N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
              Investment Company Act file number 811-06378
 
Templeton Developing Markets Trust

(Exact name of registrant as specified in charter)
 
300 S.E. 2nd Street
, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices)   (Zip code)
 
Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: (954) 527-7500
 
Date of fiscal year end: _12/31__
 
Date of reporting period:  12/31/20
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.
 
 
 
 
 



 
 
Annual
Report
and
Shareholder
Letter
Templeton
Developing
Markets
Trust
December
31,
2020
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1
SHAREHOLDER
LETTER
Dear
Shareholder:
2020
has
been
a
testing
year—literally
and
figuratively—with
terms
such
as
“safe
haven”
acquiring
new
salience.
Across
countries,
sectors
and
companies,
there
have
been
clear
winners
and
losers
from
the
COVID-19
pandemic,
which
in
some
instances
have
confounded
investor
expectations.
Key
emerging
markets,
particularly
in
East
Asia,
have
substantially
outperformed
other
countries
in
terms
of
health
outcomes,
economic
impact
and
equity
markets.
East
Asia
remains
well
placed
to
lead
global
markets,
in
our
view.
China
is
expected
to
see
gross
domestic
product
growth
in
2020,
underpinned
by
a
diversified
domestic
economy
driven
by
innovation
and
digitalization.
We
continue
to
see
the
emergence
of
high-quality
companies
that,
in
our
analysis,
are
well-placed
to
benefit
from
ongoing
market
consolidation
and
booming
domestic
consumption.
Taiwan
and
South
Korea
are
beneficiaries
of
the
structural
growth
in
information
technology
hardware,
as
well
as
the
diversification
of
global
technology
supply
chains.
Geopolitical
tension
between
China
and
the
U.S.
remains
a
key
headwind
likely
to
persist
despite
a
new
U.S.
administration.
Although
this
tension
is
resulting
in
decoupling
between
the
two
countries
with
regard
to
technology
companies,
we
have
seen
continued
liberalization
in
China’s
financial
markets,
driving
increased
foreign
ownership.
Investor
interest
in
China’s
domestic
A-share
market
is
rising
alongside
increased
bond
market
flows
as
China
is
added
to
international
equity
indexes.
The
challenges
of
2020
have
highlighted
structural
advantages
and
other
beneficial
secular
trends
in
emerging
markets
that
we
believe
bode
well
for
2021.
The
resilience
of
key
markets
in
East
Asia
during
the
crisis,
paired
with
their
ability
to
capitalize
on
secular
shifts
to
the
new
economy,
could
potentially
drive
continued
strength
in
2021.
In
our
view,
markets
that
underperformed
in
2020
could
benefit
from
a
uniquely
accommodative
environment
of
negative
real
rates
paired
with
ongoing
reform
efforts
and
excess
capacity
in
the
economy,
which
could
boost
growth.
We
are
committed
to
our
long-term
perspective
and
disciplined
investment
approach
as
we
conduct
a
rigorous,
fundamental
analysis
of
securities
with
a
regular
emphasis
on
investment
risk
management.
Historically,
patient
investors
have
achieved
rewarding
results
by
evaluating
their
goals,
diversifying
their
assets
globally
and
maintaining
a
disciplined
investment
program,
all
hallmarks
of
the
Templeton
investment
philosophy.
We
continue
to
recommend
investors
consult
their
financial
advisors
and
review
their
portfolios
to
design
a
long-term
strategy
and
portfolio
allocation
that
meet
their
individual
needs,
goals
and
risk
tolerance.
Templeton
Developing
Markets
Trust’s
annual
report
includes
more
detail
about
prevailing
conditions
and
a
discussion
about
investment
decisions
during
the
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
serving
your
investment
needs
in
the
years
ahead.
Sincerely,
Manraj
S.
Sekhon,
CFA
Chief
Investment
Officer
Franklin
Templeton
Emerging
Markets
Equity
This
letter
reflects
our
analysis
and
opinions
as
of
December
31,
2020
,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Templeton
Developing
Markets
Trust
3
Performance
Summary
7
Your
Fund’s
Expenses
10
Financial
Highlights
and
Statement
of
Investments
11
Financial
Statements
20
Notes
to
Financial
Statements
24
Report
of
Independent
Registered
Public
Accounting
Firm
34
Tax
Information
35
Special
Meeting
of
Shareholders
36
Board
Members
and
Officers
37
Shareholder
Information
42
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Templeton
Developing
Markets
Trust
This
annual
report
for
Templeton
Developing
Markets
Trust
covers
the
fiscal
year
ended
December
31,
2020
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
securities
of
companies
located
or
operating
in
“developing
market
countries,”
as
defined
in
the
Fund’s
prospectus.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+18.67%
cumulative
total
return
for
the
12
months
under
review.
In
comparison,
the
Fund’s
new
benchmark,
the
MSCI
Emerging
Markets
(EM)
Index-NR,
posted
a
+18.31%
total
return
for
the
same
period.
1
The
Fund’s
old
benchmark,
the
MSCI
EM
Index,
posted
a
+18.69
total
return.
The
indexes
measure
global
emerging
market
stock
performance.
The
investment
manager
believes
the
MSCI
EM
Index-NR
provides
a
more
consistent
basis
for
comparison
relative
to
the
Fund’s
peers.
Please
note,
index
performance
is
provided
for
reference
and
we
do
not
attempt
to
track
an
index
but
rather
undertake
investments
on
the
basis
of
fundamental
research.
In
addition,
the
Fund’s
return
reflects
the
effect
of
fees
and
expenses
for
professional
management,
while
an
index
does
not
have
such
costs.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
7
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Economic
and
Market
Overview
The
novel
coronavirus
(COVID-19)
pandemic
pushed
the
economies
of
many
emerging
market
countries
into
contractions,
especially
during
the
first
two
quarters
of
the
12
months
ended
December
31,
2020.
In
response,
many
emerging
market
central
banks
adopted
more
accommodative
monetary
policies
in
an
effort
to
support
their
economies.
Despite
significant
losses
in
early
2020
and
renewed
outbreaks
throughout
the
year,
emerging
market
equities
posted
gains
for
the
12-month
period,
as
investors
were
buoyed
by
the
economic
reopening
of
several
emerging
market
countries,
notably
China,
and
optimism
about
vaccine
development.
Regarding
individual
countries,
China’s
economy
contracted
in
2020’s
first
quarter
for
the
first
time
on
record
after
the
government
shut
down
nonessential
businesses
for
two
months
to
contain
the
pandemic.
Year-on-year
growth
returned
in
the
second
quarter
after
businesses
reopened
and
then
accelerated
in
the
third
and
fourth
quarters,
driven
by
retail
sales
and
industrial
production.
Taiwan’s
year-on-
year
growth
rate
slowed
in
the
first
and
second
quarters
as
its
export-dependent
economy
was
impacted
by
decreased
global
demand.
Government
stimulus
and
foreign
demand
for
electronics
parts
helped
accelerate
growth
in
the
third
and
fourth
quarters.
South
Korea’s
year-on-year
growth
rate
slowed
in
the
first
quarter
before
contracting
in
the
second,
third
and
fourth
quarters,
partly
due
to
negative
growth
in
construction,
consumption
and
exports.
The
year-on-year
growth
rates
of
India
and
Russia
also
slowed
in
the
first
quarter
before
contracting
in
the
second
and
third
quarters,
Geographic
Composition
12/31/20
%
of
Total
Net
Assets
Asia
75.4%
Europe
9.4%
Latin
America
&
Caribbean
8.2%
Middle East & Africa
4.4%
North
America
1.8%
Short-Term
Investments
&
Other
Net
Assets
0.8%
1.
Source:
Morningstar.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
16
.
Templeton
Developing
Markets
Trust
4
franklintempleton.com
Annual
Report
with
low
oil
prices
particularly
hurting
Russia’s
energy
export-
dependent
economy.
Brazil’s
year-on-year
growth
rates
contracted
in
the
first
three
quarters
of
2020.
Turning
to
specific
countries’
monetary
policies,
the
People’s
Bank
of
China
lowered
its
benchmark
loan
prime
rate
twice
during
the
period.
Taiwan’s
central
bank
cut
its
benchmark
interest
rate
once,
bringing
it
to
a
record
low,
and
South
Korea’s
central
bank
lowered
its
benchmark
interest
rate
twice,
also
bringing
it
to
a
record
low.
India’s
central
bank
cut
its
benchmark
rate
twice.
Russia’s
central
bank
cut
its
key
rate
four
times
to
a
record
low,
and
Brazil’s
central
bank
cut
its
benchmark
interest
rate
five
times,
also
bringing
it
to
a
record
low.
In
this
environment,
emerging
market
stocks,
as
measured
by
the
MSCI
EM
Index-NR,
posted
a
+18.31%
total
return
for
the
12
months
ended
December
31,
2020.
1
Chinese
equities
rose
during
the
period,
as
investors
were
reassured
by
the
government’s
aggressive
actions
to
contain
the
pandemic
and
by
a
sustained
economic
recovery
as
2020
progressed.
Technology-related
stocks
performed
particularly
well
in
the
second
half
of
the
year,
though
gains
were
limited
by
tensions
with
the
U.S.,
which
imposed
sanctions
on
several
Chinese
companies.
Equities
in
Taiwan
also
rose,
benefiting
from
the
government’s
successful
efforts
to
control
COVID-19
and
the
strong
performance
of
large
technology
companies.
Russian
equities
fell
during
the
period,
largely
due
to
low
oil
prices,
though
stocks
recovered
some
losses
late
in
the
period
when
projections
for
global
oil
demand
improved.
Brazilian
equities
also
declined,
with
an
uncertain
political
environment
and
uneven
economic
recovery
limiting
gains
following
massive
pandemic-related
losses
early
in
the
period.
Investment
Strategy
We
employ
a
fundamental
research,
value-oriented,
long-
term
investment
strategy.
We
focus
on
the
market
price
of
a
company’s
securities
relative
to
our
evaluation
of
its
long-
term
earnings,
asset
value
and
cash
flow
potential.
This
includes
an
assessment
of
the
potential
impacts
of
material
environmental,
social
and
governance
factors
on
the
long-
term
risk
and
return
profile
of
a
company.
We
also
consider
a
company’s
profit
and
loss
outlook,
balance
sheet
strength,
cash
flow
trends
and
asset
value
in
relation
to
the
current
price
of
the
company’s
securities.
Our
analysis
considers
the
company’s
position
in
its
sector,
the
economic
framework
and
political
environment.
Manager’s
Discussion
Key
contributors
to
absolute
performance
during
the
period
were
Taiwan
Semiconductor
Manufacturing
Co.
(TSMC),
Samsung
Electronics
and
Tencent
Holdings.
TSMC
is
one
of
the
world’s
leading
semiconductor
makers
and
counts
major
technology
companies
among
its
clients.
The
company
has
been
a
beneficiary
of
increased
demand
from
cloud
applications
related
to
remote
working
and
online
education,
trends
which
the
pandemic
has
accelerated.
The
chip
maker
posted
better-than-expected
third-quarter
2020
earnings
and
provided
solid
revenue
guidance
amid
strong
demand
for
its
cutting-edge
chips.
Although
investor
uncertainty
increased
after
the
U.S.
tightened
restrictions
on
TSMC
customer
Huawei
(not
a
Fund
holding)—prohibiting
semiconductor
makers
that
use
U.S.
technology
from
selling
products
to
the
company
without
U.S.
government
permission—shares
rose
after
the
announcement
by
a
major
American
competitor
of
a
delay
in
the
production
of
its
next-
generation
chips
and
the
possibility
of
outsourcing.
A
leading
global
semiconductor
manufacturer,
Samsung
Electronics
is
also
one
of
the
world’s
largest
smartphone
producers
as
well
as
a
key
supplier
of
organic
light-emitting
diode
(LED)
displays.
Overcoming
initial
supply
chain
concerns
amid
the
onset
of
the
COVID-19
pandemic,
an
improving
outlook
for
the
memory
chip
market
and
expectations
for
the
company
to
raise
its
dividends
boosted
the
stock.
New
foundry
orders
from
high-profile
clients
lifted
market
confidence
in
its
chip-making
business.
Investors
also
eyed
potential
market
share
gains
for
the
South
Korean
company
across
the
semiconductor,
smartphone,
and
fifth
generation
wireless
technology
(5G)
network
equipment
industries
amid
escalating
U.S.
restrictions
against
Chinese
technology-related
companies.
Top
10
Countries
12/31/20
a
%
of
Total
Net
Assets
a
a
China
28.0%
South
Korea
22.2%
Taiwan
15.6%
Brazil
6.7%
India
6.1%
Russia
6.1%
South
Africa
4.3%
United
Kingdom
2.2%
United
States
1.7%
Thailand
1.7%
Templeton
Developing
Markets
Trust
5
franklintempleton.com
Annual
Report
Tencent
is
one
of
the
largest
internet
services
companies
in
China.
The
company
provides
online
gaming,
social
network,
financial
technology,
cloud
and
other
entertainment-related
services.
After
declining
in
early
2020,
shares
rebounded
in
March
due
to
expectations
that
solid
growth
in
the
mobile
gaming
and
financial
technology
businesses
would
offset
any
short-term
negative
impact
of
COVID-19
on
Tencent’s
advertising,
payments
and
cloud
services.
Above-consensus
quarterly
revenues
and
net
profit
in
the
first
three
quarters
of
2020
continued
to
support
the
upward
share
price
trend.
Shares
also
benefited
from
a
U.S.
court
ruling
blocking
the
U.S.
presidential
administration
from
enforcing
restrictions
against
Tencent’s
WeChat
messaging
app
in
2020.
With
the
U.S.
accounting
for
a
small
portion
of
Tencent’s
revenues,
limited
impact
is
expected
even
if
some
type
of
ban
takes
effect.
Shares
faced
some
pressure
late
in
the
reporting
period
as
China
unveiled
draft
anti-monopoly
rules
for
its
internet
industry.
In
contrast,
key
detractors
from
absolute
performance
included
ICICI
Bank,
Banco
Bradesco
and
Itau
Unibanco
Holding.
ICICI
Bank
is
one
of
the
largest
private-sector
banks
in
India.
The
bank’s
stock
corrected
substantially
in
the
first
quarter
of
2020
due
to
concerns
about
COVID-19-related
economic
disruptions
on
the
bank’s
loans
and
margins.
Hopes
of
economic
normalization
drove
a
sharp
share-price
recovery
in
the
final
quarter
of
the
year,
however,
offsetting
most
of
the
earlier
decline.
ICICI
Bank
continued
to
report
solid
quarterly
profit
growth
in
the
first
three
quarters
of
the
year,
with
pandemic-related
provisions
declining
in
the
third
quarter
after
increasing
in
the
first
two
quarters.
Investors
also
reacted
positively
to
the
bank’s
stake
sale
in
its
insurance
subsidiaries
and
solid
participation
in
August
from
the
global
and
domestic
investor
community
in
its
multi-
billion
dollar
equity
issuance,
which
strengthened
the
bank’s
balance
sheet.
Itau
Unibanco
and
Banco
Bradesco
are
leading
commercial
banks
in
Brazil.
A
collapse
in
economic
activity
amid
the
COVID-19
pandemic
and
expectations
of
slowing
loan
growth,
falling
margins
and
rising
bad
debts
have
hurt
both
banks’
near-term
earnings
forecasts.
Both
banks
also
reported
weak
first-quarter
corporate
results
largely
due
to
higher-than-expected
provisions
related
to
COVID-19
and
suspended
guidance
for
2020.
Investor
sentiment
improved,
however,
after
quarter-on-quarter
profits
rose
in
the
second
and
third
quarters.
Shares
subsequently
rebounded
off
their
lows,
driven
by
expectations
that
the
banks
would
resume
secular
growth
once
the
Brazilian
economy
begins
to
recover.
The
banks’
sound
fundamentals,
attractive
valuations
and
dominant
market
share
provided
investors
with
additional
reasons
to
maintain
a
positive
longer-term
view.
Credit
penetration
in
Brazil
is
far
below
many
other
markets,
signaling
room
to
increase
in
the
coming
years.
In
the
last
12
months,
the
Fund
increased
its
holdings
in
China,
Brazil
and
Taiwan,
as
we
continued
to
identify
companies
with
sustainable
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
In
terms
of
sectors,
additions
were
made
in
consumer
discretionary
and
financials.
New
additions
to
the
portfolio
included
MediaTek,
a
major
Taiwanese
integrated
circuit
design
company,
and
Flat
Glass
Group,
a
leading
Chinese
photovoltaic
glass
manufacturer.
We
also
increased
existing
positions
in
high-conviction
holdings
with
purchases
in
Alibaba
Group
Holding,
the
leading
e-commerce
company
in
China,
Samsung
Life
Insurance,
one
of
the
largest
insurance
companies
in
South
Korea,
and
the
aforementioned
Samsung
Electronics
and
Itau
Unibanco.
The
Fund
reduced
its
investments
in
Hong
Kong,
Macau,
U.S.
and
U.K.
companies
in
favor
of
other
opportunities
in
emerging
markets.
Sectors
which
experienced
the
largest
reductions
were
communication
services,
health
care
and
energy.
In
terms
of
key
sales,
we
closed
positions
in
Chinese
commercial
bank
China
Construction
Bank,
Indian
biopharmaceutical
company
Biocon
and
South
Korean
semiconductor
company
SK
Hynix.
We
also
reduced
our
positions
in
several
key
holdings,
including
the
aforementioned
TSMC
and
Tencent,
leading
South
Korean
Top
10
Holdings
12/31/20
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Samsung
Electronics
Co.
Ltd.
12.1%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
11.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Alibaba
Group
Holding
Ltd.
8.6%
Internet
&
Direct
Marketing
Retail,
China
Tencent
Holdings
Ltd.
7.0%
Interactive
Media
&
Services,
China
NAVER
Corp.
4.1%
Interactive
Media
&
Services,
South
Korea
Naspers
Ltd.
3.7%
Internet
&
Direct
Marketing
Retail,
South
Africa
ICICI
Bank
Ltd.
3.4%
Banks,
India
LG
Corp.
2.3%
Industrial
Conglomerates,
South
Korea
Unilever
plc
2.2%
Personal
Products,
United
Kingdom
Sberbank
of
Russia
PJSC
2.1%
Banks,
Russia
Templeton
Developing
Markets
Trust
6
franklintempleton.com
Annual
Report
search
engine
NAVER
and
leading
Russian
search
engine
Yandex,
to
realign
the
portfolio
following
their
strong
share-
price
performance.
We
thank
you
for
your
continued
participation
in
Templeton
Developing
Markets
Trust
and
look
forward
to
serving
your
future
investment
needs.
Thank
you
for
your
participation
in
Templeton
Developing
Markets
Trust.
We
look
forward
to
continuing
to
serve
your
investment
needs.
Chetan
Sehgal,
CFA
Andrew
Ness,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2020
,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
December
31,
2020
Templeton
Developing
Markets
Trust
7
franklintempleton.com
Annual
Report
The
performance
table
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
12/31/20
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class
:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
1-Year
+18.67%
+12.14%
5-Year
+107.66%
+14.44%
10-Year
+44.08%
+3.13%
Advisor
1-Year
+19.01%
+19.01%
5-Year
+110.25%
+16.02%
10-Year
+47.96%
+4.00%
See
page
for
9
Performance
Summary
footnotes.
Templeton
Developing
Markets
Trust
Performance
Summary
8
franklintempleton.com
Annual
Report
See
page
9
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
indexes
include
reinvestment
of
any
income
or
distributions.
They
differ
from
the
Fund
in
composition
and
do
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(1/1/11–
12/31/20
)
Advisor
Class
(1/1/11–
12/31/20
)
Templeton
Developing
Markets
Trust
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Summary
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Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments.
Investments
in
developing
markets,
of
which
frontier
markets
are
a
subset,
involve
heightened
risks
related
to
the
same
factors,
in
addition
to
those
associated
with
these
markets’
smaller
size,
lesser
liquidity
and
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets.
Because
these
frameworks
are
typically
even
less
developed
in
frontier
markets,
as
well
as
various
factors
including
the
increased
potential
for
extreme
price
volatility,
illiquidity,
trade
barriers
and
exchange
controls,
the
risks
associated
with
developing
markets
are
magnified
in
frontier
markets.
The
Fund
is
designed
for
the
aggressive
portion
of
a
well-diversified
portfolio.
Unexpected
events
and
their
aftermaths,
such
as
the
spread
of
deadly
diseases;
natural,
environmental
or
man-made
disasters;
financial,
political
or
social
disruptions;
terrorism
and
war;
and
other
tragedies
or
catastrophes,
can
cause
investor
fear
and
panic,
which
can
adversely
affect
the
economies
of
many
companies,
sectors,
nations,
regions
and
the
market
in
general,
in
ways
that
cannot
necessarily
be
foreseen.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
The
Fund
has
an
expense
reduction
and
a
fee
waiver
associated
with
any
investments
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
4/30/21.
Fund
investment
results
reflect
the
expense
reduction
and
fee
waiver;
without
these
reductions,
the
results
would
have
been
lower.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Source:
Morningstar.
The
MSCI
EM
Index
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
equity
market
performance
of
global
emerging
markets.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
6.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(1/1/20–12/31/20)
Share
Class
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
A
$0.2613
$0.0376
$0.3118
$0.6107
C
$0.0726
$0.0376
$0.3118
$0.4220
R
$0.2068
$0.0376
$0.3118
$0.5562
R6
$0.3418
$0.0376
$0.3118
$0.6912
Advisor
$0.3174
$0.0376
$0.3118
$0.6668
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.39%
1.53%
Advisor
1.14%
1.28%
Your
Fund’s
Expenses
Templeton
Developing
Markets
Trust
10
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Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
yo
u
r
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
7/1/20
Ending
Account
Value
12/31/20
Expenses
Paid
During
Period
7/1/20–12/31/20
1,
2
Ending
Account
Value
12/31/20
Expenses
Paid
During
Period
7/1/20–12/31/20
1,
2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,319.50
$8.04
$1,018.20
$7.00
1.38%
C
$1,000
$1,314.50
$12.40
$1,014.42
$10.79
2.13%
R
$1,000
$1,318.10
$9.46
$1,016.98
$8.23
1.62%
R6
$1,000
$1,322.10
$5.79
$1,020.15
$5.04
0.99%
Advisor
$1,000
$1,321.50
$6.59
$1,019.46
$5.73
1.13%
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Year
Ended
December
31,
2020
2019
2018
2017
2016
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$21.96
$18.17
$21.98
$15.82
$13.59
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.13
0.32
c
0.20
0.15
0.10
Net
realized
and
unrealized
gains
(losses)
...........
3.94
4.46
(3.76)
6.21
2.32
Total
from
investment
operations
....................
4.07
4.78
(3.56)
6.36
2.42
Less
distributions
from:
Net
investment
income
..........................
(0.26)
(0.76)
(0.25)
(0.20)
(0.19)
Net
realized
gains
.............................
(0.35)
(0.23)
—
—
—
Total
distributions
...............................
(0.61)
(0.99)
(0.25)
(0.20)
(0.19)
Net
asset
value,
end
of
year
.......................
$25.42
$21.96
$18.17
$21.98
$15.82
Total
return
d
...................................
18.67%
26.39%
(16.20)%
40.20%
17.84%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.53%
1.52%
1.56%
1.73%
1.79%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.38%
1.38%
1.34%
1.55%
e
1.58%
Net
investment
income
...........................
0.61%
1.57%
c
0.99%
0.76%
0.64%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$1,145,066
$1,067,300
$917,488
$1,178,838
$961,888
Portfolio
turnover
rate
............................
18.58%
17.71%
9.96%
8.89%
27.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.15%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
December
31,
2020
2019
2018
2017
2016
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$21.46
$17.75
$21.34
$15.38
$13.22
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
(0.03)
0.20
c
0.08
—
d
(0.02)
Net
realized
and
unrealized
gains
(losses)
...........
3.82
4.32
(3.67)
6.01
2.26
Total
from
investment
operations
....................
3.79
4.52
(3.59)
6.01
2.24
Less
distributions
from:
Net
investment
income
..........................
(0.07)
(0.58)
—
(0.05)
(0.08)
Net
realized
gains
.............................
(0.35)
(0.23)
—
—
—
Total
distributions
...............................
(0.42)
(0.81)
—
(0.05)
(0.08)
Net
asset
value,
end
of
year
.......................
$24.83
$21.46
$17.75
$21.34
$15.38
Total
return
e
...................................
17.79%
25.42%
(16.78)%
39.19%
16.90%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
2.28%
2.27%
2.31%
2.48%
2.54%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
2.13%
2.13%
2.09%
2.30%
f
2.33%
Net
investment
income
(loss)
......................
(0.15)%
0.82%
c
0.24%
0.01%
(0.11)%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$48,429
$56,860
$63,116
$172,523
$141,100
Portfolio
turnover
rate
............................
18.58%
17.71%
9.96%
8.89%
27.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.40%.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Year
Ended
December
31,
2020
2019
2018
2017
2016
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$21.57
$17.86
$21.61
$15.57
$13.37
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.07
0.29
c
0.15
0.10
0.07
Net
realized
and
unrealized
gains
(losses)
...........
3.88
4.36
(3.70)
6.09
2.27
Total
from
investment
operations
....................
3.95
4.65
(3.55)
6.19
2.34
Less
distributions
from:
Net
investment
income
..........................
(0.21)
(0.71)
(0.20)
(0.15)
(0.14)
Net
realized
gains
.............................
(0.35)
(0.23)
—
—
—
Total
distributions
...............................
(0.56)
(0.94)
(0.20)
(0.15)
(0.14)
Net
asset
value,
end
of
year
.......................
$24.96
$21.57
$17.86
$21.61
$15.57
Total
return
....................................
18.43%
26.02%
(16.38)%
39.90%
17.48%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.78%
1.77%
1.81%
1.98%
2.04%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.62%
1.63%
1.59%
1.80%
d
1.83%
Net
investment
income
...........................
0.35%
1.32%
c
0.74%
0.51%
0.39%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$20,234
$20,016
$18,025
$22,512
$16,628
Portfolio
turnover
rate
............................
18.58%
17.71%
9.96%
8.89%
27.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.90%.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Year
Ended
December
31,
2020
2019
2018
2017
2016
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$21.78
$18.02
$21.82
$15.70
$13.49
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.25
0.39
c
0.28
0.22
0.19
Net
realized
and
unrealized
gains
(losses)
...........
3.89
4.45
(3.75)
6.19
2.28
Total
from
investment
operations
....................
4.14
4.84
(3.47)
6.41
2.47
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.85)
(0.33)
(0.29)
(0.26)
Net
realized
gains
.............................
(0.35)
(0.23)
—
—
—
Total
distributions
...............................
(0.69)
(1.08)
(0.33)
(0.29)
(0.26)
Net
asset
value,
end
of
year
.......................
$25.23
$21.78
$18.02
$21.82
$15.70
Total
return
....................................
19.16%
26.89%
(15.90)%
40.88%
18.34%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.15%
1.15%
1.21%
1.28%
1.30%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.00%
0.99%
0.96%
1.09%
d
1.13%
Net
investment
income
...........................
1.19%
1.96%
c
1.37%
1.22%
1.09%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$203,362
$120,791
$94,344
$103,734
$57,153
Portfolio
turnover
rate
............................
18.58%
17.71%
9.96%
8.89%
27.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.54%.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Developing
Markets
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
Year
Ended
December
31,
2020
2019
2018
2017
2016
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$21.82
$18.06
$21.86
$15.73
$13.52
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.18
0.37
c
0.25
0.20
0.13
Net
realized
and
unrealized
gains
(losses)
...........
3.94
4.44
(3.75)
6.18
2.31
Total
from
investment
operations
....................
4.12
4.81
(3.50)
6.38
2.44
Less
distributions
from:
Net
investment
income
..........................
(0.32)
(0.82)
(0.30)
(0.25)
(0.23)
Net
realized
gains
.............................
(0.35)
(0.23)
—
—
—
Total
distributions
...............................
(0.67)
(1.05)
(0.30)
(0.25)
(0.23)
Net
asset
value,
end
of
year
.......................
$25.27
$21.82
$18.06
$21.86
$15.73
Total
return
....................................
19.01%
26.67%
(15.99)%
40.59%
18.08%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.28%
1.27%
1.31%
1.48%
1.54%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.13%
1.13%
1.09%
1.30%
d
1.33%
Net
investment
income
...........................
0.87%
1.82%
c
1.24%
1.01%
0.89%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$244,645
$195,065
$156,766
$179,125
$117,914
Portfolio
turnover
rate
............................
18.58%
17.71%
9.96%
8.89%
27.40%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.40%.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Developing
Markets
Trust
Statement
of
Investments,
December
31,
2020
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
95.5%
Brazil
3.0%
a
B2W
Cia
Digital
..................
Internet
&
Direct
Marketing
Retail
330,000
$
4,805,839
B3
SA
-
Brasil
Bolsa
Balcao
........
Capital
Markets
782,100
9,364,275
a
Lojas
Americanas
SA
.............
Multiline
Retail
2,157,585
8,504,299
a
M
Dias
Branco
SA
................
Food
Products
591,300
3,885,080
TOTVS
SA
.....................
Software
240,300
1,331,378
Vale
SA
........................
Metals
&
Mining
1,312,803
22,096,968
49,987,839
Cambodia
0.6%
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
7,580,500
9,956,545
China
28.0%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
4,923,530
143,198,559
b
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
5,961,900
2,212,342
a
Baidu,
Inc.,
ADR
.................
Interactive
Media
&
Services
62,575
13,531,218
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
37,797,200
34,503,798
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
1,320,400
8,899,809
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
3,034,400
19,195,750
China
Mobile
Ltd.
................
Wireless
Telecommunication
Services
1,761,144
10,039,320
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
11,924,800
13,319,222
CNOOC
Ltd.
....................
Oil,
Gas
&
Consumable
Fuels
11,586,200
10,629,437
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
2,887,119
2,008,176
c
Flat
Glass
Group
Co.
Ltd.,
H
........
Semiconductors
&
Semiconductor
Equipment
1,777,400
7,497,641
c
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
1,588,500
5,886,335
NetEase
,
Inc.,
ADR
...............
Entertainment
91,705
8,782,588
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
4,068,138
12,062,293
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
A
.......................
Insurance
1,071,800
14,290,092
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
202,000
2,458,263
a
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
268,847
29,030,936
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
1,627,212
117,084,084
Uni
-President
China
Holdings
Ltd.
....
Food
Products
8,714,498
8,873,764
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Auto
Components
1,230,263
2,361,981
465,865,608
Czech
Republic
0.3%
a,b
Moneta
Money
Bank
A/S,
144A,
Reg
S
Banks
1,701,603
5,391,368
a
Hong
Kong
0.1%
Dairy
Farm
International
Holdings
Ltd.
.
Food
&
Staples
Retailing
270,962
1,130,953
Hungary
0.8%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
526,721
13,219,200
India
6.1%
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
297,376
12,534,863
Coal
India
Ltd.
..................
Oil,
Gas
&
Consumable
Fuels
2,502,349
4,652,385
a
ICICI
Bank
Ltd.
..................
Banks
7,709,981
56,704,598
Infosys
Ltd.
.....................
IT
Services
1,532,533
26,276,573
Tata
Chemicals
Ltd.
..............
Chemicals
140,726
921,619
101,090,038
Indonesia
0.7%
Astra
International
Tbk
.
PT
.........
Automobiles
27,217,600
11,698,698
Templeton
Developing
Markets
Trust
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Kenya
0.1%
a
Equity
Group
Holdings
plc
..........
Banks
3,538,006
$
1,184,195
a
Mexico
1.3%
a
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
ADR
.................
Banks
3,726,457
19,191,254
b
Nemak
SAB
de
CV,
144A,
Reg
S
....
Auto
Components
8,826,866
2,574,724
21,765,978
Pakistan
0.2%
Habib
Bank
Ltd.
.................
Banks
4,545,687
3,749,359
Peru
0.2%
Intercorp
Financial
Services,
Inc.
.....
Banks
123,460
3,819,852
Philippines
0.2%
BDO
Unibank
,
Inc.
...............
Banks
1,411,517
3,142,915
Russia
6.1%
c
Gazprom
PJSC,
ADR
.............
Oil,
Gas
&
Consumable
Fuels
757,572
4,229,631
LUKOIL
PJSC,
ADR
..............
Oil,
Gas
&
Consumable
Fuels
350,812
23,859,787
a,b
Mail.Ru
Group
Ltd.,
GDR,
Reg
S
.....
Interactive
Media
&
Services
134,941
3,536,475
Sberbank
of
Russia
PJSC,
ADR
.....
Banks
2,428,848
35,116,838
a
Yandex
NV,
A
...................
Interactive
Media
&
Services
486,380
33,842,321
100,585,052
South
Africa
4.3%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
3,651,658
10,441,971
Naspers
Ltd.,
N
..................
Internet
&
Direct
Marketing
Retail
299,628
61,357,069
71,799,040
South
Korea
22.2%
a
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
331,074
13,331,328
a
KT
Skylife
Co.
Ltd.
...............
Media
452,147
3,666,459
a
LG
Corp.
.......................
Industrial
Conglomerates
467,358
37,655,446
a
NAVER
Corp.
...................
Interactive
Media
&
Services
252,368
67,927,794
POSCO
.......................
Metals
&
Mining
76,371
19,054,693
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
2,688,686
200,475,443
a
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
364,866
26,584,589
368,695,752
Taiwan
15.6%
Catcher
Technology
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
691,000
5,079,665
CTBC
Financial
Holding
Co.
Ltd.
.....
Banks
1,598,800
1,121,873
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
6,762,392
22,167,989
Largan
Precision
Co.
Ltd.
..........
Electronic
Equipment,
Instruments
&
Components
22,100
2,517,935
MediaTek
,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
1,297,000
34,578,848
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
10,232,560
193,525,962
258,992,272
Thailand
1.7%
Kasikornbank
PCL
...............
Banks
3,395,200
12,784,554
Kiatnakin
Phatra
Bank
PCL
.........
Banks
4,178,300
7,203,141
Siam
Commercial
Bank
PCL
(The)
...
Banks
1,079,229
3,145,281
Thai
Beverage
PCL
...............
Beverages
9,206,700
5,128,601
28,261,577
Templeton
Developing
Markets
Trust
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
See
Abbreviations
on
page
33
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
Kingdom
2.2%
Unilever
plc
.....................
Personal
Products
621,641
$
37,284,822
United
States
1.8%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
286,433
23,473,184
a
IMAX
Corp.
.....................
Entertainment
320,252
5,770,941
29,244,125
Total
Common
Stocks
(Cost
$933,305,329)
.....................................
1,586,865,188
Preferred
Stocks
3.7%
Brazil
3.7%
d
Banco
Bradesco
SA,
ADR,
3.42%
....
Banks
5,945,141
31,271,442
d
Itau
Unibanco
Holding
SA,
ADR,
4.37%
Banks
4,973,059
30,285,929
61,557,371
Total
Preferred
Stocks
(Cost
$46,746,872)
......................................
61,557,371
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
e
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
395,958
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$980,052,201)
...............................
1,648,422,559
Short
Term
Investments
0.5%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.3%
United
States
0.3%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.............
5,949,596
5,949,596
Total
Money
Market
Funds
(Cost
$5,949,596)
...................................
5,949,596
h
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.............
3,000,000
3,000,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$3,000,000)
.................................................................
3,000,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$8,949,596
)
.................................
8,949,596
a
a
a
a
Total
Investments
(Cost
$989,001,797)
99.7%
...................................
$1,657,372,155
Other
Assets,
less
Liabilities
0.3%
.............................................
4,363,777
Net
Assets
100.0%
...........................................................
$1,661,735,932
a
a
a
Templeton
Developing
Markets
Trust
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2020,
the
aggregate
value
of
these
securities
was
$13,714,909,
representing
0.8%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2020.
See
Note
1(c).
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
f
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
h
See
Note
1(c)
regarding
securities
on
loan.
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
December
31,
2020
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Templeton
Developing
Markets
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$980,052,201
Cost
-
Non-controlled
affiliates
(Note
3f)
........................................................
8,949,596
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$10,562,180)
................................
$1,648,422,559
Value
-
Non-controlled
affiliates
(Note
3f)
........................................................
8,949,596
Cash
....................................................................................
538
Foreign
currency,
at
value
(cost
$55,330)
.........................................................
55,330
Receivables:
Investment
securities
sold
...................................................................
8,357,534
Capital
shares
sold
........................................................................
957,327
Dividends
...............................................................................
4,348,052
Other
assets
..............................................................................
171
Total
assets
..........................................................................
1,671,091,107
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
1,175,979
Management
fees
.........................................................................
1,184,326
Distribution
fees
..........................................................................
286,434
Transfer
agent
fees
........................................................................
124,918
Payable
upon
return
of
securities
loaned
(Note
1
c
)
..................................................
3,000,000
Deferred
tax
...............................................................................
3,238,672
Accrued
expenses
and
other
liabilities
...........................................................
344,846
Total
liabilities
.........................................................................
9,355,175
Net
assets,
at
value
.................................................................
$1,661,735,932
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,070,774,642
Total
distributable
earnings
(losses)
.............................................................
590,961,290
Net
assets,
at
value
.................................................................
$1,661,735,932
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2020
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
Templeton
Developing
Markets
Trust
Class
A:
Net
assets,
at
value
.......................................................................
$1,145,065,742
Shares
outstanding
........................................................................
45,046,529
Net
asset
value
per
share
a
..................................................................
$25.42
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$26.90
Class
C:
Net
assets,
at
value
.......................................................................
$48,428,732
Shares
outstanding
........................................................................
1,950,409
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$24.83
Class
R:
Net
assets,
at
value
.......................................................................
$20,234,472
Shares
outstanding
........................................................................
810,775
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$24.96
Class
R6:
Net
assets,
at
value
.......................................................................
$203,361,648
Shares
outstanding
........................................................................
8,060,203
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$25.23
Advisor
Class:
Net
assets,
at
value
.......................................................................
$244,645,338
Shares
outstanding
........................................................................
9,681,993
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$25.27
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Templeton
Developing
Markets
Trust
Financial
Statements
Statement
of
Operations
for
the
year
ended
December
31,
2020
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Templeton
Developing
Markets
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$4,127,193)
Unaffiliated
issuers
........................................................................
$27,639,729
Non-controlled
affiliates
(Note
3
f
)
.............................................................
113,230
Interest:
Unaffiliated
issuers
........................................................................
2,416
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
23,106
Non-controlled
affiliates
(Note
3
f
)
.............................................................
67
Total
investment
income
...................................................................
27,778,548
Expenses:
Management
fees
(Note
3
a
)
...................................................................
14,300,654
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
2,396,378
    Class
C
................................................................................
461,297
    Class
R
................................................................................
85,756
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
1,596,892
    Class
C
................................................................................
76,785
    Class
R
................................................................................
28,900
    Class
R6
...............................................................................
55,969
    Advisor
Class
............................................................................
317,008
Custodian
fees
(Note
4
)
......................................................................
340,191
Reports
to
shareholders
......................................................................
205,903
Registration
and
filing
fees
....................................................................
119,969
Professional
fees
...........................................................................
155,887
Trustees'
fees
and
expenses
..................................................................
198,551
Other
....................................................................................
54,697
Total
expenses
.........................................................................
20,394,837
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(2,080,206)
Net
expenses
.........................................................................
18,314,631
Net
investment
income
................................................................
9,463,917
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$1,268,538)
Unaffiliated
issuers
......................................................................
23,104,867
Foreign
currency
transactions
................................................................
(378,297)
Net
realized
gain
(loss)
..................................................................
22,726,570
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
218,495,702
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
24,188
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(782,052)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
217,737,838
Net
realized
and
unrealized
gain
(loss)
............................................................
240,464,408
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$249,928,325
Templeton
Developing
Markets
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
Templeton
Developing
Markets
Trust
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$9,463,917
$21,614,482
Net
realized
gain
(loss)
.................................................
22,726,570
79,478,484
Net
change
in
unrealized
appreciation
(depreciation)
...........................
217,737,838
216,719,810
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
249,928,325
317,812,776
Distributions
to
shareholders:
Class
A
.............................................................
(27,124,570)
(46,760,052)
Class
C
.............................................................
(828,443)
(2,077,821)
Class
R
.............................................................
(442,950)
(847,686)
Class
R6
............................................................
(5,456,201)
(5,673,314)
Advisor
Class
........................................................
(6,305,135)
(8,880,953)
Total
distributions
to
shareholders
..........................................
(40,157,299)
(64,239,826)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(67,485,284)
(36,510,410)
Class
C
.............................................................
(13,957,277)
(17,789,807)
Class
R
.............................................................
(2,095,681)
(1,593,568)
Class
R6
............................................................
56,404,841
6,458,686
Advisor
Class
........................................................
19,065,218
6,155,524
Total
capital
share
transactions
............................................
(8,068,183)
(43,279,575)
Net
increase
(decrease)
in
net
assets
...................................
201,702,843
210,293,375
Net
assets:
Beginning
of
year
.......................................................
1,460,033,089
1,249,739,714
End
of
year
...........................................................
$1,661,735,932
$1,460,033,089
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
1.
Organization
and
Significant
Accounting
Policies
Templeton
Developing
Markets
Trust (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
Fund
offers
five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
after
they
have
been
held
for
10
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation 
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund's Board
of
Trustees
(the
Board),
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
December
31,
2020,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy.
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the Fund.
Additionally,
the
Fund
received
$8,165,054
in
U.S.
Government
and
Agency
securities
as
collateral.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/
or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
December
31,
2020,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Estimated
expenses
are
accrued
daily.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
Report
2.
Shares
of
Beneficial
Interest
At
December
31,
2020,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers,
and/or
directors
of
the
following
subsidiaries:
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
4,994,434
$107,915,006
4,840,831
$99,440,179
Shares
issued
in
reinvestment
of
distributions
..........
963,688
23,426,674
1,864,306
40,610,539
Shares
redeemed
...............................
(9,521,939)
(198,826,964)
(8,598,607)
(176,561,128)
Net
increase
(decrease)
..........................
(3,563,817)
$(67,485,284)
(1,893,470)
$(36,510,410)
Class
C
Shares:
Shares
sold
...................................
235,022
$4,726,465
337,371
$6,761,175
Shares
issued
in
reinvestment
of
distributions
..........
35,265
826,154
95,212
2,027,153
Shares
redeemed
a
..............................
(969,767)
(19,509,896)
(1,337,666)
(26,578,135)
Net
increase
(decrease)
..........................
(699,480)
$(13,957,277)
(905,083)
$(17,789,807)
Class
R
Shares:
Shares
sold
...................................
151,981
$3,200,565
217,714
$4,323,931
Shares
issued
in
reinvestment
of
distributions
..........
18,567
441,959
38,809
830,612
Shares
redeemed
...............................
(287,640)
(5,738,205)
(337,670)
(6,748,111)
Net
increase
(decrease)
..........................
(117,092)
$(2,095,681)
(81,147)
$(1,593,568)
Class
R6
Shares:
Shares
sold
...................................
6,456,993
$129,740,767
1,311,708
$26,602,851
Shares
issued
in
reinvestment
of
distributions
..........
153,363
3,712,802
131,402
2,840,140
Shares
redeemed
...............................
(4,095,905)
(77,048,728)
(1,132,170)
(22,984,305)
Net
increase
(decrease)
..........................
2,514,451
$56,404,841
310,940
$6,458,686
Advisor
Class
Shares:
Shares
sold
...................................
3,503,799
$72,953,455
2,874,376
$59,025,675
Shares
issued
in
reinvestment
of
distributions
..........
231,451
5,605,958
375,984
8,141,495
Shares
redeemed
...............................
(2,992,147)
(59,494,195)
(2,992,920)
(61,011,646)
Net
increase
(decrease)
..........................
743,103
$19,065,218
257,440
$6,155,524
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Templeton
Asset
Management
Ltd.
(Asset
Management)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Distributors,
Inc.
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Asset
Management
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
December
31,
2020,
the
gross
effective
investment
management
fee
rate
was
1.036%
of
the
Fund’s
average
daily
net
assets. 
Effective
November
9,
2020,
under
a
subadvisory
agreement,
FTIML,
an
affiliate
of
Asset
Management,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Asset
Management
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Asset
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Asset
Management
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class A reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class C
and
R
compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
Annualized
Fee
Rate
Net
Assets
1.050%
Up
to
and
including
$1
billion
1.000%
Over
$1
billion,
up
to
and
including
$5
billion
0.950%
Over
$5
billion,
up
to
and
including
$10
billion
0.900%
Over
$10
billion,
up
to
and
including
$15
billion
0.850%
Over
$15
billion,
up
to
and
including
$20
billion
0.800%
In
excess
of
$20
billion
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
3.
Transactions
with
Affiliates
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
year
ended
December
31,
2020,
the
Fund
paid
transfer
agent
fees
of
$2,075,554,
of
which $893,293
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
December
31,
2020,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
g.
Waiver
and
Expense
Reimbursements
Asset
Management
and
Investor
Services
have
contractually
agreed
in
advance
to
waive
or
limit
their
respective
fees
and
to
assume
as
their
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$44,246
CDSC
retained
..............................................................................
$4,957
    aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Developing
Markets
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$29,604,399
$295,862,216
$(319,517,019)
$—
$—
$5,949,596
5,949,596
$113,230
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
64,815
15,927,653
(12,992,468)
—
—
3,000,000
3,000,000
67
Total
Affiliated
Securities
....
$29,669,214
$311,789,869
$(332,509,487)
$—
$—
$8,949,596
$113,297
3.
Transactions
with
Affiliates
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
does
not
exceed
1.13%,
based
on
the
average
net
assets
of
each
class
until
April
30,
2021.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2021.
Prior
to
May
1,
2020,
the
expenses
(excluding
certain
fees
and
expenses
as
previously
disclosed)
for
Class
R6
were
limited
to
1.00%
based
on
the
average
net
assets
of
the
class.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
year
ended
December
31,
2020,
there
were
no
credits
earned. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
December
31,
2020,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended December
31,
2020,
the
Fund
utilized
$2,669,501
of
capital
loss
carryforwards.
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2020
and
2019,
was
as
follows:
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$6,310,491
Long
term
................................................................................
30,486,525
Total
capital
loss
carryforwards
...............................................................
$36,797,016
a
a
Includes
$36,797,016
from
the
acquired
Templeton
BRIC
Fund,
which
may
be
carried
over
to
offset
future
capital
gains,
subject
to
certain
limitations
.
2020
2019
Distributions
paid
from:
Ordinary
income
..........................................................
$20,046,962
$49,391,330
Long
term
capital
gain
......................................................
20,110,337
14,848,496
$40,157,299
$64,239,826
3.
Transactions
with
Affiliates
(continued)
g.
Waiver
and
Expense
Reimbursements
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
At
December
31,
2020,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
foreign
capital
gains
tax,
corporate
actions
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
December
31,
2020,
aggregated
$249,603,258
and
$265,531,413,
respectively.
At
December
31,
2020,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$3,000,000
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
7.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Current
political
and
financial
uncertainty
surrounding
the
European
Union
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
Europe.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
The
United
States
and
other
nations
have
imposed
and
could
impose
additional
sanctions
on
certain
issuers
in
Russia
due
to
regional
conflicts.
These
sanctions
could
result
in
the
devaluation
of
Russia’s
currency,
a
downgrade
in
Russian
issuers’
credit
ratings,
or
a
decline
in
the
value
and
liquidity
of
Russian
stocks
or
other
securities.
Such
sanctions
could
also
adversely
affect
Russia’s
economy.
The
Fund
may
be
prohibited
from
investing
in
securities
issued
by
companies
subject
to
such
sanctions.
In
addition,
if
the
Fund
holds
the
securities
of
an
issuer
that
is
subject
to
such
sanctions,
an
immediate
freeze
of
that
issuer’s
securities
could
result,
impairing
the
ability
of
the
Fund
to
buy,
sell,
receive
or
deliver
those
securities.
There
is
also
the
risk
that
countermeasures
could
be
taken
by
Russia’s
government,
which
could
involve
the
seizure
of
the
Fund’s
assets.
These
risks
could
affect
the
value
of
the
Fund's
portfolio.
While
the
Fund
holds
securities
of
certain
issuers
impacted
by
the
sanctions,
existing
investments
do
not
presently
violate
the
applicable
terms
and
conditions
of
the
sanctions.
The
sanctions
currently
do
not
affect
the
Fund's
ability
to
sell
these
securities.
At
December
31,
2020,
the
Fund
had
6.1%
of
its
net
assets
invested
in
Russia.
Cost
of
investments
..........................................................................
$1,027,222,104
Unrealized
appreciation
........................................................................
$736,532,889
Unrealized
depreciation
........................................................................
(106,382,838)
Net
unrealized
appreciation
(depreciation)
..........................................................
$630,150,051
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$1,180,726
Undistributed
long
term
capital
gains
..............................................................
$324,377
Total
distributable
earnings
.....................................................................
$1,505,103
5.
Income
Taxes
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
8.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2
billion
(Global
Credit
Facility)
which
matured
on
February
5,
2021.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
5,
2021,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one
year
term,
maturing
February
4,
2022,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
year
ended
December
31,
2020,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
December
31,
2020,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
...............................
$
—
$
49,987,839
$
—
$
49,987,839
Cambodia
............................
—
9,956,545
—
9,956,545
China
...............................
22,313,806
443,551,802
—
465,865,608
Czech
Republic
.......................
—
5,391,368
—
5,391,368
Hong
Kong
...........................
—
1,130,953
—
1,130,953
Hungary
.............................
—
13,219,200
—
13,219,200
India
................................
—
101,090,038
—
101,090,038
Templeton
Developing
Markets
Trust
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
year.
11.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
amendments
in
the
ASU
provides
optional
temporary
financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021.
The
ASU
is
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022. Management
has
reviewed
the
requirements
and
believes
the
adoption
of
this
ASU
will
not
have
a
material
impact
on
the
financial
statements.
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure,
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Indonesia
............................
$
—
$
11,698,698
$
—
$
11,698,698
Kenya
...............................
1,184,195
—
—
1,184,195
Mexico
..............................
21,765,978
—
—
21,765,978
Pakistan
.............................
3,749,359
—
—
3,749,359
Peru
................................
3,819,852
—
—
3,819,852
Philippines
...........................
—
3,142,915
—
3,142,915
Russia
..............................
33,842,321
66,742,731
—
100,585,052
South
Africa
..........................
10,441,971
61,357,069
—
71,799,040
South
Korea
..........................
—
368,695,752
—
368,695,752
Taiwan
..............................
—
258,992,272
—
258,992,272
Thailand
.............................
—
28,261,577
—
28,261,577
United
Kingdom
.......................
—
37,284,822
—
37,284,822
United
States
.........................
29,244,125
—
—
29,244,125
Preferred
Stocks
........................
61,557,371
—
—
61,557,371
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
8,949,596
—
—
8,949,596
Total
Investments
in
Securities
...........
$196,868,574
$1,460,503,581
$—
$1,657,372,155
a
Includes
securities
determined
to
have
no
value
at
December
31,
2020.
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
10.
Fair
Value
Measurements
(continued)
Templeton
Developing
Markets
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
34
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Templeton
Developing
Markets
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
statement
of
investments,
of
Templeton
Developing
Markets
Trust
(the
"Fund")
as
of
December
31,
2020,
the
related
statement
of
operations
for
the
year
ended
December
31,
2020,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2020,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2020
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2020,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2020
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2020
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2020
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
February
19,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Developing
Markets
Trust
Tax
Information
(unaudited)
35
franklintempleton.com
Annual
Report
1.
Qualified
dividends
are
taxed
at
reduced
long
term
capital
gains
tax
rates.
In
determining
the
amount
of
foreign
tax
credit
that
may
be
applied
against
the
U.S.
tax
liability
of
individuals
receiving
foreign
source
qualified
dividends,
adjustments
may
be
required
to
the
foreign
tax
credit
limitation
calculation
to
reflect
the
rate
differential
applicable
to
such
dividend
income.
The
rules
however
permit
certain
individuals
to
elect
not
to
apply
the
rate
differential
adjustments
for
capital
gains
and/or
dividends
for
any
taxable
year.
Please
consult
your
tax
advisor
and
the
instructions
to
Form
1116
for
more
information.
Under
Section
852(b)(3)(C)
of
the
Internal
Revenue
Code,
the
Fund
hereby
reports
the
maximum
amount
allowable
but
no
less
than
$20,110,337
as
a
long
term
capital
gain
dividend
for
the
fiscal
year
ended
December
31,
2020.
Under
Section
871(k)(2)(C)
of
the
Internal
Revenue
Code,
the
Fund
hereby
reports
the
maximum
amount
allowable
but
no
less
than
$2,427,557
as
a
short
term
capital
gain
dividend
for
purposes
of
the
tax
imposed
under
Section
871(a)(1)(A)
of
the
Internal
Revenue
Code
for
the
fiscal
year
ended
December
31,
2020.
Under
Section
854(b)(1)(B)
of
the
Internal
Revenue
Code,
the
Fund
hereby
reports
the
maximum
amount
allowable
but
no
less
than
$24,559,554
as
qualified
dividends
for
purposes
of
the
maximum
rate
under
Section
1(h)(11)
of
the
Internal
Revenue
Code
for
the
fiscal
year
ended
December
31,
2020.
Distributions,
including
qualified
dividend
income,
paid
during
calendar
year
2020
will
be
reported
to
shareholders
on
Form
1099-DIV
by
mid-February
2021.
Shareholders
are
advised
to
check
with
their
tax
advisors
for
information
on
the
treatment
of
these
amounts
on
their
individual
income
tax
returns.
At
December
31,
2020,
more
than
50%
of
the
Fund’s
total
assets
were
invested
in
securities
of
foreign
issuers.
In
most
instances,
foreign
taxes
were
withheld
from
income
paid
to
the
Fund
on
these
investments.
As
shown
in
the
table
below,
the
Fund
hereby
reports
to
shareholders
the
foreign
source
income
and
foreign
taxes
paid,
pursuant
to
Section
853
of
the
Internal
Revenue
Code.
This
written
statement
will
allow
shareholders
of
record
on
December
17,
2020,
to
treat
their
proportionate
share
of
foreign
taxes
paid
by
the
Fund
as
having
been
paid
directly
by
them.
The
shareholder
shall
consider
these
amounts
as
foreign
taxes
paid
in
the
tax
year
in
which
they
receive
the
Fund
distribution.
The
following
table
provides
a
detailed
analysis
of
foreign
tax
paid,
foreign
source
income,
and
foreign
source
qualified
dividends
as
reported
by
the
Fund
to
shareholders
of
record.
Foreign
Tax
Paid
Per
Share
is
the
amount
per
share
available
to
you,
as
a
tax
credit
(assuming
you
held
your
shares
in
the
Fund
for
a
minimum
of
16
days
during
the
31-day
period
beginning
15
days
before
the
ex-dividend
date
of
the
Fund’s
distribution
to
which
the
foreign
taxes
relate),
or,
as
a
tax
deduction.
Foreign
Source
Income
Per
Share
is
the
amount
per
share
of
income
dividends
attributable
to
foreign
securities
held
by
the
Fund,
plus
any
foreign
taxes
withheld
on
these
dividends.
The
amounts
reported
include
foreign
source
qualified
dividends
that
have
not
been
adjusted
for
the
rate
differential
applicable
to
such
dividend
income.
1
Foreign
Source
Qualified
Dividends
Per
Share
is
the
amount
per
share
of
foreign
source
qualified
dividends
plus
any
foreign
taxes
withheld
on
these
dividends.
These
amounts
represent
the
portion
of
the
Foreign
Source
Income
Per
Share
that
were
derived
from
qualified
foreign
securities
held
by
the
Fund.
1
At
the
beginning
of
each
calendar
year,
shareholders
will
receive
Form
1099-DIV
which
will
include
their
share
of
taxes
paid
during
the
prior
calendar
year. Shareholders
are
advised
to
check
with
their
tax
advisors
for
information
on
the
treatment
of
these
amounts
on
their
income
tax
returns.
Class
ForeignTax
Paid
Per
Share
Foreign
Source
Income
Per
Share
Foreign
Source
Qualified
Dividend
Income
Per
Share
Class
A
...........................................
$0.0573
$0.3174
$0.1987
Class
C
...........................................
$0.0573
$0.1493
$0.0934
Class
R
...........................................
$0.0573
$0.2689
$0.1683
Class
R6
..........................................
$0.0573
$0.3892
$0.2435
Advisor
Class
......................................
$0.0573
$0.3674
$0.2299
Templeton
Developing
Markets
Trust
Special
Meeting
of
Shareholders
36
franklintempleton.com
Annual
Report
September
9,
2020
and
reconvened
on
September
30,
2020
and
October
29,
2020
(unaudited)
A
Special
Meeting
of
Shareholders
of
Templeton
Developing
Markets
Trust
(the
“Fund”)
was
held
at
the
Fund’s
offices,
300
S.E.
2nd
Street,
Fort
Lauderdale,
Florida,
on
September
9,
2020
and
reconvened
on
September
30,
2020
and
October
29,
2020.
The
purpose
of
the
meeting
was:
(1)
to
approve
a
new
Subadvisory
Agreement
with
Franklin
Templeton
Investment
Management
Limited;
(2)
to
approve
the
use
of
a
“manager
of
managers”
structure
whereby
the
Fund’s
investment
manager
would
be
able
to
hire
and
replace
affiliated
and
unaffiliated
subadvisers
without
shareholder
approval;
and
(3)
to
approve
a
change
in
the
Fund’s
classification
from
a
diversified
to
a
non-diversified
fund.
All
proposals
were
approved
by
shareholders.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Special
Meeting
are
as
follows:
1.
To
approve
a
new
Subadvisory
Agreement
with
Franklin
Templeton
Investment
Management
Limited:
2.
To
approve
the
use
of
a
“manager
of
managers”
structure
whereby
the
Fund’s
investment
manager
would
be
able
to
hire
and
replace
affiliated
and
unaffiliated
subadvisers
without
shareholder
approval:
3.
To
approve
a
change
in
the
Fund’s
classification
from
a
diversified
to
a
non-diversified
fund:
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
.......................
24,219,318
36.63%
72.10%
Against
....................
1,202,514
1.82%
3.58%
Abstain
....................
8,169,272
12.36%
24.32%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
.......................
23,262,077
35.18%
69.25%
Against
....................
2,206,043
3.34%
6.57%
Abstain
....................
8,122,975
12.29%
24.18%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
.......................
22,519,618
34.06%
67.04%
Against
....................
2,632,168
3.98%
7.84%
Abstain
....................
8,439,307
12.76%
25.12%
Templeton
Developing
Markets
Trust
Board
Members
and
Officers
37
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1992
125
Bar-S
Foods
(meat
packing
company)
(1981-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Ann
Torre
Bates
(1958)
Trustee
Since
2008
30
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present),
United
Natural
Foods,
Inc.
(distributor
of
natural,
organic
and
specialty
foods)
(2013-present),
formerly
,
Allied
Capital
Corporation
(financial
services)
(2003-
2010),
SLM
Corporation
(Sallie
Mae)
(1997-2014)
and
Navient
Corporation
(loan
management,
servicing
and
asset
recovery)
(2014-2016).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Executive
Vice
President
and
Chief
Financial
Officer,
NHP
Incorporated
(manager
of
multifamily
housing)
(1995-1997);
and
Vice
President
and
Treasurer,
US
Airways,
Inc.
(until
1995).
Mary
C.
Choksi
(1950)
Trustee
Since
2016
125
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-May
2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Templeton
Developing
Markets
Trust
38
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
125
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Canadian
National
Railway
(railroad)
(2001-present),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
125
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Private
investor;
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(May
2019-January
1,
2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
David
W.
Niemiec
(1949)
Trustee
Since
2005
30
Hess
Midstream
LP
(oil
and
gas
midstream
infrastructure)
(2017-present).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Advisor,
Saratoga
Partners
(private
equity
fund);
and
formerly
,
Managing
Director,
Saratoga
Partners
(1998-2001)
and
SBC
Warburg
Dillon
Read
(investment
banking)
(1997-1998);
Vice
Chairman,
Dillon,
Read
&
Co.
Inc.
(investment
banking)
(1991-1997);
and
Chief
Financial
Officer,
Dillon,
Read
&
Co.
Inc.
(1982-1997).
Larry
D.
Thompson
(1945)
Trustee
Since
2005
125
Graham
Holdings
Company
(education
and
media
organization)
(2011-present);
and
formerly
,
The
Southern
Company
(energy
company)
(2014-May
2020;
previously
2010-2012),
Cbeyond,
Inc.
(business
communications
provider)
(2010-2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-September
2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Templeton
Developing
Markets
Trust
39
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Constantine
D.
Tseretopoulos(1954)
Trustee
Since
1991
19
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Robert
E.
Wade
(1946)
Trustee
Since
2006
30
El
Oro
Ltd
(investments)
(2003-
2019).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Attorney
at
law
engaged
in
private
practice
as
a
sole
practitioner
(1972-2008)
and
member
of
various
boards.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
Since
2007
136
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
39
of
the
investment
companies
in
Franklin
Templeton;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015),
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Trustee
since
2013
and
Vice
President
since
1996
125
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
37
of
the
investment
companies
in
Franklin
Templeton.
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
41
of
the
investment
companies
in
Franklin
Templeton.
Independent
Board
Members
(continued)
Templeton
Developing
Markets
Trust
40
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
October
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Advisory
Services,
LLC,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Steven
J.
Gray
(1955)
Vice
President
Since
2009
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Vice
President,
Franklin
Templeton
Distributors,
Inc.
and
FASA,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
41
of
the
investment
companies
in
Franklin
Templeton;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Robert
G.
Kubilis
(1973)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2017
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting
and
officer
of
39
of
the
investment
companies
in
Franklin
Templeton.
Robert
Lim
(1948)
Vice
President
–
AML
Compliance
Since
2016
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Franklin
Templeton
Companies,
LLC;
Chief
Compliance
Officer,
Franklin
Templeton
Distributors,
Inc.
and
Franklin
Templeton
Investor
Services,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Manraj
S.
Sekhon
(1969)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
7
Temasek
Blvd.,
Suntec
Tower
1,
#38-03
Singapore
038987
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Investment
Officer,
Franklin
Templeton
Emerging
Markets
Equity;
officer
of
four
of
the
investment
companies
in
Franklin
Templeton;
and
formerly
,
Chief
Executive
and
Chief
Investment
Officer,
Fullerton
Fund
Management
Company
Ltd.
(2011-2016).
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Associate
General
Counsel
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Interested
Board
Members
and
Officers
(continued)
Templeton
Developing
Markets
Trust
41
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
U.S.
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
each
of
Ann
Torre
Bates
and
David
W.
Niemiec
as
an
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
qualify
as
such
an
expert
in
view
of
their
extensive
business
background
and
experience.
Ms.
Bates
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2008.
She
currently
serves
as
a
director
of
Ares
Capital
Corporation
(2010-present)
and
United
Natural
Foods,
Inc.
(2013-present)
and
was
formerly
a
director
of
Navient
Corporation
from
2014
to
2016,
SLM
Corporation
from
1997
to
2014
and
Allied
Capital
Corporation
from
2003
to
2010,
Executive
Vice
President
and
Chief
Financial
Officer
of
NHP
Incorporated
from
1995
to
1997
and
Vice
President
and
Treasurer
of
US
Airways,
Inc.
until
1995.
Mr.
Niemiec
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2005,
currently
serves
as
an
Advisor
to
Saratoga
Partners
and
was
formerly
its
Managing
Director
from
1998
to
2001
and
serves
as
a
director
of
Hess
Midstream
LP
(2017-present).
Mr.
Niemiec
was
formerly
a
director
of
Emeritus
Corporation
from
1999
to
2010
and
OSI
Pharmaceuticals,
Inc.
from
2006
to
2010,
Managing
Director
of
SBC
Warburg
Dillon
Read
from
1997
to
1998,
and
was
Vice
Chairman
from
1991
to
1997
and
Chief
Financial
Officer
from
1982
to
1997
of
Dillon,
Read
&
Co.
Inc.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
have
each
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Bates
and
Mr.
Niemiec
are
independent
Board
members
as
that
term
is
defined
under
the
applicable
U.S.
Securities
and
Exchange
Commission
Rules
and
Releases
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Craig
S.
Tyle
(1960)
Vice
President
Since
2005
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
General
Counsel
and
Executive
Vice
President,
Franklin
Resources,
Inc.;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
41
of
the
investment
companies
in
Franklin
Templeton.
Lori
A.
Weber
(1964)
Vice
President
and
Secretary
Vice
President
since
2011
and
Secretary
since
2013
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
41
of
the
investment
companies
in
Franklin
Templeton.
Interested
Board
Members
and
Officers
(continued)
Templeton
Developing
Markets
Trust
Shareholder
Information
42
franklintempleton.com
Annual
Report
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Trust
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund's
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
711
A
02/21
©
2021
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
and
Shareholder
Letter
Templeton
Developing
Markets
Trust
Investment
Manager
Distributor
Shareholder
Services
Templeton
Asset
Management
Ltd.
Franklin
Templeton
Distributors,
Inc.
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2)
The audit committee financial expert is David W. Niemiec and he is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
 
Item 4.
Principal Accountant Fees and Services. 
 
(a)      Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $57,070 for the fiscal year ended December 31, 2020 and $56,231 for the fiscal year ended December 31, 2019.
 
(b)      Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
 
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  
 
(c)      Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
 
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $0 for the fiscal year ended December 31, 2020 and $20,000 for the fiscal year ended December 31, 2019.  The services for which these fees were paid included professional fees in connection with tax treatment of equipment lease transactions and professional fees in connection with an Indonesia withholding tax refund claim.
 
(d)      All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended December 31, 2020 and $524 for the fiscal year ended December 31, 2019. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process. 
 
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended December 31, 2020 and $160,144 for the fiscal year ended December 31, 2019. The services for which these fees were paid included valuation Services related to Fair Value engagement, issuance of an Auditors' Certificate for South Korean regulatory shareholder disclosures, and benchmarking services in connection with the ICI TA Survey.  
 
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
 
      (i)   pre-approval of all audit and audit related services;
 
      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;
 
      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
 
      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
 
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
 
(f) No disclosures are required by this Item 4(f).
 
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $0 for the fiscal year ended December 31, 2020 and $180,688 for the fiscal year ended December 31, 2019.
 
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
 
 
 
Item 5. Audit Committee
of Listed Registrants.
  N/A
 
 
Item 6. Schedule of Investments.   N/A
 
 
Item 7
. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies.  N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.  N/A
 
 
Item 9
. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  N/A
 
 
Item 10
. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
 
(b) Changes in Internal Controls. During the period covered by this report, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.   
                               
N/A
 
 
Item 13. Exhibits.
 
(a)(1)
Code of Ethics
 
 
(a)(2)
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of
Matthew T. Hinkle
, Chief Executive Officer - Finance and Administration, and
Robert G. Kubilis
, Chief Financial Officer and Chief Accounting Officer
 
 
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of
Matthew T. Hinkle
, Chief Executive Officer - Finance and Administration, and
Robert G. Kubilis
, Chief Financial Officer and Chief Accounting Officer
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
TEMPLETON DEVELOPING MARKETS TRUST
 
 
 
By    S\MATTHEW T. HINKLE_______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date February 26, 2021
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By    S\MATTHEW T. HINKLE________________________
     
Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date February 26, 2021
 
 
By    _S\ Robert G. Kubilis _______________________
   Robert G. Kubilis
   Chief Financial Officer and Chief Accounting Officer
Date February 26, 2021