# EDGAR Filing Document

**Accession Number:** 0000878087
**File Stem:** 0001133228-25-009005
**Filing Date:** 2025-8
**Character Count:** 135427
**Document Hash:** da9e709c80c48f08f5aa9295961dbdd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009005.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009005

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEMPLETON DEVELOPING MARKETS TRUST
- **CENTRAL INDEX KEY:** 0000878087

**ORGANIZATION NAME:**
- **EIN:** 593078238
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06378
- **FILM NUMBER:** 251263676

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S.E. 300 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923
- **BUSINESS PHONE:** 9545277500

**MAIL ADDRESS:**
- **STREET 1:** 300 S.E. 300 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923

## Series and Classes Contracts Data

### Templeton Developing Markets Trust (Series ID: S000008756)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000023832 | Class A       | TEDMX           |
| C000023834 | Class C       | TDMTX           |
| C000023835 | Advisor Class | TDADX           |
| C000023836 | Class R       | TDMRX           |
| C000128734 | Class R6      | FDEVX           |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200014300_TempletonDevelopingMarketsTrust_ClassA_TSRSemiAnnual

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. 2<sup>nd</sup> 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: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Templeton Developing Markets Trust**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEDMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Developing Markets Trust for the period January 1, 2025, to June 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $76 | 1.38% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 1.37%. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1473886211 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Portfolio Turnover Rate** | 10.61% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4506img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Developing Markets Trust PAGE 1 711-STSR-0825

75.312.02.72.71.36.0 ------

---

| | |
|:---|:---|
| **Templeton Developing Markets Trust**  | ![image](img2199_202405220716489.jpg) |
| Class C [TDMTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Developing Markets Trust for the period January 1, 2025, to June 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $116 | 2.13% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 2.12%. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1473886211 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Portfolio Turnover Rate** | 10.61% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4507img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Developing Markets Trust PAGE 1 791-STSR-0825

75.312.02.72.71.36.0 ------

---

| | |
|:---|:---|
| **Templeton Developing Markets Trust**  | ![image](img2199_202405220716489.jpg) |
| Class R [TDMRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Developing Markets Trust for the period January 1, 2025, to June 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $89 | 1.63% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 1.62%. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1473886211 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Portfolio Turnover Rate** | 10.61% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4511img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Developing Markets Trust PAGE 1 891-STSR-0825

75.312.02.72.71.36.0 ------

---

| | |
|:---|:---|
| **Templeton Developing Markets Trust**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FDEVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Developing Markets Trust for the period January 1, 2025, to June 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $55 | 1.00% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.99%. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1473886211 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Portfolio Turnover Rate** | 10.61% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4509img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Developing Markets Trust PAGE 1 344-STSR-0825

75.312.02.72.71.36.0 ------

---

| | |
|:---|:---|
| **Templeton Developing Markets Trust**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TDADX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Templeton Developing Markets Trust for the period January 1, 2025, to June 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $62 | 1.13% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

1 Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1473886211 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Portfolio Turnover Rate** | 10.61% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4504img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Developing Markets Trust PAGE 1 611-STSR-0825

75.312.02.72.71.36.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Templeton

#### Developing

#### Markets

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

June

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 11
Notes

to

Financial

Statements

#### 15
Changes

In

and

Disagreements

with

Accountants

#### 26
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Templeton

Developing

Markets

Trust

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.77

$17.92

$16.52

$22.41

$25.42

$21.96

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.18 0.33 0.42 c

0.37 0.17 d

0.13 Net

realized

and

unrealized

gains

(losses)

3.74 1.01 1.60 (5.40)

(1.66)

3.94 Total

from

investment

operations

........

3.92 1.34 2.02 (5.03)

(1.49)

4.07 Less

distributions

from:

Net

investment

income

..............

—

(0.30)

(0.54)

(0.41)

(0.49)

(0.26)

Net

realized

gains

.................

—

(0.19)

(0.08)

(0.45)

(1.03)

(0.35)

Total

distributions

...................

—

(0.49)

(0.62)

(0.86)

(1.52)

(0.61)

Net

asset

value,

end

of

period

..........

$22.69

$18.77

$17.92

$16.52

$22.41

$25.42

Total

return

e

.......................

20.88%

7.39%

12.33%

(22.21)%

(5.80)%

18.67%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.53%

1.52%

1.55%

1.55%

1.54%

1.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.38%

1.38%

1.38%

1.38%

1.38%

1.38%

Net

investment

income

...............

1.82%

1.74%

2.37%

c

2.01%

0.64%

d

0.61%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$792,999

$692,501

$699,520

$681,700

$969,062

$1,145,066

Portfolio

turnover

rate

................

10.61%

17.75%

26.63%

21.97%

21.89%

18.58%

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Developing

Markets

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.38

$17.55

$16.19

$21.95

$24.83

$21.46

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.10 0.18 0.28 c

0.22 (0.04)

d

(0.03)

Net

realized

and

unrealized

gains

(losses)

3.66 1.00 1.55 (5.27)

(1.58)

3.82 Total

from

investment

operations

........

3.76 1.18 1.83 (5.05)

(1.62)

3.79 Less

distributions

from:

Net

investment

income

..............

—

(0.16)

(0.39)

(0.26)

(0.23)

(0.07)

Net

realized

gains

.................

—

(0.19)

(0.08)

(0.45)

(1.03)

(0.35)

Total

distributions

...................

—

(0.35)

(0.47)

(0.71)

(1.26)

(0.42)

Net

asset

value,

end

of

period

..........

$22.14

$18.38

$17.55

$16.19

$21.95

$24.83

Total

return

e

.......................

20.46%

6.62%

11.39%

(22.79)%

(6.48)%

17.79%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

2.28%

2.26%

2.30%

2.31%

2.29%

2.28%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

2.13%

2.13%

2.13%

2.13%

2.13%

2.13%

Net

investment

income

(loss)

..........

1.05%

0.99%

1.63%

c

1.21%

(0.15)%

d

(0.15)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$15,435

$14,160

$16,257

$18,373

$30,956

$48,429

Portfolio

turnover

rate

................

10.61%

17.75%

26.63%

21.97%

21.89%

18.58%

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Developing

Markets

Trust

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.34

$17.49

$16.15

$21.93

$24.96

$21.57

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.16 0.28 0.37 c

0.31 0.13 d

0.07 Net

realized

and

unrealized

gains

(losses)

3.64 0.99 1.55 (5.27)

(1.65)

3.88 Total

from

investment

operations

........

3.80 1.27 1.92 (4.96)

(1.52)

3.95 Less

distributions

from:

Net

investment

income

..............

—

(0.23)

(0.50)

(0.37)

(0.48)

(0.21)

Net

realized

gains

.................

—

(0.19)

(0.08)

(0.45)

(1.03)

(0.35)

Total

distributions

...................

—

(0.42)

(0.58)

(0.82)

(1.51)

(0.56)

Net

asset

value,

end

of

period

..........

$22.14

$18.34

$17.49

$16.15

$21.93

$24.96

Total

return

e

.......................

20.72%

7.16%

12.00%

(22.40)%

(6.03)%

18.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.78%

1.76%

1.80%

1.80%

1.80%

1.78%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.63%

1.63%

1.63%

1.63%

1.63%

1.62%

Net

investment

income

...............

1.64%

1.49%

2.12%

c

1.76%

0.52%

d

0.35%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$33,570

$23,925

$29,704

$26,150

$37,252

$20,234

Portfolio

turnover

rate

................

10.61%

17.75%

26.63%

21.97%

21.89%

18.58%

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%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Developing

Markets

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.58

$17.74

$16.37

$22.22

$25.23

$21.78

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.22 0.40 0.48 c

0.42 0.27 d

0.25 Net

realized

and

unrealized

gains

(losses)

3.70 1.00 1.58 (5.33)

(1.66)

3.89 Total

from

investment

operations

........

3.92 1.40 2.06 (4.91)

(1.39)

4.14 Less

distributions

from:

Net

investment

income

..............

—

(0.37)

(0.61)

(0.49)

(0.59)

(0.34)

Net

realized

gains

.................

—

(0.19)

(0.08)

(0.45)

(1.03)

(0.35)

Total

distributions

...................

—

(0.56)

(0.69)

(0.94)

(1.62)

(0.69)

Net

asset

value,

end

of

period

..........

$22.50

$18.58

$17.74

$16.37

$22.22

$25.23

Total

return

e

.......................

21.10%

7.80%

12.71%

(21.90)%

(5.42)%

19.16%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.14%

1.14%

1.15%

1.10%

1.14%

1.15%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.00%

1.01%

1.00%

1.00%

1.00%

1.00%

Net

investment

income

...............

2.23%

2.12%

2.75%

c

2.31%

1.06%

d

1.19%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$189,742

$154,141

$163,456

$143,225

$214,696

$203,362

Portfolio

turnover

rate

................

10.61%

17.75%

26.63%

21.97%

21.89%

18.58%

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%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Developing

Markets

Trust

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.61

$17.77

$16.40

$22.26

$25.27

$21.82

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.22 0.38 0.45 c

0.41 0.24 d

0.18 Net

realized

and

unrealized

gains

(losses)

3.69 1.00 1.59 (5.36)

(1.66)

3.94 Total

from

investment

operations

........

3.91 1.38 2.04 (4.95)

(1.42)

4.12 Less

distributions

from:

Net

investment

income

..............

—

(0.35)

(0.59)

(0.46)

(0.56)

(0.32)

Net

realized

gains

.................

—

(0.19)

(0.08)

(0.45)

(1.03)

(0.35)

Total

distributions

...................

—

(0.54)

(0.67)

(0.91)

(1.59)

(0.67)

Net

asset

value,

end

of

period

..........

$22.52

$18.61

$17.77

$16.40

$22.26

$25.27

Total

return

e

.......................

21.01%

7.67%

12.58%

(22.01)%

(5.55)%

19.01%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.28%

1.26%

1.30%

1.30%

1.29%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.13%

1.13%

1.13%

1.13%

1.13%

1.13%

Net

investment

income

...............

2.16%

2.01%

2.58%

c

2.26%

0.92%

d

0.87%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$442,140

$287,109

$243,109

$152,957

$221,055

$244,645

Portfolio

turnover

rate

................

10.61%

17.75%

26.63%

21.97%

21.89%

18.58%

#### 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%.

#### e
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### f
Ratios

are

annualized

for

periods

less

than

one

year.

Templeton

Developing

Markets

Trust

Schedule

of

Investments

(unaudited),

June

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 89.8%

#### Brazil

#### 2.7%
Hypera

SA

.....................

Pharmaceuticals

1,819,933

$

9,107,872

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

..........................

Health

Care

Providers

&

Services

3,914,846

3,696,446

TOTVS

SA

.....................

Software

1,105,354

8,587,545

Vale

SA

........................

Metals

&

Mining

1,203,004

11,657,831

XP,

Inc.,

A

......................

Capital

Markets

331,578

6,697,875

39,747,569

#### Cambodia

#### 0.1%
a

NagaCorp

Ltd.

..................

Hotels,

Restaurants

&

Leisure

4,867,563

2,210,377

#### Chile

#### 0.8%
b

Banco

Santander

Chile,

ADR

.......

Banks

466,531

11,765,912

#### China

#### 22.2%
c

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

3,487,246

49,365,278

a,c

Baidu,

Inc.,

A

....................

Interactive

Media

&

Services

1,335,332

14,310,664

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

A

...........

Construction

Materials

1,116,431

1,672,707

b,d

Budweiser

Brewing

Co.

APAC

Ltd.,

144A,

Reg

S

..................

Beverages

16,554,922

16,437,111

China

Merchants

Bank

Co.

Ltd.,

A

....

Banks

4,144,001

26,587,594

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

6,180,515

4,101,061

a,b

Daqo

New

Energy

Corp.,

ADR

......

Semiconductors

&

Semiconductor

Equipment

263,259

3,993,639

d

Greentown

Service

Group

Co.

Ltd.,

Reg

S

...........................

Real

Estate

Management

&

Development

3,749,927

2,100,699

Haier

Smart

Home

Co.

Ltd.,

D

.......

Household

Durables

4,061,327

8,734,395

Health

&

Happiness

H&H

International

Holdings

Ltd.

..................

Food

Products

1,026,124

1,494,724

c

JD.com,

Inc.,

A

..................

Broadline

Retail

257,764

4,209,882

a,c,d

Kuaishou

Technology,

144A,

Reg

S

...

Interactive

Media

&

Services

1,763,258

14,313,405

c

NetEase,

Inc.

...................

Entertainment

624,638

16,833,600

PICC

Property

&

Casualty

Co.

Ltd.,

H

.

Insurance

428,578

832,802

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

.......................

Insurance

2,471,490

15,776,310

Prosus

NV

.....................

Broadline

Retail

1,326,443

74,422,081

c

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

625,001

40,272,323

Uni-President

China

Holdings

Ltd.

....

Food

Products

8,165,960

9,893,513

Weichai

Power

Co.

Ltd.,

H

.........

Machinery

4,877,141

9,929,949

Weifu

High-Technology

Group

Co.

Ltd.,

B

...........................

Automobile

Components

1,230,263

1,879,303

a,b,d

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

...........................

Life

Sciences

Tools

&

Services

3,272,077

10,751,733

327,912,773

#### Hong

#### Kong

#### 1.7%
Techtronic

Industries

Co.

Ltd.

.......

Machinery

2,219,479

24,489,683

#### Hungary

#### 1.0%
Richter

Gedeon

Nyrt.

.............

Pharmaceuticals

506,736

14,936,742

#### India

#### 12.0%
ACC

Ltd.

.......................

Construction

Materials

211,099

4,720,326

a

Ather

Energy

Ltd.

................

Automobiles

511,681

1,982,645

a

Ather

Energy

Ltd.

................

Automobiles

749,075

2,902,491

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

46,505

7,803,303

Brigade

Enterprises

Ltd.

...........

Real

Estate

Management

&

Development

394,190

5,103,572

a

Eternal

Ltd.

.....................

Hotels,

Restaurants

&

Leisure

4,662,573

14,359,788

Federal

Bank

Ltd.

................

Banks

4,113,175

10,224,448

a

HDB

Financial

Services

Ltd.

........

Financial

Services

15,453

133,340

Templeton

Developing

Markets

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### India
(continued)

a,e

HDB

Financial

Services

Ltd.

........

Financial

Services

67,580

$

583,129

HDFC

Bank

Ltd.

.................

Banks

1,546,149

36,095,563

a,f

Hemisphere

Properties

India

Ltd.

....

Real

Estate

Management

&

Development

395,958

320,723

ICICI

Bank

Ltd.

..................

Banks

3,718,025

62,833,667

Infosys

Ltd.

.....................

IT

Services

592,158

11,063,097

Natco

Pharma

Ltd.

...............

Pharmaceuticals

66,352

716,816

a

Niva

Bupa

Health

Insurance

Co.

Ltd.

..

Insurance

5,748,040

5,478,963

a,b

ReNew

Energy

Global

plc,

A

........

Independent

Power

and

Renewable

Electricity

Producers

1,750,903

12,098,740

176,420,611

#### Indonesia

#### 0.5%
Astra

International

Tbk.

PT

.........

Industrial

Conglomerates

24,831,799

6,886,223

#### Italy

#### 0.1%
a,b,d

Wizz

Air

Holdings

plc,

144A,

Reg

S

...

Passenger

Airlines

69,426

1,042,416

#### Mexico

#### 2.8%
Grupo

Financiero

Banorte

SAB

de

CV,

O

...........................

Banks

4,482,972

40,977,343

a,d

Nemak

SAB

de

CV,

144A,

Reg

S

....

Automobile

Components

5,717,494

981,126

41,958,469

#### Peru

#### 0.4%
Intercorp

Financial

Services,

Inc.

.....

Banks

154,816

5,903,134

#### Philippines

#### 0.4%
BDO

Unibank,

Inc.

...............

Banks

2,173,193

5,894,935

#### Russia

#### 0.0%
a,f,g

LUKOIL

PJSC

...................

Oil,

Gas

&

Consumable

Fuels

414,906

—

f,g

Sberbank

of

Russia

PJSC

..........

Banks

5,058,740

—

—

#### South

#### Africa

#### 2.2%
Discovery

Ltd.

...................

Insurance

1,780,682

21,646,753

Netcare

Ltd.

....................

Health

Care

Providers

&

Services

13,152,205

10,360,582

32,007,335

#### South

#### Korea

#### 18.4%
a,d

Delivery

Hero

SE,

144A,

Reg

S

......

Hotels,

Restaurants

&

Leisure

663,256

18,002,244

Doosan

Bobcat,

Inc.

..............

Machinery

360,132

15,479,712

Hankook

Tire

&

Technology

Co.

Ltd.

..

Automobile

Components

5,473

160,792

Hyundai

Motor

Co.

...............

Automobiles

99,930

15,005,233

KT

Skylife

Co.

Ltd.

...............

Media

452,147

1,684,454

LG

Corp.

.......................

Industrial

Conglomerates

369,067

21,714,609

a

LigaChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

31,678

2,692,991

Misto

Holdings

Corp.

..............

Textiles,

Apparel

&

Luxury

Goods

213,796

5,649,174

NAVER

Corp.

...................

Interactive

Media

&

Services

144,654

28,089,637

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,087,053

48,071,246

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

292,025

27,498,715

Samsung

SDI

Co.

Ltd.

............

Electronic

Equipment,

Instruments

&

Components

62,681

8,003,164

SK

Hynix,

Inc.

...................

Semiconductors

&

Semiconductor

Equipment

353,375

76,145,815

Soulbrain

Co.

Ltd.

................

Chemicals

27,813

3,692,932

271,890,718

#### Taiwan

#### 18.3%
Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

5,759,279

31,775,880

Templeton

Developing

Markets

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Taiwan
(continued)

Lite-On

Technology

Corp.

..........

Technology

Hardware,

Storage

&

Peripherals

1,089,413

$

4,129,780

MediaTek,

Inc.

..................

Semiconductors

&

Semiconductor

Equipment

810,843

34,743,538

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

5,036,532

184,182,722

Yageo

Corp.

....................

Electronic

Equipment,

Instruments

&

Components

448,256

7,438,315

h

Zhen

Ding

Technology

Holding

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

2,161,805

7,439,595

269,709,830

#### Thailand

#### 2.6%
Kasikornbank

PCL

...............

Banks

4,309,736

20,357,471

Kiatnakin

Phatra

Bank

PCL

.........

Banks

2,196,220

3,057,259

Minor

International

PCL

............

Hotels,

Restaurants

&

Leisure

11,876,486

8,495,581

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

14,348,828

2,229,588

Thai

Beverage

PCL

...............

Beverages

10,287,676

3,723,613

37,863,512

#### Turkiye

#### 0.3%
h

BIM

Birlesik

Magazalar

A/S

.........

Consumer

Staples

Distribution

&

Retail

337,997

4,199,736

#### United

#### Arab

#### Emirates

#### 0.6%
Emaar

Development

PJSC

.........

Real

Estate

Management

&

Development

39,392

145,025

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

13,287,281

6,005,796

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

7,136,543

2,895,347

9,046,168

#### United

#### States

#### 2.7%
Cognizant

Technology

Solutions

Corp.,

A

...........................

IT

Services

240,807

18,790,170

Genpact

Ltd.

....................

Professional

Services

477,795

21,027,758

39,817,928

#### Total

#### Common

#### Stocks

#### (Cost

#### $880,283,397)

#### .....................................

#### 1,323,704,071
a

#### Preferred

#### Stocks

#### 5.4%

#### Brazil

#### 5.4%
Banco

Bradesco

SA,

ADR

..........

Banks

8,075,367

24,952,884

i

Itau

Unibanco

Holding

SA,

ADR,

3.28%

Banks

4,071,802

27,647,536

i

Petroleo

Brasileiro

SA

-

Petrobras,

12.49%

......................

Oil,

Gas

&

Consumable

Fuels

4,591,932

26,521,659

79,122,079

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $64,465,929)

#### ......................................

#### 79,122,079

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $944,749,326)

#### ...............................

#### 1,402,826,150

#### Short

#### Term

#### Investments

#### 6.0%
a

a

#### Industry

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 5.5%

#### United

#### States

#### 5.5%
j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

.........

81,272,565

81,272,565

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $81,272,565)

#### ..................................

#### 81,272,565
Templeton

Developing

Markets

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Industry

#### Shares
a

#### Value
a

a

#### a
a

l

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.5%

#### Money

#### Market

#### Funds

#### 0.5%
j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

.........

7,211,698

$

7,211,698

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $7,211,698)
.................................................................

#### 7,211,698
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $88,484,263

####)
................................

#### 88,484,263
a

#### a

#### Total

#### Investments

#### (Cost

#### $1,033,233,589)

#### 101.2%

#### ................................

#### $1,491,310,413

#### Other

#### Assets,

#### less

#### Liabilities

#### (1.2)%

#### ...........................................

#### (17,424,202)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,473,886,211

#### a
a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

June

30,

2025. See

Note

1(d).

c

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$139,305,152,

representing

9.5%

of

net

assets.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$63,628,734,

representing

4.3%

of

net

assets.

e

See

Note

regarding

restricted

securities.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

g

See

Note

regarding

investments

in

Russian

securities.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

i

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

l

See

Note

1(d)

regarding

securities

on

loan.

Templeton

Developing

Markets

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Templeton

#### Developing

#### Markets

#### Trust
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$944,749,326

Cost

-

Non-controlled

affiliates

(Note

f)

........................................................

88,484,263

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$18,555,237)

.................................

$1,402,826,150

Value

-

Non-controlled

affiliates

(Note

f)

........................................................

88,484,263

Cash

....................................................................................

65,950

Foreign

currency,

at

value

(cost

$633,952)

........................................................

609,547

Receivables:

Investment

securities

sold

...................................................................

8,814,471

Capital

shares

sold

........................................................................

691,072

Dividends

...............................................................................

4,472,362

Total

assets

..........................................................................

1,505,963,815

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

649,583

Capital

shares

redeemed

...................................................................

10,218,539

Management

fees

.........................................................................

985,203

Distribution

fees

..........................................................................

183,980

Transfer

agent

fees

........................................................................

374,879

Payable

upon

return

of

securities

loaned

(Note

1d)

..................................................

7,211,698

Deferred

taxes

on

unrealized

appreciation

........................................................

12,198,130

Accrued

expenses

and

other

liabilities

...........................................................

255,592

Total

liabilities

.........................................................................

32,077,604

Net

assets,

at

value

.................................................................

$1,473,886,211

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,070,366,717

Total

distributable

earnings

(losses)

.............................................................

403,519,494

Net

assets,

at

value

.................................................................

$1,473,886,211

Templeton

Developing

Markets

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Templeton

#### Developing

#### Markets

#### Trust

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$792,998,575

Shares

outstanding

........................................................................

34,948,364

Net

asset

value

per

share

a,b

..................................................................

$22.69

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

................................

$24.01

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$15,434,936

Shares

outstanding

........................................................................

697,154

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$22.14

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$33,570,411

Shares

outstanding

........................................................................

1,516,030

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$22.14

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$189,741,984

Shares

outstanding

........................................................................

8,432,567

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$22.50

#### Advisor

#### Class:
Net

assets,

at

value

.......................................................................

$442,140,305

Shares

outstanding

........................................................................

19,632,078

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$22.52

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Developing

Markets

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Templeton

#### Developing

#### Markets

#### Trust
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$2,040,042)

Unaffiliated

issuers

........................................................................

$19,656,725

Non-controlled

affiliates

(Note

f)

.............................................................

1,178,390

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

(77,698)

Non-controlled

affiliates

(Note

f)

.............................................................

111,713

Total

investment

income

...................................................................

20,869,130

Expenses:

Management

fees

(Note

a)

...................................................................

6,706,143

Distribution

fees:

(Note

3c)

Class

A

................................................................................

896,434

Class

C

................................................................................

71,706

Class

R

................................................................................

66,617

Transfer

agent

fees:

(Note

3e)

Class

A

................................................................................

593,871

Class

C

................................................................................

11,859

Class

R

................................................................................

22,185

Class

R6

...............................................................................

24,031

Advisor

Class

............................................................................

306,590

Custodian

fees

............................................................................

140,476

Reports

to

shareholders

fees

..................................................................

51,729

Registration

and

filing

fees

....................................................................

46,522

Professional

fees

...........................................................................

64,363

Trustees'

fees

and

expenses

..................................................................

76,923

Other

....................................................................................

96,918

Total

expenses

.........................................................................

9,176,367

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

..............................................

(954,135)

Net

expenses

.........................................................................

8,222,232

Net

investment

income

................................................................

12,646,898

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$1,623,993)

Unaffiliated

issuers

......................................................................

23,907,572

Foreign

currency

transactions

................................................................

467,383

Net

realized

gain

(loss)

..................................................................

24,374,955

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

216,057,676

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(284,692)

Change

in

deferred

taxes

on

unrealized

appreciation

...............................................

(43,073)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

215,729,911

Net

realized

and

unrealized

gain

(loss)

............................................................

240,104,866

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$252,751,764

Templeton

Developing

Markets

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Templeton

#### Developing

#### Markets

#### Trust

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$12,646,898

$21,585,674

Net

realized

gain

(loss)

.................................................

24,374,955

21,635,500

Net

change

in

unrealized

appreciation

(depreciation)

...........................

215,729,911

39,848,661

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

252,751,764

83,069,835

Distributions

to

shareholders:

Class

A

.............................................................

—

(17,747,068)

Class

C

.............................................................

—

(263,745)

Class

R

.............................................................

—

(578,644)

Class

R6

............................................................

—

(4,507,611)

Advisor

Class

........................................................

—

(8,057,203)

Total

distributions

to

shareholders

..........................................

—

(31,154,271)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(39,067,462)

(37,537,096)

Class

C

.............................................................

(1,435,768)

(2,780,647)

Class

R

.............................................................

4,313,585

(7,590,629)

Class

R6

............................................................

2,408,720

(17,338,321)

Advisor

Class

........................................................

83,079,166

33,120,606

Total

capital

share

transactions

............................................

49,298,241

(32,126,087)

Net

increase

(decrease)

in

net

assets

...................................

302,050,005

19,789,477

Net

assets:

Beginning

of

period

.....................................................

1,171,836,206

1,152,046,729

End

of

period

..........................................................

$1,473,886,211

$1,171,836,206

Templeton

Developing

Markets

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Templeton

Developing

Markets

Trust (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers

five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

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

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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

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

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

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

p.m.

Eastern

time.

At

June

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Developing

Markets

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund.

Additionally,

at

June

30,

2025,

the

Fund

held

$12,549,471

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund's

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statement

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Templeton

Developing

Markets

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

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).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund. Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Templeton

Developing

Markets

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

1,045,717

$21,243,181

1,638,708

$30,908,359

Shares

issued

in

reinvestment

of

distributions

..........

—

—

817,853

15,955,293

Shares

issued

on

reorganization

....................

—

—

2,131,854

43,063,452

Shares

redeemed

...............................

(2,989,282)

(60,310,643)

(6,740,616)

(127,464,200)

Net

increase

(decrease)

..........................

(1,943,565)

$(39,067,462)

(2,152,201)

$(37,537,096)

#### Class

#### C

#### Shares:
Shares

sold

...................................

60,412

$1,191,025

82,419

$1,509,664

Shares

issued

in

reinvestment

of

distributions

..........

—

—

13,630

263,002

Shares

issued

on

reorganization

....................

—

—

62,321

1,225,227

Shares

redeemed

a

..............................

(133,467)

(2,626,793)

(314,248)

(5,778,540)

Net

increase

(decrease)

..........................

(73,055)

$(1,435,768)

(155,878)

$(2,780,647)

#### Class

#### R

#### Shares:
Shares

sold

...................................

353,043

$7,063,464

564,429

$10,293,019

Shares

issued

in

reinvestment

of

distributions

..........

—

—

30,092

578,550

Shares

redeemed

...............................

(141,416)

(2,749,879)

(988,197)

(18,462,198)

Net

increase

(decrease)

..........................

211,627

$4,313,585

(393,676)

$(7,590,629)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

1,865,734

$36,915,402

1,880,531

$35,389,352

Shares

issued

in

reinvestment

of

distributions

..........

—

—

158,634

3,054,987

Shares

issued

on

reorganization

....................

—

—

53,723

1,077,685

Shares

redeemed

...............................

(1,729,588)

(34,506,682)

(3,012,267)

(56,860,345)

Net

increase

(decrease)

..........................

136,146

$2,408,720

(919,379)

$(17,338,321)

#### Advisor

#### Class

#### Shares:
Shares

sold

...................................

6,971,250

$138,200,662

3,490,247

$65,212,132

Shares

issued

in

reinvestment

of

distributions

..........

—

—

402,953

7,779,084

Shares

issued

on

reorganization

....................

—

—

939,651

18,858,793

Shares

redeemed

...............................

(2,768,916)

(55,121,496)

(3,087,550)

(58,729,403)

Net

increase

(decrease)

..........................

4,202,334

$83,079,166

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

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management fee,

calculated

daily and

paid

monthly,

to

Asset

Management based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

June

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 1.038%

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

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

(unaudited)

franklintempleton.com

Semiannual

Report

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

June

30,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$308,523

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

period

ended

June

30,

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

..............................

$11,923

CDSC

retained

..............................................................................

$542

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Templeton

#### Developing

#### Markets

#### Trust

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$12,728,042

$187,357,562

$(118,813,039)

$—

$—

$81,272,565

81,272,565

$1,178,390

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Templeton

Developing

Markets

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Asset

Management

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

1.13%,

and

for

Class

R6

do

not

exceed

1.00%,

based

on

the

average

net

assets

of

each

class

until

April

30,

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,

2024,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

December

31,

2024,

the

Fund

deferred

post-October

capital

losses

$1,332,097.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Templeton

#### Developing

#### Markets

#### Trust
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$4,000,000

$20,655,714

$(17,444,016)

$—

$—

$7,211,698

7,211,698

$111,713

#### Total

#### Affiliated

#### Securities

#### ...
$16,728,042

$208,013,276

$(136,257,055)

$—

$—

$88,484,263

$1,290,103

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

5,483,306

Long

term

................................................................................

46,620,457

Total

capital

loss

carryforwards

...............................................................

$52,103,763

a

a

Includes

$52,103,763

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

(unaudited)

franklintempleton.com

Semiannual

Report

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax

and

corporate

actions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

June

30,

2025,

aggregated

$132,728,015 and

$140,280,990,

respectively.

At

June

30,

2025,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$7,211,698

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

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

Cost

of

investments

..........................................................................

$1,058,639,662

Unrealized

appreciation

........................................................................

$573,147,354

Unrealized

depreciation

........................................................................

(140,476,603)

Net

unrealized

appreciation

(depreciation)

..........................................................

$432,670,751

4. #### Income

#### Taxes
(continued)

Templeton

Developing

Markets

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the Fund

had

little

or

no

value

at

June

30,

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. #### Restricted

#### Securities
The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

June

30,

2025,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

8. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

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.

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,

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Templeton

#### Developing

#### Markets

#### Trust
67,580

a

HDB

Financial

Services

Ltd

....................

6/25/25

$

580,894

$

583,129

#### Total

#### Restricted

#### Securities
(Value

is

0.0%

†

of

Net

Assets)

#### ..............
$580,894

$583,129

†

Rounds

to

less

than

0.1%

of

net

assets.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$133,340

as

of

June

30,

2025. 6. #### Concentration

#### of

#### Risk
(continued)

Templeton

Developing

Markets

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

June

30,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

9. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Templeton

#### Developing

#### Markets

#### Trust

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Brazil

................................

$

39,747,569

$

—

$

—

$

39,747,569

Cambodia

............................

—

2,210,377

—

2,210,377

Chile

................................

11,765,912

—

—

11,765,912

China

...............................

3,993,639

323,919,134

—

327,912,773

Hong

Kong

...........................

—

24,489,683

—

24,489,683

Hungary

.............................

14,936,742

—

—

14,936,742

India

................................

15,001,231

161,098,657

320,723

176,420,611

Indonesia

............................

—

6,886,223

—

6,886,223

Italy

.................................

—

1,042,416

—

1,042,416

Mexico

..............................

41,958,469

—

—

41,958,469

Peru

................................

5,903,134

—

—

5,903,134

Philippines

............................

—

5,894,935

—

5,894,935

Russia

...............................

—

—

—

a

—

South

Africa

...........................

—

32,007,335

—

32,007,335

South

Korea

..........................

—

271,890,718

—

271,890,718

Taiwan

...............................

—

269,709,830

—

269,709,830

Thailand

.............................

—

37,863,512

—

37,863,512

Turkiye

..............................

4,199,736

—

—

4,199,736

United

Arab

Emirates

....................

8,901,143

145,025

—

9,046,168

United

States

..........................

39,817,928

—

—

39,817,928

Preferred

Stocks

........................

79,122,079

—

—

79,122,079

Short

Term

Investments

...................

88,484,263

—

—

88,484,263

Total

Investments

in

Securities

...........

$353,831,845

$1,137,157,845

b

$320,723

$1,491,310,413

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$1,134,458,731,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

8. #### Credit

#### Facility
(continued)

Templeton

Developing

Markets

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

10. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

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.

11. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### PJSC
Public

Joint

Stock

Company

9. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Developing

Markets

Trust

franklintempleton.com

Semiannual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS

#### Templeton

#### Developing

#### Markets

#### Trust
(Fund)

At

an

in-person

meeting

held

on

May

29,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Templeton

Asset

Management

Ltd.

(TAML)

and

the

Fund,

and

an

investment

sub-advisory

agreement

between

TAML

and

Franklin

Templeton

Investment

Management

Limited

(Sub-Adviser),

an

affiliate

of

TAML,

on

behalf

of

the

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Board

noted

that

effective

October

25,

2024,

the

Templeton

China

World

Fund

reorganized

into

the

Fund.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

TAML

and

the

Sub-Adviser

are

each

referred

to

herein

as

a

Manager.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

each

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

each

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

each

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

each

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

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

Templeton

Developing

Markets

Trust

franklintempleton.com

Semiannual

Report

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

each

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

each

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

each

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

each

Manager

and

its

affiliates;

and

management

fees

charged

by

each

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Managers'

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

each

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

emerging

markets

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

five-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

Templeton

Developing

Markets

Trust

franklintempleton.com

Semiannual

Report

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

for

the

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

emerging

markets

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

approximately

4.3 basis

points

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

of

its

Expense

Group.

The

Board

further

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

also

noted

that

the

Sub-

Adviser

is

paid

by

TAML

out

of

the

management

fee

TAML

receives

from

the

Fund

and

that

the

allocation

of

the

fee

between

TAML

and

the

Sub-Adviser

reflected

the

services

provided

by

each

to

the

Fund.

After

consideration

of

the

above,

the

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

and

the

sub-advisory

fee

paid

to

the

Sub-Adviser

are

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

TAML

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

each

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

each

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

each

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

each

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Templeton

Developing

Markets

Trust

franklintempleton.com

Semiannual

Report

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

each

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Managers'

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

each

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

each

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

505-SFSOI

08/25©

2025

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](tdmt-efp17116_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](tdmt-efp17116_ex99906cert.htm)

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: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | August 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Templeton Developing Markets Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: August 26, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Templeton Developing Markets Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

Date: August 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Templeton Developing Markets Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –**<br> **Finance and Administration** | **Chief Financial Officer, Chief**<br> **Accounting Officer and Treasurer** |
| Templeton Developing Markets Trust | Templeton Developing Markets Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.