Templeton Developing Markets Trust
02/27/2026 | Press release | Distributed by Public on 02/27/2026 12:09
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-06378
Templeton Developing Markets Trust
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Alison Baur
Franklin Templeton
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: December 31
Date of reporting period: December 31, 2025
| ITEM 1. | REPORT TO STOCKHOLDERS |
(a) The Report to Shareholders is filed herewith
|
Templeton Developing Markets Trust
|
||
|
Class A[TEDMX]
|
||
|
Annual Shareholder Report | December 31, 2025
|
||
This annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2025, to December 31, 2025.
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.
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.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 A1
|
$169
|
1.38%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended December 31, 2025, Class A shares of Templeton Developing Markets Trust returned 44.68%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 33.57% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
By country, South Korea, China and Taiwan were the largest absolute contributors.
|
|
↑
|
Sector-wise, information technology, financials and consumer discretionary.
|
|
↑
|
South Korean semiconductor company SK Hynix was the largest driver of performance on continued optimism on growth in artificial intelligence (AI)-related demand.
|
|
Top detractors from performance:
|
|
|
↓
|
Hong Kong was the sole absolute detractor by country, due to Techtronic Industries.
|
|
↓
|
India-based information technology services firm Infosys detracted on a narrowing sales outlook and a sharp increase in the U.S. H1-B visa fees.
|
| Templeton Developing Markets Trust | PAGE 1 | 711-ATSR-0226 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) -
Class A 12/31/2015 - 12/31/2025
Class A 12/31/2015 - 12/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended December 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class A
|
44.68
|
5.04
|
10.26
|
|
Class A (with sales charge)
|
36.74
|
3.86
|
9.64
|
|
MSCI All Country World ex-U.S. Index-NR
|
32.39
|
7.91
|
8.41
|
|
MSCI Emerging Markets Index-NR
|
33.57
|
4.20
|
8.42
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of December 31, 2025)
|
Total Net Assets
|
$1,886,881,752
|
|
Total Number of Portfolio Holdings
|
91
|
|
Total Management Fee Paid
|
$13,620,628
|
|
Portfolio Turnover Rate
|
19.14%
|
| Templeton Developing Markets Trust | PAGE 2 | 711-ATSR-0226 |
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
On May 1, 2025, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in Taiwan. Also, the Fund's principal investment strategies were revised to reflect the Fund's decreased exposure to the consumer discretionary and communication services sectors.
Related disclosure regarding the risks of investing in securities in Taiwan was also added to the Fund's principal risks and disclosure regarding the risks of concentration in the consumer discretionary and communication services sectors were removed.
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
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
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Templeton Developing Markets Trust | PAGE 3 | 711-ATSR-0226 |
|
Templeton Developing Markets Trust
|
||
|
Class C[TDMTX]
|
||
|
Annual Shareholder Report | December 31, 2025
|
||
This annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2025, to December 31, 2025.
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.
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.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 C1
|
$259
|
2.13%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended December 31, 2025, Class C shares of Templeton Developing Markets Trust returned 43.58%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 33.57% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
By country, South Korea, China and Taiwan were the largest absolute contributors.
|
|
↑
|
Sector-wise, information technology, financials and consumer discretionary.
|
|
↑
|
South Korean semiconductor company SK Hynix was the largest driver of performance on continued optimism on growth in artificial intelligence (AI)-related demand.
|
|
Top detractors from performance:
|
|
|
↓
|
Hong Kong was the sole absolute detractor by country, due to Techtronic Industries.
|
|
↓
|
India-based information technology services firm Infosys detracted on a narrowing sales outlook and a sharp increase in the U.S. H1-B visa fees.
|
| Templeton Developing Markets Trust | PAGE 1 | 791-ATSR-0226 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class C 12/31/2015 - 12/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended December 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class C
|
43.58
|
4.25
|
9.43
|
|
Class C (with sales charge)
|
42.58
|
4.25
|
9.43
|
|
MSCI All Country World ex-U.S. Index-NR
|
32.39
|
7.91
|
8.41
|
|
MSCI Emerging Markets Index-NR
|
33.57
|
4.20
|
8.42
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of December 31, 2025)
|
Total Net Assets
|
$1,886,881,752
|
|
Total Number of Portfolio Holdings
|
91
|
|
Total Management Fee Paid
|
$13,620,628
|
|
Portfolio Turnover Rate
|
19.14%
|
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Templeton Developing Markets Trust | PAGE 2 | 791-ATSR-0226 |
HOW HAS THE FUND CHANGED?
On May 1, 2025, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in Taiwan. Also, the Fund's principal investment strategies were revised to reflect the Fund's decreased exposure to the consumer discretionary and communication services sectors.
Related disclosure regarding the risks of investing in securities in Taiwan was also added to the Fund's principal risks and disclosure regarding the risks of concentration in the consumer discretionary and communication services sectors were removed.
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
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
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Templeton Developing Markets Trust | PAGE 3 | 791-ATSR-0226 |
|
Templeton Developing Markets Trust
|
||
|
Class R[TDMRX]
|
||
|
Annual Shareholder Report | December 31, 2025
|
||
This annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2025, to December 31, 2025.
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.
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.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 R1
|
$199
|
1.63%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended December 31, 2025, Class R shares of Templeton Developing Markets Trust returned 44.31%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 33.57% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
By country, South Korea, China and Taiwan were the largest absolute contributors.
|
|
↑
|
Sector-wise, information technology, financials and consumer discretionary.
|
|
↑
|
South Korean semiconductor company SK Hynix was the largest driver of performance on continued optimism on growth in artificial intelligence (AI)-related demand.
|
|
Top detractors from performance:
|
|
|
↓
|
Hong Kong was the sole absolute detractor by country, due to Techtronic Industries.
|
|
↓
|
India-based information technology services firm Infosys detracted on a narrowing sales outlook and a sharp increase in the U.S. H1-B visa fees.
|
| Templeton Developing Markets Trust | PAGE 1 | 891-ATSR-0226 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class R 12/31/2015 - 12/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended December 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class R
|
44.31
|
4.78
|
9.99
|
|
MSCI All Country World ex-U.S. Index-NR
|
32.39
|
7.91
|
8.41
|
|
MSCI Emerging Markets Index-NR
|
33.57
|
4.20
|
8.42
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of December 31, 2025)
|
Total Net Assets
|
$1,886,881,752
|
|
Total Number of Portfolio Holdings
|
91
|
|
Total Management Fee Paid
|
$13,620,628
|
|
Portfolio Turnover Rate
|
19.14%
|
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Templeton Developing Markets Trust | PAGE 2 | 891-ATSR-0226 |
HOW HAS THE FUND CHANGED?
On May 1, 2025, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in Taiwan. Also, the Fund's principal investment strategies were revised to reflect the Fund's decreased exposure to the consumer discretionary and communication services sectors.
Related disclosure regarding the risks of investing in securities in Taiwan was also added to the Fund's principal risks and disclosure regarding the risks of concentration in the consumer discretionary and communication services sectors were removed.
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
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
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Templeton Developing Markets Trust | PAGE 3 | 891-ATSR-0226 |
|
Templeton Developing Markets Trust
|
||
|
Class R6[FDEVX]
|
||
|
Annual Shareholder Report | December 31, 2025
|
||
This annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2025, to December 31, 2025.
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.
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.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 R61
|
$123
|
1.00%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended December 31, 2025, Class R6 shares of Templeton Developing Markets Trust returned 45.17%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 33.57% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
By country, South Korea, China and Taiwan were the largest absolute contributors.
|
|
↑
|
Sector-wise, information technology, financials and consumer discretionary.
|
|
↑
|
South Korean semiconductor company SK Hynix was the largest driver of performance on continued optimism on growth in artificial intelligence (AI)-related demand.
|
|
Top detractors from performance:
|
|
|
↓
|
Hong Kong was the sole absolute detractor by country, due to Techtronic Industries.
|
|
↓
|
India-based information technology services firm Infosys detracted on a narrowing sales outlook and a sharp increase in the U.S. H1-B visa fees.
|
| Templeton Developing Markets Trust | PAGE 1 | 344-ATSR-0226 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class R6 12/31/2015 - 12/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended December 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class R6
|
45.17
|
5.43
|
10.69
|
|
MSCI All Country World ex-U.S. Index-NR
|
32.39
|
7.91
|
8.41
|
|
MSCI Emerging Markets Index-NR
|
33.57
|
4.20
|
8.42
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of December 31, 2025)
|
Total Net Assets
|
$1,886,881,752
|
|
Total Number of Portfolio Holdings
|
91
|
|
Total Management Fee Paid
|
$13,620,628
|
|
Portfolio Turnover Rate
|
19.14%
|
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Templeton Developing Markets Trust | PAGE 2 | 344-ATSR-0226 |
HOW HAS THE FUND CHANGED?
On May 1, 2025, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in Taiwan. Also, the Fund's principal investment strategies were revised to reflect the Fund's decreased exposure to the consumer discretionary and communication services sectors.
Related disclosure regarding the risks of investing in securities in Taiwan was also added to the Fund's principal risks and disclosure regarding the risks of concentration in the consumer discretionary and communication services sectors were removed.
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
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
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Templeton Developing Markets Trust | PAGE 3 | 344-ATSR-0226 |
|
Templeton Developing Markets Trust
|
||
|
Advisor Class[TDADX]
|
||
|
Annual Shareholder Report | December 31, 2025
|
||
This annual shareholder reportcontains important information about Templeton Developing Markets Trust for the period January 1, 2025, to December 31, 2025.
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.
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.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 Class1
|
$138
|
1.13%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended December 31, 2025, Advisor Class shares of Templeton Developing Markets Trust returned 44.96%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 33.57% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
By country, South Korea, China and Taiwan were the largest absolute contributors.
|
|
↑
|
Sector-wise, information technology, financials and consumer discretionary.
|
|
↑
|
South Korean semiconductor company SK Hynix was the largest driver of performance on continued optimism on growth in artificial intelligence (AI)-related demand.
|
|
Top detractors from performance:
|
|
|
↓
|
Hong Kong was the sole absolute detractor by country, due to Techtronic Industries.
|
|
↓
|
India-based information technology services firm Infosys detracted on a narrowing sales outlook and a sharp increase in the U.S. H1-B visa fees.
|
| Templeton Developing Markets Trust | PAGE 1 | 611-ATSR-0226 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Advisor Class 12/31/2015 - 12/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended December 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Advisor Class
|
44.96
|
5.30
|
10.53
|
|
MSCI All Country World ex-U.S. Index-NR
|
32.39
|
7.91
|
8.41
|
|
MSCI Emerging Markets Index-NR
|
33.57
|
4.20
|
8.42
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of December 31, 2025)
|
Total Net Assets
|
$1,886,881,752
|
|
Total Number of Portfolio Holdings
|
91
|
|
Total Management Fee Paid
|
$13,620,628
|
|
Portfolio Turnover Rate
|
19.14%
|
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Templeton Developing Markets Trust | PAGE 2 | 611-ATSR-0226 |
HOW HAS THE FUND CHANGED?
On May 1, 2025, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in Taiwan. Also, the Fund's principal investment strategies were revised to reflect the Fund's decreased exposure to the consumer discretionary and communication services sectors.
Related disclosure regarding the risks of investing in securities in Taiwan was also added to the Fund's principal risks and disclosure regarding the risks of concentration in the consumer discretionary and communication services sectors were removed.
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
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
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Templeton Developing Markets Trust | PAGE 3 | 611-ATSR-0226 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Board of Trustees of the Registrant has determined that Ann Torre Bates and David W. Niemiec possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Ann Torre Bates and David W. Niemiec as the Audit Committee's financial experts. Ann Torre Bates and David W. Niemiec are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
a) Audit Fees. The aggregate fees billed in the last two fiscal years ending December 31, 2024 and December 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $48,268 in December 31, 2024 and $52,410 in December 31, 2025.
b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in December 31, 2024 and $0 in December 31, 2025.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $10,000 in December 31, 2024 and $10,000 in December 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.
There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in December 31, 2024 and $0 in December 31, 2025.
There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.
(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.
(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;
(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and
(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $267,098 in December 31, 2024 and $505,074 in December 31, 2025.
(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.
(i) Not applicable.
(j) Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| 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-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Templeton
Developing
Markets
Trust
Financial
Statements
and
Other
Important
Information
Annual
|
December 31, 2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Annual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
11
Notes
to
Financial
Statements
15
Report
of
Independent
Registered
Public
Accounting
Firm
26
Tax
Information
27
Changes
In
and
Disagreements
with
Accountants
28
Results
of
Meeting(s)
of
Shareholders
28
Remuneration
Paid
to
Directors,
Officers
and
Others
28
Board
Approval
of
Management
and
Subadvisory
Agreements
28
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$18.77
$17.92
$16.52
$22.41
$25.42
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.30
0.33
0.42
c
0.37
0.17
d
Net
realized
and
unrealized
gains
(losses)
...........
8.06
1.01
1.60
(5.40)
(1.66)
Total
from
investment
operations
....................
8.36
1.34
2.02
(5.03)
(1.49)
Less
distributions
from:
Net
investment
income
..........................
(0.46)
(0.30)
(0.54)
(0.41)
(0.49)
Net
realized
gains
.............................
(0.23)
(0.19)
(0.08)
(0.45)
(1.03)
Total
distributions
...............................
(0.69)
(0.49)
(0.62)
(0.86)
(1.52)
Net
asset
value,
end
of
year
.......................
$26.44
$18.77
$17.92
$16.52
$22.41
Total
return
e
...................................
44.68%
7.39%
12.33%
(22.21)%
(5.80)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.51%
1.52%
1.55%
1.55%
1.54%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.38%
1.38%
1.38%
1.38%
1.38%
Net
investment
income
...........................
1.35%
1.74%
2.37%
c
2.01%
0.64%
d
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$911,242
$692,501
$699,520
$681,700
$969,062
Portfolio
turnover
rate
............................
19.14%
17.75%
26.63%
21.97%
21.89%
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
and
an
adjustment
for
EU
reclaims
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
and
an
adjustment
for
EU
reclaims
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
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
3
a
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$18.38
$17.55
$16.19
$21.95
$24.83
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.13
0.18
0.28
c
0.22
(0.04)
d
Net
realized
and
unrealized
gains
(losses)
...........
7.87
1.00
1.55
(5.27)
(1.58)
Total
from
investment
operations
....................
8.00
1.18
1.83
(5.05)
(1.62)
Less
distributions
from:
Net
investment
income
..........................
(0.29)
(0.16)
(0.39)
(0.26)
(0.23)
Net
realized
gains
.............................
(0.23)
(0.19)
(0.08)
(0.45)
(1.03)
Total
distributions
...............................
(0.52)
(0.35)
(0.47)
(0.71)
(1.26)
Net
asset
value,
end
of
year
.......................
$25.86
$18.38
$17.55
$16.19
$21.95
Total
return
e
...................................
43.58%
6.62%
11.39%
(22.79)%
(6.48)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
2.26%
2.26%
2.30%
2.31%
2.29%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
2.13%
2.13%
2.13%
2.13%
2.13%
Net
investment
income
(loss)
......................
0.61%
0.99%
1.63%
c
1.21%
(0.15)%
d
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$16,570
$14,160
$16,257
$18,373
$30,956
Portfolio
turnover
rate
............................
19.14%
17.75%
26.63%
21.97%
21.89%
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
and
an
adjustment
for
EU
reclaims
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
and
an
adjustment
for
EU
reclaims
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
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$18.34
$17.49
$16.15
$21.93
$24.96
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.24
0.28
0.37
c
0.31
0.13
d
Net
realized
and
unrealized
gains
(losses)
...........
7.87
0.99
1.55
(5.27)
(1.65)
Total
from
investment
operations
....................
8.11
1.27
1.92
(4.96)
(1.52)
Less
distributions
from:
Net
investment
income
..........................
(0.43)
(0.23)
(0.50)
(0.37)
(0.48)
Net
realized
gains
.............................
(0.23)
(0.19)
(0.08)
(0.45)
(1.03)
Total
distributions
...............................
(0.66)
(0.42)
(0.58)
(0.82)
(1.51)
Net
asset
value,
end
of
year
.......................
$25.79
$18.34
$17.49
$16.15
$21.93
Total
return
....................................
44.31%
7.16%
12.00%
(22.40)%
(6.03)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.76%
1.76%
1.80%
1.80%
1.80%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.63%
1.63%
1.63%
1.63%
1.63%
Net
investment
income
...........................
1.10%
1.49%
2.12%
c
1.76%
0.52%
d
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$40,939
$23,925
$29,704
$26,150
$37,252
Portfolio
turnover
rate
............................
19.14%
17.75%
26.63%
21.97%
21.89%
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
and
an
adjustment
for
EU
reclaims
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
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.29%.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$18.58
$17.74
$16.37
$22.22
$25.23
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.38
0.40
0.48
c
0.42
0.27
d
Net
realized
and
unrealized
gains
(losses)
...........
8.00
1.00
1.58
(5.33)
(1.66)
Total
from
investment
operations
....................
8.38
1.40
2.06
(4.91)
(1.39)
Less
distributions
from:
Net
investment
income
..........................
(0.55)
(0.37)
(0.61)
(0.49)
(0.59)
Net
realized
gains
.............................
(0.23)
(0.19)
(0.08)
(0.45)
(1.03)
Total
distributions
...............................
(0.78)
(0.56)
(0.69)
(0.94)
(1.62)
Net
asset
value,
end
of
year
.......................
$26.18
$18.58
$17.74
$16.37
$22.22
Total
return
....................................
45.17%
7.80%
12.71%
(21.90)%
(5.42)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.12%
1.14%
1.15%
1.10%
1.14%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.00%
1.01%
1.00%
1.00%
1.00%
Net
investment
income
...........................
1.66%
2.12%
2.75%
c
2.31%
1.06%
d
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$322,271
$154,141
$163,456
$143,225
$214,696
Portfolio
turnover
rate
............................
19.14%
17.75%
26.63%
21.97%
21.89%
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
and
an
adjustment
for
EU
reclaims
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
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.83%.
Templeton
Developing
Markets
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Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Year
Ended
December
31,
2025
2024
2023
2022
2021
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$18.61
$17.77
$16.40
$22.26
$25.27
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.36
0.38
0.45
c
0.41
0.24
d
Net
realized
and
unrealized
gains
(losses)
...........
7.99
1.00
1.59
(5.36)
(1.66)
Total
from
investment
operations
....................
8.35
1.38
2.04
(4.95)
(1.42)
Less
distributions
from:
Net
investment
income
..........................
(0.52)
(0.35)
(0.59)
(0.46)
(0.56)
Net
realized
gains
.............................
(0.23)
(0.19)
(0.08)
(0.45)
(1.03)
Total
distributions
...............................
(0.75)
(0.54)
(0.67)
(0.91)
(1.59)
Net
asset
value,
end
of
year
.......................
$26.21
$18.61
$17.77
$16.40
$22.26
Total
return
....................................
44.96%
7.67%
12.58%
(22.01)%
(5.55)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.26%
1.26%
1.30%
1.30%
1.29%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.13%
1.13%
1.13%
1.13%
1.13%
Net
investment
income
...........................
1.60%
2.01%
2.58%
c
2.26%
0.92%
d
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$595,860
$287,109
$243,109
$152,957
$221,055
Portfolio
turnover
rate
............................
19.14%
17.75%
26.63%
21.97%
21.89%
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
and
an
adjustment
for
EU
reclaims
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
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.69%.
Templeton
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December
31,
2025
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.5%
Brazil
2.7%
a
Hypera
SA
.....................
Pharmaceuticals
1,961,362
$
8,424,275
a
Oncoclinicas
do
Brasil
Servicos
Medicos
SA
..........................
Health
Care
Providers
&
Services
578,673
286,182
TOTVS
SA
.....................
Software
1,654,282
12,642,550
b
Vale
SA
........................
Metals
&
Mining
1,906,755
24,896,652
XP,
Inc.,
A
......................
Capital
Markets
331,578
5,427,932
51,677,591
Chile
0.8%
Banco
Santander
Chile,
ADR
.......
Banks
466,531
14,513,780
China
23.9%
c
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
2,753,605
50,558,837
a,c
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
1,335,332
21,959,828
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
1,116,431
2,172,581
d,e
Budweiser
Brewing
Co.
APAC
Ltd.,
144A,
Reg
S
..................
Beverages
18,547,805
18,096,004
BYD
Co.
Ltd.,
H
.................
Automobiles
2,579,852
31,527,749
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
6,033,283
36,364,189
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
6,347,168
4,571,094
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
193,324
5,703,058
e
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
4,864,679
2,941,316
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
4,061,327
9,555,678
c
JD.com,
Inc.,
A
..................
Broadline
Retail
332,914
4,787,050
c,e
Kuaishou
Technology,
144A,
Reg
S
...
Interactive
Media
&
Services
1,098,529
9,080,892
NARI
Technology
Co.
Ltd.,
A
........
Electrical
Equipment
7,440,296
23,940,492
c
NetEase,
Inc.
...................
Entertainment
624,638
17,193,282
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
2,471,490
20,759,787
Prosus
NV
.....................
Broadline
Retail
1,376,435
85,227,451
b,c
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
653,198
50,128,727
Uni-President
China
Holdings
Ltd.
....
Food
Products
8,165,960
8,530,363
Weichai
Power
Co.
Ltd.,
H
.........
Machinery
7,946,803
19,285,418
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
1,230,263
2,247,013
a,b,e
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
6,486,644
26,230,783
450,861,592
Hong
Kong
1.9%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
3,071,413
35,330,872
Hungary
1.0%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
642,717
19,429,286
India
9.8%
ACC
Ltd.
.......................
Construction
Materials
424,919
8,219,065
Asahi
India
Glass
Ltd.
.............
Automobile
Components
23,922
270,366
a
Ather
Energy
Ltd.
................
Automobiles
773,192
6,492,774
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
129,413
16,314,079
Brigade
Enterprises
Ltd.
...........
Real
Estate
Management
&
Development
699,684
6,890,590
a
Eternal
Ltd.
.....................
Hotels,
Restaurants
&
Leisure
4,587,099
14,215,343
Federal
Bank
Ltd.
................
Banks
2,182,470
6,492,791
HDB
Financial
Services
Ltd.
........
Consumer
Finance
33,790
288,014
HDFC
Bank
Ltd.
.................
Banks
3,067,603
33,887,489
ICICI
Bank
Ltd.
..................
Banks
3,657,900
54,746,258
Infosys
Ltd.
.....................
IT
Services
577,068
10,392,350
a
Niva
Bupa
Health
Insurance
Co.
Ltd.
..
Insurance
8,501,332
7,134,843
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accompanying
notes
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an
integral
part
of
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financial
statements.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a
Pine
Labs
Ltd.
...................
Financial
Services
563,336
$
1,500,046
a,e
Pine
Labs
Ltd.,
144A,
Reg
S
........
Financial
Services
3,174,247
8,452,354
a,d
ReNew
Energy
Global
plc,
A
........
Independent
Power
and
Renewable
Electricity
Producers
1,794,525
10,139,066
185,435,428
Indonesia
0.5%
Astra
International
Tbk
.
PT
.........
Industrial
Conglomerates
23,551,351
9,452,501
Italy
0.1%
a,d,e
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
69,426
1,189,768
Mexico
2.3%
Grupo
Financiero
Banorte
SAB
de
CV,
O
...........................
Banks
4,690,701
43,485,527
a,e
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
1,048,094
210,113
43,695,640
Peru
0.3%
Intercorp
Financial
Services,
Inc.
.....
Banks
154,816
6,558,006
Philippines
0.6%
BDO
Unibank,
Inc.
...............
Banks
5,216,660
11,914,258
Russia
0.0%
a,f,g
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
414,906
-
a,f,g
Sberbank
of
Russia
PJSC
..........
Banks
5,058,740
-
-
South
Africa
2.2%
Discovery
Ltd.
...................
Insurance
1,941,162
26,676,911
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
15,750,709
15,056,384
41,733,295
South
Korea
21.3%
a,d,e
Delivery
Hero
SE,
144A,
Reg
S
......
Hotels,
Restaurants
&
Leisure
729,110
19,219,322
Doosan
Bobcat,
Inc.
..............
Machinery
434,323
17,372,868
Hankook
Tire
&
Technology
Co.
Ltd.
..
Automobile
Components
5,473
221,807
a
Hanmi
Pharm
Co.
Ltd.
.............
Pharmaceuticals
24,676
7,760,943
Hyundai
Motor
Co.
...............
Automobiles
199,337
41,164,680
a
KT
Skylife
Co.
Ltd.
...............
Media
452,147
1,579,877
LG
Corp.
.......................
Industrial
Conglomerates
556,111
31,157,517
a
LigaChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
28,745
3,456,607
Misto
Holdings
Corp.
..............
Textiles,
Apparel
&
Luxury
Goods
213,796
6,336,938
NAVER
Corp.
...................
Interactive
Media
&
Services
158,150
26,585,267
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,100,590
92,245,839
a
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
117,960
12,894,804
a
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
40,844
7,637,445
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
295,121
133,653,861
401,287,775
Taiwan
19.8%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
5,698,847
41,774,403
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
2,981,634
15,511,412
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
1,083,301
49,187,489
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
5,036,532
247,582,240
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notes
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an
integral
part
of
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financial
statements.
Annual
Report
9
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
522,650
$
3,831,061
Zhen
Ding
Technology
Holding
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
3,403,357
15,337,209
373,223,814
Thailand
1.8%
Kasikornbank
PCL
...............
Banks
1,990,896
12,279,319
Kiatnakin
Phatra
Bank
PCL
.........
Banks
1,061,883
2,288,473
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
16,391,738
12,603,647
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
14,348,828
2,680,399
Thai
Beverage
PCL
...............
Beverages
10,287,676
3,678,397
33,530,235
Turkiye
0.3%
b
BIM
Birlesik
Magazalar
A/S
.........
Consumer
Staples
Distribution
&
Retail
411,087
5,131,859
United
Arab
Emirates
1.5%
Emaar
Development
PJSC
.........
Real
Estate
Management
&
Development
4,175,382
17,217,223
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
18,081,377
7,581,600
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
7,136,543
2,934,090
27,732,913
United
States
2.7%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
289,208
24,004,264
Genpact
Ltd.
....................
Professional
Services
573,574
26,831,792
50,836,056
Total
Common
Stocks
(Cost
$1,053,858,764)
....................................
1,763,534,669
a
Preferred
Stocks
4.5%
Brazil
4.5%
Banco
Bradesco
SA,
ADR
..........
Banks
8,075,367
26,890,972
h
Itau
Unibanco
Holding
SA,
ADR,
7.11%
Banks
4,550,294
32,580,104
h
Petroleo
Brasileiro
SA
-
Petrobras,
5.05%
.......................
Oil,
Gas
&
Consumable
Fuels
4,591,932
25,776,618
85,247,694
Total
Preferred
Stocks
(Cost
$67,105,493)
......................................
85,247,694
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a,f
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
395,958
543,547
Total
Escrows
and
Litigation
Trusts
(Cost
$-)
...................................
543,547
Total
Long
Term
Investments
(Cost
$1,120,964,257)
.............................
1,849,325,910
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notes
are
an
integral
part
of
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financial
statements.
10
Short
Term
Investments
2.8%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.7%
United
States
2.7%
i,j
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.681%
......
51,407,962
$
51,407,962
Total
Money
Market
Funds
(Cost
$51,407,962)
..................................
51,407,962
k
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
i,j
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.681%
......
1,716,579
1,716,579
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,716,579)
.................................................................
1,716,579
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$53,124,541
)
................................
53,124,541
a
a
a
Total
Investments
(Cost
$1,174,088,798)
100.8%
................................
$1,902,450,451
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(15,568,699)
Net
Assets
100.0%
...........................................................
$1,886,881,752
a
a
a
See
Abbreviations
on
page
25
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
c
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
At
December
31,
2025,
the
aggregate
value
of
these
securities
was
$153,708,616,
representing
8.1%
of
net
assets.
d
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2025.
See
Note
1(d).
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2025,
the
aggregate
value
of
these
securities
was
$85,420,552,
representing
4.5%
of
net
assets.
f
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
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
December
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
Templeton
Developing
Markets
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,120,964,257
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
53,124,541
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$30,867,396)
.................................
$1,849,325,910
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
53,124,541
Foreign
currency,
at
value
(cost
$830,911)
........................................................
830,913
Receivables:
Investment
securities
sold
...................................................................
2,761,524
Capital
shares
sold
........................................................................
1,271,390
Dividends
...............................................................................
4,547,433
Total
assets
..........................................................................
1,911,861,711
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
5,505,991
Capital
shares
redeemed
...................................................................
3,002,022
Management
fees
.........................................................................
1,565,366
Distribution
fees
..........................................................................
220,382
Transfer
agent
fees
........................................................................
397,134
Trustees'
fees
and
expenses
.................................................................
49
Payable
upon
return
of
securities
loaned
(Note
1d)
..................................................
1,716,579
Deferred
taxes
on
unrealized
appreciation
........................................................
12,207,020
Accrued
expenses
and
other
liabilities
...........................................................
365,416
Total
liabilities
.........................................................................
24,979,959
Net
assets,
at
value
.................................................................
$1,886,881,752
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,230,110,637
Total
distributable
earnings
(losses)
.............................................................
656,771,115
Net
assets,
at
value
.................................................................
$1,886,881,752
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Templeton
Developing
Markets
Trust
Class
A:
Net
assets,
at
value
.......................................................................
$911,241,808
Shares
outstanding
........................................................................
34,466,502
Net
asset
value
per
share
a,b
..................................................................
$26.44
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
................................
$27.98
Class
C:
Net
assets,
at
value
.......................................................................
$16,570,243
Shares
outstanding
........................................................................
640,864
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$25.86
Class
R:
Net
assets,
at
value
.......................................................................
$40,938,994
Shares
outstanding
........................................................................
1,587,453
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$25.79
Class
R6:
Net
assets,
at
value
.......................................................................
$322,271,153
Shares
outstanding
........................................................................
12,311,905
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$26.18
Advisor
Class:
Net
assets,
at
value
.......................................................................
$595,859,554
Shares
outstanding
........................................................................
22,736,647
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$26.21
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
year
ended
December
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
Templeton
Developing
Markets
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$4,595,904)
Unaffiliated
issuers
........................................................................
$38,025,714
Non-controlled
affiliates
(Note
3
f
)
.............................................................
2,702,944
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(142,600)
Non-controlled
affiliates
(Note
3
f
)
.............................................................
227,057
Total
investment
income
...................................................................
40,813,115
Expenses:
Management
fees
(Note
3
a
)
...................................................................
15,508,027
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
1,976,790
Class
C
................................................................................
151,505
Class
R
................................................................................
160,175
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
1,244,160
Class
C
................................................................................
23,835
Class
R
................................................................................
50,555
Class
R6
...............................................................................
51,050
Advisor
Class
............................................................................
701,309
Custodian
fees
............................................................................
300,325
Reports
to
shareholders
fees
..................................................................
124,206
Registration
and
filing
fees
....................................................................
93,834
Professional
fees
...........................................................................
145,192
Trustees'
fees
and
expenses
..................................................................
174,601
Other
....................................................................................
138,826
Total
expenses
.........................................................................
20,844,390
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(1,887,399)
Net
expenses
.........................................................................
18,956,991
Net
investment
income
................................................................
21,856,124
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$2,317,710)
Unaffiliated
issuers
......................................................................
48,901,321
Foreign
currency
transactions
................................................................
396,930
Net
realized
gain
(loss)
..................................................................
49,298,251
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
486,342,505
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(329,499)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(51,963)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
485,961,043
Net
realized
and
unrealized
gain
(loss)
............................................................
535,259,294
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$557,115,418
Templeton
Developing
Markets
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Templeton
Developing
Markets
Trust
Year
Ended
December
31,
2025
Year
Ended
December
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$21,856,124
$21,585,674
Net
realized
gain
(loss)
.................................................
49,298,251
21,635,500
Net
change
in
unrealized
appreciation
(depreciation)
...........................
485,961,043
39,848,661
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
557,115,418
83,069,835
Distributions
to
shareholders:
Class
A
.............................................................
(23,630,868)
(17,747,068)
Class
C
.............................................................
(332,708)
(263,745)
Class
R
.............................................................
(1,012,448)
(578,644)
Class
R6
............................................................
(9,373,719)
(4,507,611)
Advisor
Class
........................................................
(16,797,591)
(8,057,203)
Total
distributions
to
shareholders
..........................................
(51,147,334)
(31,154,271)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(50,365,029)
(37,537,096)
Class
C
.............................................................
(2,741,920)
(2,780,647)
Class
R
.............................................................
6,103,042
(7,590,629)
Class
R6
............................................................
95,553,014
(17,338,321)
Advisor
Class
........................................................
160,528,355
33,120,606
Total
capital
share
transactions
............................................
209,077,462
(32,126,087)
Net
increase
(decrease)
in
net
assets
...................................
715,045,546
19,789,477
Net
assets:
Beginning
of
year
.......................................................
1,171,836,206
1,152,046,729
End
of
year
...........................................................
$1,886,881,752
$1,171,836,206
Templeton
Developing
Markets
Trust
15
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
1.
Organization
and
Significant
Accounting
Policies
Templeton
Developing
Markets
Trust (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
five classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
December
31,
2025,
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
16
franklintempleton.com
Annual
Report
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
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
December
31,
2025,
the
Fund
held
$31,055,213
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.
Securities
on
loan
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
17
franklintempleton.com
Annual
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
December
31,
2025, 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).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
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
18
franklintempleton.com
Annual
Report
2.
Shares
of
Beneficial
Interest
At
December
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Year
Ended
December
31,
2025
Year
Ended
December
31,
2024
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,386,670
$55,036,559
1,638,708
$30,908,359
Shares
issued
in
reinvestment
of
distributions
..........
824,983
21,318,585
817,853
15,955,293
Shares
issued
on
reorganization
....................
-
-
2,131,854
43,063,452
Shares
redeemed
...............................
(5,637,080)
(126,720,173)
(6,740,616)
(127,464,200)
Net
increase
(decrease)
..........................
(2,425,427)
$(50,365,029)
(2,152,201)
$(37,537,096)
Class
C
Shares:
Shares
sold
...................................
122,876
$2,737,583
82,419
$1,509,664
Shares
issued
in
reinvestment
of
distributions
..........
13,089
330,674
13,630
263,002
Shares
issued
on
reorganization
....................
-
-
62,321
1,225,227
Shares
redeemed
a
..............................
(265,310)
(5,810,177)
(314,248)
(5,778,540)
Net
increase
(decrease)
..........................
(129,345)
$(2,741,920)
(155,878)
$(2,780,647)
Class
R
Shares:
Shares
sold
...................................
543,608
$11,745,901
564,429
$10,293,019
Shares
issued
in
reinvestment
of
distributions
..........
40,173
1,012,376
30,092
578,550
Shares
redeemed
...............................
(300,731)
(6,655,235)
(988,197)
(18,462,198)
Net
increase
(decrease)
..........................
283,050
$6,103,042
(393,676)
$(7,590,629)
Class
R6
Shares:
Shares
sold
...................................
6,525,286
$150,161,467
1,880,531
$35,389,352
Shares
issued
in
reinvestment
of
distributions
..........
290,525
7,432,748
158,634
3,054,987
Shares
issued
on
reorganization
....................
-
-
53,723
1,077,685
Shares
redeemed
...............................
(2,800,327)
(62,041,201)
(3,012,267)
(56,860,345)
Net
increase
(decrease)
..........................
4,015,484
$95,553,014
(919,379)
$(17,338,321)
Advisor
Class
Shares:
Shares
sold
...................................
12,466,866
$274,113,493
3,490,247
$65,212,132
Shares
issued
in
reinvestment
of
distributions
..........
587,487
15,047,625
402,953
7,779,084
Shares
issued
on
reorganization
....................
-
-
939,651
18,858,793
Shares
redeemed
...............................
(5,747,450)
(128,632,763)
(3,087,550)
(58,729,403)
Net
increase
(decrease)
..........................
7,306,903
$160,528,355
1,745,301
$33,120,606
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
19
franklintempleton.com
Annual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to
Asset
Management based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
December
31,
2025,
the
gross
effective
investment
management
fee
rate
was 1.033%
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:
Subsidiary
Affiliation
Templeton
Asset
Management
Ltd.
(Asset
Management)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
1.050%
Up
to
and
including
$1
billion
1.000%
Over
$1
billion,
up
to
and
including
$5
billion
0.950%
Over
$5
billion,
up
to
and
including
$10
billion
0.900%
Over
$10
billion,
up
to
and
including
$15
billion
0.850%
Over
$15
billion,
up
to
and
including
$20
billion
0.800%
In
excess
of
$20
billion
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
20
franklintempleton.com
Annual
Report
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. 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
year
ended
December
31,
2025,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$733,480
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,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
December
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$27,946
CDSC
retained
..............................................................................
$1,574
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
21
franklintempleton.com
Annual
Report
g.
Waiver
and
Expense
Reimbursements
Asset
Management
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
1.13%,
and
for
Class
R6
do
not
exceed
1.00%,
based
on
the
average
net
assets
of
each
class
until
April
30,
2026.
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,
2026.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended
December
31,
2025,
the
Fund
utilized
$11,893,984
of
capital
loss
carryforwards.
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
December
31,
2025,
the
Fund
deferred
post-October
capital
losses
$1,739,338.
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Developing
Markets
Trust
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.681%
............
$12,728,042
$393,157,301
$(354,477,381)
$-
$-
$51,407,962
51,407,962
$2,702,944
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.681%
............
$4,000,000
$56,527,902
$(58,811,323)
$-
$-
$1,716,579
1,716,579
$227,057
Total
Affiliated
Securities
...
$16,728,042
$449,685,203
$(413,288,704)
$-
$-
$53,124,541
$2,930,001
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
4,836,342
Long
term
................................................................................
35,373,437
Total
capital
loss
carryforwards
...............................................................
$40,209,779
a
a
Includes
$40,209,779
from
the
acquired
Templeton
BRIC
Fund
and
Templeton
China
World
Fund,
which
may
be
carried
over
to
offset
future
capital
gains,
subject
to
certain
limitations
.
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2025
and
2024
,
was
as
follows:
At
December
31,
2025,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
undistributed
ordinary
income
and
undistributed
long
term
capital
gains for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
December
31,
2025,
aggregated
$419,166,240 and
$276,293,627,
respectively.
At
December
31,
2025,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$1,716,579
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.
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
2025
2024
Distributions
paid
from:
Ordinary
income
..........................................................
$45,045,544
$27,536,466
Long
term
capital
gain
......................................................
6,101,790
3,617,805
$51,147,334
$31,154,271
Cost
of
investments
..........................................................................
$1,206,554,236
Unrealized
appreciation
........................................................................
$808,811,115
Unrealized
depreciation
........................................................................
(112,914,900)
Net
unrealized
appreciation
(depreciation)
..........................................................
$695,896,215
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$5,052,881
Undistributed
long
term
capital
gains
..............................................................
12,826,684
Total
distributable
earnings
.....................................................................
$17,879,565
4.
Income
Taxes
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
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
December
31,
2025.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund's
returns
and
net
asset
value.
7.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matured
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
January
30,
2026,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
January
29,
2027,
for
a
total
of
$2.995
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
year
ended
December
31,
2025,
the Fund
did
not
use
the
Global
Credit
Facility.
6.
Concentration
of
Risk
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
December
31,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the year.
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Brazil
................................
$
5,714,114
$
45,963,477
$
-
$
51,677,591
Chile
................................
14,513,780
-
-
14,513,780
China
...............................
14,233,421
436,628,171
-
450,861,592
Hong
Kong
...........................
-
35,330,872
-
35,330,872
Hungary
.............................
-
19,429,286
-
19,429,286
India
................................
26,584,240
158,851,188
-
185,435,428
Indonesia
............................
-
9,452,501
-
9,452,501
Italy
.................................
-
1,189,768
-
1,189,768
Mexico
..............................
43,695,640
-
-
43,695,640
Peru
................................
6,558,006
-
-
6,558,006
Philippines
............................
-
11,914,258
-
11,914,258
Russia
...............................
-
-
-
b
-
South
Africa
...........................
41,733,295
-
-
41,733,295
South
Korea
..........................
-
401,287,775
-
401,287,775
Taiwan
...............................
-
373,223,814
-
373,223,814
Thailand
.............................
-
33,530,235
-
33,530,235
Turkiye
..............................
-
5,131,859
-
5,131,859
United
Arab
Emirates
....................
10,515,690
17,217,223
-
27,732,913
United
States
..........................
50,836,056
-
-
50,836,056
Preferred
Stocks
:
Brazil
................................
59,471,076
25,776,618
-
85,247,694
Escrows
and
Litigation
Trusts
...............
-
-
543,547
543,547
Short
Term
Investments
...................
53,124,541
-
-
53,124,541
Total
Investments
in
Securities
...........
$326,979,859
$1,574,927,045
c
$543,547
$1,902,450,451
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$1,574,927,045,
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.
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
9.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
chief
investment
officer
of
the
Fund's
Investment
manager serves
as
the
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
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
Selected
Portfolio
ADR
American
Depositary
Receipt
PJSC
Public
Joint
Stock
Company
Templeton
Developing
Markets
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
26
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Templeton
Developing
Markets
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Templeton
Developing
Markets
Trust
(the
"Fund")
as
of
December
31,
2025,
the
related
statement
of
operations
for
the
year
ended
December
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2025
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers
or
custodian,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
San
Francisco,
California
February
19,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Developing
Markets
Trust
Tax
Information
(unaudited)
27
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
December
31,
2025:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intends
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
fiscal
year
ended
December
31,
2025:
Pursuant
to:
Amount
Reported
Long-Term
Capital
Gain
Dividends
Distributed
§852(b)(3)(C)
$6,101,790
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$313,605
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$20,250,167
Short-Term
Capital
Gain
Dividends
Distributed
§871(k)(2)(C)
$10,312,997
Section
163(j)
Interest
Earned
§163(j)
$1,861,570
Amount
Reported
Foreign
Taxes
Paid
$6,224,338
Foreign
Source
Income
Earned
$31,459,432
Templeton
Developing
Markets
Trust
28
franklintempleton.com
Annual
Report
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.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Investment
Management
Agreements
For
the
period
covered
by
this
report
Not
applicable.
505-AFSOI
02/26
©
2026
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-CSR.
| 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-CSR.
| 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-CSR.
| 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-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| 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) | The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
Exhibit 99.CODE ETH
Exhibit 99.CERT
Exhibit 99.906CERT
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, there unto duly authorized.
| Templeton Developing Markets Trust | ||
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | February 26, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | February 26, 2026 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date: | February 26, 2026 |
Templeton Developing Markets Trust published this content on February 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 27, 2026 at 18:10 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]