N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSR
 
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:  12/31/23
 
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
.
 
Annual
Report
and
Shareholder
Letter
Templeton
Developing
Markets
Trust
December
31,
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.
Templeton
Developing
Markets
Trust
1
franklintempleton.com
Annual
Report
SHAREHOLDER
LETTER
Dear
Shareholder,
We
are
pleased
to
provide
the
annual
report
of
Templeton
Developing
Markets
Trust
for
the
12-month
reporting
period
ended
December
31,
2023.
Please
read
on
for
a
detailed
look
at
prevailing
economic
and
market
conditions
during
the
Fund’s
reporting
period
and
to
learn
how
those
conditions
have
affected
Fund
performance.
As
always,
we
remain
committed
to
providing
you
with
excellent
service
and
a
full
spectrum
of
investment
choices.
We
also
remain
committed
to
supplementing
the
support
you
receive
from
your
financial
advisor.
One
way
we
accomplish
this
is
through
our
website,
www.franklintempleton.com
.
Here
you
can
gain
immediate
access
to
market
and
investment
information,
including:
•
Fund
prices
and
performance.
•
Market
insights
and
commentaries
from
our
portfolio
Managers,
and
•
A
host
of
educational
resources.
We
look
forward
to
helping
you
meet
your
financial
goals.
Sincerely,
Manraj
S.
Sekhon,
CFA
Chief
Investment
Officer
Franklin
Templeton
Emerging
Markets
Equity
CFA
®
is
a
trademark
owned
by
CFA
Institute.
franklintempleton.com
Annual
Report
2
Contents
Fund
Overview
3
Performance
Summary
6
Your
Fund’s
Expenses
9
Financial
Highlights
and
Schedule
of
Investments
10
Financial
Statements
19
Notes
to
Financial
Statements
23
Report
of
Independent
Registered
Public
Accounting
Firm
34
Tax
Information
35
Board
Members
and
Officers
36
Shareholder
Information
41
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
Templeton
Developing
Markets
Trust
Fund
Overview
Q.
What
is
the
Fund’s
investment
strategy?
A.
The
Fund
seeks
long-term
capital
appreciation.
We
employ
a
fundamental,
research-driven,
long-term
approach,
focusing
on
companies
with
sustainable
earnings
power
that
are
trading
at
a
discount
to
intrinsic
worth.
In
assessing
individual
investment
opportunities,
we
consider
a
variety
of
factors,
including
a
company’s
profit
and
loss
outlook,
balance
sheet
strength,
cash
flow
trends
and
asset
value
in
relation
to
the
current
price
of
the
company’s
securities.
We
also
focus
on
incorporating
environmental,
social
and
governance
(ESG)
factors
throughout
the
investment
process,
including
the
Fund’s
security-selection
and
portfolio
construction
process.
Q.
What
were
the
overall
market
conditions
during
the
Fund’s
reporting
period?
A.
Emerging
market
equities
ended
2023
with
positive
returns.
Several
tailwinds
within
the
year
—
receding
inflation
trends,
easing/neutral
monetary
policies
in
major
emerging
markets
and
a
bottoming
of
the
technology
cycle
—
overshadowed
pockets
of
negative
sentiment
from
events
such
as
a
liquidity
crisis
in
the
banking
sector
in
developed
markets
and
a
weaker-than-expected
post-COVID
recovery
in
China.
Guidance
from
the
U.S
Federal
Reserve
(Fed)
that
interest
rates
may
begin
to
decline
in
2024
further
boosted
market
sentiment
late
in
the
year.
Latin
America
was
the
top-performing
emerging
market
region
in
2023,
driven
by
solid
returns
in
Brazil
and
Mexico.
Brazilian
equities
reacted
favorably
to
improvements
in
its
macroeconomic
environment
including
lower
inflation
and
the
commencement
of
an
interest
rate-easing
cycle.
In
Asia,
Taiwan
and
South
Korea
led
performances.
A
positive
outlook
stemming
from
artificial
intelligence-fueled
growth
and
expectations
of
a
recovery
in
the
semiconductor
industry
helped
both
the
technology-heavy
markets.
In
the
emerging
Europe,
Middle
East
and
Africa
region,
Eastern
European
markets
outperformed.
Conversely,
China
and
Thailand
lagged
their
emerging
market
peers,
ending
the
year
with
declines.
Concerns
around
China’s
slow
consumption
recovery
and
property
sector
woes
eclipsed
gains
from
government
stimulus
to
shore
up
the
economy
and
positive
regulatory
developments
within
the
technology
sector.
In
Thailand,
a
weaker-than-
expected
recovery
in
economic
growth
and
tourist
arrivals
weighed
on
the
market.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
Our
investment
strategy
employs
a
bottom-up,
research-
driven
approach
focused
on
identifying
long-term
earnings
power
at
a
discount
to
intrinsic
value.
Our
opportunity
lies
in
identifying
companies
for
which
the
market
underestimates
or
misprices
the
probability,
magnitude,
or
timing
of
its
long-
term
earnings
power.
Market
and
sector
weightings
are
a
residual
of
our
bottom-up
stock
selection
process,
however
we
always
seek
to
ensure
the
portfolio
is
appropriately
diversified
based
on
our
professional
judgment.
Our
portfolio
construction
process
seeks
to
build
a
research-
driven,
high-conviction
portfolio
that
is
primarily
driven
by
company
specific
factors
and
focused
on
the
long
term.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+12.33%
cumulative
total
return
for
the
12
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
+9.83%
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
6
.
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
.
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
Return
(NR)
reflects
no
deduction
for
fees,
expenses
or
taxes
but
are
net
of
dividend
tax
withholding.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
15
.
Templeton
Developing
Markets
Trust
4
franklintempleton.com
Annual
Report
Q.
What
were
the
leading
contributors
to
performance?
A.
During
the
12
months
under
review,
key
contributors
to
the
Fund’s
absolute
performance
included
Taiwan
Semiconductor
Manufacturing
(TSMC),
Samsung
Electronics
and
Petroleo
Brasileiro
(Petrobras).
TSMC
is
the
world’s
largest
foundry
semiconductor
company.
Its
chips
are
used
in
a
wide
variety
of
solutions
including
personal
computers,
automotive
and
industrial
equipment
and
phones.
Samsung
Electronics
is
one
of
the
largest
memory
semiconductor
manufacturers
in
the
world.
It
also
manufactures
a
wide
range
of
consumer
and
industrial
electronics
and
equipment.
An
optimistic
outlook
coupled
with
better-than-expected
third-quarter
net
profit
supported
the
shares
of
both
companies.
Expectations
of
healthy
revenue
growth
driven
by
a
recovery
in
the
demand
for
smartphones
and
personal
computers,
alongside
an
artificial
intelligence
(AI)-induced
boost,
further
supported
sentiment
in
the
stocks.
Petrobras
is
a
Brazilian
energy
company
engaged
in
the
exploration,
production,
and
distribution
of
oil
and
gas.
Shares
generally
remained
on
an
upward
trend
over
most
of
the
year.
The
company
announced
a
new
shareholder
return
policy
and
also
raised
gasoline
and
diesel
prices,
which
alleviated
some
concerns
regarding
its
capital
allocation
and
pricing
policy.
A
broad
recovery
for
Brazilian
equities
further
supported
the
stock
price.
We
continue
to
prefer
Petrobras
in
the
oil
and
gas
sector,
given
its
large
cash
generation
and
high
dividend
yields.
At
a
sector
level,
financials,
information
technology
and
energy
were
among
the
top
contributors
to
absolute
performance.
Market-wise,
Taiwan,
South
Korea
and
Brazil
were
leading
contributors
on
an
absolute
basis.
Q.
What
were
the
leading
detractors
from
performance?
A.
During
the
12
months
under
review,
key
detractors
from
the
Fund’s
absolute
performance
included
Guangzhou
Tinci
Materials
Technology
(Tinci),
Samsung
SDI
and
China
Merchants
Bank.
Tinci
is
a
China-based
producer
of
electrolytes
for
electric
vehicle
(EV)
batteries.
Slower
growth
in
EV
demand
as
well
as
higher
competition
driven
by
an
increase
in
industry
capacity
for
electrolytes
and
declining
lithium
prices
impacted
shares.
We
remain
constructive
about
Tinci’s
prospects
as
robust
demand
for
batteries
needed
for
EVs
and
energy
storage—two
of
the
fastest
growing
parts
of
the
global
economy—should
allow
it
to
deliver
strong
earnings
over
the
medium
term.
The
company
is
vertically
integrated,
and
we
believe
it
is
cost
competitive.
Geographic
Composition
12/31/23
%
of
Total
Net
Assets
Asia
77.3%
Latin
America
&
Caribbean
13.2%
North
America
3.3%
Europe
2.8%
Middle East & Africa
1.2%
Short-Term
Investments
&
Other
Net
Assets
2.2%
Top
10
Countries*
12/31/23
a
%
of
Total
Net
Assets
a
a
China
23.2%
South
Korea
20.6%
Taiwan
15.2%
India
12.8%
Brazil
9.7%
United
States
3.3%
Thailand
2.3%
Mexico
2.3%
Hong
Kong
2.0%
Hungary
1.2%
*
Does
not
include
cash
and
cash
equivalents.
Top
10
Holdings
12/31/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
10.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Samsung
Electronics
Co.
Ltd.
6.0%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
ICICI
Bank
Ltd.
5.3%
Banks,
India
Alibaba
Group
Holding
Ltd.
4.1%
Broadline
Retail,
China
Tencent
Holdings
Ltd.
3.4%
Interactive
Media
&
Services,
China
NAVER
Corp.
3.2%
Interactive
Media
&
Services,
South
Korea
Petroleo
Brasileiro
SA
3.1%
Oil,
Gas
&
Consumable
Fuels,
Brazil
Prosus
NV
2.8%
Broadline
Retail,
China
Samsung
Life
Insurance
Co.
Ltd.
2.8%
Insurance,
South
Korea
LG
Corp.
2.6%
Industrial
Conglomerates,
South
Korea
Templeton
Developing
Markets
Trust
5
franklintempleton.com
Annual
Report
Samsung
SDI
is
a
leading
manufacturer
of
lithium-ion
batteries
for
EVs,
energy
storage
and
information
technology
devices.
Its
share
price
declined
along
with
other
EV-related
names
on
concerns
of
slower-than-expected
demand
growth.
However,
we
remain
optimistic
on
the
medium-
term
structural
growth
for
EVs
and
expect
Samsung
SDI
to
achieve
sustainable
growth
from
a
combination
of
robust
EV
battery
demand
globally
as
well
as
a
recovery
of
its
electronic
materials
segment.
Shares
in
Chinese
commercial
bank,
China
Merchants
Bank
were
impacted
by
weaker
loan
growth,
pressure
on
net
interest
margin
as
the
government
continues
to
implement
policy
measures
to
support
the
economy,
and
weak
fee
income
due
to
volatile
capital
markets
and
poor
investor
risk
appetite.
Coupled
with
increasingly
attractive
valuations
as
a
result
of
share
price
decline,
we
believe
that
the
bank’s
strong
market
share
in
retail
banking
and
wealth
management
makes
it
well
positioned
relatively
to
benefit
from
a
recovery
in
consumer
confidence.
At
a
sector
level,
consumer
staples,
consumer
discretionary
and
real
estate
detracted
from
absolute
performance.
Geographically,
China,
Thailand
and
Cambodia
were
among
the
top
detractors
on
an
absolute
basis.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
We
did
not
make
any
significant
changes
to
the
Fund’s
investment
process
over
the
reporting
period.
As
always,
changes
in
the
portfolio’s
positions
and
market/sector
weights
are
the
result
of
our
bottom-up
stock
selection
process,
rather
than
any
macro
themes.
In
the
past
12
months,
we
increased
the
Fund’s
holdings
the
most
in
China/Hong
Kong,
Mexico
and
Hungary
as
we
continued
to
identify
companies
with
long-term
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
In
terms
of
sectors,
additions
were
made
in
health
care,
industrials
and
financials.
In
contrast,
the
Fund
reduced
its
investments
in
Taiwan,
South
Korea
and
the
United
Arab
Emirates
in
favor
of
opportunities
that
we
found
more
compelling.
Sectors
which
experienced
the
largest
sales
were
materials,
consumer
staples
and
information
technology.
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
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
December
31,
2023
Templeton
Developing
Markets
Trust
6
franklintempleton.com
Annual
Report
The
performance
table
and
graphs
do
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
12/31/2
3
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
1-Year
+12.33%
+6.16%
5-Year
+23.46%
+3.13%
10-Year
+26.18%
+1.78%
Advisor
1-Year
+12.58%
+12.58%
5-Year
+25.02%
+4.57%
10-Year
+29.48%
+2.62%
See
page
8
for
Performance
Summary
footnotes.
Templeton
Developing
Markets
Trust
Performance
Summary
7
franklintempleton.com
Annual
Report
See
page
8
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(12/31/13–12/31/23)
Advisor
Class
(12/31/13–12/31/23)
Templeton
Developing
Markets
Trust
Performance
Summary
8
franklintempleton.com
Annual
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.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
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.
Source:
FactSet.
The
MSCI
EM
Index-NR
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
equity
market
performance
of
global
emerging
markets.
Net
Return
(NR)
reflects
no
deduction
for
fees,
expenses
or
taxes
but
are
net
of
dividend
tax
withholding.
6.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(1/1/23–12/31/23)
Share
Class
Net
Investment
Income
Short-Term
Capital
Gain
Total
A
$0.5358
$0.0802
$0.6160
C
$0.3887
$0.0802
$0.4689
R
$0.4982
$0.0802
$0.5784
R6
$0.6064
$0.0802
$0.6866
Advisor
$0.5907
$0.0802
$0.6709
Total
Annual
Operating
Expenses
6
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
9
franklintempleton.com
Annual
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
184/365
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
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period
7/1/23–12/31/23
1,2
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period
7/1/23–12/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,035.00
$7.07
$1,018.25
$7.01
1.38%
C
$1,000
$1,030.60
$10.89
$1,014.48
$10.81
2.13%
R
$1,000
$1,033.60
$8.35
$1,016.99
$8.28
1.63%
R6
$1,000
$1,037.10
$5.14
$1,020.16
$5.09
1.00%
Advisor
$1,000
$1,036.10
$5.81
$1,019.50
$5.76
1.13%
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.52
$22.41
$25.42
$21.96
$18.17
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.42
c
0.37
0.17
d
0.13
0.32
e
Net
realized
and
unrealized
gains
(losses)
...........
1.60
(5.40)
(1.66)
3.94
4.46
Total
from
investment
operations
....................
2.02
(5.03)
(1.49)
4.07
4.78
Less
distributions
from:
Net
investment
income
..........................
(0.54)
(0.41)
(0.49)
(0.26)
(0.76)
Net
realized
gains
.............................
(0.08)
(0.45)
(1.03)
(0.35)
(0.23)
Total
distributions
...............................
(0.62)
(0.86)
(1.52)
(0.61)
(0.99)
Net
asset
value,
end
of
year
.......................
$17.92
$16.52
$22.41
$25.42
$21.96
Total
return
f
....................................
12.33%
(22.21)%
(5.80)%
18.67%
26.39%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.55%
1.55%
1.54%
1.53%
1.52%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.38%
1.38%
1.38%
1.38%
1.38%
Net
investment
income
...........................
2.37%
c
2.01%
0.64%
d
0.61%
1.57%
e
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$699,520
$681,700
$969,062
$1,145,066
$1,067,300
Portfolio
turnover
rate
............................
26.63%
21.97%
21.89%
18.58%
17.71%
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
$0.13
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
1.61%.
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.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.19
$21.95
$24.83
$21.46
$17.75
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.28
c
0.22
(0.04)
d
(0.03)
0.20
e
Net
realized
and
unrealized
gains
(losses)
...........
1.55
(5.27)
(1.58)
3.82
4.32
Total
from
investment
operations
....................
1.83
(5.05)
(1.62)
3.79
4.52
Less
distributions
from:
Net
investment
income
..........................
(0.39)
(0.26)
(0.23)
(0.07)
(0.58)
Net
realized
gains
.............................
(0.08)
(0.45)
(1.03)
(0.35)
(0.23)
Total
distributions
...............................
(0.47)
(0.71)
(1.26)
(0.42)
(0.81)
Net
asset
value,
end
of
year
.......................
$17.55
$16.19
$21.95
$24.83
$21.46
Total
return
f
....................................
11.39%
(22.79)%
(6.48)%
17.79%
25.42%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
2.30%
2.31%
2.29%
2.28%
2.27%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
2.13%
2.13%
2.13%
2.13%
2.13%
Net
investment
income
(loss)
......................
1.63%
c
1.21%
(0.15)%
d
(0.15)%
0.82%
e
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$16,257
$18,373
$30,956
$48,429
$56,860
Portfolio
turnover
rate
............................
26.63%
21.97%
21.89%
18.58%
17.71%
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
$0.13
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
0.87%.
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.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.15
$21.93
$24.96
$21.57
$17.86
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.37
c
0.31
0.13
d
0.07
0.29
e
Net
realized
and
unrealized
gains
(losses)
...........
1.55
(5.27)
(1.65)
3.88
4.36
Total
from
investment
operations
....................
1.92
(4.96)
(1.52)
3.95
4.65
Less
distributions
from:
Net
investment
income
..........................
(0.50)
(0.37)
(0.48)
(0.21)
(0.71)
Net
realized
gains
.............................
(0.08)
(0.45)
(1.03)
(0.35)
(0.23)
Total
distributions
...............................
(0.58)
(0.82)
(1.51)
(0.56)
(0.94)
Net
asset
value,
end
of
year
.......................
$17.49
$16.15
$21.93
$24.96
$21.57
Total
return
....................................
12.00%
(22.40)%
(6.03)%
18.43%
26.02%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.80%
1.80%
1.80%
1.78%
1.77%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.63%
1.63%
1.63%
1.62%
1.63%
Net
investment
income
...........................
2.12%
c
1.76%
0.52%
d
0.35%
1.32%
e
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$29,704
$26,150
$37,252
$20,234
$20,016
Portfolio
turnover
rate
............................
26.63%
21.97%
21.89%
18.58%
17.71%
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
$0.13
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
1.36%.
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%.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.37
$22.22
$25.23
$21.78
$18.02
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.48
c
0.42
0.27
d
0.25
0.39
e
Net
realized
and
unrealized
gains
(losses)
...........
1.58
(5.33)
(1.66)
3.89
4.45
Total
from
investment
operations
....................
2.06
(4.91)
(1.39)
4.14
4.84
Less
distributions
from:
Net
investment
income
..........................
(0.61)
(0.49)
(0.59)
(0.34)
(0.85)
Net
realized
gains
.............................
(0.08)
(0.45)
(1.03)
(0.35)
(0.23)
Total
distributions
...............................
(0.69)
(0.94)
(1.62)
(0.69)
(1.08)
Net
asset
value,
end
of
year
.......................
$17.74
$16.37
$22.22
$25.23
$21.78
Total
return
....................................
12.71%
(21.90)%
(5.42)%
19.16%
26.89%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.15%
1.10%
1.14%
1.15%
1.15%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.00%
1.00%
1.00%
1.00%
0.99%
Net
investment
income
...........................
2.75%
c
2.31%
1.06%
d
1.19%
1.96%
e
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$163,456
$143,225
$214,696
$203,362
$120,791
Portfolio
turnover
rate
............................
26.63%
21.97%
21.89%
18.58%
17.71%
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
$0.13
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
1.99%.
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%.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.40
$22.26
$25.27
$21.82
$18.06
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.45
c
0.41
0.24
d
0.18
0.37
e
Net
realized
and
unrealized
gains
(losses)
...........
1.59
(5.36)
(1.66)
3.94
4.44
Total
from
investment
operations
....................
2.04
(4.95)
(1.42)
4.12
4.81
Less
distributions
from:
Net
investment
income
..........................
(0.59)
(0.46)
(0.56)
(0.32)
(0.82)
Net
realized
gains
.............................
(0.08)
(0.45)
(1.03)
(0.35)
(0.23)
Total
distributions
...............................
(0.67)
(0.91)
(1.59)
(0.67)
(1.05)
Net
asset
value,
end
of
year
.......................
$17.77
$16.40
$22.26
$25.27
$21.82
Total
return
....................................
12.58%
(22.01)%
(5.55)%
19.01%
26.67%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.30%
1.30%
1.29%
1.28%
1.27%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.13%
1.13%
1.13%
1.13%
1.13%
Net
investment
income
...........................
2.58%
c
2.26%
0.92%
d
0.87%
1.82%
e
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$243,109
$152,957
$221,055
$244,645
$195,065
Portfolio
turnover
rate
............................
26.63%
21.97%
21.89%
18.58%
17.71%
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
$0.13
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
1.82%.
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%.
Templeton
Developing
Markets
Trust
Schedule
of
Investments,
December
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Industry
Shares
a
Value
a
Common
Stocks
90.5%
Brazil
2.4%
a
Hypera
SA
.....................
Pharmaceuticals
686,781
$
5,064,122
TOTVS
SA
.....................
Software
684,083
4,749,484
Vale
SA
........................
Metals
&
Mining
1,143,447
18,130,289
27,943,895
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
4,867,563
1,914,823
Chile
0.8%
b
Banco
Santander
Chile,
ADR
.......
Banks
466,531
9,092,689
China
23.2%
c
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
4,703,637
45,305,374
c
Alibaba
Group
Holding
Ltd.,
ADR
....
Broadline
Retail
31,492
2,440,945
a,c
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
1,239,908
18,456,104
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
1,160,600
3,138,607
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
20,223,499
11,263,697
Chervon
Holdings
Ltd.
.............
Household
Durables
567,939
1,734,592
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
5,448,916
18,953,118
b
China
Resources
Building
Materials
Technology
Holdings
Ltd.
.........
Construction
Materials
12,788,284
2,786,781
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
627,857
2,252,635
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
4,493,516
3,248,165
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
264,291
7,030,141
d
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
3,749,927
1,398,422
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
3,781,177
13,352,031
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
4,060,487
5,012,199
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
2,850,795
4,411,936
c
JD.com,
Inc.,
A
..................
Broadline
Retail
54,528
787,508
a,c,d
Meituan
Dianping,
B,
144A,
Reg
S
...
Hotels,
Restaurants
&
Leisure
550,531
5,779,570
c
NetEase,
Inc.
...................
Entertainment
467,745
8,438,379
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
3,281,113
4,339,969
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
2,279,487
10,319,326
Prosus
NV
.....................
Broadline
Retail
1,084,377
32,308,077
c
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
1,036,737
39,139,618
a,c
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
356,058
3,208,083
Uni-President
China
Holdings
Ltd.
....
Food
Products
11,839,148
8,423,439
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
1,230,263
1,403,207
a,d
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
3,346,276
12,655,736
267,587,659
Hong
Kong
2.0%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
1,956,659
23,312,428
Hungary
1.2%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
559,963
14,124,989
India
12.8%
ACC
Ltd.
.......................
Construction
Materials
274,265
7,282,904
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
94,400
8,702,143
Federal
Bank
Ltd.
................
Banks
4,488,923
8,416,127
Templeton
Developing
Markets
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
HDFC
Bank
Ltd.
.................
Banks
1,115,639
$
22,842,819
Hindalco
Industries
Ltd.
............
Metals
&
Mining
492,660
3,633,707
ICICI
Bank
Ltd.
..................
Banks
5,149,958
61,538,187
Infosys
Ltd.
.....................
IT
Services
795,141
14,717,781
a
One
97
Communications
Ltd.
.......
Financial
Services
1,610,565
12,283,765
a
PB
Fintech
Ltd.
..................
Insurance
173,329
1,653,516
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
4,132,047
6,132,834
147,203,783
Indonesia
0.6%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
19,119,780
7,011,630
Italy
0.5%
a,b,d
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
205,875
5,797,036
Mexico
2.3%
Grupo
Financiero
Banorte
SAB
de
CV,
O
...........................
Banks
2,400,961
24,144,642
a,d
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
8,825,323
2,151,694
26,296,336
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
212,707
4,668,919
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
1,936,728
4,560,879
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
0.8%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
11,481,587
8,938,775
South
Korea
20.6%
Doosan
Bobcat,
Inc.
..............
Machinery
344,214
13,336,203
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
213,796
6,360,561
a
Hankook
Tire
&
Technology
Co.
Ltd.
..
Automobile
Components
5,473
191,325
a
KT
Skylife
Co.
Ltd.
...............
Media
452,147
2,063,631
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
210,408
10,516,251
a
LG
Chem
Ltd.
...................
Chemicals
7,265
2,779,270
a
LG
Corp.
.......................
Industrial
Conglomerates
453,952
30,004,868
NAVER
Corp.
...................
Interactive
Media
&
Services
211,584
36,411,569
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,137,210
68,654,038
a
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
606,009
32,246,763
a
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
64,541
23,372,477
a
Soulbrain
Co.
Ltd.
................
Chemicals
48,329
11,295,465
237,232,421
Taiwan
15.2%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
4,758,284
16,193,292
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
859,858
28,400,293
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
6,374,748
122,247,667
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
395,946
7,690,388
174,531,640
Templeton
Developing
Markets
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
See
Abbreviations
on
page
33
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
2.3%
Kasikornbank
PCL
...............
Banks
4,010,834
$
15,712,255
Kiatnakin
Phatra
Bank
PCL
.........
Banks
2,196,220
3,203,152
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
14,348,828
3,424,689
Thai
Beverage
PCL
...............
Beverages
11,521,792
4,581,971
26,922,067
United
Arab
Emirates
0.4%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
10,965,816
4,956,301
United
Kingdom
1.1%
Unilever
plc
.....................
Personal
Care
Products
257,949
12,489,045
United
States
3.3%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
240,807
18,188,153
Genpact
Ltd.
....................
Professional
Services
557,698
19,357,697
37,545,850
Total
Common
Stocks
(Cost
$875,069,112)
.....................................
1,042,131,165
a
Preferred
Stocks
7.3%
Brazil
7.3%
Banco
Bradesco
SA,
ADR
..........
Banks
6,459,812
22,609,342
Itau
Unibanco
Holding
SA,
ADR
.....
Banks
3,701,639
25,726,391
g
Petroleo
Brasileiro
SA,
15.8%
.......
Oil,
Gas
&
Consumable
Fuels
4,736,053
36,174,286
84,510,019
Total
Preferred
Stocks
(Cost
$61,738,009)
......................................
84,510,019
a
a
a
a
a
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
$936,807,121)
...............................
1,126,641,184
Short
Term
Investments
2.5%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.5%
United
States
2.5%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
.........
29,184,917
29,184,917
Total
Money
Market
Funds
(Cost
$29,184,917)
..................................
29,184,917
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$29,184,917
)
................................
29,184,917
a
a
a
Total
Investments
(Cost
$965,992,038)
100.3%
..................................
$1,155,826,101
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(3,779,372)
Net
Assets
100.0%
...........................................................
$1,152,046,729
a
a
a
Templeton
Developing
Markets
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2023.
See
Note
1(c).
c
Variable
interest
entity
(VIE).
See
the
Fund’s
statement
of
additional
information
and/or
notes
to
financial
statements
regarding
investments
made
through
a
VIE
structure.
At
December
31,
2023,
the
aggregate
value
of
these
securities
was
$123,555,581,
representing
10.7%
of
net
assets.
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
December
31,
2023,
the
aggregate
value
of
these
securities
was
$27,782,458,
representing
2.4%
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
December
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
Templeton
Developing
Markets
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$936,807,121
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
29,184,917
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$4,679,502)
..................................
$1,126,641,184
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
29,184,917
Cash
....................................................................................
132
Foreign
currency,
at
value
(cost
$331,507)
........................................................
331,507
Receivables:
Investment
securities
sold
...................................................................
935,563
Capital
shares
sold
........................................................................
398,589
Dividends
...............................................................................
6,219,610
Total
assets
..........................................................................
1,163,711,502
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
965,015
Capital
shares
redeemed
...................................................................
1,207,046
Management
fees
.........................................................................
944,417
Distribution
fees
..........................................................................
171,333
Transfer
agent
fees
........................................................................
310,832
Trustees'
fees
and
expenses
.................................................................
17
Deferred
tax
...............................................................................
7,742,112
Accrued
expenses
and
other
liabilities
...........................................................
324,001
Total
liabilities
.........................................................................
11,664,773
Net
assets,
at
value
.................................................................
$1,152,046,729
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,033,970,661
Total
distributable
earnings
(losses)
.............................................................
118,076,068
Net
assets,
at
value
.................................................................
$1,152,046,729
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2023
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Templeton
Developing
Markets
Trust
Class
A:
Net
assets,
at
value
.......................................................................
$699,520,488
Shares
outstanding
........................................................................
39,044,130
Net
asset
value
per
share
a
..................................................................
$17.92
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$18.96
Class
C:
Net
assets,
at
value
.......................................................................
$16,257,211
Shares
outstanding
........................................................................
926,087
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$17.55
Class
R:
Net
assets,
at
value
.......................................................................
$29,704,205
Shares
outstanding
........................................................................
1,698,079
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$17.49
Class
R6:
Net
assets,
at
value
.......................................................................
$163,455,586
Shares
outstanding
........................................................................
9,215,800
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$17.74
Advisor
Class:
Net
assets,
at
value
.......................................................................
$243,109,239
Shares
outstanding
........................................................................
13,684,443
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$17.77
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
year
ended
December
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
Templeton
Developing
Markets
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$3,552,333)
Unaffiliated
issuers
........................................................................
$39,155,216
Non-controlled
affiliates
(Note
3
f
)
.............................................................
1,339,528
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
49,627
Non-controlled
affiliates
(Note
3
f
)
.............................................................
2,245
Total
investment
income
...................................................................
40,546,616
Expenses:
Management
fees
(Note
3
a
)
...................................................................
11,334,348
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
1,769,132
    Class
C
................................................................................
175,495
    Class
R
................................................................................
141,373
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
1,306,416
    Class
C
................................................................................
32,469
    Class
R
................................................................................
52,127
    Class
R6
...............................................................................
50,127
    Advisor
Class
............................................................................
324,629
Custodian
fees
.............................................................................
241,577
Reports
to
shareholders
fees
..................................................................
98,866
Registration
and
filing
fees
....................................................................
131,301
Professional
fees
...........................................................................
111,272
Trustees'
fees
and
expenses
..................................................................
126,604
Other
....................................................................................
34,949
Total
expenses
.........................................................................
15,930,685
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
..............................................
(1,803,546)
Net
expenses
.........................................................................
14,127,139
Net
investment
income
................................................................
26,419,477
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$1,732,480)
Unaffiliated
issuers
......................................................................
19,667,690
Foreign
currency
transactions
................................................................
168,924
Net
realized
gain
(loss)
..................................................................
19,836,614
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
85,033,895
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(330,588)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(1,179,018)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
83,524,289
Net
realized
and
unrealized
gain
(loss)
............................................................
103,360,903
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$129,780,380
Templeton
Developing
Markets
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Templeton
Developing
Markets
Trust
Year
Ended
December
31,
2023
Year
Ended
December
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$26,419,477
$23,683,804
Net
realized
gain
(loss)
.................................................
19,836,614
17,773,725
Net
change
in
unrealized
appreciation
(depreciation)
...........................
83,524,289
(363,609,774)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
129,780,380
(322,152,245)
Distributions
to
shareholders:
Class
A
.............................................................
(23,464,145)
(35,210,072)
Class
C
.............................................................
(427,429)
(803,430)
Class
R
.............................................................
(947,570)
(1,291,451)
Class
R6
............................................................
(5,705,276)
(7,849,877)
Advisor
Class
........................................................
(8,953,623)
(8,443,548)
Total
distributions
to
shareholders
..........................................
(39,498,043)
(53,598,378)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(39,376,428)
(39,311,433)
Class
C
.............................................................
(3,616,959)
(4,993,489)
Class
R
.............................................................
1,344,725
(1,616,475)
Class
R6
............................................................
8,170,281
(17,781,391)
Advisor
Class
........................................................
72,836,827
(11,162,531)
Total
capital
share
transactions
............................................
39,358,446
(74,865,319)
Net
increase
(decrease)
in
net
assets
...................................
129,640,783
(450,615,942)
Net
assets:
Beginning
of
year
.......................................................
1,022,405,946
1,473,021,888
End
of
year
...........................................................
$1,152,046,729
$1,022,405,946
Templeton
Developing
Markets
Trust
23
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
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
December
31,
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
24
franklintempleton.com
Annual
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 December
31,
2023, the
Fund
held $4,887,076
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
25
franklintempleton.com
Annual
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
December
31,
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
26
franklintempleton.com
Annual
Report
2.
Shares
of
Beneficial
Interest
At
December
3
1
,
2023
,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Year
Ended
December
31,
2023
Year
Ended
December
31,
2022
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
3,380,028
$59,676,044
2,594,594
$47,455,000
Shares
issued
in
reinvestment
of
distributions
..........
1,201,904
20,829,012
1,996,373
31,836,345
Shares
redeemed
...............................
(6,795,383)
(119,881,484)
(6,573,642)
(118,602,778)
Net
increase
(decrease)
..........................
(2,213,451)
$(39,376,428)
(1,982,675)
$(39,311,433)
Class
C
Shares:
Shares
sold
...................................
168,115
$2,876,222
169,726
$3,016,922
Shares
issued
in
reinvestment
of
distributions
..........
25,122
426,571
51,972
801,554
Shares
redeemed
a
..............................
(402,258)
(6,919,752)
(497,177)
(8,811,965)
Net
increase
(decrease)
..........................
(209,021)
$(3,616,959)
(275,479)
$(4,993,489)
Class
R
Shares:
Shares
sold
...................................
425,052
$7,352,462
330,592
$5,977,297
Shares
issued
in
reinvestment
of
distributions
..........
55,931
946,358
82,923
1,289,849
Shares
redeemed
...............................
(401,941)
(6,954,095)
(493,285)
(8,883,621)
Net
increase
(decrease)
..........................
79,042
$1,344,725
(79,770)
$(1,616,475)
Class
R6
Shares:
Shares
sold
...................................
2,482,011
$43,658,623
2,659,241
$47,147,695
Shares
issued
in
reinvestment
of
distributions
..........
224,894
3,856,939
314,892
5,005,457
Shares
redeemed
...............................
(2,242,747)
(39,345,281)
(3,886,067)
(69,934,543)
Net
increase
(decrease)
..........................
464,158
$8,170,281
(911,934)
$(17,781,391)
Advisor
Class
Shares:
Shares
sold
...................................
6,178,380
$104,861,960
1,782,917
$32,226,414
Shares
issued
in
reinvestment
of
distributions
..........
502,426
8,631,676
502,236
7,973,174
Shares
redeemed
...............................
(2,323,607)
(40,656,809)
(2,890,331)
(51,362,119)
Net
increase
(decrease)
..........................
4,357,199
$72,836,827
(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
27
franklintempleton.com
Annual
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
year
ended
December
31,
2023,
the
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.
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
28
franklintempleton.com
Annual
Report
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
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
year:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. Effective
October
1,
2023,
the
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the
Fund
based
upon
relative
assets
and
relative
transactions.
Prior
to
October
1,
2023,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.016%
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
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
year
ended
December
31,
2023,
the
Fund
paid
transfer
agent
fees
as
noted
in
the
Statement
of
Operations,
of
which
$830,634
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
year
ended
December
31,
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
..............................
$29,615
CDSC
retained
..............................................................................
$1,416
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
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
.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund
have
been
capped so
that
transfer
agent
fees
for
that
class
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,
2023,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains
.
During
the
year
ended December
31,
2023
the
Fund
utilized
$2,669,501
of
capital
loss
carryforwards.
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,
2023,
the
Fund
deferred
post-October
capital
losses
of
$3,543,073.
    aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Developing
Markets
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
$5,916,597
$252,349,138
$(229,080,818)
$—
$—
$29,184,917
29,184,917
$1,339,528
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
$—
$1,716,748
$(1,716,748)
$—
$—
$—
—
$2,245
Total
Affiliated
Securities
...
$5,916,597
$254,065,886
$(230,797,566)
$—
$—
$29,184,917
$1,341,773
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$4,937,079
Long
term
................................................................................
23,851,437
Total
capital
loss
carryforwards
...............................................................
$28,788,516
a
a
Includes
$28,788,516
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
30
franklintempleton.com
Annual
Report
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2023
and
2022,
was
as
follows:
At
December
31,
2023,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
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
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
year
ended
December
31,
2023,
aggregated
$287,036,108 and
$281,234,879,
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.
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
2023
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$39,498,043
$26,148,534
Long
term
capital
gain
......................................................
—
27,449,844
$39,498,043
$53,598,378
Cost
of
investments
..........................................................................
$1,005,057,134
Unrealized
appreciation
........................................................................
$350,970,035
Unrealized
depreciation
........................................................................
(200,201,068)
Net
unrealized
appreciation
(depreciation)
..........................................................
$150,768,967
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$9,488,836
4.
Income
Taxes
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
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.
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
December
31,
2023.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
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
Chinese
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
matured
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.
Effective
February
2,
2024,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
January
31,
2025,
for
a
total
of
$2.675
billion.
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
year
ended
December
31,
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
6.
Concentration
of
Risk
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
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)
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
December
31,
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 year.
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
other
than
those
already
disclosed
in
the
financial
statements.
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
—
$
27,943,895
$
—
$
27,943,895
Cambodia
............................
—
1,914,823
—
1,914,823
Chile
................................
9,092,689
—
—
9,092,689
China
...............................
51,734,037
215,853,622
—
267,587,659
Hong
Kong
...........................
—
23,312,428
—
23,312,428
Hungary
.............................
14,124,989
—
—
14,124,989
India
................................
—
147,203,783
—
147,203,783
Indonesia
............................
—
7,011,630
—
7,011,630
Italy
.................................
—
5,797,036
—
5,797,036
Mexico
..............................
26,296,336
—
—
26,296,336
Peru
................................
4,668,919
—
—
4,668,919
Philippines
............................
—
4,560,879
—
4,560,879
Russia
...............................
—
—
—
a
—
South
Africa
...........................
8,938,775
—
—
8,938,775
South
Korea
..........................
—
237,232,421
—
237,232,421
Taiwan
...............................
—
174,531,640
—
174,531,640
Thailand
.............................
—
26,922,067
—
26,922,067
United
Arab
Emirates
....................
4,956,301
—
—
4,956,301
United
Kingdom
........................
—
12,489,045
—
12,489,045
United
States
..........................
37,545,850
—
—
37,545,850
Preferred
Stocks
:
Brazil
................................
48,335,733
36,174,286
—
84,510,019
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
29,184,917
—
—
29,184,917
Total
Investments
in
Securities
...........
$234,878,546
$920,947,555
b
$—
$1,155,826,101
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$920,947,555,
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.
8.
Fair
Value
Measurements
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
Report
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
Templeton
Developing
Markets
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
34
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Templeton
Developing
Markets
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Templeton
Developing
Markets
Trust
(the
"Fund")
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
ended
December
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
February
20,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Developing
Markets
Trust
Tax
Information
(unaudited)
35
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amount
s
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
December
31,
2023:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intends
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
fiscal
year
ended
December
31,
202
3
:
Pursuant
to:
Amount
Reported
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$303,305
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$27,977,054
Short-Term
Capital
Gain
Dividends
Distributed
§871(k)(2)(C)
$4,993,870
Amount
Reported
Foreign
Taxes
Paid
$6,192,831
Foreign
Source
Income
Earned
$38,820,406
Templeton
Developing
Markets
Trust
Board
Members
and
Officers
36
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1992
118
Bar-S
Foods
(meat
packing
company)
(1981-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Ann
Torre
Bates
(1958)
Trustee
Since
2008
29
Ares
Strategic
Income
Fund
(closed-end
investment
management
company)
(September
2022-present);
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present);
and
formerly
,
United
Natural
Foods,
Inc.
(food
distribution)
(2013-2023)
and
Navient
Corporation
(loan
management,
servicing
and
asset
recovery)
(2014-2016).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Executive
Vice
President
and
Chief
Financial
Officer,
NHP
Incorporated
(manager
of
multifamily
housing)
(1995-1997);
and
Vice
President
and
Treasurer,
US
Airways,
Inc.
(until
1995).
Terrence
J.
Checki
(1945)
Trustee
Since
January
2023
118
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2016
118
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Templeton
Developing
Markets
Trust
37
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
118
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-2023);Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
118
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
David
W.
Niemiec
(1949)
Trustee
Since
2005
29
Hess
Midstream
LP
(oil
and
gas
midstream
infrastructure)
(2017-present).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Advisor,
Saratoga
Partners
(private
equity
fund);
and
formerly
,
Managing
Director,
Saratoga
Partners
(1998-2001)
and
SBC
Warburg
Dillon
Read
(investment
banking)
(1997-1998);
Vice
Chairman,
Dillon,
Read
&
Co.
Inc.
(investment
banking)
(1991-1997);
and
Chief
Financial
Officer,
Dillon,
Read
&
Co.
Inc.
(1982-1997).
Larry
D.
Thompson
(1945)
Trustee
Since
2005
118
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Templeton
Developing
Markets
Trust
38
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
1991
19
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Gregory
E.
Johnson
2
(1961)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Vice
President
since
2023
and
Trustee
since
2007
128
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
Rupert
H.
Johnson,
Jr.
3
(1940)
Trustee
Since
2013
118
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ted
P.
Becker
(1951)
Chief
Compliance
Officer
Since
June
2023
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Global
Compliance
of
Franklin
Templeton
(since
2020);
Chief
Compliance
Officer
of
Franklin
Templeton
Fund
Adviser,
LLC
(since
2006);
Chief
Compliance
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Director
of
Global
Compliance
at
Legg
Mason
(2006-2020);
Managing
Director
of
Compliance
of
Legg
Mason
&
Co.
(2005-2020).
Susan
Kerr
(1949)
Vice
President
-
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
Franklin
Distributors;
and
officer
of
certain
funds
in
the
Franklin
Templeton/
Legg
Mason
fund
complex.
Independent
Board
Members
(continued)
Templeton
Developing
Markets
Trust
39
franklintempleton.com
Annual
Report
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
1.
Information
is
for
the
calendar
year
ended
December
31,
2023,
unless
otherwise
noted.
We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
2.
Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
3.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
a
major
shareholder
of
Resources,
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
U.S.
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
each
of
Ann
Torre
Bates
and
David
W.
Niemiec
as
an
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
qualify
as
such
an
expert
in
view
of
their
extensive
business
background
and
experience.
Ms.
Bates
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2008.
She
currently
serves
as
a
director
of
Ares
Capital
Corporation
(2010-present)
and
United
Natural
Foods,
Inc.
(2013-present)
and
was
formerly
a
director
of
Navient
Corporation
from
2014
to
2016,
SLM
Corporation
from
1997
to
2014
and
Allied
Capital
Corporation
from
2003
to
2010,
Executive
Vice
President
and
Chief
Financial
Officer
of
NHP
Incorporated
from
1995
to
1997
and
Vice
President
and
Treasurer
of
US
Airways,
Inc.
until
1995.
Mr.
Niemiec
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2005,
currently
serves
as
an
Advisor
to
Saratoga
Partners
and
was
formerly
its
Managing
Director
from
1998
to
2001
and
serves
as
a
director
of
Hess
Midstream
LP
(2017-present).
Mr.
Niemiec
was
formerly
a
director
of
Emeritus
Corporation
from
1999
to
2010
and
OSI
Pharmaceuticals,
Inc.
from
2006
to
2010,
Managing
Director
of
SBC
Warburg
Dillon
Read
from
1997
to
1998,
and
was
Vice
Chairman
from
1991
to
1997
and
Chief
Financial
Officer
from
1982
to
1997
of
Dillon,
Read
&
Co.
Inc.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
have
each
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Christopher
Kings
(1974)
Chief
Executive
Officer
-
Finance
and
Administration
Since
January
2024
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Manraj
S.
Sekhon
(1969)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
7
Temasek
Blvd.,
Suntec
Tower
1,
#38-03
Singapore
038987
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Investment
Officer,
Franklin
Templeton
Emerging
Markets
Equity;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
and
Secretary
Vice
President
since
2015
and
Secretary
since
June
2023
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Jeffrey
W.
White
(1971)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
January
2024
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Financial
Officer,
Chief
Accounting
Officer
&
Treasurer
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Director
and
Assistant
Treasurer
within
Franklin
Templeton
Global
Fund
Tax
and
Fund
Administration
and
Financial
Reporting
(2017-2023).
Interested
Board
Members
and
Officers
(continued)
Templeton
Developing
Markets
Trust
40
franklintempleton.com
Annual
Report
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Bates
and
Mr.
Niemiec
are
independent
Board
members
as
that
term
is
defined
under
the
applicable
U.S.
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Interested
Board
Members
and
Officers
(continued)
Templeton
Developing
Markets
Trust
Shareholder
Information
41
franklintempleton.com
Annual
Report
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.
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
A
02/24
©
2024
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.
Annual
Report
and
Shareholder
Letter
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 experts 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.
 
(a)      Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $47,749 for the fiscal year ended December 31, 2023 and $47,271 for the fiscal year ended December 31, 2022.
 
(b)      Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
 
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  
 
(c)      Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
 
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended December 31, 2023 and $70,000 for the fiscal year ended December 31, 2022. The services for which these fees were paid included global access to tax platform International Tax View.
 
(d)      All Other Fees
There were no fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4. 
 
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $48,626 for the fiscal year ended December 31, 2023 and $190,211 for the fiscal year ended December 31, 2022. The services for which these fees were paid included fees in connection with a license for accounting and business knowledge platform Viewpoint, fees in connection with a license for employee development tool ProEdge, professional fees relating to security counts and professional fees in connection with SOC 1 Reports.  
 
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
 
      (i)   pre-approval of all audit and audit related services;
 
      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;
 
      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
 
      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
 
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
 
(f) No disclosures are required by this Item 4(f).
 
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $118,626 for the fiscal year ended December 31, 2023 and $260,211 for the fiscal year ended December 31, 2022.
 
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
 
 
(i) N/A
 
 
(j) 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. Recovery of Erroneously Awarded Compensation.
 
(a) N/A


(b) N/A
 
 
Item 14. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  February 26, 2024


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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  February 26, 2024
 
 
By S\JEFFREY WHITE______________________
      Jeffrey White
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  February 26, 2024