabilities 673,235,523 7,209,863 9,790,632 682,782,134 7,594,222 12,762,514

Putnam Securitised Credit Fund As at 30 June 2020 As at 30 June 2019 USD USD <3 months 3-12 months >12 months <3 months 3-12 months >12 months Financial liabilities at fair value through profit or loss 119,649,801 - 31,274,693 5,112,151 - 39,292 Broker cash due to counterparties 1,133,000 - - - - - Expenses payable 616,118 - - 93,979 - - Bank overdraft 124,621 - - 761 - - Other liabilities 281,991,249 - - 7,712,153 - - Redeemable participating Units 380,743,667 - - 10,337,987 - - Total financial liabilities 784,258,456 - 31,274,693 23,257,031 - 39,292

Putnam Total Return Fund As at 30 June 2020 As at 30 June 2019 USD USD <3 months 3-12 months >12 months <3 months 3-12 months >12 months Financial liabilities at fair value through profit or loss 5,624,832 144,790 147,807 15,044,701 294,243 234,354 Broker cash due to counterparties 990,000 - - 1,300,000 - - Expenses payable 732,793 - - 974,933 - - Bank overdraft 106,175 - - - - - Other liabilities 15,294,491 - - 22,887,297 - - Redeemable participating Units 99,214,475 - - 138,872,148 - - Total financial liabilities 121,962,766 144,790 147,807 179,079,079 294,243 234,354

Putnam World Trust 231

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. E) Liquidity Risk cont. Putnam U.S. Large Cap Growth Fund As at 30 June 2020 As at 30 June 2019 USD USD <3 months 3-12 months >12 months <3 months 3-12 months >12 months Financial liabilities at fair value through profit or loss 25,920 - 34,987 13,817 - - Broker cash due to counterparties 10,000 - - 540,000 - - Expenses payable 293,822 - - 297,506 - - Bank overdraft 4,387 - - 15,437 - - Other liabilities 917,626 - - - - - Redeemable participating Units 80,226,737 - - 78,315,809 - - Total financial liabilities 81,478,492 - 34,987 79,182,569 - -

Putnam Ultra Short Duration Income Fund As at 30 June 2020 As at 30 June 2019 USD USD <3 months 3-12 months >12 months <3 months 3-12 months >12 months Expenses payable 3,072,308 - - 3,015,717 - - Bank overdraft - - - 1,882,108 - - Other liabilities 7,300,092 - - 29,220,939 - - Redeemable participating Units 940,974,598 - - 1,203,664,159 - - Total financial liabilities 951,346,998 - - 1,237,782,923 - -

F) Credit Risk The Funds are exposed to credit risk from parties with whom they trade and also bears the risk of settlement default. The Funds seek to minimise concentration of credit risk by undertaking transactions with a large number of counterparties on recognised and reputable exchanges and the over-the-counter market. The Funds’ maximum exposure to credit risk (not taking into account the value of any collateral or other security held) in the event that the Depositary, counterparties and brokers fail to perform their obligations as of 30 June 2020 and 30 June 2019 in relation to each class of recognised financial assets is the carrying amount of those assets as indicated in the Statement of Financial Position. It is the Funds’ policy to take custody of securities purchased under repurchase agreements on a daily basis to protect the Funds in the event the securities are not repurchased by the counterparty. The Funds will generally obtain additional collateral if the fair value of the underlying securities is less than the obligation to repurchase plus any accrued interest. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and or retention of the collateral or proceeds may be subject to legal proceedings. Credit default contracts provide a measure of protection against defaults of debt issuers. The use of credit default contracts does not assure their use will be effective or will have the desired result. The credit events are specified in the contract and are intended to identify the occurrence of a significant deterioration in the creditworthiness of the reference asset. On settlement, credit default products may be cash settled or involve the physical delivery of an obligation of the reference entity following a default. The maximum exposure upon entering into credit default contracts is equal to the notional amount which is disclosed in the Schedule of Investments. Buying credit default protection reduces the buyer's exposure to a reference entity (it is intended to reduce risk when a party owns a security issued by or otherwise has exposure to the reference entity or to create a synthetic short position in the reference entity). As the protection buyer, the buyer may lose its investment and recover nothing if a credit event does not occur and may be required to make periodic payments to the protection seller until the contracts matures.

232 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. F) Credit Risk cont. The Funds hold interest rate swaps and credit default contracts at year end which are centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing broker through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivative transaction. The Funds' exposure to credit risk on swap contracts in which they have a net gain position is reduced by such gains received in cash from the counterparty under the daily mark-to-market mechanism (variation margin). They will also be exposed on any cash collateral pledged to cover contracts in a net loss position. All funds received by a clearing broker are generally held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds. The clearing and depository operations for the Funds’ security transactions are mainly concentrated with one depositary, namely State Street Custodial Services (Ireland) Limited. The long term credit rating of State Street Custodial Services (Ireland) Limited as at 30 June 2020 was A1 (30 June 2019: A1). At 30 June 2020 and 30 June 2019, all cash and cash equivalents and investments, other than financial derivative instruments, are placed in custody with State Street Custodial Services (Ireland) Limited. The Funds also employ Barclays Bank Plc (credit rating of A1 at 30 June 2020 (30 June 2019: A2)) as a clearing broker for their centrally cleared swap transactions. In addition, there are risks involved in dealing with custodians or brokers who settle trades with regard to the segregation of assets. It is expected that all securities and other assets deposited with custodians or brokers will be clearly identified as being assets of the Funds; the Funds should not therefore be exposed to a credit risk with respect to such parties. However, it may not always be possible to achieve this segregation, so the portfolio of the Funds may experience increased exposure to credit risk associated with the applicable custodians or brokers. Bankruptcy or insolvency of the Depositary may cause the Funds' rights with respect to cash and securities held by the Depositary to be delayed or limited and the Funds would be treated as a general creditor of that entity in respect of their cash balances. The following are the credit ratings, as rated by Moody's, for the counterparties which held open financial derivative positions as at 30 June 2020 and 30 June 2019:

30 June 2020 30 June 2019 Bank of America, N.A. Aa2 Aa2 Barclays Bank PLC A1 A2 Citibank N.A. Aa3 Aa3 Citigroup Global Markets, Inc. A3 A1 Credit Suisse AG A1 A1 Credit Suisse International A1 A1 Goldman Sachs International A1 A1 HSBC Bank PLC Aa2 Aa2 HSBC Bank USA, N.A. Aa3 Aa3 JPMorgan Chase Bank, N.A. A2 A2 JPMorgan Securities LLC Aa3 Aa3 Merrill Lynch International A2 A2 Morgan Stanley & Co. International PLC A3 A3 NatWest Markets PLC Baa2 Baa2 State Street Bank & Trust Company Aa2 Aa2 Toronto-Dominion Bank Aa1 - UBS AG Aa2 Aa2 Westpac Banking Corporation Aa2 Aa2

Risks associated with derivative contracts involve the possibility that the counterparty to the contract may default on its obligation to perform. Counterparty exposure is managed in accordance with the investment restrictions specified in the Trust's Prospectus. The Funds could be exposed to credit or market risk due to unfavourable changes in the fluctuation of interest rates or in the price of the underlying security or index or the possibility that there is no liquid market for these agreements. The Funds’ maximum risk of loss from failure of a counterparty is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the Funds and the counterparty. Risk of loss may exceed amounts recognised on the Statement of Financial Position. Fair Value amounts are presented in the Schedule of Investments to indicate the extent of the Funds’ involvement in such instruments.

Putnam World Trust 233

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. F) Credit Risk cont. The table below outlines the credit ratings of each applicable Fund’s bond investments and exposure on derivatives: 30 June 2020

Moody's/S&P Putnam European Putnam Fixed Putnam Global Putnam Multi- Putnam Putnam Ultra /Fitch Credit High Yield Income Global Putnam Total High Yield Bond Asset Absolute Securitised Credit Short Duration Rating Fund Alpha Fund Return Fund Fund Return Fund Fund Income Fund AAA - 86.50% 25.11% 0.02% 67.14% 78.66% 10.61% AA - 9.61% 5.11% - 0.30% 1.43% 18.98% A - 7.86% 10.28% 0.16% 0.15% 4.19% 33.85% BAA 15.04% 16.10% 18.59% 12.35% 1.77% 4.43% 10.78% BA 34.95% 16.62% 15.30% 46.21% 1.32% 3.16% - B 36.62% 4.17% 4.25% 28.28% 0.20% 3.65% - CAA 9.78% 1.94% - 8.47% - 1.77% - CA - 0.38% - - - - - C - 0.44% - - - - - D 0.05% 0.21% - 0.77% - - - P-1* - 17.12% 25.17% - 124.57% 41.87% 11.79% P-2* ------12.34% P-3* ------1.62% Not Rated - (60.95)% (3.81)% 1.49% (95.45)% (39.16)% 0.11% Cash and other net assets 3.56% - - 2.25% - - (0.08)% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

30 June 2019

Moody's/S&P Putnam European Putnam Fixed Putnam Global Putnam Multi- Putnam Putnam Ultra /Fitch Credit High Yield Income Global Putnam Total High Yield Bond Asset Absolute Securitised Credit Short Duration Rating Fund Alpha Fund Return Fund Fund Return Fund Fund Income Fund AAA - 31.14% 14.91% 0.01% 21.47% 81.90% 6.29% AA - 13.00% 5.56% - 0.38% 3.01% 19.26% A - 7.67% 7.74% - 0.22% 0.46% 29.97% BAA 11.34% 15.32% 13.07% 9.80% 2.29% 3.71% 9.36% BA 35.04% 19.68% 12.28% 44.98% 0.78% 1.12% - B 38.81% 2.90% 4.71% 30.88% 0.35% 7.51% - CAA 10.02% 1.59% - 7.45% - 2.88% - CA - 0.60% - - - - - C - 0.28% - - - - - D 0.06% 0.20% - 0.05% - - - P-1* - 16.96% 12.54% - 119.20% 45.49% 7.70% P-2* ------24.76% P-3* ------2.83% Not Rated - (9.34)% 29.19% 1.11% (44.69)% (46.08)% 0.22% Cash and other net assets 4.73% - - 5.72% - - (0.39)% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

*Moody's employs the following designations to indicate the relative repayment ability of rated issuers: P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations. P-2: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations. P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term debt obligations.

234 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

5. Risks Associated with Financial Instruments cont. F) Credit Risk cont. Credit qualities are shown as a percentage of the Funds’ Net Asset Value. A bond rated BAA or higher (Prime-3 or higher, for short-term debt) is considered investment grade. The chart reflects “best" rating between Moody's, Standard & Poor's (S&P) and Fitch, showing ratings based on S&P lettering. To-be-announced (“TBA”) mortgage commitments, if any, are included based on their issuer ratings. Ratings and portfolio credit quality will vary over time. Derivative instruments, including forward currency contracts, are only included to the extent of any unrealised gain or loss on such instruments and are shown in the not-rated category. Cash is shown in the not-rated category, except for Putnam European High Yield Fund, Putnam Global High Yield Bond Fund and Putnam Ultra Short Duration Income Fund, where cash and net other assets, if any, represent the fair value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Derivative offset values are included in the not-rated category and may result in negative weights. The Funds themselves have not been rated by an independent rating agency. Global Exposure Under the Central Bank UCITS Regulations, the Investment Advisor is required to employ a risk management process which enables it to accurately monitor and manage the global exposure to the Funds from financial derivative instruments (“FDIs”). FDI exposure including global exposure is controlled through the use of VaR methodology by the Investment Advisor. In accordance with the Central Bank UCITS Regulations, global exposure for each Fund to FDIs must not exceed 100% of each Fund's Net Asset Value. Depending on the Fund, as outlined in further detail in Note 5(a), the maximum VaR permitted is either that which equates to a portfolio relative VaR of twice that of an appropriate benchmark or reference portfolio that is representative of the investment objective of the relevant Fund but which will not include derivatives. The Funds’ reference portfolios are disclosed in the Benchmark VaR table in Note 5(a). VaR will be calculated daily using a one-tailed 99% confidence interval, a holding period equivalent to one day and quarterly data set updates (or more frequent when market prices are subject to material changes), and the historical observation period will not be less than one year unless a shorter period is justified by a significant increase in price volatility. 6. Collateral The Funds’ assets may be pledged as collateral to, and held by the counterparty and brokers for open futures, options, forward currency contracts and swap contracts. The Funds may also receive securities pledged as collateral from counterparties and brokers for open futures, options, forward currency contracts and swap contracts. Under the Central Bank UCITS Regulations, counterparties and brokers are not permitted to sell, re-pledge or re-invest non-cash collateral received by the Funds. As at 30 June 2020 and 30 June 2019, the fair value of securities received by the Funds as collateral from the respective counterparties are as follows:

Putnam Fixed Income Global Alpha Fund 30 June 2020 30 June 2019 Counterparty USD USD Bank of America - 764,283 Barclays Bank PLC 91,936 - Merrill Lynch International 307,184 152,248 State Street Bank - 188,150 Westpac 123,150 - Total 522,270 1,104,681

Putnam Global High Yield Bond Fund 30 June 2020 30 June 2019 Counterparty USD USD Bank of America - 123,453 State Street Bank - 50,686 Total - 174,139

Putnam Multi-Asset Absolute Return Fund 30 June 2020 30 June 2019 Counterparty USD USD Bank of America 1,565,621 878,836 Morgan Stanley 107,092 - State Street Bank - 863,701 Westpac 318,227 - Total 1,990,940 1,742,537

Putnam World Trust 235

Notes to the Financial Statements for the year ended 30 June 2020 cont.

6. Collateral cont.

Putnam Securitised Credit Fund 30 June 2020 30 June 2019 Counterparty USD USD Bank of America 81,522 - Barclays Bank PLC 10,884 - Total 92,406 -

Putnam Total Return Fund 30 June 2020 30 June 2019 Counterparty USD USD Bank of America 363,457 481,111 Barclays Bank PLC - 204,101 HSBC - 136,357 State Street Bank - 122,660 Westpac 30,515 - Total 393,972 944,229

Putnam U.S. Large Cap Growth Fund 30 June 2020 30 June 2019 Counterparty USD USD Bank of America - 112,492 HSBC - 122,111 State Street Bank 9,246 143,948 Total 9,246 378,551

Cash collateral received by a Fund is identified in the Statement of Financial Position as Broker Cash Held as Collateral for Financial Derivative Instruments. The obligation to return the cash collateral is identified in the Statement of Financial Position as Broker Cash due to Counterparties for Financial Derivative Instruments. Cash collateral received by the Funds as at 30 June 2020 and 30 June 2019, and the respective brokers, are as follows:

Putnam Fixed Income Global Alpha Fund 30 June 2020 30 June 2019 Counterparty USD USD Citibank - 130,000 Goldman Sachs - 105,000 JP Morgan Chase - 945,000 JP Morgan Securities Inc. 256,000 17,000 Morgan Stanley 420,000 - Toronto-Dominion Bank 110,000 - UBS 110,000 - Total 896,000 1,197,000

Putnam Global High Yield Bond Fund 30 June 2020 30 June 2019 Counterparty USD USD Citibank - 160,000 Goldman Sachs - 110,000 HSBC 350,000 - JP Morgan Chase - 173,000 Westpac - 50,000 Total 350,000 493,000

236 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

6. Collateral cont.

Putnam Multi-Asset Absolute Return Fund 30 June 2020 30 June 2019 Counterparty USD USD Citibank - 1,810,000 Citigroup Global Markets Inc. 250,000 - Goldman Sachs 2,420,000 - HSBC 313,000 1,140,000 JP Morgan Chase - 1,428,000 JP Morgan Securities Inc. 273,000 6,000 NatWest Markets PLC 20,000 - Toronto-Dominion Bank 110,000 - UBS - 30,000 Westpac - 830,000 Total 3,386,000 5,244,000

Putnam Securitised Credit Fund 30 June 2020 30 June 2019 Counterparty USD USD Bank of America 213,000 - Citibank 110,000 - JP Morgan Chase 790,000 - NatWest Markets PLC 20,000 - Total 1,133,000 -

Putnam Total Return Fund 30 June 2020 30 June 2019 Counterparty USD USD Citibank 650,000 320,000 Goldman Sachs 10,000 270,000 HSBC 10,000 - JP Morgan Chase 320,000 580,000 Westpac - 130,000 Total 990,000 1,300,000

Putnam U.S. Large Cap Growth Fund 30 June 2020 30 June 2019 Counterparty USD USD Citibank - 160,000 Goldman Sachs - 150,000 HSBC 10,000 - JP Morgan Chase - 120,000 Westpac - 110,000 Total 10,000 540,000

Putnam World Trust 237

Notes to the Financial Statements for the year ended 30 June 2020 cont.

6. Collateral cont.

Cash collateral provided, or “pledged”, by a Fund is identified in the Statement of Financial Position as Cash Pledged as Collateral for Financial Derivative Instruments and is not included as a component of cash at bank. Cash collateral pledged by the Funds as at 30 June 2020 and 30 June 2019, and the respective brokers, are as follows:

Putnam Fixed Income Global Alpha Fund 30 June 2020 30 June 2019 Counterparty USD USD Barclays Capital Inc. (4,142,241) (1,974,563) JP Morgan Securities Inc. (367,000) (94,000) Total (4,509,241) (2,068,563)

Putnam Multi-Asset Absolute Return Fund 30 June 2020 30 June 2019 Counterparty USD USD BofA Securities Inc. (4,429,985) (3,415,985) Barclays Capital Inc. (3,195,212) (3,128,242) JP Morgan Securities Inc. (4,728,230) (1,729,000) Total (12,353,427) (8,273,227)

Putnam Securitised Credit Fund 30 June 2020 30 June 2019 Counterparty USD USD Barclays Capital Inc. (7,400,236) (89,600) Total (7,400,236) (89,600)

Putnam Total Return Fund 30 June 2020 30 June 2019 Counterparty USD USD BofA Securities Inc. (327,891) (1,044,891) Barclays Capital Inc. (3,614,502) (3,034,786) JP Morgan Securities Inc. (488,000) (722,000) Total (4,430,393) (4,801,677)

The Funds’ assets may be deposited by or on behalf of the Funds for collateral purposes with counterparties and brokers, for open futures, options, forward currency contracts and swaps, held on the Funds. Such assets remain in the ownership of the relevant Funds and are recorded as an asset on the Statement of Financial Position. Securities pledged by the Funds as collateral are recognised at fair value in the relevant Funds’ Schedule of Investments and are referenced accordingly, where applicable, in the Schedule of Investments. 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.

238 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

7. Taxation cont. 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 year ended 30 June 2020 a fixed fee of $45,000 (year ended 30 June 2019: $45,000) was paid 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 year, there were soft dollar transactions in the Funds. Soft dollar transactions occurred when the Investment Advisor used certain investment research services which assisted in the management of the Funds’ portfolio investments, which were paid for by certain brokers. These services could include, for example, research and analysis of the relative merits of individual shares or markets. In return, the Investment Advisor placed a proportion of business with these brokers including transactions relating to the Funds’ investments. The Investment Advisor has satisfied itself that it obtained best execution on behalf of the Funds and that these arrangements were to the benefit of the Funds. There were no directed brokerage arrangements entered into by the Funds during the year ended 30 June 2020 and 30 June 2019. For the years ended 30 June 2020 and 30 June 2019, the Funds incurred separately identifiable transaction costs, as defined in Note 2 (B)(vi) as follows:

Fund 20202019 Putnam European High Yield Fund € 2,028 1,557 Putnam Fixed Income Global Alpha Fund $ 31,677 30,642 Putnam Global High Yield Bond Fund $ 22,467 25,159 Putnam Multi-Asset Absolute Return Fund $ 450,764 495,438 Putnam Securitised Credit Fund $ 11,239 4,099 Putnam Total Return Fund $ 120,281 169,685 Putnam U.S. Large Cap Growth Fund $ 28,799 32,350 Putnam Ultra Short Duration Income Fund $ 26,731 27,879

Putnam World Trust 239

Notes to the Financial Statements for the year ended 30 June 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 year 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 30 June 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 2019, unless otherwise stated in the footnotes to the table.

Putnam Putnam Putnam Putnam Fixed Putnam Multi- Putnam Putnam U.S. Putnam Ultra European Global High Total Income Global Asset Absolute Securitised Large Cap Short Duration High Yield Yield Bond Return Alpha Fund Return Fund Credit Fund Growth Fund Income Fund Unit Classes Fund Fund 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% n/a 0.75% n/a n/a I n/a 0.50% 0.50% 0.75% 0.40% 0.75% n/a 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.

240 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

11. Significant Agreements and Related Party Transactions 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 2020 and may be extended at the Manager’s discretion. During the years ended 30 June 2020 and 30 June 2019 the Manager received the following fees:

Payable Payable to Manager to Manager Fund 30 June 2020 30 June 2019 at 30 June 2020 at 30 June 2019 Putnam European High Yield Fund € 102,613 € 99,750 € 40,749 € 49,691 Putnam Fixed Income Global Alpha Fund $ 1,216,246 $ 850,869 $ 507,219 $ 504,122 Putnam Global High Yield Bond Fund $ 1,537,237 $ 1,535,044 $ 563,497 $ 782,644 Putnam Multi-Asset Absolute Return Fund $ 3,124,310 $ 3,026,420 $ 1,158,740 $ 1,542,761 Putnam Securitised Credit Fund $ 665,903 $ 38,927 $ 446,362 $ 20,036 Putnam Total Return Fund $ 1,129,497 $ 1,510,164 $ 409,212 $ 696,378 Putnam U.S. Large Cap Growth Fund $ 421,433 $ 408,893 $ 170,453 $ 198,463 Putnam Ultra Short Duration Income Fund $ 5,696,136 $ 4,769,001 $ 2,644,588 $ 2,801,517

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 years ended 30 June 2020 and 30 June 2019 the Manager waived and/or reimbursed the following fees:

Receivable Receivable from Manager at from Manager at Fund 30 June 2020 30 June 2019 30 June 2020 30 June 2019 Putnam Fixed Income Global Alpha Fund $ - $ 107,537 $ - $ 51,092 Putnam Global High Yield Bond Fund $ 137,245 $ 193,159 $ 32,503 $ 97,518 Putnam Multi-Asset Absolute Return Fund $ 404,527 $ 455,332 $ 170,147 $ 223,962 Putnam Securitised Credit Fund $ - $ 110,823 $ - $ 14,812 Putnam Total Return Fund $ 87,368 $ 103,082 $ 22,324 $ 36,837 Putnam Ultra Short Duration Income Fund $ 1,173,796 $ 991,489 $ 570,784 $ 706,155

There were no fees waived and/or reimbursed by the Manager during the years ended 30 June 2020 and 30 June 2019 on Putnam European High Yield Fund and Putnam U.S. Large Cap Growth Fund. Performance fee Effective from 1 April 2019, performance fees for Putnam Fixed Income Global Alpha Fund ceased. During the year ended 30 June 2019, performance fees of US$181,007 were earned on the Fund, with no performance fees payable to the Manager at the year then ended.

The performance fee was payable to the Manager for Class I Units, Class S Units and Class Y Units, at a rate equal to 15% of the “Excess Return” (as previously defined in the Prospectus) during the Calculation Period, if any, achieved by that Class.

Sub-investment advisor The Investment Advisor has entered into a sub-investment advisory agreement with Putnam Investments Limited, an affiliate of The Putnam Advisory Company, LLC. Putnam Investments Limited has its principal office at 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 year. The fees of the Sub-investment advisor are being paid out of the fees of the Investment Advisor.

Putnam World Trust 241

Notes to the Financial Statements for the year ended 30 June 2020 cont.

11. Significant Agreements and Related Party Transactions cont. 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 30 June 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 year ended 30 June 2020, the Trust incurred fees of EUR 50,964, relating to consultancy fees provided by Bridge Consulting (year ended 30 June 2019: EUR 51,852). Fees payable to Bridge Consulting at 30 June 2020 were EUR 12,300 (30 June 2019: EUR 13,069). Other transactions with the Manager For the year ended 30 June 2020, the Unit transactions of the Manager in the Funds, the value of the Unit transactions and the number of Units held in the Funds by the Manager for the year then ended, were as follows: Putnam Multi- Putnam Putnam U.S. Putnam Global High Asset Absolute Securitised Putnam Total Large Cap Fund Yield Bond Fund Return Fund Credit Fund Return Fund Growth Fund Number of Units as at 30 June 2019 76,485 36,005 980,666 989 100 Units subscribed for the year - - - - - Units redeemed for the year - - (940,700) - - Distributions reinvested for the year (in Units) - - - - - Number of Units as at 30 June 2020 76,485 36,005 39,966 989 100

...cont.

Putnam Global Putnam Multi- Putnam Putnam U.S. High Yield Bond Asset Absolute Securitised Putnam Total Large Cap Fund Return Fund Credit Fund Return Fund Growth Fund Fund USD USD USD USD USD Value of Units as at 30 June 2019 943,325 435,226 10,337,987 11,826 2,430 Value of Units subscribed - - - - - Value of Units redeemed - - (9,329,108) - - Value of Distributions reinvested - - - - - Value of Units as at 30 June 2020 891,218 382,666 469,986 10,857 3,032

For the year ended 30 June 2019, the Unit transactions of the Manager in the Funds, the value of the Unit transactions and the number of Units held in the Funds by the Manager for the year then ended, were as follows:

Putnam Multi- Putnam Putnam U.S. Putnam Global High Asset Absolute Securitised Putnam Total Large Cap Fund Yield Bond Fund Return Fund Credit Fund Return Fund Growth Fund Number of Units as at 30 June 2018 - 36,005 - 989 100 Units subscribed for the year 76,485 - 980,666 - - Units redeemed for the year - - - - - Distributions reinvested for the year (in Units) - - - - - Number of Units as at 30 June 2019 76,485 36,005 980,666 989 100

...cont.

Putnam Global Putnam Multi- Putnam Putnam U.S. High Yield Bond Asset Absolute Securitised Putnam Total Large Cap Fund Return Fund Credit Fund Return Fund Growth Fund Fund USD USD USD USD USD Value of Units as at 30 June 2018 - 464,430 - 12,643 2,129 Value of Units subscribed 933,056 - 10,000,000 - - Value of Units redeemed - - - - - Value of Distributions reinvested - - - - - Value of Units as at 30 June 2019 943,325 435,226 10,337,987 11,826 2,430

The redemptions of Units awaiting settlement relating to the Manager as at 30 June 2020 is $9,329,108 (30 June 2019: Nil), 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 and 30 June 2019.

242 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

11. Significant Agreements and Related Party Transactions cont. 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 30 June 2020:

% of Fund’s Net Fund Number of Significant Unitholders Value of Holding 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

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 2019:

% of Fund’s Net Fund Number of Significant Unitholders Value of Holding Assets Putnam European High Yield Fund One € 15,961,543 100.00 Putnam Fixed Income Global Alpha Fund Two $ 245,749,204 100.00 Putnam Global High Yield Bond Fund One $ 95,049,036 29.07 Putnam Multi-Asset Absolute Return Fund Two $ 374,614,635 68.74 Putnam Securitised Credit Fund One $ 10,337,987 100.00 Putnam Total Return Fund One $ 96,862,810 69.75 Putnam U.S. Large Cap Growth Fund One $ 78,184,300 99.83

There were no distributions made to the related parties during the year ended 30 June 2020 and 30 June 2019.

The Manager is not aware of any other transactions with related parties during the year, 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.

Putnam World Trust 243

Notes to the Financial Statements for the year ended 30 June 2020 cont.

12. Efficient Portfolio Management cont. 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.

13. Foreign Exchange

The exchange rates ruling at 30 June 2020 were: The exchange rates ruling at 30 June 2019 were:

Currency Vs. EUR Rate Vs. USD Rate Currency Vs. EUR Rate Vs. USD Rate Argentine Peso 79.15908 70.45760 Argentine Peso 48.30322 42.47930 Australian Dollar 1.62802 1.44907 Australian Dollar 1.61969 1.42440 Brazilian Real 6.10970 5.43810 Brazilian Real 4.36641 3.83995 British Pound 0.90671 0.80704 British Pound 0.89539 0.78743 Canadian Dollar 1.52526 1.35760 Canadian Dollar 1.48909 1.30955 Czech Koruna 26.65300 23.72320 Chinese Yuan (offshore) 7.81267 6.87070 Danish Krone 7.45161 6.63250 Czech Koruna 25.42653 22.36085 Euro 1.00000 0.89008 Danish Krone 7.46410 6.56415 Hong Kong Dollar 8.70768 7.75050 Euro 1.00000 0.87943 Hungarian Forint 354.10993 315.18475 Hong Kong Dollar 8.88269 7.81170 Indian Rupee 84.82843 75.50375 Hungarian Forint 323.06011 284.10875 Indonesian Rupiah 16,049.19131 14,285.00000 Indian Rupee 78.49118 69.02750 Israeli Shekel 3.89175 3.46395 Indonesian Rupiah 16,064.38261 14,127.50000 Japanese Yen 121.30987 107.97500 Israeli Shekel 4.05808 3.56880 Malaysian Ringgit 4.81420 4.28500 Japanese Yen 122.59645 107.81500 Mexican Peso 25.82308 22.98450 Kenyan Shilling 116.60962 102.55000 New Zealand Dollar 1.74105 1.54967 Malaysian Ringgit 4.69907 4.13250 Norwegian Krone 10.81396 9.62525 Mexican Peso 21.82522 19.19375 Philippine Peso 55.97837 49.82500 New Zealand Dollar 1.69262 1.48854 Polish Zloty 4.44490 3.95630 Norwegian Krone 9.69998 8.53045 Russian Ruble 79.95666 71.16750 Philippine Peso 58.25933 51.23500 Singapore Dollar 1.56571 1.39360 Polish Zloty 4.24553 3.73365 South African Rand 19.49553 17.35250 Russian Ruble 71.90595 63.23625 South Korean Won 1,351.40145 1,202.85000 Singapore Dollar 1.53850 1.35300 Swedish Krona 10.46899 9.31820 South African Rand 16.01606 14.08500 Swiss Franc 1.06446 0.94745 South Korean Won 1,312.95271 1,154.65000 Taiwan Dollar 33.14829 29.50450 Swedish Krona 10.55928 9.28615 Thailand Baht 34.72456 30.90750 Swiss Franc 1.11004 0.97620 Turkish Lira 7.69990 6.85350 Taiwan Dollar 35.31776 31.05950 US Dollar 1.12350 1.00000 Thailand Baht 34.87202 30.66750 Turkish Lira 6.58438 5.79050 United Arab Emirates Dirham 4.17674 3.67315 US Dollar 1.13710 1.00000

244 Putnam World Trust

Notes to the Financial Statements for the year ended 30 June 2020 cont.

14. Significant Events during the Year Putnam Emerging Markets Equity Fund and Putnam Global Core Equity Fund, two Funds of the Trust, fully redeemed on 15 November 2019. A separate set of audited financial statements was prepared for these Funds for the period from 1 July 2019 to 30 November 2019. The Directors of the Manager have requested the revocation of these Funds from the Central Bank.

Mr Daniel R. Melley resigned as a Director of the Manager effective 31 January 2020.

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 each Fund’s performance.

A new Prospectus for the Trust was approved by the Central Bank of Ireland on 17 June 2020 and incorporated the following changes, among other minor updates and ministerial edits:

• Class S Units became available in the Putnam U.S. Large Cap Growth Fund.

• Details of the Putnam Emerging Markets Equity Fund and Putnam Global Core Equity Fund have been removed from the Prospectus.

• Daniel Melley has been removed from the Prospectus as he is no longer a Director of Putnam Investments (Ireland) Limited.

• Risk factors section of the Prospectus has been updated: disclosures on the UK’s withdrawal from the European Union, large unitholder redemptions, LIBOR and COVID-19 have been included.

• Disclosures on the use of benchmarks and indices by the Trust have been inserted in the Prospectus. Amendment to each Fund supplement to clarify that each portfolio is actively managed.

• Details of benchmarks used for performance comparison purposes have also been inserted.

• The sections headed ‘Application for Units’ and ‘Redemption of Units’ have been updated: electronic forms of dealing have been included.

Important information for Investors in France Effective during the year, the most recent Net Asset Values of the Funds of the Trust registered in France are no longer available at www.europerformance.fr. French investors can obtain the most recently available Net Asset Value per Unit by Class on each Dealing Day at the registered office of the Administrator and at www.putnam.com/ucits and/or in such other publication that the Manager may from time to time determine.

15. Subsequent Events The effects of the COVID-19 pandemic continue 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. Given the inherent uncertainties, it is not practicable at this time to determine what impact COVID-19 will have on the Funds or to provide a quantitative estimate of any future impact.

Class I Units of Putnam U.S. Large Cap Growth Fund and Class E2 Units of Putnam Securitised Credit Fund were approved by the Central Bank on 15 September 2020.

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. Approval of the Financial Statements The financial statements were approved by the Directors of the Manager on 14 October 2020.

Putnam World Trust 245

Putnam European High Yield Fund

Schedule of Portfolio Changes (unaudited)* for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost EUR EUR 435,000 Ziggo Bond Company BV (Netherlands) 3.38% 28/02/2030 426,500 GBP 370,000 Virgin Media Secured Finance PLC (United Kingdom) 4.13% 15/08/2030 413,251 USD 400,000 ING Groep NV (Netherlands) 5.75% 31/12/2099 364,681 EUR 360,000 ARD Finance SA (Luxembourg) 5.00% 30/06/2027 358,375 340,000 Gestamp Automocion SA (Spain) 3.25% 30/04/2026 284,200 220,000 Refinitiv US Holdings Incorporated 6.88% 15/11/2026 249,919 GBP 225,000 Phosphorus Holdco PLC (United Kingdom) 1.00% 01/04/2021 248,445 EUR 240,000 Summer BC Holdco A Sarl (Luxembourg) 9.25% 31/10/2027 236,669 235,000 Ypso Finance Bis SA (Luxembourg) 4.00% 15/02/2028 235,000 245,000 Codere Finance 2 Luxembourg SA (Luxembourg) 6.75% 01/11/2021 234,550 205,000 FCE Bank PLC (United Kingdom) 1.53% 09/11/2020 200,644 195,000 Summer BC Holdco B SARL (Luxembourg) 5.75% 31/10/2026 195,000 USD 200,000 Deutsche Bank AG (Germany) 6.00% 31/12/2099 183,210 EUR 155,000 Matterhorn Telecom SA (Luxembourg) 4.00% 15/11/2027 161,588 160,000 Netflix Incorporated 3.63% 15/06/2030 160,000 145,000 Telecom Italia SpA (Italy) 3.63% 19/01/2024 157,824 160,000 Volvo Car AB (Sweden) 2.13% 02/04/2024 155,600 150,000 Techem Verwaltungsgesellschaft 675 mbH (Germany) 2.00% 15/07/2025 150,000 150,000 Synlab Bondco PLC (United Kingdom) 4.75% 01/07/2025 149,625 150,000 Kraft Heinz Foods Company 2.25% 25/05/2028 148,770 USD 200,000 BNP Paribas SA (France) 4.50% 31/12/2099 143,865 EUR 140,000 LHMC Finco 2 Sarl (Luxembourg) 7.25% 02/10/2025 140,000 120,000 Credit Agricole SA (France) 6.50% 29/04/2049 131,238 GBP 110,000 Virgin Media Receivables Financing Notes (Ireland) 5.50% 15/09/2024 128,060 EUR 260,000 Europcar Mobility Group (France) 4.13% 15/11/2024 124,438 120,000 Constellium SE (France) 4.25% 15/02/2026 122,550 GBP 100,000 Virgin Media Secured Finance PLC (United Kingdom) 5.25% 15/05/2029 120,590 100,000 TalkTalk Telecom Group PLC (United Kingdom) 3.88% 20/02/2025 120,352 EUR 120,000 Altice France SA (France) 3.38% 15/01/2028 120,000 GBP 100,000 Virgin Media Secured Finance PLC (United Kingdom) 4.88% 15/01/2027 116,966 EUR 125,000 Tele Columbus AG (Germany) 3.88% 02/05/2025 116,250 115,000 Faurecia SE (France) 2.38% 15/06/2027 115,000 GBP 100,000 Virgin Media Secured Finance PLC (United Kingdom) 4.25% 15/01/2030 112,513 EUR 110,000 CMA CGM SA (France) 7.75% 15/01/2021 108,350 100,000 Telenet Finance Luxembourg Notes Sarl (Luxembourg) 3.50% 01/03/2028 108,180 USD 120,000 United States Treasury Bill 04/06/2020 107,246 EUR 100,000 Telecom Italia SpA (Italy) 2.75% 15/04/2025 105,230 100,000 Synlab Unsecured Bondco PLC (United Kingdom) 8.25% 01/07/2023 104,500 100,000 Getlink SE (France) 3.63% 01/10/2023 104,250 100,000 Virgin Media Finance PLC (United Kingdom) 3.75% 15/07/2030 100,000 100,000 Fiat Chrysler Automobiles NV (Netherlands) 4.50% 07/07/2028 100,000 100,000 Teva Pharmaceutical Finance Netherlands II BV (Netherlands) 6.00% 31/01/2025 100,000 100,000 Smurfit Kappa Treasury ULC (Ireland) 1.50% 15/09/2027 100,000 100,000 Banijay Group SAS (France) 6.50% 01/03/2026 100,000 100,000 Ardagh Packaging Finance PLC (International) 2.13% 15/08/2026 100,000 100,000 Berry Global Inc 1.50% 15/01/2027 100,000 100,000 Ellaktor Value PLC (United Kingdom) 6.38% 15/12/2024 100,000 100,000 Berry Global Incorporated 1.00% 15/01/2025 100,000 100,000 Ashland Services BV (Netherlands) 2.00% 30/01/2028 100,000 100,000 Loxam SAS (France) 3.75% 15/07/2026 100,000 100,000 eG Global Finance PLC (United Kingdom) 6.25% 30/10/2025 100,000

* 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 year or at least the top 20 purchases and sales.

246 Putnam World Trust

Putnam European High Yield Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost EUR EUR 100,000 Ziggo BV (Netherlands) 2.88% 15/01/2030 100,000 100,000 Bausch Health Companies Incorporated (Canada) 4.50% 15/05/2023 99,500 100,000 Synlab Bondco PLC (United Kingdom) 4.75% 01/07/2025 99,000 100,000 Autostrade per l'Italia SpA (Italy) 1.13% 04/11/2021 98,500 100,000 Nordex SE (Germany) 6.50% 01/02/2023 98,000 100,000 IQVIA Incorporated 2.25% 15/01/2028 96,750 100,000 Gestamp Funding Luxembourg SA (Luxembourg) 3.50% 15/05/2023 96,250 100,000 Verisure Midholding AB (Sweden) 5.75% 01/12/2023 95,000

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 247

Putnam European High Yield Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds EUR EUR 355,000 Virgin Media Finance PLC (United Kingdom) 4.50% 15/01/2025 366,715 400,000 Europcar Mobility Drive Designated Activity Company (Ireland) 4.00% 30/04/2026 331,500 415,000 Europcar Mobility Group (France) 4.13% 15/11/2024 287,962 305,000 Novafives SAS (France) 5.00% 15/06/2025 285,150 GBP 225,000 Phosphorus Holdco PLC (United Kingdom) 1.00% 01/04/2021 248,445 EUR 215,000 Altice Luxembourg SA (Luxembourg) 6.25% 15/02/2025 222,549 195,000 Summer BC Holdco B SARL (Luxembourg) 5.75% 31/10/2026 196,462 USD 200,000 Deutsche Bank AG (Germany) 6.00% 31/12/2099 187,218 EUR 355,000 Codere Finance 2 Luxembourg SA (Luxembourg) 6.75% 01/11/2021 184,225 USD 200,000 ING Groep NV (Netherlands) 5.75% 31/12/2099 181,789 200,000 ING Groep NV (Netherlands) 6.00% 29/12/2049 181,326 EUR 150,000 Equinix Incorporated 2.88% 15/03/2024 154,200 150,000 Techem Verwaltungsgesellschaft 675 mbH (Germany) 2.00% 15/07/2025 150,675 149,895 Summer BC Holdco A Sarl (Luxembourg) 9.25% 31/10/2027 147,832 140,000 LHMC Finco 2 Sarl (Luxembourg) 7.25% 02/10/2025 141,750 GBP 100,000 TalkTalk Telecom Group PLC (United Kingdom) 3.88% 20/02/2025 121,953 100,000 Pinnacle Bidco PLC (United Kingdom) 6.38% 15/02/2025 118,049 EUR 100,000 Telefonica Europe BV (Netherlands) 5.88% 31/03/2049 115,900 GBP 100,000 Virgin Media Secured Finance PLC (United Kingdom) 4.25% 15/01/2030 112,534 EUR 100,000 Deutsche Bank AG (Germany) 4.50% 19/05/2026 108,128 100,000 Netflix Incorporated 3.88% 15/11/2029 104,009 100,000 Nordex SE (Germany) 6.50% 01/02/2023 103,750 120,000 Gestamp Automocion SA (Spain) 3.25% 30/04/2026 103,200 100,000 Ashland Services BV (Netherlands) 2.00% 30/01/2028 101,300 100,000 Ardagh Packaging Finance PLC (International) 2.13% 15/08/2026 100,650 100,000 Berry Global Inc 1.50% 15/01/2027 100,350 100,000 Synlab Bondco PLC (United Kingdom) 4.75% 01/07/2025 100,000 100,000 Autostrade per l'Italia SpA (Italy) 1.13% 04/11/2021 99,500 100,000 Casino Guichard Perrachon SA (France) 1.87% 13/06/2022 99,375 100,000 Eagle Intermediate Global Holding BV (International) 5.38% 01/05/2023 94,250 100,000 Kronos International Incorporated 3.75% 15/09/2025 89,990 100,000 Cirsa Finance International Sarl (Luxembourg) 4.75% 22/05/2025 73,260 100,000 Safari Verwaltungs GmbH (Germany) 5.38% 30/11/2022 67,000

* 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 year or at least the top 20 purchases and sales.

248 Putnam World Trust

Putnam Fixed Income Global Alpha Fund

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 200,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/05/2050 208,376,211 200,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 11/06/2050 207,330,664 200,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 15/04/2050 205,953,828 104,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 107,403,652 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 74,647,012 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 73,736,875 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 73,291,250 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 73,068,574 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 72,854,980 70,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 71,285,605 70,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 70,910,781 64,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 65,180,938 56,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 57,000,898 40,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 20/05/2050 40,597,422 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/05/2050 38,165,313 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/05/2050 37,996,094 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 11/06/2050 37,877,344 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 15/04/2050 37,811,230 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/07/2050 37,381,543 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/03/2050 37,306,816 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 15/02/2050 37,106,191 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/01/2050 37,023,359 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 37,003,477 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 36,982,812 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/11/2050 36,956,563 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/12/2050 36,955,547 33,003,300 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/06/2050 34,478,135

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 249

Putnam Fixed Income Global Alpha Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 200,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/05/2050 208,274,648 200,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 11/06/2050 207,170,586 200,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 15/04/2050 205,953,828 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 75,135,898 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 73,806,953 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 73,378,496 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 73,097,012 72,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 73,014,121 70,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 71,189,062 70,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 70,858,047 64,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 65,279,160 50,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 50,715,430 40,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 20/05/2050 41,795,762 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/05/2050 38,147,813 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/05/2050 37,975,078 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 15/04/2050 37,960,137 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 11/06/2050 37,869,922 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/03/2050 37,382,051 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 15/02/2050 37,128,164 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/01/2050 37,042,559 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 37,003,477 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 36,982,812 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/12/2050 36,960,156 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/11/2050 36,956,563 36,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/08/2049 36,907,344 33,003,300 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/06/2050 34,338,902 32,999,976 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 01/06/2050 34,143,373 32,999,797 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 20/12/2049 33,370,126

* 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 year or at least the top 20 purchases and sales.

250 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 7,863,000 United States Treasury Bill 05/12/2019 7,804,224 6,029,000 United States Treasury Bill 09/07/2020 6,026,889 3,150,000 Atlantic Asset Securitization 12/09/2019 3,149,814 3,089,000 United States Treasury Bill 07/11/2019 3,074,461 3,052,000 United States Treasury Bill 13/08/2020 3,052,000 3,000,000 Freddie Mac Discount Notes 20/12/2019 2,999,877 2,772,000 United States Treasury Bill 23/07/2020 2,768,900 2,277,000 United States Treasury Bill 25/06/2020 2,275,971 2,104,000 United States Treasury Bill 03/09/2020 2,103,857 2,000,000 Manhattan Asset Funding Company 2.11% 10/02/2020 1,993,933 1,900,000 Toronto Dominion Bank 05/12/2019 1,890,310 1,878,000 United States Treasury Bill 21/04/2020 1,874,791 1,730,000 CCO Holdings LLC 5.38% 01/06/2029 1,845,706 GBP 1,450,000 Virgin Media Secured Finance PLC (United Kingdom) 4.13% 15/08/2030 1,819,749 USD 1,800,000 ING Groep NV (Netherlands) 5.75% 31/12/2099 1,800,000 1,700,000 Atlantic Asset Securitization 2.00% 17/01/2020 1,697,167 1,700,000 Nationwide Building Society 29/08/2019 1,696,633 EUR 1,555,000 Ziggo Bond Company BV (Netherlands) 3.38% 28/02/2030 1,694,985 USD 1,700,000 United States Treasury Bill 16/07/2020 1,689,305 1,675,000 Tenet Healthcare Corporation 4.88% 01/01/2026 1,675,000

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 251

Putnam Global High Yield Bond Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 5,000,000 United States Treasury Bill 09/07/2020 4,999,300 2,150,000 United States Treasury Bill 23/07/2020 2,149,746 1,880,000 Equinix Incorporated 5.38% 15/05/2027 2,045,414 1,935,000 Sprint Communications Incorporated 6.00% 15/11/2022 2,024,760 1,976,000 United States Treasury Bill 25/06/2020 1,975,966 1,800,000 ING Groep NV (Netherlands) 5.75% 31/12/2099 1,853,505 EUR 1,655,000 Ziggo Bond Company BV (Netherlands) 4.63% 15/01/2025 1,850,206 USD 1,580,000 Sprint Corporation 7.88% 15/09/2023 1,623,238 1,255,000 CSC Holdings LLC 7.50% 01/04/2028 1,424,425 GBP 900,000 Phosphorus Holdco PLC (United Kingdom) 1.00% 01/04/2021 1,413,026 USD 1,366,000 United States Treasury Bill 16/07/2020 1,365,887 GBP 1,000,000 Stonegate Pub Company Financing PLC (United Kingdom) 4.88% 15/03/2022 1,330,568 EUR 1,070,000 Fiat Chrysler Automobiles NV (Netherlands) 3.75% 29/03/2024 1,313,220 USD 1,255,000 CCO Holdings LLC 5.88% 01/04/2024 1,311,196 EUR 1,230,000 Refinitiv US Holdings Incorporated 4.50% 15/05/2026 1,265,157 USD 1,200,000 Altice France SA (France) 7.38% 01/05/2026 1,261,020 EUR 1,085,000 Altice Luxembourg SA (Luxembourg) 6.25% 15/02/2025 1,241,693 1,090,000 Summer BC Holdco A Sarl (Luxembourg) 9.25% 31/10/2027 1,203,878 1,620,000 Europcar Mobility Group (France) 4.13% 15/11/2024 1,187,119 1,165,000 Novafives SAS (France) 5.00% 15/06/2025 1,182,172

* 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 year or at least the top 20 purchases and sales.

252 Putnam World Trust

Putnam Multi-Asset Absolute Return Fund

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 136,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/05/2050 141,695,977 136,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 11/06/2050 140,984,766 136,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 15/04/2050 140,471,641 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 126,499,980 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 124,947,773 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 124,189,844 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 123,800,312 118,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 119,398,965 112,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 113,959,336 112,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 113,455,547 100,430,000 Federal Home Loan Bank Discount Notes 16/07/2019 100,424,142 91,369,000 Federal Home Loan Bank Discount Notes 10/07/2019 91,363,416 84,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 85,552,227 84,481,000 Federal Home Loan Bank Discount Notes 08/07/2019 84,465,441 77,483,000 Federal Home Loan Bank Discount Notes 26/08/2019 77,469,892 76,247,000 Federal Home Loan Bank Discount Notes 11/07/2019 76,242,552 73,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 75,392,734 75,016,000 Federal Home Loan Bank Discount Notes 17/07/2019 75,011,416 74,823,000 Federal Home Loan Bank Discount Notes 05/07/2019 74,813,956 71,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 72,377,773

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 253

Putnam Multi-Asset Absolute Return Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 136,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/05/2050 141,626,914 136,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 11/06/2050 140,877,969 136,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 15/04/2050 140,471,641 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 127,346,484 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 125,073,867 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 124,323,828 122,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 123,860,312 118,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 119,659,004 112,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 113,890,703 112,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 113,371,172 84,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 85,680,605 70,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 70,967,910 64,999,321 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 20/12/2049 66,323,403 62,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/05/2050 65,410,020 62,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 11/06/2050 65,219,063 37,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates 2.50% 20/05/2050 38,665,449 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/05/2050 36,016,445 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 15/04/2050 35,859,199 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/03/2050 35,301,250 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 35,249,297 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 15/02/2050 35,063,477 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/01/2050 34,982,559 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/09/2050 34,948,379 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/10/2050 34,930,176 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 14/12/2050 34,907,266 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 12/11/2050 34,904,961 34,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.50% 13/08/2049 34,856,406

* 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 year or at least the top 20 purchases and sales.

254 Putnam World Trust

Putnam Securitised Credit Fund

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 392,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 398,987,520 392,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 397,414,023 328,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 341,180,293 328,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 335,945,117 218,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/05/2050 230,084,238 218,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 11/06/2050 229,367,480 109,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 114,289,883 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 20/05/2050 110,227,812 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 22/06/2050 110,193,281 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/04/2050 108,933,906 104,000,068 Government National Mortgage Association Pass-Through Certificates 3.00% 20/02/2050 108,468,821 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 23/03/2050 107,077,344 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 20/02/2050 106,599,648 64,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 14/07/2050 66,186,484 65,259,000 Federal Home Loan Bank Discount Notes 20/11/2019 65,256,372 52,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/07/2050 55,134,219 51,994,800 Government National Mortgage Association Pass-Through Certificates 3.00% 20/04/2050 53,684,631 51,999,983 Government National Mortgage Association Pass-Through Certificates 3.00% 20/07/2049 53,238,693 39,582,925 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/04/2049 40,338,850 38,531,287 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/10/2049 39,091,947

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 255

Putnam Securitised Credit Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 392,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 399,310,762 392,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 397,705,039 328,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 345,017,500 328,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 336,525,469 218,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/05/2050 229,978,945 218,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 11/06/2050 229,317,871 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 22/06/2050 110,491,875 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 20/05/2050 110,227,812 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 21/04/2050 108,933,906 104,000,068 Government National Mortgage Association Pass-Through Certificates 3.00% 20/02/2050 108,836,477 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 23/03/2050 107,077,344 104,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00% 20/02/2050 106,599,648 96,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 100,841,133 51,994,800 Government National Mortgage Association Pass-Through Certificates 3.00% 20/04/2050 55,238,382 51,999,983 Government National Mortgage Association Pass-Through Certificates 3.00% 20/07/2049 53,360,920 39,582,925 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/04/2049 40,715,942 38,531,287 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/10/2049 39,315,563 33,834,547 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/07/2049 34,470,065 32,780,594 Uniform Mortgage Backed Securities Pass-Through Certificates 3.00% 01/06/2049 33,353,894 30,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/05/2050 31,238,984

* 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 year or at least the top 20 purchases and sales.

256 Putnam World Trust

Putnam Total Return Fund

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/05/2050 10,420,117 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/10/2050 10,377,266 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/09/2050 10,377,207 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 12/11/2050 10,372,578 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 11/06/2050 10,367,109 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 15/04/2050 10,288,105 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 10,180,527 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 10,144,414 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/05/2050 8,442,715 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 11/06/2050 8,420,039 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 8,335,938 8,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 20/08/2050 8,266,758 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 8,213,867 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 8,143,281 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 8,138,438 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 8,116,348 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 8,090,488 7,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 20/06/2049 7,328,438 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/07/2050 7,301,426 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 13/08/2049 7,260,254 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 7,146,680 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 19/11/2050 6,213,867 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/10/2050 6,209,648 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 23/03/2050 6,206,523 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/09/2050 6,205,957 5,999,800 Government National Mortgage Association Pass-Through Certificates 3.50% 20/06/2049 6,158,312 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 6,117,012

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 257

Putnam Total Return Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 13/05/2050 10,416,055 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/09/2050 10,377,207 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/10/2050 10,377,070 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 12/11/2050 10,367,852 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 11/06/2050 10,359,531 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 13/08/2049 10,358,223 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 2.50% 15/04/2050 10,288,105 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/10/2050 10,176,328 10,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/11/2050 10,144,414 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/05/2050 8,443,574 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 11/06/2050 8,417,695 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 15/04/2050 8,361,172 8,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 20/08/2050 8,287,891 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/03/2050 8,197,539 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 12/02/2050 8,148,770 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/09/2050 8,141,348 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/01/2050 8,118,984 8,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/12/2050 8,097,734 7,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 20/06/2049 7,297,383 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 4.00% 14/07/2050 7,229,824 7,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 14/07/2050 7,179,785 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 23/03/2050 6,214,141 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 19/11/2050 6,213,867 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/10/2050 6,209,648 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/09/2050 6,205,957 5,999,800 Government National Mortgage Association Pass-Through Certificates 3.50% 20/06/2049 6,187,255 6,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50% 21/07/2050 6,179,766 6,000,000 Uniform Mortgage Backed Securities Pass-Through Certificates TBA 3.00% 13/08/2050 6,079,727

* 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 year or at least the top 20 purchases and sales.

258 Putnam World Trust

Putnam U.S. Large Cap Growth Fund

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

No. of Shares/ Principal Amount Cost USD USD 1,622,000 United States Treasury Bill 16/04/2020 1,617,097 8,397 Estee Lauder Companies Incorporated 1,604,647 7,256 NVIDIA Corporation 1,523,783 4,556 S&P Global Incorporated 1,349,220 5,381 Apple Incorporated 1,292,005 USD 1,190,000 United States Treasury Bill 05/12/2019 1,183,539 557 Amazon.com Incorporated 1,099,532 4,874 Facebook Incorporated 1,047,711 4,343 Alibaba Group Holding Limited (Cayman Islands) 947,407 11,431 Merck & Company Incorporated 946,018 5,745 Eli Lilly and Company 937,188 16,272 TJX Companies Incorporated 925,530 2,702 Boeing Company 892,363 USD 887,000 United States Treasury Bill 02/07/2020 886,833 2,906 SBA Communications Corporation 877,856 2,967 UnitedHealth Group Incorporated 863,939 3,717 Edwards Lifesciences Corporation 837,903 460 Booking Holdings Incorporated 823,342 1,434 Regeneron Pharmaceuticals Incorporated 751,520 USD 749,000 United States Treasury Bill 16/07/2020 744,369 2,183 Netflix Incorporated 743,547 USD 732,000 United States Treasury Bill 21/11/2019 727,653 USD 722,000 United States Treasury Bill 13/08/2020 722,000 USD 711,000 United States Treasury Bill 14/07/2020 710,804 3,094 Raytheon Company 710,174 13,819 Edenred (France) 667,249 6,087 Seattle Genetics Incorporated 666,772 911 Chipotle Mexican Grill Incorporated 666,424 2,828 DexCom Incorporated 660,664 6,050 London Stock Exchange Group PLC (United Kingdom) 649,210 5,659 Target Corporation 646,024 1,837 Cooper Cos Incorporated 605,250 5,035 Everbridge Incorporated 599,766 3,554 Union Pacific Corporation 593,026 3,208 RingCentral Incorporated 573,542 2,731 Vertex Pharmaceuticals Incorporated 564,597 6,103 NIKE Incorporated 557,440 1,905 Cintas Corporation 543,516 1,515 Northrop Grumman Corporation 536,076 685 Tesla Incorporated 533,769 4,768 Procter & Gamble Company 529,900 3,892 Fidelity National Information Services Incorporated 511,035 USD 458,000 United States Treasury Bill 20/08/2020 458,000 1,522 Illumina Incorporated 456,150 3,594 Texas Instruments Incorporated 453,995

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 259

Putnam U.S. Large Cap Growth Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

No. of Shares/ Principal Amount Proceeds USD 14,296 Microsoft Corporation 2,267,226 1,364 Alphabet Incorporated 1,721,367 5,163 Netflix Incorporated 1,678,579 17,779 Intercontinental Exchange Incorporated 1,645,753 5,285 Apple Incorporated 1,440,159 694 Booking Holdings Incorporated 1,409,960 5,821 UnitedHealth Group Incorporated 1,391,319 614 Amazon.com Incorporated 1,353,850 7,608 Honeywell International Incorporated 1,342,020 5,759 Boeing Company 1,224,385 5,819 Linde PLC (Ireland) 1,173,772 9,330 PayPal Holdings Incorporated 1,165,035 USD 1,128,000 United States Treasury Bill 16/04/2020 1,127,737 6,509 salesforce.com Incorporated 1,104,686 6,586 McCormick & Company Incorporated 1,086,030 4,466 ServiceNow Incorporated 1,011,326 16,272 TJX Cos Incorporated 994,791 5,246 Visa Incorporated 961,713 USD 921,000 United States Treasury Bill 05/12/2019 917,324 USD 887,000 United States Treasury Bill 02/07/2020 886,846 3,972 Home Depot Incorporated 885,494 1,888 TransDigm Group Incorporated 832,937 1,188 Mettler-Toledo International Incorporated 829,136 3,450 American Tower Corporation 817,141 5,103 Danaher Corporation 781,609 1,193 CoStar Group Incorporated 775,147 3,717 Edwards Lifesciences Corporation 765,574 USD 749,000 United States Treasury Bill 16/07/2020 749,005 1,374 Sherwin-Williams Company 748,374 6,432 Texas Instruments Incorporated 742,754 4,813 Union Pacific Corporation 728,446 2,403 NVIDIA Corporation 727,917 6,933 IQVIA Holdings Incorporated 727,052 USD 711,000 United States Treasury Bill 14/07/2020 710,973 1,451 Charter Communications Incorporated 706,138 7,908 DocuSign Incorporated 699,043 5,659 Target Corporation 668,045 1,256 Intuitive Surgical Incorporated 642,018 4,745 Fidelity National Information Services Incorporated 636,919 2,615 Lululemon Athletica Incorporated 631,999 13,634 Live Nation Entertainment Incorporated 591,268 2,123 Mastercard Incorporated 590,443 10,875 RealPage Incorporated 583,704 2,010 Thermo Fisher Scientific Incorporated 580,600 4,720 Walmart Incorporated 580,290 2,895 Facebook Incorporated 579,880

* 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 year or at least the top 20 purchases and sales.

260 Putnam World Trust

Putnam Ultra Short Duration Income Fund

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative purchases in excess of 1% of total purchases

Principal Amount Cost USD USD 12,500,000 AutoNation Incorporated 10/09/2019 12,498,137 11,250,000 AutoNation Incorporated 2.15% 07/01/2020 11,248,120 11,000,000 Sysco Corporation 25/09/2019 10,999,328 11,000,000 Cabot Corporation 25/09/2019 10,999,319 11,000,000 Kinder Morgan Incorporated 25/09/2019 10,999,297 11,000,000 Kinder Morgan Incorporated 26/09/2019 10,999,297 11,000,000 Fmc Corporation 25/09/2019 10,999,251 11,000,000 Fmc Corporation 26/09/2019 10,999,251 11,000,000 Energy Transfer Partners 26/09/2019 10,999,206 11,000,000 AutoNation Incorporated 24/01/2020 10,999,049 11,000,000 Energy Transfer Partners 2.05% 02/01/2020 10,998,747 10,835,000 Fmc Corporation 31/01/2020 10,834,428 10,775,000 Fmc Corporation 28/01/2020 10,774,416 10,650,000 Fmc Corporation 11/02/2020 10,649,438 10,445,000 Energy Transfer Partners 15/08/2019 10,444,260 10,370,000 Fmc Corporation 30/01/2020 10,369,453 10,350,000 Apache Corporation 02/07/2019 10,349,224 10,100,000 Kinder Morgan Incorporated 08/08/2019 10,099,341 10,000,000 Street Bank and Trust Company 2.01% 20/07/2020 10,000,000 10,000,000 Fmc Corporation 10/03/2020 9,999,583

* 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 year or at least the top 20 purchases and sales.

Putnam World Trust 261

Putnam Ultra Short Duration Income Fund cont.

Schedule of Portfolio Changes (unaudited)* cont. for the financial year ended 30 June 2020

Largest cumulative sales in excess of 1% of total sales

Principal Amount Proceeds USD USD 10,000,000 Street Bank and Trust Company 2.01% 20/07/2020 9,994,000 8,500,000 Federal Home Loan Bank Discount Notes 28/02/2022 8,455,244 8,500,000 NBCUniversal Enterprise Incorporated 2.72% 01/04/2021 8,323,200 8,000,000 Federal National Mortgage Association 0.22% 03/12/2021 7,973,867 6,200,000 Golden Credit Card Trust (Class A) 2.62% 15/01/2023 6,010,125 6,000,000 Shell International Finance BV 2.03% 05/06/2020 5,979,980 5,000,000 Societe Generale 2.09% 09/12/2020 4,962,967 4,715,000 Coca-Cola Company 1.88% 27/10/2020 4,716,226 4,700,000 Nordea Bank Abp (Finland) 2.99% 29/05/2020 4,711,448 4,390,000 Ford Credit Floorplan Master Owner Trust A (Class A1) 2.16% 15/09/2022 4,335,125 4,214,000 CNH Industrial Capital LLC 4.38% 06/11/2020 4,234,986 4,225,000 BB&T Corporation 2.80% 01/02/2021 4,105,855 4,200,000 AbbVie Incorporated 2.24% 21/05/2021 4,079,754 4,041,000 Discover Card Execution Note Trust 2015 (Class A2) 1.90% 17/10/2022 4,038,474 4,029,000 Wells Fargo & Company 3.84% 04/03/2021 3,939,234 3,800,000 Discover Card Execution Note Trust (Class A6) 1.88% 15/02/2023 3,798,070 3,776,000 BMW US Capital LLC 3.12% 14/04/2022 3,781,429 3,783,000 ING Groep NV (Netherlands) 3.48% 29/03/2022 3,739,727 3,500,000 Intesa Funding Llc 17/04/2020 3,495,042 3,500,000 Northrop Gruman Corporation 29/04/2020 3,487,374 3,460,000 Fifth Third Bank 2.83% 30/10/2020 3,462,470 3,400,000 Shell International Finance BV 2.05% 29/06/2020 3,380,847

* 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 year or at least the top 20 purchases and sales.

262 Putnam World Trust

Securities Financing Transactions Regulation (unaudited)

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 30 June 2020 as disclosed in the Fund’s Schedule of Investments Unrealised Appreciation Value /(Depreciation) USD USD 9,857,000 (1,096,028) % of Fund 4.15% (0.46)%

Listed below are the Counterparties used for each type of SFT & TRS at 30 June 2020 USD USD Counterparty Name Barclays Capital Incorporated Barclays Bank PLC Value of outstanding transactions 9,857,000 (28,057) Country of Establishment United Kingdom United Kingdom

Counterparty Name -Citibank, N.A. Value of outstanding transactions - (279) Country of Establishment -United States

Counterparty Name - Credit Suisse International Value of outstanding transactions - 6,579 Country of Establishment -Switzerland

Counterparty Name - Goldman Sachs International Value of outstanding transactions - (16,687) Country of Establishment -United States

Counterparty Name - JPMorgan Chase Bank N.A. Value of outstanding transactions - (141,962) Country of Establishment -United States

Counterparty Name - JPMorgan Securities LLC Value of outstanding transactions - (1,343) Country of Establishment -United States

Counterparty Name - State Street Custodial Services (Ireland) Limited Value of outstanding transactions - (914,279) Country of Establishment -Ireland

Putnam World Trust 263

Securities Financing Transactions Regulation (unaudited) 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 9,857,000 - 1 to 3 months - (141,534) Greater than 1 year - (954,494)

Type, Quality and Currency of Collateral received USD USD Bonds 10,073,638 522,270 Cash and Cash Equivalents - 896,000

Quality: USD USD AAA 10,073,638 522,270 Cash and Cash Equivalents - 896,000

Type, Quality and Currency of Collateral pledged USD USD Bonds - (6,156,755) Cash and Cash Equivalents - (4,142,241)

Quality: USD USD AAA - (6,156,755) Cash and Cash Equivalents - (4,142,241)

Maturity tenor of the Collateral received USD USD 3 months to 1 year -91,936 Greater than 1 year 10,073,638 430,334 Open maturity - 896,000

Maturity tenor of the Collateral pledged USD USD 3 months to 1 year - (6,156,755) Open Maturity - (4,142,241)

264 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) cont.

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

Largest Collateral Issuers for received collateral

USD USD State Street Institutional U.S. Government Money Market Collateral Issuer U.S. Treasury Note 15/11/2048 Fund, Premier Class 0.12% Volume of collateral received 10,073,638 896,000

Collateral Issuer - U.S. Treasury Bill 15/09/2021 Volume of collateral received -238,998

Collateral Issuer - U.S. Treasury Bill 31/10/2024 Volume of collateral received - 123,150

Collateral Issuer - U.S. Treasury Bill 03/12/2020 Volume of collateral received -91,936

Collateral Issuer - Federal Home Loan Mortgage Corporation 15/07/2032 Volume of collateral received -46,448

Collateral Issuer - U.S. Treasury Bill 15/02/2025 Volume of collateral received - 21,738

Largest Collateral Issuers for pledged collateral

USD USD State Street Institutional U.S. Government Money Market Collateral Issuer - Fund, Premier Class 0.12% Volume of collateral pledged - (4,142,241)

Collateral Issuer - U.S. Treasury Bill 03/09/2020 Volume of collateral pledged - (2,812,437)

Collateral Issuer - U.S. Treasury Bill 13/08/2020 Volume of collateral pledged -(1,612,678)

Collateral Issuer - U.S. Treasury Bill 20/08/2020 Volume of collateral pledged - (1,509,699)

Collateral Issuer - U.S. Treasury Bill 10/09/2020 Volume of collateral pledged - (181,945)

Collateral Issuer - U.S. Treasury Bill 06/08/2020 Volume of collateral pledged -(39,996)

Putnam World Trust 265

Securities Financing Transactions Regulation (unaudited) cont.

Putnam Fixed Income Global Alpha 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 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 Morgan Stanley USD USD Value of Collateral received 10,073,638 420,000 % of Total Collateral received 100.00% 29.61%

Counterparty - Merrill Lynch USD USD Value of Collateral received - 307,184 % of Total Collateral received -21.66%

Counterparty -JP Morgan Securities Inc. USD USD Value of Collateral received - 256,000 % of Total Collateral received - 18.05%

Counterparty - Westpac USD USD Value of Collateral received - 123,150 % of Total Collateral received -8.68%

Counterparty - The Toronto-Dominion Bank USD USD Value of Collateral received - 110,000 % of Total Collateral received - 7.76%

Counterparty - UBS USD USD Value of Collateral received - 110,000 % of Total Collateral received -7.76%

Counterparty - Barclays Bank PLC USD USD Value of Collateral received -91,936 % of Total Collateral received - 6.48%

266 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) 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 - Nine

Counterparty - Barclays Bank PLC USD USD Value of Collateral pledged to Counterparty - (4,142,241) % of Total Collateral pledged -40.23%

Counterparty - Citigroup Global Markets Inc. USD USD Value of Collateral pledged to Counterparty - (1,731,654) % of Total Collateral pledged - 16.81%

Counterparty - Goldman Sachs USD USD Value of Collateral pledged to Counterparty - (1,401,702) % of Total Collateral pledged -13.61%

Counterparty - Citibank USD USD Value of Collateral pledged to Counterparty - (1,046,790) % of Total Collateral pledged - 10.16%

Counterparty - State Street Bank USD USD Value of Collateral pledged to Counterparty - (968,806) % of Total Collateral pledged -9.41%

Counterparty -JP Morgan Securities Inc. USD USD Value of Collateral pledged to Counterparty -(615,881) % of Total Collateral pledged - 5.98%

Counterparty - Bank of America USD USD Value of Collateral pledged to Counterparty - (190,962) % of Total Collateral pledged -1.85%

Counterparty -Credit Suisse USD USD Value of Collateral pledged to Counterparty -(140,972) % of Total Collateral pledged - 1.37%

Counterparty - JP Morgan Chase USD USD Value of Collateral pledged to Counterparty - (59,988) % of Total Collateral pledged -0.58%

Putnam World Trust 267

Securities Financing Transactions Regulation (unaudited) cont.

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

Returns and costs of the SFTs and TRSs USD USD Income received 233,047 - Gains/Losses - 51,974 Net returns 233,047 51,974

*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.

268 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) cont.

Putnam Global High Yield Bond Fund Repurchase Agreements

Below is the value of assets engaged in securities financing transactions at 30 June 2020 as disclosed in the Fund's Schedule of Investments Value USD 1,500,000 % of Fund 0.55%

Listed below are the Counterparties used for each type of SFT at 30 June 2020 USD Counterparty Name BofA Securities Incorporated Value of outstanding transactions 1,500,000 Country of Establishment United States

Settlement/clearing for each type of SFT Bi-Lateral

Maturity tenor of the SFTs USD Less than 1 day 1,500,000

Type, Quality and Currency of Collateral received USD Bonds 1,529,874

Quality: USD AAA 1,529,874

Maturity tenor of the Collateral received USD 1 week to 1 month 1,529,874

Largest Collateral Issuers for received collateral USD Collateral Issuer U.S. Treasury Note 21/07/2020 Volume of collateral received 1,529,874

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/Counterparties One Depositary/Counterparty State Street Custodial Services (Ireland) Limited USD Value of Collateral received 1,529,874 % of Total Collateral received 100.00%

Returns and costs of the SFTs USD Income received 125,274 Gains/Losses - Net returns 125,274

Putnam World Trust 269

Securities Financing Transactions Regulation (unaudited) 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 30 June 2020 as disclosed in the Fund's Schedule of Investments Unrealised Appreciation/ Value (Depreciation) USD USD 28,938,000 (1,172,502) % of Fund 6.21% (0.25%)

Listed below are the Counterparties used for each type of SFT & TRS at 30 June 2020 USD USD Counterparty Name BofA Securities Incorporated Bank of America N.A. Value of outstanding transactions 12,772,000 555,331 Country of Establishment United States United States

Counterparty Name Barclays Capital Incorporated Citibank, N.A. Value of outstanding transactions 16,166,000 (3,352,175) Country of Establishment United Kingdom United States

Counterparty Name - Credit Suisse International Value of outstanding transactions - (962,097) Country of Establishment -Switzerland

Counterparty Name - Goldman Sachs International Value of outstanding transactions - 3,230,773 Country of Establishment -United States

Counterparty Name - JPMorgan Chase Bank N.A. Value of outstanding transactions - (431,641) Country of Establishment -United States

Counterparty Name - JPMorgan Securities LLC Value of outstanding transactions - (3,544) Country of Establishment -United States

Counterparty Name -UBS AG Value of outstanding transactions - (209,149) 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 28,938,000 - 1 to 3 months - (636,614) 3 months to 1 year - (1,484,937) Greater than 1 year - 949,049

270 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) cont.

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

Type, Quality and Currency of Collateral received USD USD Bonds 29,547,472 1,990,940 Cash and Cash Equivalents - 3,386,000

Quality: USD USD AAA 29,547,472 1,990,940 Cash and Cash Equivalents - 3,386,000

Type, Quality and Currency of Collateral pledged USD USD Bonds -(10,768,584) Cash and Cash Equivalents - (3,195,212)

Quality: USD USD AAA -(10,768,584) Cash and Cash Equivalents - (3,195,212)

Maturity tenor of the Collateral received USD USD 3 months to 1 year 13,026,175 - Greater than 1 year 16,521,297 1,990,940 Open Maturity - 3,386,000

Maturity tenor of the Collateral pledged USD USD 1 to 3 months - (8,908,328) 3 months to 1 year - (1,860,256) Open Maturity - (3,195,212)

Largest Collateral Issuers for received collateral

USD USD State Street Institutional U.S. Government Money Market Collateral Issuer United States Treasury Bond 15/11/2048 Fund, Premier Class 0.12% Volume of Collateral received 16,521,297 3,386,000

Collateral Issuer United States Treasury Bond 21/07/2020 United States Treasury Note/Bond 30/06/2024 Volume of Collateral received 13,026,175 1,413,806

Collateral Issuer - United States Treasury Note/Bond 31/10/2024 Volume of Collateral received - 318,227

Collateral Issuer - United States Treasury Note/Bond 30/09/2022 Volume of Collateral received - 151,815

Collateral Issuer - United States Treasury Note/Bond 31/05/2024 Volume of Collateral received - 107,092

Putnam World Trust 271

Securities Financing Transactions Regulation (unaudited) cont.

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

Largest Collateral Issuers for pledged collateral USD USD Collateral Issuer - United States Cash Management Bill 22/09/2020 Volume of Collateral received - (3,541,937)

Collateral Issuer - United States Treasury Bill 17/09/2020 Volume of Collateral received - (3,372,988) State Street Institutional U.S. Government Money Market Collateral Issuer - Fund, Premier Class 0.12% Volume of collateral pledged -(3,195,212)

Collateral Issuer - United States Treasury Bill 08/10/2020 Volume of collateral pledged - (1,860,256)

Collateral Issuer - United States Treasury Bill 24/09/2020 Volume of collateral pledged - (1,629,512)

Collateral Issuer - United States Treasury Bill 10/09/2020 Volume of collateral pledged - (363,891)

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 Nine

Depositaries/Counterparties State Street Custodial Services (Ireland) Limited Goldman Sachs USD USD Value of Collateral received 29,547,472 2,420,000 % of Total Collateral received 100.00% 45.00%

Counterparty - Bank of America USD USD Value of Collateral received -1,565,621 % of Total Collateral received - 29.12%

Counterparty - Westpac USD USD Value of Collateral received - 318,227 % of Total Collateral received -5.92%

Counterparty -HSBC USD USD Value of Collateral received - 313,000 % of Total Collateral received - 5.82%

Counterparty - JP Morgan Securities Inc. USD USD Value of Collateral received - 273,000 % of Total Collateral received -5.08%

272 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) cont.

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

Safe-keeping of Collateral received cont.

Counterparty - Citigroup Global Markets Inc. USD USD Value of Collateral received - 250,000 % of Total Collateral received -4.65%

Counterparty - Toronto Dominion Bank USD USD Value of Collateral received - 110,000 % of Total Collateral received - 2.05%

Counterparty - Morgan Stanley USD USD Value of Collateral received - 107,092 % of Total Collateral received -1.99%

Counterparty -Natwest Markets PLC USD USD Value of Collateral received - 20,000 % of Total Collateral received - 0.37%

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 - UBS USD USD Value of Collateral pledged to Counterparty - (5,050,485) % of Total Collateral pledged -36.18%

Counterparty - Barclays Bank PLC USD USD Value of Collateral pledged to Counterparty -(3,195,212) % of Total Collateral pledged - 22.88%

Counterparty - Citibank USD USD Value of Collateral pledged to Counterparty - (2,507,062) % of Total Collateral pledged -17.95%

Counterparty -JP Morgan Securities Inc. USD USD Value of Collateral pledged to Counterparty - (1,189,643) % of Total Collateral pledged - 8.52%

Putnam World Trust 273

Securities Financing Transactions Regulation (unaudited) cont.

Putnam Multi-Asset Absolute Return Fund cont.

Repurchase Agreements Total Return Swaps*

Safe-keeping of Collateral received cont.

Counterparty - Credit Suisse USD USD Value of Collateral pledged to Counterparty - (942,717) % of Total Collateral pledged -6.75%

Counterparty - JP Morgan Chase USD USD Value of Collateral pledged to Counterparty -(814,756) % of Total Collateral pledged - 5.83%

Counterparty - State Street Bank USD USD Value of Collateral pledged to Counterparty - (257,923) % of Total Collateral pledged -1.85%

Counterparty - Merrill Lynch USD USD Value of Collateral pledged to Counterparty - (5,998) % of Total Collateral pledged -0.04%

Returns and costs of the SFTs and TRSs USD USD Income received 627,222 - Gains/Losses - (19,021,468) Net returns 627,222 (19,021,468)

*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 pertains to other swap instruments held on the Fund.

274 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) cont.

Putnam Securitised Credit Fund Repurchase Agreements

Below is the value of assets engaged in securities financing transactions at 30 June 2020 as disclosed in the Fund's Schedule of Investments Value USD 11,521,000 % of Fund 3.03%

Listed below are the Counterparties used for each type of SFT at 30 June 2020 USD Counterparty Name Barclays Capital Incorporated Value of outstanding transactions 11,521,000 Country of Establishment United Kingdom

Settlement/clearing for each type of SFT Bi-Lateral

Maturity tenor of the SFTs USD Less than 1 day 11,521,000

Type, Quality and Currency of Collateral received USD Bonds 11,774,209

Quality: USD AAA 11,774,209

Maturity tenor of the Collateral received USD Greater than 1 year 11,774,209

Largest Collateral Issuers for received collateral USD Collateral Issuer U.S. Treasury Bond 15/11/2048 Volume of Collateral received 11,774,209

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/Counterparties One

Counterparty USD Value of Collateral received 11,774,209 % of Total Collateral received 100.00%

Returns and costs of the SFTs USD Income received 62,693 Gains/Losses - Net returns 62,693

Putnam World Trust 275

Securities Financing Transactions Regulation (unaudited) 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 30 June 2020 as disclosed in the Fund’s Schedule of Investments Unrealised Appreciation Value /(Depreciation) USD USD 12,456,000 (2,032,816) % of Fund 12.55% (2.05%)

Listed below are the Counterparties used for each type of SFT & TRS at 30 June 2020 USD USD Counterparty Name Barclays Capital Incorporated Bank of America N.A. Value of outstanding transactions 12,456,000 49,332 Country of Establishment United Kingdom United States

Counterparty Name - Barclays Bank PLC Value of outstanding transactions - 789 Country of Establishment - United Kingdom

Counterparty Name - Citibank, N.A. Value of outstanding transactions - 103,270 Country of Establishment - United States

Counterparty Name - Credit Suisse International Value of outstanding transactions - (537) Country of Establishment - Switzerland

Counterparty Name - Goldman Sachs International Value of outstanding transactions - 10,220 Country of Establishment - United States

Counterparty Name - JPMorgan Securities LLC Value of outstanding transactions - (571) Country of Establishment - United States

Counterparty Name - State Street Custodial Services (Ireland) Limited Value of outstanding transactions - (2,195,319) Country of Establishment - Ireland

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

Maturity tenor of the SFTs & TRSs USD USD Less than 1 day 12,456,000 - 1 to 3 months - 84,880 3 months to 1 year - 18,390 Greater than 1 year - (2,136,086)

Type, Quality and Currency of Collateral received USD USD Bonds 12,729,758 393,972 Cash and Cash Equivalents - 990,000

Quality: USD USD AAA 12,729,758 393,972 Cash and Cash Equivalents - 990,000

276 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) cont.

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

Type, Quality and Currency of Collateral pledged USD USD Bonds - (33,000) Cash and Cash Equivalents - (3,614,502)

Quality: USD USD AAA - (33,000) - (3,614,502) Cash and Cash Equivalents

Maturity tenor of the Collateral received USD USD 1 to 3 months - 352,894 Greater than 1 year 12,729,758 41,078 Open Maturity - 990,000

Maturity tenor of the Collateral pledged USD USD 1 day to 1 week - (33,000) Open Maturity - (3,614,502)

Largest Collateral Issuers for received collateral USD USD State Street Institutional U.S. Government Money Market Collateral Issuer U.S. Treasury Bond 15/11/2048 Fund, Premier Class 0.12% Volume of collateral received 12,729,758 990,000

Collateral Issuer - U.S. Treasury Note/Bond 15/09/2020 Volume of collateral received - 352,894

Collateral Issuer - U.S. Treasury Note/Bond 31/10/2024 Volume of collateral received - 30,515

Collateral Issuer - U.S. Treasury Note/Bond 31/10/2024 Volume of collateral received - 10,563

Largest Collateral Issuers for pledged collateral

USD USD State Street Institutional U.S. Government Money Market Collateral Issuer - Fund, Premier Class 0.12% Volume of collateral pledged - (3,614,502)

Collateral Issuer - U.S. Treasury Note/Bond 02/07/2020 Volume of collateral received - (33,000)

Putnam World Trust 277

Securities Financing Transactions Regulation (unaudited) 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 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

Counterparty - Citibank USD USD Value of Collateral received to Counterparty - 650,000 % of Total Collateral received - 46.98%

Counterparty State Street Custodial Services (Ireland) Limited Bank of America USD USD Value of Collateral received to Counterparty 12,729,758 363,457 % of Total Collateral received 100.00% 26.26%

Counterparty - JP Morgan Chase USD USD Value of Collateral received to Counterparty - 320,000 % of Total Collateral received - 23.12%

Counterparty - Westpac USD USD Value of Collateral received to Counterparty - 30,515 % of Total Collateral received - 2.20%

Counterparty - Goldman Sachs USD USD Value of Collateral received to Counterparty - 10,000 % of Total Collateral received - 0.72%

Counterparty - HSBC USD USD Value of Collateral received to Counterparty - 10,000 % of Total Collateral received - 0.72%

278 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) 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 each of the TRSs held on the Fund. Number of Depositaries/Counterparties - Two

Counterparty - Barclays Bank PLC USD USD Value of Collateral pledged to Counterparty - (3,614,502) % of Total Collateral pledged - 99.10%

Counterparty State Street Bank USD USD Value of Collateral received to Counterparty - (33,000) % of Total Collateral received -0.90%

Returns and costs of the SFTs & TRSs USD USD Income received 43,590 - Gains/Losses - (6,976,016) Net returns 43,590 (6,976,016)

*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 279

Securities Financing Transactions Regulation (unaudited) cont.

Putnam U.S. Large Cap Growth Fund Repurchase Agreements Total Return Swaps*

Below is the value of assets engaged in securities financing transactions and total return swaps at 30 June 2020 as disclosed in the Fund’s Schedule of Investments Value Unrealised Appreciation/(Depreciation) USD USD

% of Fund 415,000 (34,987) 0.52% (0.04%)

Listed below are the Counterparties used for each type of SFT & TRS at 30 June 2020 USD USD Counterparty Name BofA Securities Incorporated Goldman Sachs International Value of outstanding transactions 415,000 (34,987) Country of Establishment United States 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 415,000 - Greater than 1 year - (34,987)

Type, Quality and Currency of Collateral received USD USD Bonds 423,453 9,246 Cash and Cash Equivalents - 10,000

Quality: USD USD AAA 423,453 9,246 Cash and Cash Equivalents - 10,000

Type, Quality and Currency of Collateral (pledged) USD USD Bonds - (10,998) Cash and Cash Equivalents - -

Quality: USD USD AAA - (10,998) Cash and Cash Equivalents - -

Maturity tenor of the Collateral received USD USD 1 week to 1 month 423,453 - Greater than 1 year - 9,246 Open Maturity - 10,000

Maturity tenor of the Collateral (pledged) USD USD 1 to 3 months -(10,998)

280 Putnam World Trust

Securities Financing Transactions Regulation (unaudited) cont.

Putnam U.S. Large Cap Growth Fund cont. Repurchase Agreements Total Return Swaps*

Largest Collateral Issuers for received collateral USD USD State Street Institutional U.S. Government Money Market Collateral Issuer U.S. Treasury Bond 21/07/2020 Fund, Premier Class 0.12% Volume of collateral received 423,453 10,000

Collateral Issuer - U.S. Treasury Note/Bond 31/01/2022 Volume of collateral received - 9,246

Largest Collateral Issuers for pledged collateral USD USD Collateral Issuer - U.S. Treasury Bill 20/08/2020 Volume of collateral received - (10,998)

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 each of the SFTs and TRSs held on the Fund.

Number of Depositaries One Two

Depositary State Street Custodial Services (Ireland) Limited HSBC USD USD Value of Collateral received 423,453 10,000 % of Total Collateral received 100.00% 51.96%

Counterparty - State Street Bank USD USD Value of Collateral received - 9,246 % of Total Collateral received - 48.04%

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 each of the TRSs held on the Fund. Number of Depositaries - One Counterparty - Barclays Bank PLC USD USD Value of Collateral received - (10,998) % of Total Collateral received - 100.00%

Returns and costs of the SFTs & TRSs USD USD Income received 7,158 - Gains/Losses - (111,407) Net returns 7,158 (111,407)

* 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 281

Important Information for Investors in Germany (unaudited)

This Report includes, inter alia, information in relation to Putnam European High Yield Fund, Putnam Securitised Credit Fund and Putnam Ultra Short Duration Income Fund. These Funds have not been registered for distribution with the German Financial Regulator (the BaFin) pursuant to section 310 of the German Capital Investment Act) (nor does their distribution benefit from the transitional rules under section 355 German Capital Investment Act) and units in those Funds will not be marketed to investors within Germany.

1. J.P. Morgan AG, Taunus Turm, Taunustor 1, 60310 Frankfurt, 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).

282 Putnam World Trust

Remuneration disclosure (unaudited)

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.

Putnam World Trust 283

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 Daniel R. Melley (U.K.) (resigned effective 31 January 2020) Stephen J. Tate (U.S.) Paying and Information Agent in Germany*: Wyndham Williams (Ireland) (Independent non-Executive Director) J.P. Morgan AG Taunus Turm Investment Advisor: Taunustor 1 The Putnam Advisory Company, LLC 60310 Frankfurt 100 Federal Street Germany Boston, Massachusetts 02110 United States of America Paying and Information Agent in Sweden: SKANDINAVISKA ENSKILDA BANKEN AB Sub-Investment Advisor SEB Merchant Banking Putnam Investments Limited Securities Services 16 St. James's Street Global Funds, RA6 London SW1A 1ER Rissenleden 110 United Kingdom SE-106 40 Stockholm Sweden Depositary: State Street Custodial Services (Ireland) Limited Representative and Paying Agent in Switzerland*: 78 Sir John Rogerson’s Quay BNP Paribas Securities Services, Paris, Succursale de Dublin 2 Zurich Ireland Selnaustrasse 16 CH-8002 Zurich Administrator: Switzerland State Street Fund Services (Ireland) Limited 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. 284 Putnam World Trust

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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 Tel: +44 (0)20-7907-8200 Authorised and regulated by the Tel: +49 (0)6102 56059-00 Central Bank of Ireland. Authorised and regulated by the Financial Conduct For activities carried out in Germany, the Authority. German branch of Putnam Investments Limited is also subject to limited regulatory supervision by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).

The website is not intended for use by investors in certain jurisdictions. Please refer to the Prospectus. putnam.com/ucits EU025 321868 10/2020