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World Trust Annual Report

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World Trust Annual Report 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.
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