N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-06378
 
Templeton Developing Markets Trust

(Exact name of registrant as specified in charter)
 
300 S.E. 2nd Street
, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code:(954)527-7500
 
Date of fiscal year end: 12/31
 
Date of reporting period: 6/30/23
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
Semiannual
Report
Templeton
Developing
Markets
Trust
June
30,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Your
Fund’s
Expenses
6
Financial
Highlights
and
Schedule
of
Investments
7
Financial
Statements
16
Notes
to
Financial
Statements
20
Shareholder
Information
30
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Templeton
Developing
Markets
Trust
This
semiannual
report
for
Templeton
Developing
Markets
Trust
covers
the
period
ended
June
30,
2023
.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
securities
of
companies
located
or
operating
in
“developing
market
countries,”
as
defined
in
the
Fund’s
prospectus.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+8.54%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
Emerging
Markets
(EM)
Index-NR,
which
measures
global
emerging
market
stock
performance,
posted
a
+4.89%
cumulative
total
return
for
the
same
period.
1
Please
note,
index
performance
is
provided
for
reference
and
we
do
not
attempt
to
track
an
index
but
rather
undertake
investments
on
the
basis
of
fundamental
research.
In
addition,
the
Fund’s
return
reflects
the
effect
of
fees
and
expenses
for
professional
management,
while
an
index
does
not
have
such
costs.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Geographic
Composition
6/30/23
%
of
Total
Net
Assets
Asia
80.3%
Latin
America
&
Caribbean
11.2%
North
America
3.0%
Europe
2.6%
Middle East & Africa
1.2%
Short-Term
Investments
&
Other
Net
Assets
1.7%
Top
10
Countries
6/30/23
a
%
of
Total
Net
Assets
a
a
China
26.6%
South
Korea
20.3%
Taiwan
15.5%
India
12.4%
Brazil
8.7%
United
States
2.9%
Thailand
2.3%
Hong
Kong
1.8%
United
Kingdom
1.4%
Mexico
1.3%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
12
.
Templeton
Developing
Markets
Trust
3
franklintempleton.com
Semiannual
Report
We
thank
you
for
your
continued
participation
in
Templeton
Developing
Markets
Trust
and
look
forward
to
serving
your
future
investment
needs.
Chetan
Sehgal,
CFA
Andrew
Ness
Portfolio
Management
Team
Top
10
Holdings
6/30/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
11.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Samsung
Electronics
Co.
Ltd.
5.9%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
ICICI
Bank
Ltd.
5.7%
Banks,
India
Alibaba
Group
Holding
Ltd.
4.6%
Broadline
Retail,
China
Tencent
Holdings
Ltd.
3.2%
Interactive
Media
&
Services,
China
MediaTek,
Inc.
2.8%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
NAVER
Corp.
2.8%
Interactive
Media
&
Services,
South
Korea
LG
Corp.
2.7%
Industrial
Conglomerates,
South
Korea
Petroleo
Brasileiro
SA
2.7%
Oil,
Gas
&
Consumable
Fuels,
Brazil
Prosus
NV
2.6%
Broadline
Retail,
China
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
June
30,
2023
Templeton
Developing
Markets
Trust
4
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
6/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+8.54%
+2.57%
1-Year
+8.55%
+2.61%
5-Year
+8.45%
+0.49%
10-Year
+30.30%
+2.10%
Advisor
6-Month
+8.66%
+8.66%
1-Year
+8.78%
+8.78%
5-Year
+9.80%
+1.89%
10-Year
+33.75%
+2.95%
See
page
5
for
Performance
Summary
footnotes.
Templeton
Developing
Markets
Trust
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
The
managers’
environmental,
social
and
gover-
nance
(ESG)
strategies
may
limit
the
types
and
number
of
investments
available
and,
as
a
result,
may
forgo
favorable
market
opportunities
or
underperform
strategies
that
are
not
subject
to
such
criteria.
There
is
no
guarantee
that
the
strategy's
ESG
directives
will
be
successful
or
will
result
in
better
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
zero
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
4/30/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.39%
1.56%
Advisor
1.14%
1.31%
Your
Fund’s
Expenses
Templeton
Developing
Markets
Trust
6
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period
1/1/23–6/30/23
1,2
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period
1/1/23–6/30/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,085.40
$7.13
$1,017.95
$6.90
1.38%
C
$1,000
$1,080.90
$10.99
$1,014.24
$10.63
2.13%
R
$1,000
$1,083.60
$8.42
$1,016.71
$8.15
1.63%
R6
$1,000
$1,086.70
$5.17
$1,019.84
$5.01
1.00%
Advisor
$1,000
$1,086.60
$5.85
$1,019.19
$5.66
1.13%
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.52
$22.41
$25.42
$21.96
$18.17
$21.98
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.24
c
0.37
0.17
d
0.13
0.32
e
0.20
Net
realized
and
unrealized
gains
(losses)
1.17
(5.40)
(1.66)
3.94
4.46
(3.76)
Total
from
investment
operations
........
1.41
(5.03)
(1.49)
4.07
4.78
(3.56)
Less
distributions
from:
Net
investment
income
..............
—
(0.41)
(0.49)
(0.26)
(0.76)
(0.25)
Net
realized
gains
.................
—
(0.45)
(1.03)
(0.35)
(0.23)
—
Total
distributions
...................
—
(0.86)
(1.52)
(0.61)
(0.99)
(0.25)
Net
asset
value,
end
of
period
..........
$17.93
$16.52
$22.41
$25.42
$21.96
$18.17
Total
return
f
........................
8.54%
(22.21)%
(5.80)%
18.67%
26.39%
(16.20)%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.58%
1.55%
1.54%
1.53%
1.52%
1.56%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.38%
1.38%
1.38%
1.38%
1.38%
1.34%
Net
investment
income
...............
2.74%
c
2.01%
0.64%
d
0.61%
1.57%
e
0.99%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$719,665
$681,700
$969,062
$1,145,066
$1,067,300
$917,488
Portfolio
turnover
rate
................
12.16%
21.97%
21.89%
18.58%
17.71%
9.96%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.08
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.88%.
d
Net
investment
income
per
share
includes
approximately
$0.06
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.41%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.15%.
f
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.19
$21.95
$24.83
$21.46
$17.75
$21.34
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.17
c
0.22
(0.04)
d
(0.03)
0.20
e
0.08
Net
realized
and
unrealized
gains
(losses)
1.14
(5.27)
(1.58)
3.82
4.32
(3.67)
Total
from
investment
operations
........
1.31
(5.05)
(1.62)
3.79
4.52
(3.59)
Less
distributions
from:
Net
investment
income
..............
—
(0.26)
(0.23)
(0.07)
(0.58)
—
Net
realized
gains
.................
—
(0.45)
(1.03)
(0.35)
(0.23)
—
Total
distributions
...................
—
(0.71)
(1.26)
(0.42)
(0.81)
—
Net
asset
value,
end
of
period
..........
$17.50
$16.19
$21.95
$24.83
$21.46
$17.75
Total
return
f
........................
8.09%
(22.79)%
(6.48)%
17.79%
25.42%
(16.78)%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.33%
2.31%
2.29%
2.28%
2.27%
2.31%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
2.13%
2.13%
2.13%
2.13%
2.13%
2.09%
Net
investment
income
(loss)
..........
1.96%
c
1.21%
(0.15)%
d
(0.15)%
0.82%
e
0.24%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$17,695
$18,373
$30,956
$48,429
$56,860
$63,116
Portfolio
turnover
rate
................
12.16%
21.97%
21.89%
18.58%
17.71%
9.96%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.08
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.10%.
d
Net
investment
income
per
share
includes
approximately
$0.06
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.38)%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.40%.
f
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.15
$21.93
$24.96
$21.57
$17.86
$21.61
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.21
c
0.31
0.13
d
0.07
0.29
e
0.15
Net
realized
and
unrealized
gains
(losses)
1.14
(5.27)
(1.65)
3.88
4.36
(3.70)
Total
from
investment
operations
........
1.35
(4.96)
(1.52)
3.95
4.65
(3.55)
Less
distributions
from:
Net
investment
income
..............
—
(0.37)
(0.48)
(0.21)
(0.71)
(0.20)
Net
realized
gains
.................
—
(0.45)
(1.03)
(0.35)
(0.23)
—
Total
distributions
...................
—
(0.82)
(1.51)
(0.56)
(0.94)
(0.20)
Net
asset
value,
end
of
period
..........
$17.50
$16.15
$21.93
$24.96
$21.57
$17.86
Total
return
f
........................
8.36%
(22.40)%
(6.03)%
18.43%
26.02%
(16.38)%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.83%
1.80%
1.80%
1.78%
1.77%
1.81%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.63%
1.63%
1.63%
1.62%
1.63%
1.59%
Net
investment
income
...............
2.51%
c
1.76%
0.52%
d
0.35%
1.32%
e
0.74%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$29,016
$26,150
$37,252
$20,234
$20,016
$18,025
Portfolio
turnover
rate
................
12.16%
21.97%
21.89%
18.58%
17.71%
9.96%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.07
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.65%.
d
Net
investment
income
per
share
includes
approximately
$0.06
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.29%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.90%.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.37
$22.22
$25.23
$21.78
$18.02
$21.82
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.27
c
0.42
0.27
d
0.25
0.39
e
0.28
Net
realized
and
unrealized
gains
(losses)
1.15
(5.33)
(1.66)
3.89
4.45
(3.75)
Total
from
investment
operations
........
1.42
(4.91)
(1.39)
4.14
4.84
(3.47)
Less
distributions
from:
Net
investment
income
..............
—
(0.49)
(0.59)
(0.34)
(0.85)
(0.33)
Net
realized
gains
.................
—
(0.45)
(1.03)
(0.35)
(0.23)
—
Total
distributions
...................
—
(0.94)
(1.62)
(0.69)
(1.08)
(0.33)
Net
asset
value,
end
of
period
..........
$17.79
$16.37
$22.22
$25.23
$21.78
$18.02
Total
return
f
........................
8.67%
(21.90)%
(5.42)%
19.16%
26.89%
(15.90)%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.15%
1.10%
1.14%
1.15%
1.15%
1.21%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.00%
1.00%
1.00%
1.00%
0.99%
0.96%
Net
investment
income
...............
3.12%
c
2.31%
1.06%
d
1.19%
1.96%
e
1.37%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$157,333
$143,225
$214,696
$203,362
$120,791
$94,344
Portfolio
turnover
rate
................
12.16%
21.97%
21.89%
18.58%
17.71%
9.96%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.07
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
2.26%.
d
Net
investment
income
per
share
includes
approximately
$0.06
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.83%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.54%.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.40
$22.26
$25.27
$21.82
$18.06
$21.86
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.26
c
0.41
0.24
d
0.18
0.37
e
0.25
Net
realized
and
unrealized
gains
(losses)
1.16
(5.36)
(1.66)
3.94
4.44
(3.75)
Total
from
investment
operations
........
1.42
(4.95)
(1.42)
4.12
4.81
(3.50)
Less
distributions
from:
Net
investment
income
..............
—
(0.46)
(0.56)
(0.32)
(0.82)
(0.30)
Net
realized
gains
.................
—
(0.45)
(1.03)
(0.35)
(0.23)
—
Total
distributions
...................
—
(0.91)
(1.59)
(0.67)
(1.05)
(0.30)
Net
asset
value,
end
of
period
..........
$17.82
$16.40
$22.26
$25.27
$21.82
$18.06
Total
return
f
........................
8.66%
(22.01)%
(5.55)%
19.01%
26.67%
(15.99)%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.33%
1.30%
1.29%
1.28%
1.27%
1.31%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.13%
1.13%
1.13%
1.13%
1.13%
1.09%
Net
investment
income
...............
2.98%
c
2.26%
0.92%
d
0.87%
1.82%
e
1.24%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$164,114
$152,957
$221,055
$244,645
$195,065
$156,766
Portfolio
turnover
rate
................
12.16%
21.97%
21.89%
18.58%
17.71%
9.96%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.08
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
2.12%.
d
Net
investment
income
per
share
includes
approximately
$0.06
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.69%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.40%.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited),
June
30,
2023
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Industry
Shares
a
Value
a
Common
Stocks
91.2%
Brazil
1.6%
TOTVS
SA
.....................
Software
83,041
$
519,911
Vale
SA
........................
Metals
&
Mining
1,143,447
15,335,269
a
XP,
Inc.,
A
......................
Capital
Markets
58,607
1,374,920
17,230,100
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
4,867,563
2,572,434
Chile
0.8%
b
Banco
Santander
Chile,
ADR
.......
Banks
466,531
8,794,109
China
26.6%
a,c
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
4,598,737
47,871,157
a,c
Alibaba
Group
Holding
Ltd.,
ADR
....
Broadline
Retail
31,492
2,624,858
a,c
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
1,029,258
17,554,463
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
1,160,600
4,369,705
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
31,958,429
13,009,882
Chervon
Holdings
Ltd.
.............
Household
Durables
35,239
140,182
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
4,881,209
22,103,001
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
12,788,284
5,289,690
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
627,857
2,671,897
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
4,493,516
2,682,535
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
224,992
8,932,182
d
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
3,749,927
1,796,800
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
3,669,500
20,914,844
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
3,443,426
4,310,209
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
3,251,711
4,189,417
c
JD.com,
Inc.,
A
..................
Broadline
Retail
54,528
929,934
a,c,d
Meituan
Dianping,
B,
144A,
Reg
S
...
Hotels,
Restaurants
&
Leisure
550,531
8,632,666
c
NetEase,
Inc.
...................
Entertainment
610,821
11,830,713
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
3,281,113
5,093,971
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
1,922,987
12,281,724
Prosus
NV
.....................
Broadline
Retail
393,246
28,801,676
c
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
813,831
34,506,733
a,c
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
539,976
3,985,023
Uni-President
China
Holdings
Ltd.
....
Food
Products
11,065,801
9,331,739
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
1,230,263
1,475,922
a,d
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
2,942,876
14,143,350
289,474,273
Hong
Kong
1.8%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
1,764,302
19,293,352
Hungary
1.2%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
509,557
12,574,226
India
12.4%
a
ACC
Ltd.
.......................
Construction
Materials
241,255
5,344,574
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
103,838
8,875,518
HDFC
Bank
Ltd.
.................
Banks
939,420
19,491,157
Hindalco
Industries
Ltd.
............
Metals
&
Mining
758,886
3,912,522
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Housing
Development
Finance
Corp.
Ltd.
.........................
Financial
Services
68,944
$
2,378,044
ICICI
Bank
Ltd.
..................
Banks
5,404,919
61,866,708
Infosys
Ltd.
.....................
IT
Services
795,141
12,948,212
a
One
97
Communications
Ltd.
.......
Financial
Services
864,181
9,159,686
a
PB
Fintech
Ltd.
..................
Insurance
367,361
3,127,503
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
8,758,857
8,034,642
135,138,566
Indonesia
0.8%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
19,221,051
8,676,010
Mexico
1.3%
Grupo
Financiero
Banorte
SAB
de
CV,
O
...........................
Banks
1,419,608
11,709,176
a,d
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
8,825,323
2,108,368
13,817,544
Peru
0.5%
Intercorp
Financial
Services,
Inc.
.....
Banks
212,707
5,283,642
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
1,693,820
4,235,748
Russia
0.0%
e,f
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
414,906
—
e,f
Sberbank
of
Russia
PJSC
..........
Banks
5,058,740
—
—
South
Africa
0.7%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
9,873,992
7,559,102
South
Korea
20.3%
Doosan
Bobcat,
Inc.
..............
Machinery
251,894
11,260,356
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
285,004
8,680,344
KT
Skylife
Co.
Ltd.
...............
Media
452,147
2,206,284
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
197,577
5,507,809
LG
Chem
Ltd.
...................
Chemicals
8,617
4,386,853
LG
Corp.
.......................
Industrial
Conglomerates
435,642
29,216,086
NAVER
Corp.
...................
Interactive
Media
&
Services
218,999
30,658,412
POSCO
Holdings,
Inc.
............
Metals
&
Mining
42,752
12,653,307
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,170,016
64,428,833
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
514,647
26,322,518
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
21,359
10,907,305
Soulbrain
Co.
Ltd.
................
Chemicals
75,502
14,496,604
220,724,711
Taiwan
15.5%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,787,322
6,496,674
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
1,400,363
30,990,769
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
6,849,659
126,505,569
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
275,615
4,365,358
168,358,370
Thailand
2.3%
Kasikornbank
PCL
...............
Banks
3,611,625
13,269,522
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
(continued)
Kiatnakin
Phatra
Bank
PCL
.........
Banks
2,196,220
$
3,722,034
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
14,348,828
3,278,734
Thai
Beverage
PCL
...............
Beverages
11,521,792
4,947,062
25,217,352
United
Arab
Emirates
0.5%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
10,965,816
5,373,937
United
Kingdom
1.4%
Unilever
plc
.....................
Personal
Care
Products
302,471
15,750,947
United
States
2.9%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
283,772
18,524,636
Genpact
Ltd.
....................
Professional
Services
362,528
13,620,177
32,144,813
Total
Common
Stocks
(Cost
$832,266,542)
.....................................
992,219,236
a
Preferred
Stocks
7.1%
Brazil
7.1%
Banco
Bradesco
SA,
ADR
..........
Banks
6,785,019
23,476,166
Itau
Unibanco
Holding
SA,
ADR
.....
Banks
4,075,095
24,043,060
g
Petroleo
Brasileiro
SA,
44.64%
......
Oil,
Gas
&
Consumable
Fuels
4,736,053
29,206,872
76,726,098
Total
Preferred
Stocks
(Cost
$64,391,298)
......................................
76,726,098
Warrants
a
a
a
a
a
Warrants
0.0%
†
Thailand
0.0%
†
a
Kiatnakin
Phatra
Bank
PCL
,
3/17/24
..
Banks
183,018
6,788
a
Kiatnakin
Phatra
Bank
PCL
,
3/17/26
..
Banks
183,018
16,581
23,369
Total
Warrants
(Cost
$–)
......................................................
23,369
Shares
Escrows
and
Litigation
Trusts
0.0%
a,e
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
395,958
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$896,657,840)
...............................
1,068,968,703
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
See
Abbreviations
on
page
29
.
Short
Term
Investments
1.9%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.9%
United
States
1.9%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
.........
20,869,401
$
20,869,401
Total
Money
Market
Funds
(Cost
$20,869,401)
..................................
20,869,401
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$20,869,401
)
................................
20,869,401
a
a
a
Total
Investments
(Cost
$917,527,241)
100.2%
..................................
$1,089,838,104
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(2,015,687)
Net
Assets
100.0%
...........................................................
$1,087,822,417
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2023.
See
Note
1(c).
c
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2023,
the
aggregate
value
of
these
securities
was
$26,681,184,
representing
2.5%
of
net
assets.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
f
See
Note
6
regarding
investments
in
Russian
securities.
g
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
h
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Templeton
Developing
Markets
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$896,657,840
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
20,869,401
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$7,518,944)
..................................
$1,068,968,703
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
20,869,401
Foreign
currency,
at
value
(cost
$95,826)
.........................................................
95,825
Receivables:
Investment
securities
sold
...................................................................
1,319,153
Capital
shares
sold
........................................................................
243,627
Dividends
...............................................................................
7,980,508
Total
assets
..........................................................................
1,099,477,218
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,229,100
Capital
shares
redeemed
...................................................................
487,020
Management
fees
.........................................................................
614,981
Distribution
fees
..........................................................................
175,864
Transfer
agent
fees
........................................................................
439,132
Trustees'
fees
and
expenses
.................................................................
47
Deferred
tax
...............................................................................
7,544,276
Accrued
expenses
and
other
liabilities
...........................................................
164,381
Total
liabilities
.........................................................................
11,654,801
Net
assets,
at
value
.................................................................
$1,087,822,417
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$973,456,526
Total
distributable
earnings
(losses)
.............................................................
114,365,891
Net
assets,
at
value
.................................................................
$1,087,822,417
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Templeton
Developing
Markets
Trust
Class
A:
Net
assets,
at
value
.......................................................................
$719,664,523
Shares
outstanding
........................................................................
40,138,036
Net
asset
value
per
share
a
..................................................................
$17.93
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$18.97
Class
C:
Net
assets,
at
value
.......................................................................
$17,695,238
Shares
outstanding
........................................................................
1,011,187
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$17.50
Class
R:
Net
assets,
at
value
.......................................................................
$29,015,945
Shares
outstanding
........................................................................
1,657,585
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$17.50
Class
R6:
Net
assets,
at
value
.......................................................................
$157,332,703
Shares
outstanding
........................................................................
8,842,695
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$17.79
Advisor
Class:
Net
assets,
at
value
.......................................................................
$164,114,008
Shares
outstanding
........................................................................
9,210,860
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$17.82
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Templeton
Developing
Markets
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,705,234)
Unaffiliated
issuers
........................................................................
$21,549,068
Non-controlled
affiliates
(Note
3
f
)
.............................................................
583,576
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
10,368
Non-controlled
affiliates
(Note
3
f
)
.............................................................
13
Total
investment
income
...................................................................
22,143,025
Expenses:
Management
fees
(Note
3
a
)
...................................................................
5,628,257
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
892,767
    Class
C
................................................................................
91,550
    Class
R
................................................................................
69,680
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
778,977
    Class
C
................................................................................
19,918
    Class
R
................................................................................
30,458
    Class
R6
...............................................................................
25,236
    Advisor
Class
............................................................................
176,731
Custodian
fees
.............................................................................
92,248
Reports
to
shareholders
fees
..................................................................
72,175
Registration
and
filing
fees
....................................................................
75,719
Professional
fees
...........................................................................
51,255
Trustees'
fees
and
expenses
..................................................................
60,355
Other
....................................................................................
21,663
Total
expenses
.........................................................................
8,086,989
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(1,053,579)
Net
expenses
.........................................................................
7,033,410
Net
investment
income
................................................................
15,109,615
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$712,418)
Unaffiliated
issuers
......................................................................
4,947,138
Foreign
currency
transactions
................................................................
310,363
Net
realized
gain
(loss)
..................................................................
5,257,501
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
67,510,695
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(324,474)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(981,182)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
66,205,039
Net
realized
and
unrealized
gain
(loss)
............................................................
71,462,540
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$86,572,155
Templeton
Developing
Markets
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Templeton
Developing
Markets
Trust
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$15,109,615
$23,683,804
Net
realized
gain
(loss)
.................................................
5,257,501
17,773,725
Net
change
in
unrealized
appreciation
(depreciation)
...........................
66,205,039
(363,609,774)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
86,572,155
(322,152,245)
Distributions
to
shareholders:
Class
A
.............................................................
—
(35,210,072)
Class
C
.............................................................
—
(803,430)
Class
R
.............................................................
—
(1,291,451)
Class
R6
............................................................
—
(7,849,877)
Advisor
Class
........................................................
—
(8,443,548)
Total
distributions
to
shareholders
..........................................
—
(53,598,378)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(19,515,050)
(39,311,433)
Class
C
.............................................................
(2,138,132)
(4,993,489)
Class
R
.............................................................
661,544
(1,616,475)
Class
R6
............................................................
1,648,313
(17,781,391)
Advisor
Class
........................................................
(1,812,359)
(11,162,531)
Total
capital
share
transactions
............................................
(21,155,684)
(74,865,319)
Net
increase
(decrease)
in
net
assets
...................................
65,416,471
(450,615,942)
Net
assets:
Beginning
of
period
.....................................................
1,022,405,946
1,473,021,888
End
of
period
..........................................................
$1,087,822,417
$1,022,405,946
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Templeton
Developing
Markets
Trust (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation 
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund's Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
June
30,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the Fund.
Additionally,
at June
30,
2023, the
Fund
held $7,588,756
in
U.S.
Government
and
Agency
securities
as
collateral.
These
securities
are
held as
collateral
in
segregated
accounts
with
the
Fund’s
custodian.
The
Fund
cannot
repledge
or
resell
these
securities
held
as
collateral.
As
such,
the
non-cash
collateral
is
excluded
from
the
Statement
of
Assets
and
Liabilities.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2023,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Estimated
expenses
are
accrued
daily.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
June
30,
2023
,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,190,050
$38,502,868
2,594,594
$47,455,000
Shares
issued
in
reinvestment
of
distributions
..........
—
—
1,996,373
31,836,345
Shares
redeemed
...............................
(3,309,595)
(58,017,918)
(6,573,642)
(118,602,778)
Net
increase
(decrease)
..........................
(1,119,545)
$(19,515,050)
(1,982,675)
$(39,311,433)
Class
C
Shares:
Shares
sold
...................................
130,100
$2,216,302
169,726
$3,016,922
Shares
issued
in
reinvestment
of
distributions
..........
—
—
51,972
801,554
Shares
redeemed
a
..............................
(254,021)
(4,354,434)
(497,177)
(8,811,965)
Net
increase
(decrease)
..........................
(123,921)
$(2,138,132)
(275,479)
$(4,993,489)
Class
R
Shares:
Shares
sold
...................................
226,439
$3,899,469
330,592
$5,977,297
Shares
issued
in
reinvestment
of
distributions
..........
—
—
82,923
1,289,849
Shares
redeemed
...............................
(187,891)
(3,237,925)
(493,285)
(8,883,621)
Net
increase
(decrease)
..........................
38,548
$661,544
(79,770)
$(1,616,475)
Class
R6
Shares:
Shares
sold
...................................
1,014,388
$17,817,060
2,659,241
$47,147,695
Shares
issued
in
reinvestment
of
distributions
..........
—
—
314,892
5,005,457
Shares
redeemed
...............................
(923,335)
(16,168,747)
(3,886,067)
(69,934,543)
Net
increase
(decrease)
..........................
91,053
$1,648,313
(911,934)
$(17,781,391)
Advisor
Class
Shares:
Shares
sold
...................................
968,122
$17,063,602
1,782,917
$32,226,414
Shares
issued
in
reinvestment
of
distributions
..........
—
—
502,236
7,973,174
Shares
redeemed
...............................
(1,084,506)
(18,875,961)
(2,890,331)
(51,362,119)
Net
increase
(decrease)
..........................
(116,384)
$(1,812,359)
(605,178)
$(11,162,531)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers,
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Asset
Management
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was 1.046%
of
the
Fund’s
average daily
net
assets. 
Under
a
subadvisory
agreement,
FTIML,
an
affiliate
of
Asset
Management,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Asset
Management
based
on
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Asset
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Asset
Management
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class A reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class C
and
R
compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
Subsidiary
Affiliation
Templeton
Asset
Management
Ltd.
(Asset
Management)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
1.050%
Up
to
and
including
$1
billion
1.000%
Over
$1
billion,
up
to
and
including
$5
billion
0.950%
Over
$5
billion,
up
to
and
including
$10
billion
0.900%
Over
$10
billion,
up
to
and
including
$15
billion
0.850%
Over
$15
billion,
up
to
and
including
$20
billion
0.800%
In
excess
of
$20
billion
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
June
30,
2023,
the
Fund
paid
transfer
agent
fees
of
$1,031,320,
of
which
$487,369
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$17,783
CDSC
retained
..............................................................................
$688
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Asset
Management
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
1.13%,
and
for
Class
R6
do
not
exceed
1.00%,
based
on
the
average
net
assets
of
each
class
until
April
30,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2024.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2022,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
December
31,
2022,
the
Fund
deferred
post-October
capital
losses
of
$976,676
and
late-
year
ordinary
losses
of
$295,444.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Developing
Markets
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$
5,916,597
$
107,803,639
$
(92,850,835)
$
—
$
—
$
20,869,401
20,869,401
$
583,576
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$—
$10,868
$(10,868)
$—
$—
$—
—
$13
Total
Affiliated
Securities
...
$5,916,597
$107,814,507
$(92,861,703)
$—
$—
$20,869,401
$583,589
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$5,394,884
Long
term
................................................................................
26,063,133
Total
capital
loss
carryforwards
...............................................................
$31,458,017
a
a
Includes
$31,458,017
from
the
acquired
Templeton
BRIC
Fund,
which
may
be
carried
over
to
offset
future
capital
gains,
subject
to
certain
limitations
.
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
At
June
30,
2023,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
foreign
currency
transactions,
wash
sales,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities) for
the
period
ended
June
30,
2023,
aggregated
$127,668,405 and
$146,631,521,
respectively. 
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Investing
in
China
A
shares
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities.
In
general,
A
shares
are
issued
by
companies
incorporated
in
the
People’s
Republic
of
China
(PRC)
and
listed
on
the
Shanghai
and
Shenzhen
Stock
Exchanges
and
available
for
investment
by
domestic
(Chinese)
investors
and
holders
of
a
Qualified
Foreign
Institutional
Investor
(QFII) license
and,
in
the
case
of
certain
eligible
A
shares,
through
the
Shanghai
and
Shenzhen
Stock
Connect
programs.
The
Shanghai
and
Shenzhen
Stock
Exchanges
are,
however,
substantially
smaller,
less
liquid
and
more
volatile
than
the
major
securities
markets
in
the
United
States.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
Cost
of
investments
..........................................................................
$953,115,091
Unrealized
appreciation
........................................................................
$324,217,675
Unrealized
depreciation
........................................................................
(187,494,662)
Net
unrealized
appreciation
(depreciation)
..........................................................
$136,723,013
4.
Income
Taxes
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the
Fund
had
little
or
no
value
at
June
30,
2023.
Certain
investments
in
China
companies
may
be
made
through
a
special
structure
known
as
a
variable
interest
entity
(VIE).
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
China
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
7.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the Statement
of
Operations.
During
the
period
ended
June
30,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
6.
Concentration
of
Risk
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
29
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Report
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
9.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
17,230,100
$
—
$
—
$
17,230,100
Cambodia
............................
—
2,572,434
—
2,572,434
Chile
................................
8,794,109
—
—
8,794,109
China
...............................
32,862,154
256,612,119
—
289,474,273
Hong
Kong
...........................
—
19,293,352
—
19,293,352
Hungary
.............................
—
12,574,226
—
12,574,226
India
................................
—
135,138,566
—
135,138,566
Indonesia
............................
—
8,676,010
—
8,676,010
Mexico
..............................
13,817,544
—
—
13,817,544
Peru
................................
5,283,642
—
—
5,283,642
Philippines
............................
—
4,235,748
—
4,235,748
Russia
...............................
—
—
—
a
—
South
Africa
...........................
7,559,102
—
—
7,559,102
South
Korea
..........................
—
220,724,711
—
220,724,711
Taiwan
...............................
—
168,358,370
—
168,358,370
Thailand
.............................
—
25,217,352
—
25,217,352
United
Arab
Emirates
....................
5,373,937
—
—
5,373,937
United
Kingdom
........................
—
15,750,947
—
15,750,947
United
States
..........................
32,144,813
—
—
32,144,813
Preferred
Stocks
........................
76,726,098
—
—
76,726,098
Warrants
..............................
23,369
—
—
23,369
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
20,869,401
—
—
20,869,401
Total
Investments
in
Securities
...........
$220,684,269
$869,153,835
b
$—
$1,089,838,104
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$869,153,835,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
8.
Fair
Value
Measurements
(continued)
Templeton
Developing
Markets
Trust
Shareholder
Information
30
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Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
DEVELOPING
MARKETS
TRUST
(Fund)
March
27,
2023
15(c)
Meeting
At
a
meeting
held
on
March
27,
2023
(March
Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Templeton
Asset
Management
Ltd.
(TAML)
and
the
Fund,
and
an
investment
sub-advisory
agreement
between
TAML
and
Franklin
Templeton
Investment
Management
Limited
(Sub-
Adviser),
an
affiliate
of
TAML,
on
behalf
of
the
Fund
(each
a
Management
Agreement)
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
each
of
the
Fund’s
Management
Agreements
prior
to
their
current
April
30,
2023
expiration
dates.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
each
Management
Agreement
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement
for
the
Stub
Period.
TAML
and
the
Sub-Adviser
are
each
referred
to
herein
as
a
Manager.
In
considering
the
continuation
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
each
Manager
at
the
March
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
each
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
March
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
March
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
each
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
each
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors
(Factors).
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreements
are
fair
and
reasonable
and
that
the
continuance
of
each
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
each
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
each
Manager
and
its
affiliates;
and
management
fees
charged
by
each
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-
party
servicing
arrangements.
The
Board
acknowledged
Templeton
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Markets
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management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Managers’
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
emerging
markets
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
three-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe,
but
for
the
one-
and
five-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
the
Fund
and
Class
A
shares
and
Class
M
shares
for
the
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
13
other
emerging
markets
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
approximately
three
and
a
half
basis
points
above
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
of
its
Expense
Group.
The
Board
further
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
The
Board
also
noted
that
the
Sub-Adviser
is
paid
by
TAML
out
of
the
management
fee
TAML
receives
from
the
Fund
and
that
the
allocation
of
the
fee
between
TAML
and
the
Sub-Adviser
reflected
the
services
provided
by
each
to
the
Fund.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
and
the
sub-advisory
fee
paid
to
the
Sub-Adviser
are
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
TAML
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
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other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
each
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
each
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
each
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
each
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
each
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Managers’
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
each
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
each
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
the
Stub
Period.
May
24,
2023
15(c)
Meeting
At
a
meeting
held
on
May
24,
2023
(May
Meeting),
the
Board
reviewed
and
approved
each
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
The
Board
noted
its
review
and
consideration
of
the
information
it
received
in
connection
with
both
the
March
Meeting
and
the
May
Meeting.
In
particular,
the
Board
reviewed
and
considered
information
provided
in
response
to
a
follow-up
set
of
requests
for
information
submitted
to
the
Managers
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees,
which
included
information
on
Fund
performance
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
other
Factors.
The
Board
determined
that
the
conclusions
it
made
at
the
March
Meeting
had
not
changed.
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
Factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreements
for
an
additional
twelve-month
period
beginning
July
1,
2023.
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
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investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Templeton
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Semiannual
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Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
as
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
711
S
08/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Templeton
Developing
Markets
Trust
Investment
Manager
Distributor
Shareholder
Services
Templeton
Asset
Management
Ltd.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2)
The audit committee financial expert are Ann Torre Bates and David W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4.
Principal Accountant Fees and Services. N/A
 
 
Item 5. Audit Committee
of Listed Registrants.
  N/A
 
 
Item 6. Schedule of Investments. N/A
 
 
Item 7
. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies.  N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.  N/A
 
 
Item 9
. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  N/A
 
 
Item 10
. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
Item 11. Controls and Procedures.
 
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective. 
 
(b) Changes in Internal Controls.
 There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.    
                               
N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
TEMPLETON DEVELOPING MARKETS TRUST
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  August 28, 2023
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  August 28, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  August 28, 2023