0000878087 tdmt:S000008756Member 2025-12-31 2025-12-31 0000878087 tdmt:S000008756Member tdmt:C000023832Member 2025-12-31 2025-12-31 0000878087 tdmt:S000008756Member tdmt:C000023834Member 2025-12-31 2025-12-31 0000878087 tdmt:S000008756Member tdmt:C000023835Member 2025-12-31 2025-12-31 0000878087 tdmt:S000008756Member tdmt:C000023836Member 2025-12-31 2025-12-31 0000878087 tdmt:S000008756Member tdmt:C000128734Member 2025-12-31 2025-12-31 0000878087 2025-12-31 2025-12-31 iso4217:USD pure false 2025-12-31 497 0000878087 N-1A <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">TEMPLETON DEVELOPING MARKETS TRUST</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">SUPPLEMENT DATED JULY 13, 2026</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">TO THE SUMMARY PROSPECTUS AND PROSPECTUS</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">EACH DATED MAY 1, 2026, OF</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">TEMPLETON EMERGING MARKETS EQUITY FUND (THE “FUND”)</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">All changes described below are effective July 13, 2026.</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="width: 5%; vertical-align: top; text-align: left;"><span style="font-weight: bold;">I.</span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: left;">The following replaces the “Annual Fund Operating Expenses” table and “Example” in the section titled “Fund Summary– Fees and Expenses of the Fund” in the Fund’s Summary Prospectus and Prospectus:</div> </td> </tr> </table><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Annual Fund Operating Expenses</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">(expenses that you pay each year as a percentage of the value of your investment)</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 52%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 7.5pt;"> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class A</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class C</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class R</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class R6</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial; text-align: right;"><span style="color: #0f5489;"><span style="font-weight: bold;">Advisor</span></span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 7pt; font-family: arial; text-align: right;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class</span></span></div> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Management fees</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Distribution and service (12b‑1) fees</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.25</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.00</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.50</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">None</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">None</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Other expenses</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.09%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Acquired fund fees and expenses</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total annual Fund operating expenses<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.52</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2.27</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.77</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.13%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.27%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fee waiver and/or expense reimbursement<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.27%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"><span style="font-weight: bold;">Total annual Fund operating expenses after fee waiver and/or expense reimbursement<sup style="font-size: 75%; vertical-align: top;">3</sup></span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">1.24</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">1.99</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">1.49</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">0.86%</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">0.99%</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> </tr> </table><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial;"><sup style="font-size: 75%; vertical-align: top;">1.</sup> Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.</div><div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial;"><sup style="font-size: 75%; vertical-align: top;">2.</sup> The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b‑1 fees, acquired fund fees and expenses, interest expense and certain non‑routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 1.13% (0.98% effective July 13, 2026) for each share class except Class R6 and 1.00% (0.85% effective July 13, 2026) for Class R6. The investment manager has also agreed to reduce its fees to reflect reduced services resulting from the Fund’s investments in Franklin Templeton affiliated funds. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until July 12, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders).</div><div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial;"><sup style="font-size: 75%; vertical-align: top;">3.</sup> Total annual Fund operating expenses after fee waiver and/or expense reimbursement have been restated to reflect current operating expense caps.</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="color: #0f4c89;"><span style="font-weight: bold;">Example </span></span></div><div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 44%;"></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">1 Year   </span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">3 Years   </span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">5 Years   </span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">10 Years</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class A</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$669</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$978</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,308</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,240</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class C</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$302</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$682</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,189</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,394</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class R</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$152</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$530</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$933</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,060</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class R6</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$88</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$333</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$596</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1,351</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Advisor Class</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$101</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$376</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$671</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1,511</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">If you do not sell your shares:</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class C</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$202</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$682</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,189</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,394</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">TEMPLETON DEVELOPING MARKETS TRUST</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">SUPPLEMENT DATED JULY 13, 2026</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">TO THE SUMMARY PROSPECTUS AND PROSPECTUS</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">EACH DATED MAY 1, 2026, OF</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">TEMPLETON EMERGING MARKETS EQUITY FUND (THE “FUND”)</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">All changes described below are effective July 13, 2026.</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="width: 5%; vertical-align: top; text-align: left;"><span style="font-weight: bold;">I.</span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: left;">The following replaces the “Annual Fund Operating Expenses” table and “Example” in the section titled “Fund Summary– Fees and Expenses of the Fund” in the Fund’s Summary Prospectus and Prospectus:</div> </td> </tr> </table><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Annual Fund Operating Expenses</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">(expenses that you pay each year as a percentage of the value of your investment)</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 52%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 7.5pt;"> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class A</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class C</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class R</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class R6</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial; text-align: right;"><span style="color: #0f5489;"><span style="font-weight: bold;">Advisor</span></span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 7pt; font-family: arial; text-align: right;"><span style="color: #0f5489;"><span style="font-weight: bold;">Class</span></span></div> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Management fees</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Distribution and service (12b‑1) fees</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.25</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.00</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.50</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">None</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">None</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Other expenses</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.09%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.23%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Acquired fund fees and expenses</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">0.01%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total annual Fund operating expenses<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.52</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2.27</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.77</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.13%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1.27%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fee waiver and/or expense reimbursement<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.27%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">-0.28%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"><span style="font-weight: bold;">Total annual Fund operating expenses after fee waiver and/or expense reimbursement<sup style="font-size: 75%; vertical-align: top;">3</sup></span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">1.24</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">1.99</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">1.49</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">0.86%</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">0.99%</span></td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> </tr> </table><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial;"><sup style="font-size: 75%; vertical-align: top;">1.</sup> Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.</div><div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial;"><sup style="font-size: 75%; vertical-align: top;">2.</sup> The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b‑1 fees, acquired fund fees and expenses, interest expense and certain non‑routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 1.13% (0.98% effective July 13, 2026) for each share class except Class R6 and 1.00% (0.85% effective July 13, 2026) for Class R6. The investment manager has also agreed to reduce its fees to reflect reduced services resulting from the Fund’s investments in Franklin Templeton affiliated funds. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until July 12, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders).</div><div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 7pt; font-family: arial;"><sup style="font-size: 75%; vertical-align: top;">3.</sup> Total annual Fund operating expenses after fee waiver and/or expense reimbursement have been restated to reflect current operating expense caps.</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="color: #0f4c89;"><span style="font-weight: bold;">Example </span></span></div><div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 44%;"></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">1 Year   </span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">3 Years   </span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">5 Years   </span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; border-bottom: 1.00pt solid #0f5489; vertical-align: bottom; text-align: center;"><span style="color: #0f5489;"><span style="font-weight: bold;">10 Years</span></span></td> <td style="border-bottom: 1.00pt solid #0f5489; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class A</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$669</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$978</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,308</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,240</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class C</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$302</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$682</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,189</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,394</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class R</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$152</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$530</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$933</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,060</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class R6</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$88</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$333</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$596</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1,351</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Advisor Class</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$101</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$376</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$671</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">1,511</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">If you do not sell your shares:</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Class C</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$202</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$682</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,189</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> $</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2,394</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> TEMPLETON DEVELOPING MARKETS TRUST 2026-05-01 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0103 0.0103 0.0103 0.0103 0.0103 0.0025 0.0100 0.0050 0 0 0.0023 0.0023 0.0023 0.0009 0.0023 0.0001 0.0001 0.0001 0.0001 0.0001 0.0152 0.0227 0.0177 0.0113 0.0127 -0.0028 -0.0028 -0.0028 -0.0027 -0.0028 0.0124 0.0199 0.0149 0.0086 0.0099 Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. July 12, 2027 Total annual Fund operating expenses after fee waiver and/or expense reimbursement have been restated to reflect current operating expense caps. Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 669 978 1308 2240 302 682 1189 2394 152 530 933 2060 88 333 596 1351 101 376 671 1511 If you do not sell your shares: 202 682 1189 2394 The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b‑1 fees, acquired fund fees and expenses, interest expense and certain non‑routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 1.13% (0.98% effective July 13, 2026) for each share class except Class R6 and 1.00% (0.85% effective July 13, 2026) for Class R6. The investment manager has also agreed to reduce its fees to reflect reduced services resulting from the Fund’s investments in Franklin Templeton affiliated funds. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until July 12, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Total annual Fund operating expenses after fee waiver and/or expense reimbursement have been restated to reflect current operating expense caps. Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.