Templeton Developing Markets Trust

30/08/2024 | Press release | Distributed by Public on 30/08/2024 23:11

Semi Annual Report by Investment Company Form N CSRS

2024-07-0474200014300_TempletonDevelopingMarketsTrust_ClassA_TSRSemiAnnual

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-06378

Templeton Developing Markets Trust
(Exact name of registrant as specified in charter)

300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices)(Zip code)

Alison Baur,

One Franklin Parkway,

San Mateo,

CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code:

(954) 527-7500

Date of fiscal year end: 12/31

Date of reporting period: 6/30/24

Item 1. Reports to Stockholders.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-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.

Templeton Developing Markets Trust
Class A[TEDMX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$71
1.38%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$1,171,613,621
Total Number of Portfolio Holdings*
85
Portfolio Turnover Rate
9.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Templeton Developing Markets Trust PAGE 1 711-STSR-0824
Templeton Developing Markets Trust
Class C[TDMTX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$109
2.13%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$1,171,613,621
Total Number of Portfolio Holdings*
85
Portfolio Turnover Rate
9.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Templeton Developing Markets Trust PAGE 1 791-STSR-0824
Templeton Developing Markets Trust
Class R[TDMRX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R
$84
1.63%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$1,171,613,621
Total Number of Portfolio Holdings*
85
Portfolio Turnover Rate
9.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Templeton Developing Markets Trust PAGE 1 891-STSR-0824
Templeton Developing Markets Trust
Class R6[FDEVX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R6
$51
1.00%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$1,171,613,621
Total Number of Portfolio Holdings*
85
Portfolio Turnover Rate
9.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Templeton Developing Markets Trust PAGE 1 344-STSR-0824
Templeton Developing Markets Trust
Advisor Class[TDADX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Advisor Class
$58
1.13%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$1,171,613,621
Total Number of Portfolio Holdings*
85
Portfolio Turnover Rate
9.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Templeton Developing Markets Trust PAGE 1 611-STSR-0824

Item 2. Code of Ethics.

N/A

Item 3. Audit Committee Financial Expert.

N/A

Item 4. Principal Accountant Fees and Services.

N/A

Item 5. Audit Committee of Listed Registrants.

N/A

Item 6. Schedule of Investments.

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSRS.

(b) N/A

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Templeton
Developing
Markets
Trust
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2024
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
11
Notes
to
Financial
Statements
15
Changes
In
and
Disagreements
with
Accountants
25
Results
of
Meeting(s)
of
Shareholders
25
Remuneration
Paid
to
Directors,
Officers
and
Others
25
Board
Approval
of
Management
and
Subadvisory
Agreements
25
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.92
$16.52
$22.41
$25.42
$21.96
$18.17
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.42
c
0.37
0.17
d
0.13
0.32
e
Net
realized
and
unrealized
gains
(losses)
1.00
1.60
(5.40)
(1.66)
3.94
4.46
Total
from
investment
operations
........
1.19
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
period
..........
$19.11
$17.92
$16.52
$22.41
$25.42
$21.96
Total
return
f
........................
6.64%
12.33%
(22.21)%
(5.80)%
18.67%
26.39%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.51%
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%
1.38%
Net
investment
income
...............
2.15%
2.37%
c
2.01%
0.64%
d
0.61%
1.57%
e
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$697,047
$699,520
$681,700
$969,062
$1,145,066
$1,067,300
Portfolio
turnover
rate
................
9.73%
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,
and
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.55
$16.19
$21.95
$24.83
$21.46
$17.75
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.12
0.28
c
0.22
(0.04)
d
(0.03)
0.20
e
Net
realized
and
unrealized
gains
(losses)
0.99
1.55
(5.27)
(1.58)
3.82
4.32
Total
from
investment
operations
........
1.11
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
period
..........
$18.66
$17.55
$16.19
$21.95
$24.83
$21.46
Total
return
f
........................
6.32%
11.39%
(22.79)%
(6.48)%
17.79%
25.42%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.26%
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%
2.13%
Net
investment
income
(loss)
..........
1.36%
1.63%
c
1.21%
(0.15)%
d
(0.15)%
0.82%
e
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$14,881
$16,257
$18,373
$30,956
$48,429
$56,860
Portfolio
turnover
rate
................
9.73%
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,
and
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.49
$16.15
$21.93
$24.96
$21.57
$17.86
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.37
c
0.31
0.13
d
0.07
0.29
e
Net
realized
and
unrealized
gains
(losses)
0.98
1.55
(5.27)
(1.65)
3.88
4.36
Total
from
investment
operations
........
1.15
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
period
..........
$18.64
$17.49
$16.15
$21.93
$24.96
$21.57
Total
return
f
........................
6.58%
12.00%
(22.40)%
(6.03)%
18.43%
26.02%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.76%
1.80%
1.80%
1.80%
1.78%
1.77%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.63%
1.63%
1.63%
1.63%
1.62%
1.63%
Net
investment
income
...............
1.88%
2.12%
c
1.76%
0.52%
d
0.35%
1.32%
e
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$29,319
$29,704
$26,150
$37,252
$20,234
$20,016
Portfolio
turnover
rate
................
9.73%
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%.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.74
$16.37
$22.22
$25.23
$21.78
$18.02
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.23
0.48
c
0.42
0.27
d
0.25
0.39
e
Net
realized
and
unrealized
gains
(losses)
0.98
1.58
(5.33)
(1.66)
3.89
4.45
Total
from
investment
operations
........
1.21
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
period
..........
$18.95
$17.74
$16.37
$22.22
$25.23
$21.78
Total
return
f
........................
6.82%
12.71%
(21.90)%
(5.42)%
19.16%
26.89%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.14%
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%
1.00%
0.99%
Net
investment
income
...............
2.52%
2.75%
c
2.31%
1.06%
d
1.19%
1.96%
e
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$159,973
$163,456
$143,225
$214,696
$203,362
$120,791
Portfolio
turnover
rate
................
9.73%
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%.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.77
$16.40
$22.26
$25.27
$21.82
$18.06
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.22
0.45
c
0.41
0.24
d
0.18
0.37
e
Net
realized
and
unrealized
gains
(losses)
0.98
1.59
(5.36)
(1.66)
3.94
4.44
Total
from
investment
operations
........
1.20
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
period
..........
$18.97
$17.77
$16.40
$22.26
$25.27
$21.82
Total
return
f
........................
6.75%
12.58%
(22.01)%
(5.55)%
19.01%
26.67%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.27%
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%
1.13%
Net
investment
income
...............
2.48%
2.58%
c
2.26%
0.92%
d
0.87%
1.82%
e
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$270,394
$243,109
$152,957
$221,055
$244,645
$195,065
Portfolio
turnover
rate
................
9.73%
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%.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited),
June
30,
2024
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
92.4%
Brazil
2.2%
a
Hypera
SA
.....................
Pharmaceuticals
765,511
$
3,930,016
a
Oncoclinicas
do
Brasil
Servicos
Medicos
SA
..........................
Health
Care
Providers
&
Services
3,914,846
4,327,770
TOTVS
SA
.....................
Software
684,083
3,723,675
Vale
SA
........................
Metals
&
Mining
1,203,004
13,389,306
25,370,767
Cambodia
0.2%
a,b
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
4,867,563
2,386,411
Chile
0.7%
b
Banco
Santander
Chile
,
ADR
.......
Banks
466,531
8,784,779
China
23.0%
c
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
4,586,359
41,336,118
b,c
Alibaba
Group
Holding
Ltd.
,
ADR
....
Broadline
Retail
31,492
2,267,424
a,c
Baidu,
Inc.
,
A
....................
Interactive
Media
&
Services
1,239,908
13,423,306
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.
,
A
...........
Construction
Materials
1,679,000
2,848,917
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
4,946,294
5,186,962
d
Budweiser
Brewing
Co.
APAC
Ltd.
,
144A
,
Reg
S
..................
Beverages
12,816,698
15,085,000
China
Merchants
Bank
Co.
Ltd.
,
A
....
Banks
30,000
140,975
China
Merchants
Bank
Co.
Ltd.
,
H
....
Banks
4,181,950
19,003,382
China
Resources
Building
Materials
Technology
Holdings
Ltd.
.........
Construction
Materials
12,788,284
2,254,945
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
4,493,516
3,097,259
a,b
Daqo
New
Energy
Corp.
,
ADR
......
Semiconductors
&
Semiconductor
Equipment
263,259
3,843,581
d
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
3,749,927
1,608,788
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
A
....................
Chemicals
1,825,404
4,405,461
b
Haier
Smart
Home
Co.
Ltd.
,
D
.......
Household
Durables
4,060,487
6,896,942
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
2,789,027
3,192,949
c
JD.com,
Inc.
,
A
..................
Broadline
Retail
54,528
708,170
a,c,d,e
Kuaishou
Technology
,
144A
,
Reg
S
...
Interactive
Media
&
Services
981,199
5,759,495
a,d
Meituan
Dianping
,
B
,
144A
,
Reg
S
...
Hotels,
Restaurants
&
Leisure
352,587
5,011,774
c
NetEase,
Inc.
...................
Entertainment
453,514
8,660,269
Ping
An
Bank
Co.
Ltd.
,
A
...........
Banks
3,281,113
4,575,684
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
.......................
Insurance
2,279,487
10,327,392
Prosus
NV
.....................
Broadline
Retail
1,125,521
40,027,429
c
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
1,080,816
51,274,265
Uni-President
China
Holdings
Ltd.
....
Food
Products
12,231,911
11,168,263
Weifu
High-Technology
Group
Co.
Ltd.
,
B
...........................
Automobile
Components
1,230,263
1,835,379
a,b,d
Wuxi
Biologics
Cayman,
Inc.
,
144A
,
Reg
S
...........................
Life
Sciences
Tools
&
Services
3,526,586
5,190,019
269,130,148
Hong
Kong
1.7%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
1,706,299
19,451,621
Hungary
1.1%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
506,736
13,163,223
India
12.9%
ACC
Ltd.
.......................
Construction
Materials
236,200
7,410,313
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
93,161
$
9,530,377
Federal
Bank
Ltd.
................
Banks
4,877,891
10,351,545
HDFC
Bank
Ltd.
.................
Banks
1,608,259
32,488,038
ICICI
Bank
Ltd.
..................
Banks
4,398,364
63,327,925
Infosys
Ltd.
.....................
IT
Services
700,702
13,154,108
Natco
Pharma
Ltd.
...............
Pharmaceuticals
97,964
1,365,697
a
One
97
Communications
Ltd.
.......
Financial
Services
1,128,459
5,438,528
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
3,550,699
8,523,622
151,590,153
Indonesia
0.5%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
20,421,834
5,551,446
Italy
0.3%
a,b,d
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
144,533
4,076,462
Mexico
1.9%
Grupo
Financiero
Banorte
SAB
de
CV
,
O
...........................
Banks
2,682,913
20,908,387
a,b,d
Nemak
SAB
de
CV
,
144A
,
Reg
S
....
Automobile
Components
8,825,323
1,403,912
22,312,299
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
197,624
4,428,754
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
1,936,728
4,244,974
Russia
0.0%
f,g
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
414,906
-
a,f,g
Sberbank
of
Russia
PJSC
..........
Banks
5,058,740
-
-
South
Africa
1.7%
Discovery
Ltd.
...................
Insurance
1,616,056
11,962,824
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
12,239,127
8,527,250
20,490,074
South
Korea
19.4%
Doosan
Bobcat,
Inc.
..............
Machinery
344,214
12,711,765
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
213,796
6,188,245
Hankook
Tire
&
Technology
Co.
Ltd.
..
Automobile
Components
5,473
178,406
KT
Skylife
Co.
Ltd.
...............
Media
452,147
1,698,360
LG
Corp.
.......................
Industrial
Conglomerates
378,431
21,959,698
a
LigaChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
77,278
3,964,803
NAVER
Corp.
...................
Interactive
Media
&
Services
232,761
27,939,060
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,220,411
71,646,535
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
504,475
32,185,984
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
64,541
16,439,441
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
148,312
25,106,989
Soulbrain
Co.
Ltd.
................
Chemicals
36,841
7,696,063
227,715,349
Taiwan
19.6%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
4,842,055
31,815,486
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
1,089,413
3,531,818
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
798,732
34,330,798
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
5,176,561
$
153,060,177
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
296,884
6,655,215
229,393,494
Thailand
2.6%
Kasikornbank
PCL
...............
Banks
4,162,768
14,183,854
Kiatnakin
Phatra
Bank
PCL
.........
Banks
2,196,220
2,779,275
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
7,813,043
6,364,012
a
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
14,348,828
3,179,769
Thai
Beverage
PCL
...............
Beverages
11,521,792
3,819,362
30,326,272
United
Arab
Emirates
0.8%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
13,390,108
5,322,504
a
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
8,389,360
3,494,615
8,817,119
United
States
3.0%
Cognizant
Technology
Solutions
Corp.
,
A
...........................
IT
Services
240,807
16,374,876
Genpact
Ltd.
....................
Professional
Services
595,324
19,163,480
35,538,356
Total
Common
Stocks
(Cost
$
863,858,559
)
.....................................
1,082,771,701
a
Preferred
Stocks
5.8%
Brazil
5.8%
Banco
Bradesco
SA
,
ADR
..........
Banks
6,872,900
15,395,296
h
Itau
Unibanco
Holding
SA
,
ADR
,
3.39
%
Banks
3,701,639
21,617,572
h
Petroleo
Brasileiro
SA
,
8.72
%
.......
Oil,
Gas
&
Consumable
Fuels
4,591,932
31,254,396
68,267,264
Total
Preferred
Stocks
(Cost
$
61,896,614
)
......................................
68,267,264
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,f
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
395,958
-
Total
Escrows
and
Litigation
Trusts
(Cost
$
-
)
...................................
-
Total
Long
Term
Investments
(Cost
$
925,755,173
)
...............................
1,151,038,965
Short
Term
Investments
2.6%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.3%
United
States
2.3%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
.........
26,934,607
26,934,607
Total
Money
Market
Funds
(Cost
$
26,934,607
)
..................................
26,934,607
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
See
Abbreviations
on
page
24
.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
k
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
.........
3,016,305
$
3,016,305
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
3,016,305
)
.................................................................
3,016,305
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
29,950,912
)
................................
29,950,912
a
a
a
Total
Investments
(Cost
$
955,706,085
)
100.8
%
..................................
$1,180,989,877
Other
Assets,
less
Liabilities
(
0.8
)
%
...........................................
(9,376,256)
Net
Assets
100.0%
...........................................................
$1,171,613,621
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2024.
See
Note
1(d).
c
Variable
interest
entity
(VIE).
See
the
Fund's
notes
to
financial
statements
regarding
investments
made
through
a
VIE
structure.
At
June
30,
2024,
the
aggregate
value
of
these
securities
was
$123,429,047,
representing
10.5%
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
June
30,
2024,
the
aggregate
value
of
these
securities
was
$38,135,450,
representing
3.3%
of
net
assets.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
f
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
regarding
fair
value
measurements.
g
See
Note
6
regarding
investments
in
Russian
securities.
h
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
i
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
k
See
Note
1(d)
regarding
securities
on
loan.
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Templeton
Developing
Markets
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$925,755,173
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
29,950,912
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$13,203,667)
.................................
$1,151,038,965
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
29,950,912
Cash
....................................................................................
1,224,204
Receivables:
Investment
securities
sold
...................................................................
103
Capital
shares
sold
........................................................................
319,131
Dividends
...............................................................................
5,542,382
Total
assets
..........................................................................
1,188,075,697
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,159,770
Capital
shares
redeemed
...................................................................
2,192,961
Management
fees
.........................................................................
874,703
Distribution
fees
..........................................................................
166,951
Transfer
agent
fees
........................................................................
287,775
Trustees'
fees
and
expenses
.................................................................
4,995
Payable
upon
return
of
securities
loaned
(Note
1
d
)
..................................................
3,016,305
Deferred
tax
...............................................................................
8,414,227
Accrued
expenses
and
other
liabilities
...........................................................
344,389
Total
liabilities
.........................................................................
16,462,076
Net
assets,
at
value
.................................................................
$1,171,613,621
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$978,794,354
Total
distributable
earnings
(losses)
.............................................................
192,819,267
Net
assets,
at
value
.................................................................
$1,171,613,621
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Templeton
Developing
Markets
Trust
Class
A:
Net
assets,
at
value
.......................................................................
$697,046,673
Shares
outstanding
........................................................................
36,474,116
Net
asset
value
per
share
a,b
..................................................................
$19.11
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%
)
b
................................
$20.22
Class
C:
Net
assets,
at
value
.......................................................................
$14,880,950
Shares
outstanding
........................................................................
797,676
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$18.66
Class
R:
Net
assets,
at
value
.......................................................................
$29,318,849
Shares
outstanding
........................................................................
1,573,183
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$18.64
Class
R6:
Net
assets,
at
value
.......................................................................
$159,973,324
Shares
outstanding
........................................................................
8,439,697
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$18.95
Advisor
Class:
Net
assets,
at
value
.......................................................................
$270,393,825
Shares
outstanding
........................................................................
14,250,973
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$18.97
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Templeton
Developing
Markets
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,404,275)
Unaffiliated
issuers
........................................................................
$19,560,848
Non-controlled
affiliates
(Note
3
f
)
.............................................................
574,841
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees)
..............................................................
(11,201)
Non-controlled
affiliates
(Note
3
f
)
.............................................................
25,812
Total
investment
income
...................................................................
20,150,300
Expenses:
Management
fees
(Note
3
a
)
...................................................................
5,933,789
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
854,642
Class
C
................................................................................
76,451
Class
R
................................................................................
74,187
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
539,423
Class
C
................................................................................
12,052
Class
R
................................................................................
23,418
Class
R6
...............................................................................
22,182
Advisor
Class
............................................................................
197,884
Custodian
fees
.............................................................................
111,239
Reports
to
shareholders
fees
..................................................................
51,153
Registration
and
filing
fees
....................................................................
62,441
Professional
fees
...........................................................................
38,706
Trustees'
fees
and
expenses
..................................................................
68,786
Other
....................................................................................
28,607
Total
expenses
.........................................................................
8,094,960
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(770,919)
Net
expenses
.........................................................................
7,324,041
Net
investment
income
................................................................
12,826,259
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:(net
of
foreign
taxes
of
$1,302,149)
Unaffiliated
issuers
......................................................................
27,583,307
Foreign
currency
transactions
................................................................
(132,286)
Net
realized
gain
(loss)
..................................................................
27,451,021
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
35,449,729
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(311,695)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(672,115)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
34,465,919
Net
realized
and
unrealized
gain
(loss)
............................................................
61,916,940
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$74,743,199
Templeton
Developing
Markets
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Templeton
Developing
Markets
Trust
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$12,826,259
$26,419,477
Net
realized
gain
(loss)
.................................................
27,451,021
19,836,614
Net
change
in
unrealized
appreciation
(depreciation)
...........................
34,465,919
83,524,289
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
74,743,199
129,780,380
Distributions
to
shareholders:
Class
A
.............................................................
-
(23,464,145)
Class
C
.............................................................
-
(427,429)
Class
R
.............................................................
-
(947,570)
Class
R6
............................................................
-
(5,705,276)
Advisor
Class
........................................................
-
(8,953,623)
Total
distributions
to
shareholders
..........................................
-
(39,498,043)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(46,880,751)
(39,376,428)
Class
C
.............................................................
(2,286,027)
(3,616,959)
Class
R
.............................................................
(2,316,267)
1,344,725
Class
R6
............................................................
(14,010,389)
8,170,281
Advisor
Class
........................................................
10,317,127
72,836,827
Total
capital
share
transactions
............................................
(55,176,307)
39,358,446
Net
increase
(decrease)
in
net
assets
...................................
19,566,892
129,640,783
Net
assets:
Beginning
of
period
.....................................................
1,152,046,729
1,022,405,946
End
of
period
..........................................................
$1,171,613,621
$1,152,046,729
Templeton
Developing
Markets
Trust
15
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Templeton
Developing
Markets
Trust (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
June
30,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
d.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Fund.
Additionally,
at
June
30,
2024,
the
Fund
held
$11,326,945
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 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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
e.
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
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2024, 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.
f.
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.
g.
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.
h.
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)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
June
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
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:
Six
Months
Ended
June
30,
2024
Year
Ended
December
31,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
874,236
$15,858,325
3,380,028
$59,676,044
Shares
issued
in
reinvestment
of
distributions
..........
-
-
1,201,904
20,829,012
Shares
redeemed
...............................
(3,444,250)
(62,739,076)
(6,795,383)
(119,881,484)
Net
increase
(decrease)
..........................
(2,570,014)
$(46,880,751)
(2,213,451)
$(39,376,428)
Class
C
Shares:
Shares
sold
...................................
47,325
$839,127
168,115
$2,876,222
Shares
issued
in
reinvestment
of
distributions
..........
-
-
25,122
426,571
Shares
redeemed
a
..............................
(175,736)
(3,125,154)
(402,258)
(6,919,752)
Net
increase
(decrease)
..........................
(128,411)
$(2,286,027)
(209,021)
$(3,616,959)
Class
R
Shares:
Shares
sold
...................................
376,435
$6,681,360
425,052
$7,352,462
Shares
issued
in
reinvestment
of
distributions
..........
-
-
55,931
946,358
Shares
redeemed
...............................
(501,331)
(8,997,627)
(401,941)
(6,954,095)
Net
increase
(decrease)
..........................
(124,896)
$(2,316,267)
79,042
$1,344,725
Class
R6
Shares:
Shares
sold
...................................
799,648
$14,236,500
2,482,011
$43,658,623
Shares
issued
in
reinvestment
of
distributions
..........
-
-
224,894
3,856,939
Shares
redeemed
...............................
(1,575,751)
(28,246,889)
(2,242,747)
(39,345,281)
Net
increase
(decrease)
..........................
(776,103)
$(14,010,389)
464,158
$8,170,281
Advisor
Class
Shares:
Shares
sold
...................................
1,993,629
$36,346,421
6,178,380
$104,861,960
Shares
issued
in
reinvestment
of
distributions
..........
-
-
502,426
8,631,676
Shares
redeemed
...............................
(1,427,099)
(26,029,294)
(2,323,607)
(40,656,809)
Net
increase
(decrease)
..........................
566,530
$10,317,127
4,357,199
$72,836,827
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
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
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to
Asset
Management based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 1.044%
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
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Asset
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Asset
Management
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
and
R compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
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
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
3.
Transactions
with
Affiliates
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. 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. 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
period
ended
June
30,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$352,744
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$11,821
CDSC
retained
..............................................................................
$262
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Developing
Markets
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$29,184,917
$91,189,778
$(93,440,088)
$-
$-
$26,934,607
26,934,607
$574,841
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$-
$7,064,926
$(4,048,621)
$-
$-
$3,016,305
3,016,305
$25,812
Total
Affiliated
Securities
...
$29,184,917
$98,254,704
$(97,488,709)
$-
$-
$29,950,912
$600,653
3.
Transactions
with
Affiliates
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Asset
Management
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
1.13%,
and
for
Class
R6
do
not
exceed
1.00%,
based
on
the
average
net
assets
of
each
class
until
April
30,
2025.
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,
2025.
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,
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
$3,543,073.
At
June
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2024,
aggregated
$109,047,725 and
$149,011,390,
respectively.
At
June
30,
2024,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received $3,016,305 of
cash
collateral. The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
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
.
Cost
of
investments
..........................................................................
$994,771,181
Unrealized
appreciation
........................................................................
$419,028,168
Unrealized
depreciation
........................................................................
(232,809,472)
Net
unrealized
appreciation
(depreciation)
..........................................................
$186,218,696
3.
Transactions
with
Affiliates
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
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
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
June
30,
2024.
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.
Upcoming
Reorganization
On
July
10,
2024,
the
Board
approved
a
proposal
to
reorganize
Templeton
China
World
Fund
with
and
into
the
Fund,
subject
to
approval
by
the
shareholders
of
Templeton
China
World
Fund.
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2024,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
25,370,767
$
-
$
-
$
25,370,767
Cambodia
............................
-
2,386,411
-
2,386,411
Chile
................................
8,784,779
-
-
8,784,779
China
...............................
29,204,538
239,925,610
-
269,130,148
Hong
Kong
...........................
-
19,451,621
-
19,451,621
Hungary
.............................
13,163,223
-
-
13,163,223
India
................................
5,438,528
146,151,625
-
151,590,153
Indonesia
............................
-
5,551,446
-
5,551,446
Italy
.................................
-
4,076,462
-
4,076,462
Mexico
..............................
22,312,299
-
-
22,312,299
Peru
................................
4,428,754
-
-
4,428,754
Philippines
............................
4,244,974
-
-
4,244,974
Russia
...............................
-
-
-
a
-
South
Africa
...........................
11,962,824
8,527,250
-
20,490,074
South
Korea
..........................
-
227,715,349
-
227,715,349
Taiwan
...............................
-
229,393,494
-
229,393,494
Thailand
.............................
-
30,326,272
-
30,326,272
United
Arab
Emirates
....................
8,817,119
-
-
8,817,119
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
10.
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
United
States
..........................
$
35,538,356
$
-
$
-
$
35,538,356
Preferred
Stocks
........................
68,267,264
-
-
68,267,264
Escrows
and
Litigation
Trusts
...............
-
-
-
a
-
Short
Term
Investments
...................
29,950,912
-
-
29,950,912
Total
Investments
in
Securities
...........
$267,484,337
$913,505,540
b
$-
$1,180,989,877
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$913,505,540,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
PJSC
Public
Joint
Stock
Company
9.
Fair
Value
Measurements
(continued)
Templeton
Developing
Markets
Trust
25
franklintempleton.com
Semiannual
Report
TEMPLETON
DEVELOPING
MARKETS
TRUST
(Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
"interested
persons"
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Templeton
Asset
Management
Ltd.
(TAML)
and
the
Fund,
and
an
investment
sub-advisory
agreement
between
TAML
and
Franklin
Templeton
Investment
Management
Limited
(Sub-Adviser),
an
affiliate
of
TAML,
on
behalf
of
the
Fund
(each
a
Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement.
TAML
and
the
Sub-Adviser
are
each
referred
to
herein
as
a
Manager.
In
considering
the
continuation
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
each
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
each
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
each
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
each
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Templeton
Developing
Markets
Trust
26
franklintempleton.com
Semiannual
Report
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreements
are
fair
and
reasonable
and
that
the
continuance
of
each
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board's
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
each
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
each
Manager
and
its
affiliates;
and
management
fees
charged
by
each
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management's
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
FT
family
of
funds
and
management's
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Managers'
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT's
commitment
to
technological
innovation
and
advancement,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2023.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund's
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
emerging
markets
funds.
The
Board
noted
that
the
Fund's
annualized
total
return
for
the
one-
and
five-year
periods
was
above
the
median
of
its
Performance
Universe,
but
for
the
three-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
that
the
Fund's
annualized
total
return
was
12.33%
for
the
one-year
period
and
within
four
basis
points
of
the
median
for
the
10-year
period.
The
Board
concluded
that
the
Fund's
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund's
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
Templeton
Developing
Markets
Trust
27
franklintempleton.com
Semiannual
Report
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund's
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
the
Fund
and
for
the
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
10
other
emerging
markets
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
approximately
four
basis
points
above
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
actual
total
expense
ratio
for
the
Fund
was
equal
to
the
median
of
its
Expense
Group.
The
Board
further
noted
that
the
Fund's
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
also
noted
that
the
Sub-
Adviser
is
paid
by
TAML
out
of
the
management
fee
TAML
receives
from
the
Fund
and
that
the
allocation
of
the
fee
between
TAML
and
the
Sub-Adviser
reflected
the
services
provided
by
each
to
the
Fund.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
and
the
sub-advisory
fee
paid
to
the
Sub-Adviser
are
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
TAML
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
that
addresses
the
overall
profitability
of
FT's
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2023,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund's
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund's
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management's
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
each
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management's
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
each
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management's
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
each
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
each
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Templeton
Developing
Markets
Trust
28
franklintempleton.com
Semiannual
Report
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
each
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund's
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund's
shareholders
by
reducing
the
Fund's
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Managers'
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
each
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
each
Manager
and
its
affiliates,
the
Fund's
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
an
additional
one-year
period.
505-SFSOI
08/24
©
2024
Franklin
Templeton.
All
rights
reserved.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

N/A

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

N/A

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

N/A

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.

N/A

Item 18. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 19. Exhibits.

(a)(1) N/A

(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

(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 August 29, 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 August 29, 2024
By /s/ JEFFREY WHITE
Jeffrey White
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date August 29, 2024