Equity

TEDMX Templeton Developing Markets Trust

Emerging Markets Exposure. The fund's investment mix is designed to take advantage of dynamic emerging market growth opportunities as they arise across the globe.
Record of Low Correlation. Stock markets in emerging market countries are uniquely positioned in terms of industry strengths and economic drivers. This has contributed to a record of low correlation among these countries.
Unsurpassed Global Resources. Our global reach includes offices in Hong Kong, Buenos Aires, Bucharest, Shanghai, Singapore, Mumbai, Cape Town and Dubai.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital appreciation by investing at least 80% of its net assets in securities of developing- or emerging market issuers.

Benchmark: MSCI Emerging Markets Index-NR
Fund Inception Date: 10/16/1991
Dividend Frequency, if any: Annually, in October, if necessary, December
Number of IssuersAs of 01/31/2026 (Updated Monthly): 87

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁴: 1.52%
Net Expense Ratio^4,5: 1.39%
Maximum Initial Charge: 5.50%
CDSC⁶: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: TEDMX
Fund Number: 711
CUSIP Code: 88018W104

Average Annual Total Returns As of 12/31/2025

View performance section for additional info As of 12/31/2025

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

36.74%1 Year
18.15%3 Years
3.86%5 Years
9.64%10 Years
6.51%Since Inception
10/16/1991

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 01/31/2026 % of Total (Updated Monthly)

Top Sectors
Semiconductors & Semiconductor Equipment24.24%
Banks14.55%
Technology Hardware & Equipment9.57%
Capital Goods6.85%
Consumer Discretionary Distribution & Retail6.67%

Additional Fund Info

Share Class Inception Date: 10/16/1991
Investment Style: Blend
Lipper Classification: Emerging Markets Funds
Morningstar Category⁷: Diversified Emerging Markets

Manager and Commentary

Commentary Highlights

12/31/2025

Markets: Emerging market (EM) equities collectively rose in the final quarter of 2025. The US Federal Reserve implemented its final interest-rate reduction for the year in December, after an October rate cut, creating a favorable environment for equities globally.
Contributors: By country, stock selection and allocations in South Korea (overweight) and China (underweight) contributed relatively alongside a lack of exposure to Saudi Arabia. Across sectors, stock selection in information technology, health care and consumer discretionary, together with an overweight allocation in information technology, sent these sectors to top contributor status against the benchmark MSCI EM Index-NR.
Detractors: Stock selection in India, Taiwan and Mexico sent these countries to top detractor status against the benchmark. Stock selection in the financials and utilities sectors pressured relative returns, with an underweight allocation to materials adding to this relative weakness.
Outlook: We leave a strong year behind, with EM equities collectively racing ahead of developed market equities in 2025. While a repeat of such remarkable performance may be too optimistic, we believe the outlook for EM equities in 2026 remains constructive. This outlook is underpinned by several supportive themes that continue to drive earnings momentum across the asset class.

For complete information, please see the full commentary:

Templeton Global Investments

Managed Fund Since 2017

Managed Fund Since 2020

Performance

Calendar Year Returns

⁹

As of 12/31/2025

Month End

Quarter End

Class A - With Sales Charge (POP) (%)

Class A - Without Sales Charge (NAV) (%)

MSCI Emerging Markets Index-NR (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 01/31/2026

3 Years: 3 Years: 5 out of 5 stars
705 Funds in category

5 Years: 5 Years: 3 out of 5 stars
619 Funds in category

10 Years: 10 Years: 5 out of 5 stars
462 Funds in category

Rating Category: Diversified Emerging Markets

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 01/31/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of01/31/2026 (Updated Monthly)

Total Net Assets: $2.15 Billion

Positions

As of 01/31/2026 (Updated Monthly)

Number of Issuers

Fund: 87
Benchmark: 1,196

Portfolio Statistics

As of 01/31/2026 (Updated Monthly)

Price to Earnings (12-Month Trailing)

Fund: 15.78x
Benchmark: 17.07x

Weighted Average Market Capitalization (USD)

Fund: $345.65 Billion
Benchmark: $230.67 Billion

Price to Book

Fund: 2.27x
Benchmark: 2.35x

Price to Cash Flow

Fund: 8.86x
Benchmark: 10.77x

Asset Allocation

As of 01/31/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	97.01%
Cash & Cash Equivalents	2.99%

Holdings
As of 12/31/2025 (Updated Monthly)

Taiwan Semiconductor Manufacturing Co Ltd ORD TWD10

SK hynix Inc ORD KRW5000

Samsung Electronics Co Ltd ORD KRW 100

Prosus NV ORD EUR 0.05 CL N

ICICI Bank Ltd ORD INR2 (DEMAT)

Alibaba Group Holding Ltd ORD HKD 0.000003125

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO

Tencent Holdings Ltd ORD HKD 0.000020

MediaTek Inc ORD TWD10

Grupo Financiero Banorte SAB de CV ORD MXN3.5

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: Annually, in October, if necessary, DecemberThis fund is an ex-Dividend fund
Capital Gain Distributions: October, December

Proposed 2026 distribution dates for Franklin, Templeton and Mutual Series funds (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/19/2025

09/30/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Pricing

Pricing History

As of 02/06/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices and Breakpoints

As of 02/06/2026

Share Prices

As of 02/06/2026

NAV ¹(Net Asset Value): $29.87
NAV Change ¹: $0.72
NAV Change (%) ¹: 2.47%
POP ⁸(Public Offering Price): $31.61

POP and Sales Charge at Breakpoints

Less than $25,000

$25,000 - $49,999

$50,000 - $99,999

$100,000 - $249,999

$250,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

52-Week Range

Highest NAV As of 01/28/2026: $30.20
Lowest NAV As of 04/08/2025: $17.68

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Templeton Developing Markets Trust	Download Document
Checkbox	Product Commentary - Templeton Developing Markets Trust	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Templeton Developing Markets Trust - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - Templeton Developing Markets Trust	Download Document
Checkbox	Semi-Annual Report - Templeton Developing Markets Trust - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Templeton Developing Markets Trust	Download Document
Checkbox	Prospectus - Templeton Developing Markets Trust	Download Document
Checkbox	Summary Prospectus - Templeton Developing Markets Trust	Download Document
Checkbox	Statement of Additional Information - Templeton Developing Markets TrustMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Templeton Developing Markets TrustMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Templeton Developing Markets TrustMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The MSCI Emerging Markets Index is a market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.
MSCI Emerging Markets Index-NR reflects the performance of MSCI Emerging Markets Index (gross returns) from fund inception through 12/31/2000 and the MSCI Emerging Markets Index-NR thereafter
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.
Net Returns (NR) include income net of tax withholding when dividends are paid.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Prior to 9/10/18, these shares were offered at a higher initial sales charge of 5.75%; thus actual returns would have differed. Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 5.50%.
Capitalization Rate is calculated without the deduction of fees and expenses.

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