# EDGAR Filing Document

**Accession Number:** 0000878087
**File Stem:** 0001868420-23-000027
**Filing Date:** 2023-2
**Character Count:** 377686
**Document Hash:** 68333c6c164c30346e74889453563692
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001868420-23-000027.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001868420-23-000027

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEMPLETON DEVELOPING MARKETS TRUST
- **CENTRAL INDEX KEY:** 0000878087
- **IRS NUMBER:** 593078238
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06378
- **FILM NUMBER:** 23678553

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

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

## Series and Classes Contracts Data

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

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

UNITED STATES##NEWLINE## SECURITIES AND EXCHANGE COMMISSION##NEWLINE## 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

##NEWLINE## (Exact name of registrant as specified in charter)

300 S.E. 2##SUP##nd##SUP## Street

Fort Lauderdale, FL 33301-1923

(Address of principal executive offices)(Zip code)

Alison Baar, 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: 12/31/22

# Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1.)##NEWLINE## ##NEWLINE## ##NEWLINE##

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

ANNUAL REPORT AND IMMEDIATELY LETTER

# TEMPLETON DEVELOPING MARKETS TRUST

Sign up for electronic delivery at franklintempleton.com/vol4/very

# SHAREHOLDER LETTER

Dear Shareholder:

As we head further into 2023, we find many reasons to be constructive about emerging markets (EMs). Markets such

long-term strategy and portfolio allocation that meet their individual needs, goals and risk tolerance.

CFW* is a trademark owned by CFS Institute

| Not FDIC Insured | May Loan Value | No Bank Guarantee |
| --- | --- | --- |

bank@shareholder.com

Annual Report 1

as Chile and Indonesia have started to pause interest-
**Contents**
... we can back the magnitude of their role roles,
and we expect a policy prior to review consumption and
**Annual Report**
... in 2022, growth as inflation slows. In addition, after
Templeton Developing Markets Trust's
**Annual Report** in 2022, there is a prospect for a
**Terrence in 2022** growth in 2023. We view China as a
**Pioneer in 2022** of the view that near-term earnings differ
**Your Policy Expenses** 10
**Financial Highlights and Schedule of Investments** 11

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

2 Annual Report Franklin Templeton.com

# ANNUAL REPORT

Annual continuity needs with a recovery timed toward the end of 2023 market, nonetheless, a pickup in earnings recipients from the 2023 market is likely better times ahead for earnings and, in November, financial situation.

Report: The 2023 World Bank of the United States

Public: The 2023 World Bank of the United States

Top: The 2023 World Bank of the United States

Board Members and Officers: 37

Shareholder Information: 42

your questions and comments, and look forward to serving your investment needs in the years ahead.

investor concerns about Russia's invasion of Ukraine, rising

1. Source: Morningstar

The index is an integral and includes measurement of key income or distribution. It does not reflect any fees, expenses or other charges. One cannot invest directly in an index, and an index is not representation of the Funds portfolio. See Reserve (SR) include income net of tax withholding when dividends are paid.
See www.funditimespointofinsurance.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 Schedule of Investments (SRI).
The SRI begins on page 1b.

funditimespointofinsurance.com

Annual Report

3

TEMPLETON DEVELOPING MARKETS TRUST

General information on the development of the 2018-2019 financial year, including the 2018-2019 financial year, including the 2018-2019 financial year, including the 2018-2019 financial year, including the 2018-2019 financial year, including the 2018-2019 financial year, including the 2018-2019 financial year, including the 2018-2019 financial year, including the 2018-2019 financial year, including

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The following table provides the information in a specific format:[{"box_2d": [25, 105, 247, 105], "label": "text", "caption": "The following table provides the information in

TEMPLETON DEVELOPING MARKETS TRUST

The current and current trends are the most significant trends in the global market. The global market is a key factor in the global market. The global market is a key factor in the global market. The global market is a key factor in the global market.

The global market is a key factor in the global market. The global market is a key factor in the global market. The global market is a key factor in the global market.

The global market is a key factor in the global market. The global market is a key factor in the global market. The global market is a key factor in the global market.

The global market is a key factor in the global market. The global market is a key factor in the global market. The global market is a key factor in the global market.

TEMPLETON DEVELOPING MARKETS TRUST

Revised: 1 August 2012

TEMPLETON DEVELOPING MARKETS TRUST

An industry development of the MGC is developing a key focus on the
market. The MGC is a key focus on the market. The MGC is a key focus on the market.
The MGC is a key focus on the market. The MGC is a key focus on the market.
The MGC is a key focus on the market. The MGC is a key focus on the market.
The MGC is a key focus on the market. The MGC is a key focus on the market.
The MGC is a key focus on the market. The MGC is a key focus on the market.
The MGC is a key focus on the market. The MGC is a key

6 Annual Report

TEMPLETON DEVELOPING MARKETS TRUST

COVID outbreaks, weak domestic demand and tightening monetary policy abroad. Growth rebounded in the third quarter to supportive government policies.

Performance Summary as of 12/31/221

Performance as of 12/31/221

Annual Report 7

COMPLETION DEVELOPING MARKETS TRUST

FUNDING: The 2022-2023 Annual Report on the Consolidated Financial Statements. The report is based on the 2022-2023 Annual Report on the Consolidated Financial Statements. The report is based on the 2022-2023 Annual Report on the Consolidated Financial Statements.

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

See page 9 for Performance Summary Footnotes.

8 Annual Report 2022-2023 Annual Report 2022-2023

TEMPLETON DEVELOPMENT MARKETS TRUST

Emerging market economies mostly grew during the 12 months ended December 31, 2022, although high levels of inflation, the spread of COVID-19 variants and Russia's[{"box_2d": [259, 23, 467, 105], "label": "text", "caption": "high energy prices and supply-chain derivatives. Growth accelerated in the second quarter, boosted by accelerating private and public spending, but moderated in the third quarter as inflation and rising interest rates from domestic companies, accounting for a period of 30 years. In 2022, the 2022-23 period was a 2.5% increase in the 2021-22 period. The 2022-23 period was a 2.5% increase in the 2020-21 period. The 2021-22 period was a 2.5% increase in the 2019-20 period. The 2020-21 period was a 2.5% increase in the 2018-19 period. The 2021-20 period was a 2.5% increase in the 2017-18 period. The 2020-21 period was a 2.5% increase in the 2016-17 period. The 2021-20 period was a 2.5% increase in the 2015-16 period. The 2020-21 period was a 2.5% increase in the 2014-15 period. The 2021-20 period was a 2.5% increase in the 2013-14 period. The 2020-21 period was a 2.5% increase in the 2012-13 period. The 2021-20 period was a 2.5% increase in the 2011-12 period. The 2020-21 period was a 2.5% increase in the 2010-11 period. The 2021-20 period was a 2.5% increase in the 2009-10 period. The 2020-21 period was a 2.5% increase in the 2008-09 period. The 2021-20 period was a 2.5% increase in the 2007-08 period. The 2020-21 period was a 2.5% increase in the 2006-09 period. The 2021-20 period was a 2.5% increase in the 2005-10 period. The 2020-21 period was a 2.5% increase in the 2004-09 period. The 2021-20 period was a 2.5% increase in the 2003-10 period. The 2020-21 period was a 2.5% increase in the 2002-09 period. The 2021-20 period was a 2.5% increase in the 2001-10 period. The 2020-21 period was a 2.5% increase in the 2000-11 period. The 2021-20 period was a 2.5% increase in the 1999-10 period. The 2020-21 period was a 2.5% increase in the 1998-10 period. The 2021-20 period was a 2.5% increase in the 1997-10 period. The 2020-21 period was a 2.5% increase in the 1996-10 period. The 2021-20 period was a 2.5% increase in the 1995-10 period. The 2020-21 period was a 2.5% increase in the 1994-10 period. The 2021-20 period was a 2.5% increase in the 1993-10 period. The 2020-21 period was a 2.5% increase in the 1992-10 period. The 2021-20 period was a 2.5% increase in the 1991-10 period. The 2020-21 period was a 2.5% increase in the 1990-10 period. The 2021-20 period was a 2.5% increase in the 1989-10 period. The 2020-21 period was a 2.5% increase in the 1988-10 period. The 2021-20 period was a 2.5% increase in the 1987-10 period. The 2020-21 period was a 2.5% increase in the 1986-10 period. The 2021-20 period was a 2.5% increase in the 1985-10 period. The 2020-21 period was a 2.5% increase in the 1984-10 period. The 2021-20 period was a 2.5% increase in the 1983-10 period. The 2020-21 period was a 2.5% increase in the 1982-10 period. The 2021-20 period was a 2.5% increase in the 1981-10 period. The 2020-21 period was a 2.5% increase in the 1980-10 period. The 2021-20 period was a 2.5% increase in the 1979-10 period. The 2020-21 period was a 2.5% increase in the 1978-10 period. The 2021-20 period was a 2.5% increase in the 1977-10 period. The 2020-21 period was a 2.5% increase in the 1976-10 period. The 2021-20 period was a 2.5% increase in the 1975-10 period. The 2020-21 period was a 2.5% increase in the 1974-10 period. The 2021-20 period was a 2.5% increase in the 1973-10 period. The 2020-21 period was a 2.5% increase in the 1972-10 period. The 2021-20 period was a 2.5% increase in the 1971-10 period. The 2020-21 period was a 2.5% increase in the 1970-10 period. The 2021-20 period was a 2.5% increase in the 1969-10 period. The 2020-21 period was a 2.5% increase in the 1968-10 period. The 2021-20 period was a 2.5% increase in the 1967-10 period. The 2020-21 period was a 2.5% increase in the 1966-10 period. The 2021-20 period was a 2.5% increase in the 1965-10 period. The 2020-21 period was a 2.5% increase in the 1964-10 period. The 2021-20 period was a 2.5% increase in the 1963-10 period. The 2020-21 period was a 2.5% increase in the 1962-10 period. The 2021-20 period was a 2.5% increase in the 1961-10 period. The 2020-21 period was a 2.5% increase in the 1960-10 period. The 2021-20 period was a 2.5% increase in the 1959-10 period. The 2020-21 period was a 2.5% increase in the 1958-10 period. The 2021-20 period was a 2.5% increase in the 1957-10 period. The 2020-21 period was a 2.5% increase in the 1956-10 period. The 2021-20 period was a 2.5% increase in the 1955-10 period. The 2020-21 period was a 2.5% increase in the 1954-10 period. The 2021-20 period was a 2.5% increase in the 1953-10 period. The 2020-21 period was a 2.5% increase in the 1952-10 period. The 2021-20 period was a 2.5% increase in the 1951-10 period. The 2020-21 period was a 2.5% increase in the 1950-10 period. The 2021-20 period was a 2.5% increase in the 1949-10 period. The 2020-21 period was a 2.5% increase in the 1948-10 period. The 2021-20 period was a 2.5% increase in the 1947-10 period. The 2020-21 period was a 2.5% increase in the 1946-10 period. The 2021-20 period was a 2.5% increase in the 1945-10 period. The 2020-21 period was a 2.5% increase in the 1944-10 period. The 2021-20 period was a 2.5% increase in the 1943-10 period. The 2020-21 period was a 2.5% increase in the 1942-10 period. The 2021-20 period was a 2.5% increase in the 1941-10 period. The 2020-21 period was a 2.5% increase in the 1940-10 period. The 2021-20 period was a 2.5% increase in the 1939-10 period. The 2020-21 period was a 2.5% increase in the 1938-10 period. The 2021-20 period was a 2.5% increase in the 1937-10 period. The 2020-21 period was a 2.5% increase in the 1936-10 period. The 2021-20 period was a 2.5% increase in the 1935-10 period. The 2020-21 period was a 2.5% increase in the 1934-10 period. The 2021-20 period was a 2.5% increase in the 1933-10 period. The 2020-21 period was a 2.5% increase in the 1932-10 period. The 2021-20 period was a 2.5% increase in the 1931-10 period. The 2020-21 period was a 2.5% increase in the 1930-10 period. The 2021-20 period was a 2.5% increase in the 1929-10 period. The 2020-21 period was a 2.5% increase in the 1928-10 period. The 2021-20 period was a 2.5% increase in the 1927-10 period. The 2020-21 period was a 2.5% increase in the 1926-10 period. The 2021-20 period was a 2.5% increase in the 1925-10 period. The 2020-21 period was a 2.5% increase in the 1924-10 period. The 2021-20 period was a 2.5% increase in the 1923-10 period. The 2020-21 period was a 2.5% increase in the 1922-10 period. The 2021-20 period was a 2.5% increase in the 1921-10 period. The 2020-21 period was a 2.5% increase in the 1920-10 period. The 2021-20 period was a 2.5% increase in the 1919-10 period. The 2020-21 period was a 2.5% increase in the 1918-10 period. The 2021-20 period was a 2.5% increase in the 1917-10 period. The 2020-21 period was a 2.5% increase in the 1916-10 period. The 2021-20 period was a 2.5% increase in the 1915-10 period. The 2020-21 period was a 2.5% increase in the 1914-10 period. The 2021-20 period was a 2.5% increase in the 1913-10 period. The 2020-21 period was a 2.5% increase in the 1912-10 period. The 2021-20 period was a 2.5% increase in the 1911-10 period. The 2020-21 period was a 2.5% increase in the 1910-10 period. The 2021-20 period was a 2.5% increase in the 1909-10 period. The 2020-21 period was a 2.5% increase in the 1908-10 period. The 2021-20 period was a 2.5% increase in the 1907-10 period. The 2020-21 period was a 2.5% increase in the 1906-10 period. The 2021-20 period was a 2.5% increase in the 1905-10 period. The 2020-21 period was a 2.5% increase in the 1904-10 period. The 2021-20 period was a 2.5% increase in the 1903-10 period. The 2020-21 period was a 2.5% increase in the 1902-10 period. The 2021-20 period was a 2.5% increase in the 1901-10 period. The 2020-21 period was a 2.5% increase in the 1900-10 period. The 2021-20 period was a 2.5% increase in the 1899-10 period. The 2020-21 period was a 2.5% increase in the 1898-10 period. The 2021-20 period was a 2.5% increase in the 1897-10 period. The 2020-21 period was a 2.5% increase in the 1896-10 period. The 2021-20 period was a 2.5% increase in the 1895-10 period. The 2020-21 period was a 2.5% increase in the 1894-10 period. The 2021-20 period was a 2.5% increase in the 1893-10 period. The 2020-21 period was a 2.5% increase in the 1892-10 period. The 2021-20 period was a 2.5% increase in the 1891-10 period. The 2020-21 period was a 2.5% increase in the 1890-10 period. The 2021-20 period was a 2.5% increase in the 1889-10 period. The 2020-21 period was a 2.5% increase in the 1888-10 period. The 2021-20 period was a 2.5% increase in the 1887-10 period. The 2020-21 period was a 2.5% increase in the 1886-10 period. The 2021-20 period was a 2.5% increase in the 1885-10 period. The 2020-21 period was a 2.5% increase in the 1884-10 period. The 2021-20 period was a 2.5% increase in the 1883-10 period. The 2020-21 period was a 2.5% increase in the 1882-10 period. The 2021-20 period was a 2.5% increase in the 1881-10 period. The 2020-21 period was a 2.5% increase in the 1880-10 period. The 2021-20 period was a 2.5% increase in the 1879-10 period. The 2020-21 period was a 2.5% increase in the 1878-10 period. The 2021-20 period was a 2.5% increase in the 1877-10 period. The 2020-21 period was a 2.5% increase in the 1876-10 period. The 2021-20 period was a 2.5% increase in the 1875-10 period. The 2020-21 period was a 2.5% increase in the 1874-10 period. The 2021-20 period was a 2.5% increase in the 1873-10 period. The 2020-21 period was a 2.5% increase in the 1872-10 period. The 2021-20 period was a 2.5% increase in the 1871-10 period. The 2020-21 period was a 2.5% increase in the 1870-10 period. The 2021-20 period was a 2.5% increase in the 1869-10 period. The 2021-20 period was a 2.5% increase in the 1868-10 period. The 2021-20 period was a 2.5% increase in the 1867-10 period. The 2020-21 period was a 2.5% increase in the 1866-10 period. The 2021-20 period was a 2.5% increase in the 1865-10 period. The 2020-21 period was a 2.5% increase in the 1864-10 period. The 2021-20 period was a 2.5% increase in the 1863-10 period. The 2020-21 period was a 2.5% increase in the 1862-10 period. The 2021-20 period was a 2.5% increase in the 1861-10 period. The 2020-21 period was a 2.5% increase in the 1860-10 period. The 2021-20 period was a 2.5% increase in the 1859-10 period. The 2020-21 period was a 2.5% increase in the 1858-10 period. The 2021-20 period was a 2.5% increase in the 1857-10 period. The 2020-21 period was a 2.5% increase in the 1856-10 period. The 2021-20 period was a 2.5% increase in the 1855-10 period. The 2020-21 period was a 2.5% increase in the 1854-10 period. The 2021-20 period was a 2.5% increase in the 1853-10 period. The 2020-21 period was a 2.5% increase in the 1852-10 period. The 2021-20 period was a 2.5% increase in the 1851-10 period. The 2020-21 period was a 2.5% increase in the 1850-10 period. The 2021-20 period was a 2.5% increase in the 1849-10 period. The 2020-21 period was a 2.5% increase in the 1848-10 period. The 2021-20 period was a 2.5% increase in the 1847-10 period. The 2020-21 period was a 2.5% increase in the 1846-10 period. The 2021-20 period was a 2.5% increase in the 1845-10 period. The 2020-21 period was a 2.5% increase in the 1844-10 period. The 2021-20 period was a 2.5% increase in the 1843-10 period. The 2020-21 period was a 2.5% increase in the 1842-10 period. The 2021-20 period was a 2.5% increase in the 1841-10 period. The 2020-21 period was a 2.5% increase in the 1840-10 period. The 2021-20 period was a 2.5% increase in the 1839-10 period. The 2020-21 period was a 2.5% increase in the 1838-10 period. The 2021-20 period was a 2.5% increase in the 1837-10 period. The 2020-21 period was a 2.5% increase in the 1836-10 period. The 2021-20 period was a 2.5% increase in the 1835-10 period. The 2020-21 period was a 2.5% increase in the 1834-10 period. The 2021-20 period was a 2.5% increase in the 1833-10 period. The 2020-21 period was a 2.5% increase in the 1832-10 period. The 2021-20 period was a 2.5% increase in the 1831-10 period. The 2020-21 period was a 2.5% increase in the 1830-10 period. The 2021-20 period was a 2.5% increase in the 1829-10 period. The 2020-21 period was a 2.5% increase in the 1828-10 period. The 2021-20 period was a 2.5% increase in the 1827-10 period. The 2020-21 period was a 2.5% increase in the 1826-10 period. The 2021-20 period was a 2.5% increase in the 1825-10 period. The 2020-21 period was a 2.5% increase in the 1824-10 period. The 2021-20 period was a 2.5% increase in the 1823-10 period. The 2020-21 period was a 2.5% increase in the 1822-10 period. The 2021-20 period was a 2.5% increase in the 1821-10 period. The 2020-21 period was a 2.5% increase in the 1820-10 period. The 2021-20 period was a 2.5% increase in the 1819-10 period. The 2020-21 period was a 2.5% increase in the 1818-10 period. The 2021-20 period was a 2.5% increase in the 1817-10 period. The 2020-21 period was a 2.5% increase in the 1816-10 period. The 2021-20 period was a 2.5% increase in the 1815-10 period. The 2020-21 period was a 2.5% increase in the 1814-10 period. The 2021-20 period was a 2.5% increase in the 1813-10 period. The 2020-21 period was a 2.5% increase in the 1812-10 period. The 2021-20 period was a 2.5% increase in the 1811-10 period. The 2020-21 period was a 2.5% increase in the 1810-10 period. The 2021-20 period was a 2.5% increase in the 1809-10 period. The 2020-21 period was a 2.5% increase in the 1808-10 period. The 2021-20 period was a 2.5% increase in the 1807-10 period. The 2020-21 period was a 2.5% increase in the 1806-10 period. The 2021-20 period was a 2.5% increase in the 1805-10 period. The 2020-21 period was a 2.5% increase in the 1804-10 period. The 2021-20 period was a 2.5% increase in the 1803-10 period. The 2020-21 period was a 2.5% increase in the 1802-10 period. The 2021-20 period was a 2.5% increase in the 1801-10 period. The 2020-21 period was a 2.5% increase in the 1800-10 period. The 2021-20 period was a 2.5% increase in the 1799-10 period. The 2020-21 period was a 2.5% increase in the 1798-10 period. The 2021-20 period was a 2.5% increase in the 1797-10 period. The 2020-21 period was a 2.5% increase in the 1796-10 period. The 2021-20 period was a 2.5% increase in the 1795-10 period. The 2020-21 period was a 2.5% increase in the 1794-10 period. The 2021-20 period was a 2.5% increase in the 1793-10 period. The 2020-21 period was a 2.5% increase in the 1792-10 period. The 2021-20 period was a 2.5% increase in the 1791-10 period. The 2020-21 period was a 2.5% increase in the 1790-10 period. The 2021-20 period was a 2.5% increase in the 1789-10 period. The 2020-21 period was a 2.5% increase in the 1788-10 period. The 2021-20 period was a 2.5% increase in the 1787-10 period. The 2020-21 period was a 2.5% increase in the 1786-10 period. The 2021-20 period was a 2.5% increase in the 1785-10 period. The 2020-21 period was a 2.5% increase in the 1784-10 period. The 2021-20 period was a 2.5% increase in the 1783-10 period. The 2020-21 period was a 2.5% increase in the 1782-10 period. The 2021-20 period was a 2.5% increase in the 1781-10 period. The 2020-21 period was a 2.5% increase in the 1780-10 period. The 2021-20 period was a 2.5% increase in the 1779-10 period. The 2020-21 period was a 2.5% increase in the 1778-10 period. The 2021-20 period was a 2.5% increase in the 1777-10 period. The 2020-21 period was a 2.5% increase in the 1776-10 period. The 2021-20 period was a 2.5% increase in the 1775-10 period. The 2020-21 period was a 2.5% increase in the 1774-10 period. The 2021-20 period was a 2.5% increase in the 1773-10 period. The 2020-21 period was a 2.5% increase in the 1772-10 period. The 2021-20 period was a 2.5% increase in the 1771-10 period. The 2020-21 period was a 2.5% increase in the 1770-10 period. The 2021-20 period was a 2.5% increase in the 1769-10 period. The 2020-21 period was a 2.5% increase in the 1768-10 period. The 2021-20 period was a 2.5% increase in the 1767-10 period. The 2020-21 period was a 2.5% increase in the 1766-10 period. The 2021-20 period was a 2.5% increase in the 1765-10 period. The 2020-21 period was a 2.5% increase in the 1764-10 period. The 2021-20 period was a 2.5% increase in the 1763-10 period. The 2020-21 period was a 2.5% increase in the 1762-10 period. The 2021-20 period was a 2.5% increase in the 1761-10 period. The 2020-21 period was a 2.5% increase in the 1760-10 period. The 2021-20 period was a 2.5% increase in the 1759-10 period. The 2020-21 period was a 2.5% increase in the 1758-10 period. The 2021-20 period was a 2.5% increase in the 1757-10 period. The 2020-21 period was a 2.5% increase in the 1756-10 period. The 2021-20 period was a 2.5% increase in the 1755-10 period. The 2020-21 period was a 2.5% increase in the 1754-10 period. The 2020-21 period was a 2.5% increase in the 1753-10 period. The 2020-21 period was a 2.5% increase in the 1752-10 period. The 2020-21 period was a 2.5% increase in the 1751-10 period. The 2020-21 period was a 2.5% increase in the 1750-10 period. The 2021-20 period was a 2.5% increase in the 1749-10 period. The 2020-21 period was a 2.5% increase in the 1748-10 period. The 2021-20 period was a 2.5% increase in the 1747-10 period. The 2020-21 period was a 2.5% increase in the 1746-10 period. The 2021-20 period was a 2.5% increase in the 1745-10 period. The 2020-21 period was a 2.5% increase in the 1744-10 period. The 2020-21 period was a 2.5% increase in the 1743-10 period. The 2020-21 period was a 2.5% increase in the 1742-10 period. The 2021-20 period was a 2.5% increase in the 1741-10 period. The 2020-21 period was a 2.5% increase in the 1740-10 period. The 2021-20 period was a 2.5% increase in the 1739-10 period. The 2020-21 period was a 2.5% increase in the 1738-10 period. The 2021-20 period was a 2.5% increase in the 1737-10 period. The 2020-21 period was a 2.5% increase in the 1736-10 period. The 2021-20 period was a 2.5% increase in the 1735-10 period. The 2020-21 period was a 2.5% increase in the 1734-10 period. The 2020-21 period was a 2.5% increase in the 1733-10 period. The 2020-21 period was a 2.5% increase in the 1732-10 period. The 2020-21 period was a 2.5% increase in the 1731-10 period. The 2020-21 period was a 2.5% increase in the 1730-10 period. The 2021-20 period was a 2.5% increase in the 1729-10 period. The 2020-21 period was a 2.5% increase in the 1728-10 period. The 2021-20 period was a 2.5% increase in the 1727-10 period. The 2020-21 period was a 2.5% increase in the 1726-10 period. The 2021-20 period was a 2.5% increase in the 1725-10 period. The 2020-21 period was a 2.5% increase in the 1724-10 period. The 2020-21 period was a 2.5% increase in the 1723-10 period. The 2020-21 period was a 2.5% increase in the 1722-10 period. The 2021-20 period was a 2.5% increase in the 1721-10 period. The 2020-21 period was a 2.5% increase in the 1720-10 period. The 2021-20 period was a 2.5% increase in the 1719-10 period. The 2020-21 period was a 2.5% increase in the 1718-10 period. The 2021-20 period was a 2.5% increase in the 1717-10 period. The 2020-21 period was a 2.5% increase in the 1716-10 period. The 2021-20 period was a 2.5% increase in the 1715-10 period. The 2020-21 period was a 2.5% increase in the 1714-10 period. The 2020-21 period was a 2.5% increase in the 1713-10 period. The 2020-21 period was a 2.5% increase in the 1712-10 period. The 2021-20 period was a 2.5% increase in the 1711-10 period. The 2020-21 period was a 2.5% increase in the 1710-10 period. The 2021-20 period was a 2.5% increase in the 1709-10 period. The 2020-21 period was a 2.5% increase in the 1708-10 period. The 2021-20 period was a 2.5% increase in the 1707-10 period. The 2020-21 period was a 2.5% increase in the 1706-10 period. The 2021-20 period was a 2.5% increase in the 1705-10 period. The 2020-21 period was a 2.5% increase in the 1704-10 period. The 2020-21 period was a 2.5% increase in the 1703-10 period. The 2020-21 period was a 2.5% increase in the 1702-10 period. The 2021-20 period was a 2.5% increase in the 1701-10 period. The 2020-21 period was a 2.5% increase in the 1700-10 period. The 2021-20 period was a 2.5% increase in the 1699-10 period. The 2020-21 period was a 2.5% increase in the 1698-10 period. The 2021-20 period was a 2.5% increase in the 1697-10 period. The 2020-21 period was a 2.5% increase in the 1696-10 period. The 2021-20 period was a 2.5% increase in the 1695-10 period. The 2020-21 period was a 2.5% increase in the 1694-10 period. The 2020-21 period was a 2.5% increase in the 1693-10 period. The 2020-21 period was a 2.5% increase in the 1692-10 period. The 2021-20 period was a 2.5% increase in the 1691-10 period. The 2020-21 period was a 2.5% increase in the 1690-10 period. The 2021-20 period was a 2.5% increase in the 1689-10 period. The 2020-21 period was a 2.5% increase in the 1688-10 period. The 2020-21 period was a 2.5% increase in the 1687-10 period. The 2020-21 period was a 2.5% increase in the 1686-10 period. The 2020-21 period was a 2.5% increase in the 1685-10 period. The 2020-21 period was a 2.5% increase in the 1684-10 period. The 2020-21 period was a 2.5% increase in the 1683-10 period. The 2020-21 period was a 2.5% increase in the 1682-10 period. The 2020-21 period was a 2.5% increase in the 1681-10 period. The 2020-21 period was a 2.5% increase in the 1680-10 period. The 2020-21 period was a 2.5% increase in the 1679-10 period. The 2020-21 period was a 2.5% increase in the 1678-10 period. The 2020-21 period was a 2.5% increase in the 1677-10 period. The 2020-21 period was a 2.5% increase in the 1676-10 period. The 2020-21 period was a 2.5% increase in the 1675-10 period. The 2020-21 period was a 2.5% increase in the 1674-10 period. The 2020-21 period was a 2.5% increase in the 1673-10 period. The 2020-21 period was a 2.5% increase in the 1672-10 period. The 2020-21 period was a 2.5% increase in the 1671-10 period. The 2020-21 period was a 2.5% increase in the 1670-10 period. The 2020-21 period was a 2.5% increase in the 1669-10 period. The 2020-21 period was a 2.5% increase in the 1668-10 period. The 2020-21 period was a 2.5% increase in the 1667-10 period. The 2020-21 period was a 2.5% increase in the 1666-10 period. The 2020-21 period was a 2.5% increase in the 1665-10 period. The 2020-21 period was a 2.5% increase in the 1664-10 period. The 2020-21 period was a 2.5% increase in the 1663-10 period. The 2020-21 period was a 2.5% increase in the 1662-10 period. The 2020-21 period was a 2.5% increase in the 1661-10 period. The 2020-21 period was a 2.5% increase in the 1660-10 period. The 2020-21 period was a 2.5% increase in the 1659-10 period. The 2020-21 period was a 2.5% increase in the 1658-10 period. The 2020-21 period was a 2.5% increase in the 1657-10 period. The 2020-21 period was a 2.5% increase in the 1656-10 period. The 2020-21 period was a 2.5% increase in the 1655-10 period. The 2020-21 period was a 2.5% increase in the 1654-10 period. The 2020-21 period was a 2.5% increase in the 1653-10 period. The 2020-21 period was a 2.5% increase in the 1652-10 period. The 2020-21 period was a 2.5% increase in the 1651-10 period. The 2020-21 period was a 2.5% increase in the 1650-10 period. The 2020-21 period was a 2.5% increase in the 1649-10 period. The 2020-21 period was a 2.5% increase in the 1648-10 period. The 2020-21 period was a 2.5% increase in the 1647-10 period. The 2020-21 period was a 2.5% increase in the 1646-10 period. The 2020-21 period was a 2.5% increase in the 1645-10 period. The 2020-21 period was a 2.5% increase in the 1644-10 period. The 2020-21 period was a 2.5% increase in the 1643-10 period. The 2020-21 period was a 2.5% increase in the 1642-10 period. The 2020-21 period was a 2.5% increase in the 1641-10 period. The 2020-21 period was a 2.5% increase in the 1640-10 period. The 2020-21 period was a 2.5% increase in the 1639-10 period. The 2020-21 period was a 2.5% increase in the 1638-10 period. The 2020-21 period was a 2.5% increase in the 1637-10 period. The 2020-21 period was a 2.5% increase in the 1636-10 period. The 2020-21 period was a 2.5% increase in the 1635-10 period. The 2020-21 period was a 2.5% increase in the 1634-10 period. The 2020-21 period was a 2.5% increase in the 1633-10 period. The 2020-21 period was a 2.5% increase in the 1632-10 period. The 2020-21 period was a 2.5% increase in the 1631-10 period. The 2020-21 period was a 2.5% increase in the 1630-10 period. The 2020-21 period was a 2.5% increase in the 1629-10 period. The 2020-21 period was a 2.5% increase in the 1628-10 period. The 2020-21 period was a 2.5% increase in the 1627-10 period. The 2020-21 period was a 2.5% increase in the 1626-10 period. The 2020-21 period was a 2.5% increase in the 1625-10 period. The 2020-21 period was a 2.5% increase in the 1624-10 period. The 2020-21 period was a 2.5% increase in the 1623-10 period. The 2020-21 period was a 2.5% increase in the 1622-10 period. The 2020-21 period was a 2.5% increase in the 1621-10 period. The 2020-21 period was a 2.5% increase in the 1620-10 period. The 2020-21 period was a 2.5% increase in the 1619-10 period. The 2020-21 period was a 2.5% increase in the 1618-10 period. The 2020-21 period was a 2.5% increase in the 1617-10 period. The 2020-21 period was a 2.5% increase in the 1616-10 period. The 2020-21 period was a 2.5% increase in the 1615-10 period. The 2020-21 period was a 2.5% increase in the 1614-10 period. The 2020-21 period was a 2.5% increase in the 1613-10 period. The 2020-21 period was a 2.5% increase in the 1612-10 period. The 2020-21 period was a 2.5% increase in the 1611-10 period. The 2020-21 period was a 2.5% increase in the 1610-10 period. The 2020-21 period was a 2.5% increase in the 1609-10 period. The 2020-21 period was a 2.5% increase in the 1608-10 period. The 2020-21 period was a 2.5% increase in the 1607-10 period. The 2020-21 period was a 2.5% increase in the 1606-10 period. The 2020-21 period was a 2.5% increase in the 1605-10 period. The 2020-21 period was a 2.5% increase in the 1604-10 period. The 2020-21 period was a 2.5% increase in the 1603-10 period. The 2020-21 period was a 2.5% increase in the 1602-10 period. The 2020-21 period was a 2.5% increase in the 1601-10 period. The 2020-21 period was a 2.5% increase in the 1600-10 period. The 2020-21 period was a 2.5% increase in the 1599-10 period. The 2020-21 period was a 2.5% increase in the 1598-10 period. The 2020-21 period was a 2.5% increase in the 1597-10 period. The 2020-21 period was a 2.5% increase in the 1596-10 period. The 2020-21 period was a 2.5% increase in the 1595-10 period. The 2020-21 period was a 2.5% increase in the 1594-10 period. The 2020-21 period was a 2.5% increase in the 1593-10 period. The 2020-21 period was a 2.5% increase in the 1592-10 period. The 2020-21 period was a 2.5% increase in the 1591-10 period. The 2020-21 period was a 2.5% increase in the 1590-10 period. The 2020-21 period was a 2.5% increase in the 1589-10 period. The 2020-21 period was a 2.5% increase in the 1588-10 period. The 2020-21 period was a 2.5% increase in the 1587-10 period. The 2020-21 period was a 2.5% increase in the 1586-10 period. The 2020-21 period was a 2.5% increase in the 1585-10 period. The 2020-21 period was a 2.5% increase in the 1584-10 period. The 2020-21 period was a 2.5% increase in the 1583-10 period. The 2020-21 period was a 2.5% increase in the 1582-10 period. The 2020-21 period was a 2.5% increase in the 1581-10 period. The 2020-21 period was a 2.5% increase in the 1580-10 period. The 2020-21 period was a 2.5% increase in the 1579-10 period. The 2020-21 period was a 2.5% increase in the 1578-10 period. The 2020-21 period was a 2.5% increase in the 1577-10 period. The 2020-21 period was a 2.5% increase in the 1576-10 period. The 2020-21 period was a 2.5% increase in the 1575-10 period. The 2020-21 period was a 2.5% increase in the 1574-10 period. The 2020-21 period was a 2.5% increase in the 1573-10 period. The 2020-21 period was a 2.5% increase in the 1572-10 period. The 2020-21 period was a 2.5% increase in the 1571-10 period. The 2020-21 period was a 2.5% increase in the 1570-10 period. The 2020-21 period was a 2.5% increase in the 1569-10 period. The 2020-21 period was a 2.5% increase in the 1568-10 period. The 2020-21 period was a 2.5% increase in the 1567-10 period. The 2020-21 period was a 2.5% increase in the 1566-10 period. The 2020-21 period was a 2.5% increase in the 1565-10 period. The 2020-21 period was a 2.5% increase in the 1564-10 period. The 2020-21 period was a 2.5% increase in the 1563-10 period. The 2020-21 period was a 2.5% increase in the 1562-10 period. The 2020-21 period was a 2.5% increase in the 1561-10 period. The 2020-21 period was a 2.5% increase in the 1560-10 period. The 2020-21 period was a 2.5% increase in the 1559-10 period. The 2020-21 period was a 2.5% increase in the 1558-10 period. The 2020-21 period was a 2.5% increase in the 1557-10 period. The 2020-21 period was a 2.5% increase in the 1556-10 period. The 2020-21 period was a 2.5% increase in the 1555-10 period. The 2020-21 period was a 2.5% increase in the 1554-10 period. The 2020-21 period was a 2.5% increase in the 1553-10 period. The 2020-21 period was a 2.5% increase in the 1552-10 period. The 2020-21 period was a 2.5% increase in the 1551-10 period. The 2020-21 period was a 2.5% increase in the 1550-10 period. The 2020-21 period was a 2.5% increase in the 1549-10 period. The 2020-21 period was a 2.5% increase in the 1548-10 period. The 2020-21 period was a 2.5% increase in the 1547-10 period. The 2020-21 period was a 2.5% increase in the 1546-10 period. The 2020-21 period was a 2.5% increase in the 1545-10 period. The 2020-21 period was a 2.5% increase in the 1544-10 period. The 2020-21 period was a 2.5% increase in the 1543-10 period. The 2020-21 period was a 2.5% increase in the 1542-10 period. The 2020-21 period was a 2.5% increase in the 1541-10 period. The 2020-21 period was a 2.5% increase in the 1540-10 period. The 2020-21 period was a 2.5% increase in the 1539-10 period. The 2020-21 period was a 2.5% increase in the 1538-10 period. The 2020-21 period was a 2.5% increase in the 1537-10 period. The 2020-21 period was a 2.5% increase in the 1536-10 period. The 2020-21 period was a 2.5% increase in the 1535-10 period. The 2020-21 period was a 2.5% increase in the 1534-10 period. The 2020-21 period was a 2.5% increase in the 1533-10 period. The 2020-21 period was a 2.5% increase in the 1532-10 period. The 2020-21 period was a 2.5% increase in the 1531-10 period. The 2020-21 period was a 2.5% increase in the 1530-10 period. The 2020-21 period was a 2.5% increase in the 1529-10 period. The 2020-21 period was a 2.5% increase in the 1528-10 period. The 2020-21 period was a 2.5% increase in the 1527-10 period. The 2020-21 period was a 2.5% increase in the 1526-10 period. The 2020-21 period was a 2.5% increase in the 1525-10 period. The 2020-21 period was a 2.5% increase in the 1524-10 period. The 2020-21 period was a 2.5% increase in the 1523-10 period. The 2020-21 period was a 2.5% increase in the 1522-10 period. The 2020-21 period was a 2.5% increase in the 1521-10 period. The 2020-21 period was a 2.5% increase in the 1520-10 period. The 2020-21 period was a 2.5% increase in the 1519-10 period. The 2020-21 period was a 2.5% increase in the 1518-10 period. The 2020-21 period was a 2.5% increase in the 1517-10 period. The 2020-21 period was a 2.5% increase in the 1516-10 period. The 2020-21 period was a 2.5% increase in the 1515-10 period. The 2020-21 period was a 2.5% increase in the 1514-10 period. The 2020-21 period was a 2.5% increase in the 1513-10 period. The 2020-21 period was a 2.5% increase in the 1512-10 period. The 2020-21 period was a 2.5% increase in the 1511-10 period. The 2020-21 period was a 2.5% increase in the 1510-10 period. The 2020-21 period was a 2.5% increase in the 1509-10 period. The 2020-21 period was a 2.5% increase in the 1508-10 period. The 2020-21 period was a 2.5% increase in the 1507-10 period. The 2020-21 period was a 2.5% increase in the 1506-10 period. The 2020-21 period was a 2.5% increase in the 1505-10 period. The 2020-21 period was a 2.5% increase in the 1504-10 period. The 2020-21 period was a 2.5% increase in the 1503-10 period. The 2020-21 period was a 2.5% increase in the 1502-10 period. The 2020-21 period was a 2.5% increase in the 1501-10 period. The 2020-21 period was a 2.5% increase in the 1500-10 period. The 2020-21 period was a 2.5% increase in the 1499-10 period. The 2020-21 period was a 2.5% increase in the 1498-10 period. The 2020-21 period was a 2.5% increase in the 1497-10 period. The 2020-21 period was a 2.5% increase in the 1496-10 period. The 2020-21 period was a 2.5% increase in the 1495-10 period. The 2020-21 period was a 2.5% increase in the 1494-10 period. The 2020-21 period was a 2.5% increase in the 1493-10 period. The 2020-21 period was a 2.5% increase in the 1492-10 period. The 2020-21 period was a 2.5% increase in the 1491-10 period. The 2020-21 period was a 2.5% increase in the 1490-10 period. The 2020-21 period was a 2.5% increase in the 1489-10 period. The 2020-21 period was a 2.5% increase in the 1488-10 period. The 2020-21 period was a 2.5% increase in the 1487-10 period. The 2020-21 period was a 2.5% increase in the 1486-10 period. The 2020-21 period was a 2.5% increase in the 1485-10 period. The 2020-21 period was a 2.5% increase in the 1484-10 period. The 2020-21 period was a 2.5% increase in the 1483-10 period. The 2020-21 period was a 2.5% increase in the 1482-10 period. The 2020-21 period was a 2.5% increase in the 1481-10 period. The 2020-21 period was a 2.5% increase in the 1480-10 period. The 2020-21 period was a 2.5% increase in the 1479-10 period. The 2020-21 period was a 2.5% increase in the 1478-10 period. The 2020-21 period was a 2.5% increase in the 1477-10 period. The 2020-21 period was a 2.5% increase in the 1476-10 period. The 2020-21 period was a 2.5% increase in the 1475-10 period. The 2020-21 period was a 2.5% increase in the 1474-10 period. The 2020-21 period was a 2.5% increase in the 1473-10 period. The 2

TEMPLETON DEVELOPING MARKETS TRUST

Inflation, a trend also seen in developed market countries.
During the period, emerging market equities were hurt by

spending weakened amid widespread international sanctions
imposed in response to Russia's invasion of Ukraine. Smart's

# Your Fund's Expenses

The Fund's Expenses is a 2018-2021 fund that has been funded by the National Bank of Russia by the Bank of the West. The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

The Fund's Expenses are based on the Fund's 2018-2021 fund. The Fund's Expenses are based on the Fund's 2018-2021 fund.

14

TEMPLETON DEVELOPING MARKETS TRUST

# Financial Highlights

| Analytical information manual unless pre-eminent doing with appropriate information on the financial and other information available. | Market Choice | 1.30% | 1.30% |
| --- | --- | --- | --- |
| Financial and other information available. | Administration and strong franchise | 1.10% | 1.10% |
| Financial and other information available. | Income & Other Marketing Retail China |  |  |
| Financial and other information available. | Total Financial |  |  |
| Financial and other information available. | Total Financial |  |  |
| Financial and other information available. | Total Financial |  |  |
| Financial and other information available. | Total Financial |  |  |
| Financial and other information available. | Total Financial |  |  |
| Financial and other information available. | Total Financial |  |  |
| Financial and other information available. | Total Financial |  |  |

Net investment income
0.37 0.17 0.13 0.30 0.23

*The amount shown for a client outstanding throughout the period may not constitute valid the Statement of Operations, for the period due to the timing of sales and expenditures of the Fund's clients in relation to income earned before fluctuating the value of the investments of the Fund.
*Based on average daily shares outstanding.
Net investment income per share includes approximately $0.06 per share related to income received in the form of special dividends in connection with certain Fund holdings, excluding this amount, the cost of net investment income to average net assets would have been 0.00%.
Net investment income per share includes approximately $0.05 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the cost of net investment income to average net assets would have been 1.25%.
*Total return does not reflect sales commissions or contingent deferred sales charges, if applicable.

fandshinopalaw.com The accompanying notes are an integral part of these financial statements. Printed Report 11

COMPLETION DEVELOPING MARKETS TRUST

FINANCIAL HIGHLIGHTS

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market. The data show that the market is a significant increase in the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

The report shows the monthly financial flows from the market to the market, as well as various factors including the increased (in)value of the market, and the increase in the market is a significant increase in the market. The data shows that the market is a significant increase in the market, and the increase in the market is a significant increase in the market.

TEMPLETON DEVELOPING MARKETS TRUST

FINANCIAL HIGHLIGHTS

The financial data and other estimates have been prepared to estimate earnings on Balance and may impose variations on other countries that support Russia's
market. However, these estimates, as well as any other economic consequences related to the situation, such as additional solutions, hazards or changes in
the market, are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

The financial data and other estimates are based on the results of the financial data and other estimates. The financial data and other estimates are based on the results of the financial data and other estimates.

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COMPLETION DEVELOPING MARKETS TRUST

FINANCIAL HOLDING

refaders and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to become known as income in other countries affected by the investor.

Special information on the Fund's total annual operating expenses as of the Fund's 2016 fiscal year ended, at the time of 2016 fiscal period expenses may be higher and may have been increased. The Fund's total annual operating expenses are based on the results. A general analysis of the results is based on the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of

The Fund's total annual operating expenses are based on the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of

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 under (excluding the value of the investments of the Fund)  
Based on average daily shares outstanding  
Net investment income per share includes approximately $0.05 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 1.00%.  
Net investment income per share includes approximately $0.05 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 1.50%.

14 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleen.com

TEMPLETON DEVELOPING MARKETS TRUST

FINANCIAL HIGHLIGHTS

4. Prior to 8/2018, these shares were offered at a higher initial sales charge of 0.70%. (See actual returns with sales charges) would have differed. Average annual total returns with sales charges have been included to reflect the current maximum initial sales charge of 0.50%.

5. Source: Frazier. The index (see notes 4b) is a key, how it is said. market-cigarette sales are higher index (reduced to increase the equity market performance of policy).

| Category | Value | Index | Index | Index | Index | Index |
| --- | --- | --- | --- | --- | --- | --- |
| Market | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Market | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Market | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Market | $1,000,000 |  |  |  |  |  |
| Market | $1,000,000 |  |  |  |  |  |
| Market | $1,000,000 |  |  |  |  |  |
| Market | $1,000,000 |  |  |  |  |  |

PDF 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 Pacific shares in Market. It may be assumed to be used for the following: (a) the market is a major market in the market; (b) the market is a major market in the market; (c) the market is a major market in the market; (d) the market is a major market in the market; (e) the market is a major market in the market; (f) the market is a major market in the market; (g) the market is a major market in the market; (h) the market is a major market in the market; (i) the market is a major market in the market; (j) the market is a major market in the market; (k) the market is a major market in the market; (l) the market is a major market in the market; (m) the market is a major market in the market; (n) the market is a major market in the market; (o) the market is a major market in the market; (p) the market is a major market in the market; (q) the market is a major market in the market; (r) the market is a major market in the market; (s) the market is a major market in the market; (t) the market is a major market in the market; (u) the market is a major market in the market; (v) the market is a major market in the market; (w) the market is a major market in the market; (x) the market is a major market in the market; (y) the market is a major market in the market; (z) the market is a major market in the market; (w) the market is a major market in the market; (x) the market is a major market in the market; (y) the market is a major market in the market; (z) the market is a major market in the market; (w) the market is a major market in the market; (x) the market is a major market in the market; (y) the market is a major market in the market

Based on average daily shares outstanding.

Real investment income per share includes approximately $0.05 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the rate of net investment income to average net assets would have been 0.05%. Real investment income per share includes approximately $0.05 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the rate of net investment income to average net assets would have been 1.00%.

frazier. The market is a major market in the market.

The accompanying notes are an integral part of these financial statements. Printed Report

15

TEMPLETON DEVELOPING MARKETS TRUST

# Schedule of Investments, December 31, 2022

|  | 12 yrs | Unfunded yrs | Unfunded yrs | 12 yrs | Unfunded yrs |
| --- | --- | --- | --- | --- | --- |
| Total Investment (as of 31/12/2022) (in millions) | 23,307,000 | 15,429,000 | 15,165,000 | 28,890,000 | 25,002,000 |
| Current Assets | (4.08) | (1.42) | 4.12 | 4.61 | (3.06) |
| Balance at December 31, 2022 |  |  |  |  |  |
| Excess of 1,000,000 shares | 1,200 | 1,000 | 1,000 | 1,200 | 1,000 |
| Excess of 1,000,000 shares | 1,200 | 1,000 | 1,000 | 1,200 | 1,000 |
| Excess of 1,000,000 shares | 1,200 | 1,000 | 1,000 | 1,200 | 1,000 |
| Net assets | 2,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Debtors | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Net assets | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |

14 Annual Report The accompanying notes are an integral part of these financial statements.

Franklin & Company

TEMPLETON DEVELOPING MARKETS TRUST
SCHEDULE OF INVESTMENTS[{"box_2d": [25, 68, 467, 125], "label": "table", "caption": "

| Product & Usage (M) | 25, 40% | 25, 50% | 10, 50% | 10, 50% | 10, 50% | 10, 50% |
| --- | --- | --- | --- | --- | --- | --- |
| Total Assets | 107,913% | 107,913% | 107,913% | 107,913% | 107,913% | 107,913% |
| Investments (Excluding Investment) |  |  |  |  |  |  |
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| Total Assets | 2, 20% | 2, 20% | 2, 20% | 2, 20% | 2, 20% |
| --- | --- | --- | --- | --- | --- |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
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| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| Investments (Excluding Investment) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

<table><tr><td>Investments (Excluding Investment)</td><td></td><td></td

TOMPLETION DEVELOPING MARKETS TRUST
SCHEDULE OF INVESTMENTS

| Project Name | Project Name | Project Value | Total |
| --- | --- | --- | --- |
| Corporate Development | Construction Materials & Services | 17.71% | 17.71% |
| Corporate Development | Construction Materials | 17.71% | 17.71% |
| Corporate Development | Oil, Gas & Consumable Fuels | 13,921,000 | 84,000,000 |
| Corporate Development | Household Dwellings | 18,261,000 | 74,261,000 |
| Corporate Development | Household Dwellings | 34,100 | 34,100 |
| Corporate Development | Farm Assets | 4,350,000,000 | 11,000,000,000 |
| Corporate Development | Auto-Credit Funds | 10,000,000 | 5,000,000,000 |
| Corporate Development | Construction Materials | 12,700,000 | 6,700,000 |

14 Annual Report The accompanying notes are an integral part of these financial statements.

bankforthepoint.com

TEMPLETON DEVELOPING MARKETS TRUST
SCHEDULE OF INVESTMENTS

| Investments | Heads, Restaurants & Leisure | 4,230,477 | 3,350,123 |
| --- | --- | --- | --- |
| Investments | Investments | 12,985,000 | 12,985,000 |
| Investments | Investments | 12,985,000 | 12,985,000 |
| Investments | Investments | 12,985,000 | 12,985,000 |
| Investments | Investments | 12,985,000 | 12,985,000 |

TEMPLETON DEVELOPING MARKETS TRUST

The actual partying notes are an integral part of these financial statements. Actual Report 14

COMPLETION DEVELOPING MARKETS TRUST

EXHIBIT 4C, 5/4/5/4C6/5

# Statement of Assets and Liabilities

December 31, 2022

| Commercial and other assets (except for assets not yet in the past or period) | Real Estate | 2,285,562 | 18,428,824 |
| --- | --- | --- | --- |
| Total assets and liabilities | Investments | 2,285,562 | 18,428,824 |
| Total assets and liabilities and liabilities | Investments | 2,285,562 | 18,428,824 |
| Total assets and liabilities and liabilities and liabilities | Investments | 2,285,562 | 18,428,824 |
| Total assets and liabilities and liabilities and liabilities | Investments | 2,285,562 | 18,428,824 |
| Total assets and liabilities and liabilities and liabilities | Investments | 2,285,562 |  |
| Total assets and liabilities and liabilities and liabilities | Investments | 2,285,562 |  |
| Total assets and liabilities and liabilities and liabilities | Investments | 2,285,562 |  |
| Total assets and liabilities and liabilities and liabilities | Investments | 2,285,562 |  |

28

Annual Report - The accompanying notes are an integral part of these financial statements.

E:\data\sum\sum\sum\sum\

TRAFFICTION DEVELOPING MARKETS TRUST
FINANCIAL STATEMENTS

# Statement of Assets and Liabilities

(continued)

December 31, 2023[{"box_2d": [27, 69, 467, 125], "label": "table", "caption": "

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |
| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| State of New York | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

<table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><tr><td>State of New York</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr

TEMPLETON DEVELOPING MARKETS TRUST

FINANCIAL STATEMENTS

# Statement of Operations

for the year ended December 31, 2022[{"box_2d": [25, 68, 467, 126], "label": "table", "caption": "

| Harry Kemp & Co. | Technology Hardware, Engineering & Equipment | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |
| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

| Philip Morris Incorporated | Research | 1,200,000,000 | Non-Oper. | 428 |
| --- | --- | --- | --- | --- |

<table><tr><td>Philip Morris Incorporated</td><td>Research</td><td>1,200,000,000</td><td>Non-Oper.</td><td>428</td></tr></table

22[{"box_2d": [25, 441, 36, 449], "label": "header_footer", "caption

TEMPLETON DEVELOPING MARKETS TRUST
FINANCIAL STATEMENTS

# Statements of Changes in Net Assets

| Accounting and Development | Discount, Equipment, Instruments & Services | Total Net Assets | Total Net Assets |
| --- | --- | --- | --- |
| Bank of New York | General | 1,000,000.00 | 1,000,000.00 |
| Bank of New York | General | 1,000,000.00 | 1,000,000.00 |
| Bank of New York | General | 1,000,000.00 | 1,000,000.00 |
| Bank of New York | General | 1,000,000.00 | 1,000,000.00 |
| Bank of New York | General | 1,000,000.00 |  |
| Bank of New York | General | 1,000,000.00 |  |
| Bank of New York | General | 1,000,000.00 |  |
| Bank of New York | General | 1,000,000.00 |  |

TEMPLETON DEVELOPING MARKETS TRUST

The accompanying notes are an integral part of these financial statements. Printed Report 21

TEMPLETON DEVELOPING MARKETS TRUST

# Notes to Financial Statements

1. **Organization and Significant Accounting Policies**

The Company's operations and significant accounting policies are not intended to be a significant investment in the financial statements. The Company's operations and significant accounting policies are based on the Company's operations and significant accounting policies. The Company's operations and significant accounting policies are based on the Company's operations and significant accounting policies.

24 Annual Report

Spa&Spa&Spa&Spa.com

TEMPLETON DEVELOPING MARKETS TRUST
NOTICE TO FINANCIAL STATEMENTS

Sec. 4. Organization and Significant Accounting Policies

Securities Purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

Securities purchased on a Delayed Delivery Basis

TEMPLETON DEVELOPING MARKETS TRUST

Annual Report 25

TEMPLETON DEVELOPING MARKETS TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies

The Commission has a number of the Fund's portfolio of financial statements and other information that are not available to the Company. The Fund's portfolio of financial statements and other information that are not available to the Company is not available to the Company's financial statements. The Fund's portfolio of financial statements and other information that are not available to the Company is not available to the Company's financial statements.

26 Annual Report

Syndicateings.com

TEMPLETON DEVELOPING MARKETS TRUST
NOTICE TO FINANCIAL STATEMENTS

# 2. Shares of Beneficial Interest

Note to the Company
The Company is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member

www.theregger.com

Annual Report 27

TEMPLETON DEVELOPING MARKETS TRUST
NOTES TO FINANCIAL STATEMENTS

# 3. Transactions with Affiliates

The following table shows the distribution of the total annual revenue of the company's total revenue. The annual revenue of the company's total revenue is 1,000,000. The annual revenue of the company's total revenue is 1,000,000.

The following table shows the distribution of the total annual revenue of the company's total revenue. The annual revenue of the company's total revenue is 1,000,000.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

The following table shows the distribution of the total annual revenue of the company's total revenue.

28 Annual Report

banknotesregister.com

TRAPLETON DEVELOPING MARKETS TRUST
NOTICE TO FINANCIAL STATEMENTS

# 3. Transactions with Affiliates

1. The 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of the 2013 Annual Report of

www.thaipak.com

Annual Report 24

TEMPLETON DEVELOPING MARKETS TRUST
NOTES TO FINANCIAL STATEMENTS

# 3. Transactions with Affiliates

The following table provides the information in a specific format:

20 Annual Report

franklinternight.com

TRAPLETON DEVELOPING MARKETS TRUST
NOTICE TO FINANCIAL STATEMENTS

# 4. Income Taxes

The following information is provided for the use of the Company's name and address. The Company's name and address is not to be used for any other purpose. The Company's name and address is not to be used for any other purpose.

www.treasury.com

Annual Report 21

TEMPLETON DEVELOPING MARKETS TRUST
NOTES TO FINANCIAL STATEMENTS

# 6. Concentration of Risk

The following table provides the information in a specific format:

22 | Annual Report | Tupddown.com

TRAFFICTION DEVELOPING MARKETS TRUST
NOTICE TO FINANCIAL STATEMENTS

# 9. Fair Value Measurements

The fair value measurements are based on the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of

www.thaimagazine.com

Annual Report 21

TOMPLETION DEVELOPING MARKETS TRUST
NOTES TO FINANCIAL STATEMENTS

# 11. Subsequent Events

The Board has set the current rate at 0.25% per year for Class A shares until further notice and approval by the Board.
For the future, the following terms of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

32 Annual Report 360000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

TEMPLETON DEVELOPING MARKETS TRUST

# Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Templeton Developing Markets Trust

# Division on the Financial Statements

SABOT, 2008, 4,000,000 18,000,000
A. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.

TEMPLETON DEVELOPING MARKETS TRUST

Annual Report 25

TEMPLETON DEVELOPING MARKETS TRUST

## Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding

cumulative year ended December 31, 2013. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice. The financial statements are subject to change without notice.

30 Annual Report

bankindia.com

TEMPLETON DEVELOPING MARKETS TRUST

## Board Members and Officers

The Board members and officers of the Board are responsible for the management of the Board's management. The responsibility is to express an opinion on the Board's management. The Board's management is a key element of the Board's management. The Board's management is a key element of the Board's management. The Board's management is a key element of the Board's management. The Board's management is a key element of the Board's management. The Board's management is a key element of the Board's management. The Board's management is a key element of the Board's management. The Board's management is a key element of the Board's management. The Board's management is a key element of the Board's management.

www.treadings.com

Annual Report 27

TEMPLETON DEVELOPING MARKETS TRUST

# Independent Board Members

(continued)

The 2014/2015 law audits of these financial statements in accordance with the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of

Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of

10. New Accounting Prominquisitions

20 Annual Report

franklinstrangelserv.com

TEMPLETON DEVELOPING MARKETS TRUST

# Independent Board Members

Surrender Holdings USA (holding company) ("Surrender") and accounting principles used and significant estimates made by management of independent board members. The independent board members are not responsible for any loss or damage to the business or the business of the company's business. The independent board members are not responsible for any loss or damage to the business or the business of the company's business. The independent board members are not responsible for any loss or damage to the business or the business of the company's business. The independent board members are not responsible for any loss or damage to the business or the business of the company's business. The independent board members are not responsible for any loss or damage to the business or the business of the company's business.

Surrender.com

Annual Report 28

COMPLETION DEVELOPING MARKETS TRUST

2023
**Interim Report on Members and Officers**
Home Company (processed foods and allied products) (1994-2023)
Principal Occupation During at Least the Past 5 Years
Source: Company's report on the following: (1) The following: (2) The following: (3) The following: (4) The following: (5) The following: (6) The following: (7) The following: (8) The following: (9) The following: (10) The following: (11) The following: (12) The following: (13) The following: (14) The following: (15) The following: (16) The following: (17) The following: (18) The following: (19) The following: (20) The following: (21) The following: (22) The following: (23) The following: (24) The following: (25) The following: (26) The following: (27) The following: (28) The following: (29) The following: (30) The following: (31) The following: (32) The following: (33) The following: (34) The following: (35) The following: (36) The following: (37) The following: (38) The following: (39) The following: (40) The following: (41) The following: (42) The following: (43) The following: (44) The following: (45) The following: (46) The following: (47) The following: (48) The following: (49) The following: (50) The following: (51) The following: (52) The following: (53) The following: (54) The following: (55) The following: (56) The following: (57) The following: (58) The following: (59) The following: (60) The following: (61) The following: (62) The following: (63) The following: (64) The following: (65) The following: (66) The following: (67) The following: (68) The following: (69) The following: (70) The following: (71) The following: (72) The following: (73) The following: (74) The following: (75) The following: (76) The following: (77) The following: (78) The following: (79) The following: (80) The following: (81) The following: (82) The following: (83) The following: (84) The following: (85) The following: (86) The following: (87) The following: (88) The following: (89) The following: (90) The following: (91) The following: (92) The following: (93) The following: (94) The following: (95) The following: (96) The following: (97) The following: (98) The following: (99) The following: (100)

48 Annual Report

fspdbdmmgblm.com

TEMPLETON DEVELOPING MARKETS TRUST

San Mateo, CA 93403-2006

# **The Uninformed Board Members and Officers**

The Uninformed Board Members and Officers

The Board Members and Officers of the United States are the members of the Board of Directors and of the United States. The Board of Directors and of the United States are the members of the Board of Directors and of the United States. The Board of Directors and of the United States are the members of the Board of Directors and of the United States. The Board of Directors and of the United States are the members of the Board of Directors and of the United States. The Board of Directors and of the United States are the members of the Board of Directors and of the United States. The Board of Directors and of the United States are the members of the Board of Directors and of the United States.

Branching (2006-2010)

http://www.legislation.gov

Annual Report

61

TEMPLETON DEVELOPING MARKETS TRUST

# Shareholder Information

The 2012 Index for Research and Development is a series of 2012 and major shareholder of Resources. The 2012 Index for Research and Development is a series of 2012 and major shareholder of Resources. The 2012 Index for Research and Development is a series of 2012 and major shareholder of Resources. The 2012 Index for Research and Development is a series of 2012 and major shareholder of Resources. The 2012 Index for Research and Development is a series of 2012 and major shareholder of Resources.

42 American Deposit 5000000000.com. Alternatively, shareholders may request copies of the Policies free of

The Franklin Templeton is a 1914-1918, and is a 1918-1922, and is a 1922-1926, and is a 1926-1930, and is a 1930-1934, and is a 1934-1938, and is a 1938-1942, and is a 1942-1946, and is a 1946-1950, and is a 1950-1954, and is a 1954-1958, and is a 1958-1962, and is a 1962-1966, and is a 1966-1970, and is a 1970-1974, and is a 1974-1978, and is a 1978-1982, and is a 1982-1986, and is a 1986-1990, and is a 1990-1994, and is a 1994-1998, and is a 1998-2002, and is a 2002-2006, and is a 2006-2010, and is a 2010-2014, and is a 2014-2018, and is a 2018-2022, and is a 2022-2026, and is a 2026-2030, and is a 2030-2034, and is a 2034-2038, and is a 2038-2042, and is a 2042-2046, and is a 2046-2050, and is a 2050-2054, and is a 2054-2058, and is a 2058-2062, and is a 2062-2066, and is a 2066-2070, and is a 2070-2074, and is a 2074-2078, and is a 2078-2082, and is a 2082-2086, and is a 2086-2090, and is a 2090-2094, and is a 2094-2098, and is a 2098-2102, and is a 2102-2106, and is a 2106-2110, and is a 2110-2114, and is a 2114-2118, and is a 2118-2122, and is a 2122-2126, and is a 2126-2130, and is a 2130-2134, and is a 2134-2138, and is a 2138-2142, and is a 2142-2146, and is a 2146-2150, and is a 2150-2154, and is a 2154-2158, and is a 2158-2162, and is a 2162-2166, and is a 2166-2170, and is a 2170-2174, and is a 2174-2178, and is a 2178-2182, and is a 2182-2186, and is a 2186-2190, and is a 2190-2194, and is a 2194-2198, and is a 2198-2202, and is a 2202-2206, and is a 2206-2210, and is a 2210-2214, and is a 2214-2218, and is a 2218-2222, and is a 2222-2226, and is a 2226-2230, and is a 2230-2234, and is a 2234-2238, and is a 2238-2242, and is a 2242-2246, and is a 2246-2250, and is a 2250-2254, and is a 2254-2258, and is a 2258-2262, and is a 2262-2266, and is a 2266-2270, and is a 2270-2274, and is a 2274-2278, and is a 2278-2282, and is a 2282-2286, and is a 2286-2290, and is a 2290-2294, and is a 2294-2298, and is a 2298-2302, and is a 2302-2306, and is a 2306-2310, and is a 2310-2314, and is a 2314-2318, and is a 2318-2322, and is a 2322-2326, and is a 2326-2330, and is a 2330-2334, and is a 2334-2338, and is a 2338-2342, and is a 2342-2346, and is a 2346-2350, and is a 2350-2354, and is a 2354-2358, and is a 2358-2362, and is a 2362-2366, and is a 2366-2370, and is a 2370-2374, and is a 2374-2378, and is a 2378-2382, and is a 2382-2386, and is a 2386-2390, and is a 2390-2394, and is a 2394-2398, and is a 2398-2402, and is a 2402-2406, and is a 2406-2410, and is a 2410-2414, and is a 2414-2418, and is a 2418-2422, and is a 2422-2426, and is a 2426-2430, and is a 2430-2434, and is a 2434-2438, and is a 2438-2442, and is a 2442-2446, and is a 2446-2450, and is a 2450-2454, and is a 2454-2458, and is a 2458-2462, and is a 2462-2466, and is a 2466-2470, and is a 2470-2474, and is a 2474-2478, and is a 2478-2482, and is a 2482-2486, and is a 2486-2490, and is a 2490-2494, and is a 2494-2498, and is a 2498-2502, and is a 2502-2506, and is a 2506-2510, and is a 2510-2514, and is a 2514-2518, and is a 2518-2522, and is a 2522-2526, and is a 2526-2530, and is a 2530-2534, and is a 2534-2538, and is a 2538-2542, and is a 2542-2546, and is a 2546-2550, and is a 2550-2554, and is a 2554-2558, and is a 2558-2562, and is a 2562-2566, and is a 2566-2570, and is a 2570-2574, and is a 2574-2578, and is a 2578-2582, and is a 2582-2586, and is a 2586-2590, and is a 2590-2594, and is a 2594-2598, and is a 2598-2602, and is a 2602-2606, and is a 2606-2610, and is a 2610-2614, and is a 2614-2618, and is a 2618-2622, and is a 2622-2626, and is a 2626-2630, and is a 2630-2634, and is a 2634-2638, and is a 2638-2642, and is a 2642-2646, and is a 2646-2650, and is a 2650-2654, and is a 2654-2658, and is a 2658-2662, and is a 2662-2666, and is a 2666-2670, and is a 2670-2674, and is a 2674-2678, and is a 2678-2682, and is a 2682-2686, and is a 2686-2690, and is a 2690-2694, and is a 2694-2698, and is a 2698-2702, and is a 2702-2706, and is a 2706-2710, and is a 2710-2714, and is a 2714-2718, and is a 2718-2722, and is a 2722-2726, and is a 2726-2730, and is a 2730-2734, and is a 2734-2738, and is a 2738-2742, and is a 2742-2746, and is a 2746-2750, and is a 2750-2754, and is a 2754-2758, and is a 2758-2762, and is a 2762-2766, and is a 2766-2770, and is a 2770-2774, and is a 2774-2778, and is a 2778-2782, and is a 2782-2786, and is a 2786-2790, and is a 2790-2794, and is a 2794-2798, and is a 2798-2802, and is a 2802-2806, and is a 2806-2810, and is a 2810-2814, and is a 2814-2818, and is a 2818-2822, and is a 2822-2826, and is a 2826-2830, and is a 2830-2834, and is a 2834-2838, and is a 2838-2842, and is a 2842-2846, and is a 2846-2850, and is a 2850-2854, and is a 2854-2858, and is a 2858-2862, and is a 2862-2866, and is a 2866-2870, and is a 2870-2874, and is a 2874-2878, and is a 2878-2882, and is a 2882-2886, and is a 2886-2890, and is a 2890-2894, and is a 2894-2898, and is a 2898-2902, and is a 2902-2906, and is a 2906-2910, and is a 2910-2914, and is a 2914-2918, and is a 2918-2922, and is a 2922-2926, and is a 2926-2930, and is a 2930-2934, and is a 2934-2938, and is a 2938-2942, and is a 2942-2946, and is a 2946-2950, and is a 2950-2954, and is a 2954-2958, and is a 2958-2962, and is a 2962-2966, and is a 2966-2970, and is a 2970-2974, and is a 2974-2978, and is a 2978-2982, and is a 2982-2986, and is a 2986-2990, and is a 2990-2994, and is a 2994-2998, and is a 2998-2002, and is a 2002-2006, and is a 2006-2010, and is a 2010-2014, and is a 2014-2018, and is a 2018-2022, and is a 2022-2026, and is a 2026-2030, and is a 2030-2034, and is a 2034-2038, and is a 2038-2042, and is a 2042-2046, and is a 2046-2050, and is a 2050-2054, and is a 2054-2058, and is a 2058-2062, and is a 2062-2066, and is a 2066-2070, and is a 2070-2074, and is a 2074-2078, and is a 2078-2082, and is a 2082-2086, and is a 2086-2090, and is a 2090-2094, and is a 2094-2098, and is a 2098-2102, and is a 2102-2106, and is a 2106-2110, and is a 2110-2114, and is a 2114-2118, and is a 2118-2122, and is a 2122-2126, and is a 2126-2130, and is a 2130-2134, and is a 2134-2138, and is a 2138-2142, and is a 2142-2146, and is a 2146-2150, and is a 2150-2154, and is a 2154-2158, and is a 2158-2162, and is a 2162-2166, and is a 2166-2170, and is a 2170-2174, and is a 2174-2178, and is a 2178-2182, and is a 2182-2186, and is a 2186-2190, and is a 2190-2194, and is a 2194-2198, and is a 2198-2202, and is a 2202-2206, and is a 2206-2210, and is a 2210-2214, and is a 2214-2218, and is a 2218-2222, and is a 2222-2226, and is a 2226-2230, and is a 2230-2234, and is a 2234-2238, and is a 2238-2242, and is a 2242-2246, and is a 2246-2250, and is a 2250-2254, and is a 2254-2258, and is a 2258-2262, and is a 2262-2266, and is a 2266-2270, and is a 2270-2274, and is a 2274-2278, and is a 2278-2282, and is a 2282-2286, and is a 2286-2290, and is a 2290-2294, and is a 2294-2298, and is a 2298-2302, and is a 2302-2306, and is a 2306-2310, and is a 2310-2314, and is a 2314-2318, and is a 2318-2322, and is a 2322-2326, and is a 2326-2330, and is a 2330-2334, and is a 2334-2338, and is a 2338-2342, and is a 2342-2346, and is a 2346-2350, and is a 2350-2354, and is a 2354-2358, and is a 2358-2362, and is a 2362-2366, and is a 2366-2370, and is a 2370-2374, and is a 2374-2378, and is a 2378-2382, and is a 2382-2386, and is a 2386-2390, and is a 2390-2394, and is a 2394-2398, and is a 2398-2402, and is a 2402-2406, and is a 2406-2410, and is a 2410-2414, and is a 2414-2418, and is a 2418-2422, and is a 2422-2426, and is a 2426-2430, and is a 2430-2434, and is a 2434-2438, and is a 2438-2442, and is a 2442-2446, and is a 2446-2450, and is a 2450-2454, and is a 2454-2458, and is a 2458-2462, and is a 2462-2466, and is a 2466-2470, and is a 2470-2474, and is a 2474-2478, and is a 2478-2482, and is a 2482-2486, and is a 2486-2490, and is a 2490-2494, and is a 2494-2498, and is a 2498-2502, and is a 2502-2506, and is a 2506-2510, and is a 2510-2514, and is a 2514-2518, and is a 2518-2522, and is a 2522-2526, and is a 2526-2530, and is a 2530-2534, and is a 2534-2538, and is a 2538-2542, and is a 2542-2546, and is a 2546-2550, and is a 2550-2554, and is a 2554-2558, and is a 2558-2562, and is a 2562-2566, and is a 2566-2570, and is a 2570-2574, and is a 2574-2578, and is a 2578-2582, and is a 2582-2586, and is a 2586-2590, and is a 2590-2594, and is a 2594-2598, and is a 2598-2602, and is a 2602-2606, and is a 2606-2610, and is a 2610-2614, and is a 2614-2618, and is a 2618-2622, and is a 2622-2626, and is a 2626-2630, and is a 2630-2634, and is a 2634-2638, and is a 2638-2642, and is a 2642-2646, and is a 2646-2650, and is a 2650-2654, and is a 2654-2658, and is a 2658-2662, and is a 2662-2666, and is a 2666-2670, and is a 2670-2674, and is a 2674-2678, and is a 2678-2682, and is a 2682-2686, and is a 2686-2690, and is a 2690-2694, and is a 2694-2698, and is a 2698-2702, and is a 2702-2706, and is a 2706-2710, and is a 2710-2714, and is a 2714-2718, and is a 2718-2722, and is a 2722-2726, and is a 2726-2730, and is a 2730-2734, and is a 2734-2738, and is a 2738-2742, and is a 2742-2746, and is a 2746-2750, and is a 2750-2754, and is a 2754-2758, and is a 2758-2762, and is a 2762-2766, and is a 2766-2770, and is a 2770-2774, and is a 2774-2778, and is a 2778-2782, and is a 2782-2786, and is a 2786-2790, and is a 2790-2794, and is a 2794-2798, and is a 2798-2802, and is a 2802-2806, and is a 2806-2810, and is a 2810-2814, and is a 2814-2818, and is a 2818-2822, and is a 2822-2826, and is a 2826-2830, and is a 2830-2834, and is a 2834-2838, and is a 2838-2842, and is a 2842-2846, and is a 2846-2850, and is a 2850-2854, and is a 2854-2858, and is a 2858-2862, and is a 2862-2866, and is a 2866-2870, and is a 2870-2874, and is a 2874-2878, and is a 2878-2882, and is a 2882-2886, and is a 2886-2890, and is a 2890-2894, and is a 2894-2898, and is a 2898-2902, and is a 2902-2906, and is a 2906-2910, and is a 2910-2914, and is a 2914-2918, and is a 2918-2922, and is a 2922-2926, and is a 2926-2930, and is a 2930-2934, and is a 2934-2938, and is a 2938-2942, and is a 2942-2946, and is a 2946-2950, and is a 2950-2954, and is a 2954-2958, and is a 2958-2962, and is a 2962-2966, and is a 2966-2970, and is a 2970-2974, and is a 2974-2978, and is a 2978-2982, and is a 2982-2986, and is a 2986-2990, and is a 2990-2994, and is a 2994-2998, and is a 2998-2002, and is a 2002-2006, and is a 2006-2010, and is a 2010-2014, and is a 2014-2018, and is a 2018-2022, and is a 2022-2026, and is a 2026-2030, and is a 2030-2034, and is a 2034-2038, and is a 2038-2042, and is a 2042-2046, and is a 2046-2050, and is a 2050-2054, and is a 2054-2058, and is a 2058-2062, and is a 2062-2066, and is a 2066-2070, and is a 2070-2074, and is a 2074-2078, and is a 2078-2082, and is a 2082-2086, and is a 2086-2090, and is a 2090-2094, and is a 2094-2098, and is a 2098-2102, and is a 2102-2106, and is a 2106-2110, and is a 2110-2114, and is a 2114-2118, and is a 2118-2122, and is a 2122-2126, and is a 2126-2130, and is a 2130-2134, and is a 2134-2138, and is a 2138-2142, and is a 2142-2146, and is a 2146-2150, and is a 2150-2154, and is a 2154-2158, and is a 2158-2162, and is a 2162-2166, and is a 2166-2170, and is a 2170-2174, and is a 2174-2178, and is a 2178-2182, and is a 2182-2186, and is a 2186-2190, and is a 2190-2194, and is a 2194-2198, and is a 2198-2202, and is a 2202-2206, and is a 2206-2210, and is a 2210-2214, and is a 2214-2218, and is a 2218-2222, and is a 2222-2226, and is a 2226-2230, and is a 2230-2234, and is a 2234-2238, and is a 2238-2242, and is a 2242-2246, and is a 2246-2250, and is a 2250-2254, and is a 2254-2258, and is a 2258-2262, and is a 2262-2266, and is a 2266-2270, and is a 2270-2274, and is a 2274-2278, and is a 2278-2282, and is a 2282-2286, and is a 2286-2290, and is a 2290-2294, and is a 2294-2298, and is a 2298-2302, and is a 2302-2306, and is a 2306-2310, and is a 2310-2314, and is a 2314-2318, and is a 2318-2322, and is a 2322-2326, and is a 2326-2330, and is a 2330-2334, and is a 2334-2338, and is a 2338-2342, and is a 2342-2346, and is a 2346-2350, and is a 2350-2354, and is a 2354-2358, and is a 2358-2362, and is a 2362-2366, and is a 2366-2370, and is a 2370-2374, and is a 2374-2378, and is a 2378-2382, and is a 2382-2386, and is a 2386-2390, and is a 2390-2394, and is a 2394-2398, and is a 2398-2402, and is a 2402-2406, and is a 2406-2410, and is a 2410-2414, and is a 2414-2418, and is a 2418-2422, and is a 2422-2426, and is a 2426-2430, and is a 2430-2434, and is a 2434-2438, and is a 2438-2442, and is a 2442-2446, and is a 2446-2450, and is a 2450-2454, and is a 2454-2458, and is a 2458-2462, and is a 2462-2466, and is a 2466-2470, and is a 2470-2474, and is a 2474-2478, and is a 2478-2482, and is a 2482-2486, and is a 2486-2490, and is a 2490-2494, and is a 2494-2498, and is a 2498-2502, and is a 2502-2506, and is a 2506-2510, and is a 2510-2514, and is a 2514-2518, and is a 2518-2522, and is a 2522-2526, and is a 2526-2530, and is a 2530-2534, and is a 2534-2538, and is a 2538-2542, and is a 2542-2546, and is a 2546-2550, and is a 2550-2554, and is a 2554-2558, and is a 2558-2562, and is a 2562-2566, and is a 2566-2570, and is a 2570-2574, and is a 2574-2578, and is a 2578-2582, and is a 2582-2586, and is a 2586-2590, and is a 2590-2594, and is a 2594-2598, and is a 2598-2602, and is a 2602-2606, and is a 2606-2610, and is a 2610-2614, and is a 2614-2618, and is a 2618-2622, and is a 2622-2626, and is a 2626-2630, and is a 2630-2634, and is a 2634-2638, and is a 2638-2642, and is a 2642-2646, and is a 2646-2650, and is a 2650-2654, and is a 2654-2658, and is a 2658-2662, and is a 2662-2666, and is a 2666-2670, and is a 2670-2674, and is a 2674-2678, and is a 2678-2682, and is a 2682-2686, and is a 2686-2690, and is a 2690-2694, and is a 2694-2698, and is a 2698-2702, and is a 2702-2706, and is a 2706-2710, and is a 2710-2714, and is a 2714-2718, and is a 2718-2722, and is a 2722-2726, and is a 2726-2730, and is a 2730-2734, and is a 2734-2738, and is a 2738-2742, and is a 2742-2746, and is a 2746-2750, and is a 2750-2754, and is a 2754-2758, and is a 2758-2762, and is a 2762-2766, and is a 2766-2770, and is a 2770-2774, and is a 2774-2778, and is a 2778-2782, and is a 2782-2786, and is a 2786-2790, and is a 2790-2794, and is a 2794-2798, and is a 2798-2802, and is a 2802-2806, and is a 2806-2810, and is a 2810-2814, and is a 2814-2818, and is a 2818-2822, and is a 2822-2826, and is a 2826-2830, and is a 2830-2834, and is a 2834-2838, and is a 2838-2842, and is a 2842-2846, and is a 2846-2850, and is a 2850-2854, and is a 2854-2858, and is a 2858-2862, and is a 2862-2866, and is a 2866-2870, and is a 2870-2874, and is a 2874-2878, and is a 2878-2882, and is a 2882-2886, and is a 2886-2890, and is a 2890-2894, and is a 2894-2898, and is a 2898-2902, and is a 2902-2906, and is a 2906-2910, and is a 2910-2914, and is a 2914-2918, and is a 2918-2922, and is a 2922-2926, and is a 2926-2930, and is a 2930-2934, and is a 2934-2938, and is a 2938-2942, and is a 2942-2946, and is a 2946-2950, and is a 2950-2954, and is a 2954-2958, and is a 2958-2962, and is a 2962-2966, and is a 2966-2970, and is a 2970-2974, and is a 2974-2978, and is a 2978-2982, and is a 2982-2986, and is a 2986-2990, and is a 2990-2994, and is a 2994-2998, and is a 2998-2002, and is a 2002-2006, and is a 2006-2010, and is a 2010-2014, and is a 2014-2018, and is a 2018-2022, and is a 2022-2026, and is a 2026-2030, and is a 2030-2034, and is a 2034-2038, and is a 2038-2042, and is a 2042-2046, and is a 2046-2050, and is a 2050-2054, and is a 2054-2058, and is a 2058-2062, and is a 2062-2066, and is a 2066-2070, and is a 2070-2074, and is a 2074-2078, and is a 2078-2082, and is a 2082-2086, and is a 2086-2090, and is a 2090-2094, and is a 2094-2098, and is a 2098-2102, and is a 2102-2106, and is a 2106-2110, and is a 2110-2114, and is a 2114-2118, and is a 2118-2122, and is a 2122-2126, and is a 2126-2130, and is a 2130-2134, and is a 2134-2138, and is a 2138-2142, and is a 2142-2146, and is a 2146-2150, and is a 2150-2154, and is a 2154-2158, and is a 2158-2162, and is a 2162-2166, and is a 2166-2170, and is a 2170-2174, and is a 2174-2178, and is a 2178-2182, and is a 2182-2186, and is a 2186-2190, and is a 2190-2194, and is a 2194-2198, and is a 2198-2202, and is a 2202-2206, and is a 2206-2210, and is a 2210-2214, and is a 2214-2218, and is a 2218-2222, and is a 2222-2226, and is a 2226-2230, and is a 2230-2234, and is a 2234-2238, and is a 2238-2242, and is a 2242-2246, and is a 2246-2250, and is a 2250-2254, and is a 2254-2258, and is a 2258-2262, and is a 2262-2266, and is a 2266-2270, and is a 2270-2274, and is a 2274-2278, and is a 2278-2282, and is a 2282-2286, and is a 2286-2290, and is a 2290-2294, and is a 2294-2298, and is a 2298-2302, and is a 2302-2306, and is a 2306-2310, and is a 2310-2314, and is a 2314-2318, and is a 2318-2322, and is a 2322-2326, and is a 2326-2330, and is a 2330-2334, and is a 2334-2338, and is a 2338-2342, and is a 2342-2346, and is a 2346-2350, and is a 2350-2354, and is a 2354-2358, and is a 2358-2362, and is a 2362-2366, and is a 2366-2370, and is a 2370-2374, and is a 2374-2378, and is a 2378-2382, and is a 2382-2386, and is a 2386-2390, and is a 2390-2394, and is a 2394-2398, and is a 2398-2402, and is a 2402-2406, and is a 2406-2410, and is a 2410-2414, and is a 2414-2418, and is a 2418-2422, and is a 2422-2426, and is a 2426-2430, and is a 2430-2434, and is a 2434-2438, and is a 2438-2442, and is a 2442-2446, and is a 2446-2450, and is a 2450-2454, and is a 2454-2458, and is a 2458-2462, and is a 2462-2466, and is a 2466-2470, and is a 2470-2474, and is a 2474-2478, and is a 2478-2482, and is a 2482-2486, and is a 2486-2490, and is a 2490-2494, and is a 2494-2498, and is a 2498-2502, and is a 2502-2506, and is a 2506-2510, and is a 2510-2514, and is a 2514-2518, and is a 2518-2522, and is a 2522-2526, and is a 2526-2530, and is a 2530-2534, and is a 2534-2538, and is a 2538-2542, and is a 2542-2546, and is a 2546-2550, and is a 2550-2554, and is a 2554-2558, and is a 2558-2562, and is a 2562-2566, and is a 2566-2570, and is a 2570-2574, and is a 2574-2578, and is a 2578-2582, and is a 2582-2586, and is a 2586-2590, and is a 2590-2594, and is a 2594-2598, and is a 2598-2602, and is a 2602-2606, and is a 2606-2610, and is a 2610-2614, and is a 2614-2618, and is a 2618-2622, and is a 2622-2626, and is a 2626-2630, and is a 2630-2634, and is a 2634-2638, and is a 2638-2642, and is a 2642-2646, and is a 2646-2650, and is a 2650-2654, and is a 2654-2658, and is a 2658-2662, and is a 2662-2666, and is a 2666-2670, and is a 2670-2674, and is a 2674-2678, and is a 2678-2682, and is a 2682-2686, and is a 2686-2690, and is a 2690-2694, and is a 2694-2698, and is a 2698-2702, and is a 2702-2706, and is a 2706-2710, and is a 2710-2714, and is a 2714-2718, and is a 2718-2722, and is a 2722-2726, and is a 2726-2730, and is a 2730-2734, and is a 2734-2738, and is a 2738-2742, and is a 2742-2746, and is a 2746-2750, and is a 2750-2754, and is a 2754-2758, and is a 2758-2762, and is a 2762-2766, and is a 2766-2770, and is a 2770-2774, and is a 2774-2778, and is a 2778-2782, and is a 2782-2786, and is a 2786-2790, and is a 2790-2794, and is a 2794-2798, and is a 2798-2802, and is a 2802-2806, and is a 2806-2810, and is a 2810-2814, and is a 2814-2818, and is a 2818-2822, and is a 2822-2826, and is a 2826-2830, and is a 2830-2834, and is a 2834-2838, and is a 2838-2842, and is a 2842-2846, and is a 2846-2850, and is a 2850-2854, and is a 2854-2858, and is a 2858-2862, and is a 2862-2866, and is a 2866-2870, and is a 2870-2874, and is a 2874-2878, and is a 2878-2882, and is a 2882-2886, and is a 2886-2890, and is a 2890-2894, and is a 2894-2898, and is a 2898-2902, and is a 2902-2906, and is a 2906-2910, and is a 2910-2914, and is a 2914-2918, and is a 2918-2922, and is a 2922-2926, and is a 2926-2930, and is a 2930-2934, and is a 2934-2938, and is a 2938-2942, and is a 2942-2946, and is a 2946-2950, and is a 2950-2954, and is a 2954-2958, and is a 2958-2962, and is a 2962-2966, and is a 2966-2970, and is a 2970-2974, and is a 2974-2978, and is a 2978-2982, and is a 2982-2986, and is a 2986-2990, and is a 2990-2994, and is a 2994-2998, and is a 2998-3002, and is a 3002-3006, and is a 3006-3010, and is a 3010-3014, and is a 3014-3018, and is a 3018-3022, and is a 3022-3026, and is a 3026-3030, and is a 3030-3034, and is a 3034-3038, and is a 3038-3042, and is a 3042-3046, and is a 3046-3050, and is a 3050-3054, and is a 3054-3058, and is a 3058-3062, and is a 3062-3066, and is a 3066-3070, and is a 3070-3074, and is a 3074-3078, and is a 3078-3082, and is a 3082-3086, and is a 3086-3090, and is a 3090-3094, and is a 3094-3098, and is a 3098-3102, and is a 3102-3106, and is a 3106-3110, and is a 3110-3114, and is a 3114-3118, and is a 3118-3122, and is a 3122-3126, and is a 3126-3130, and is a 3130-3134, and is a 3134-3138, and is a 3138-3142, and is a 3142-3146, and is a 3146-3150, and is a 3150-3154, and is a 3154-3158, and is a 3158-3162, and is a 3162-3166, and is a 3166-3170, and is a 3170-3174, and is a 3174-3178, and is a 3178-3182, and is a 3182-3186, and is a 3186-3190, and is a 3190-3194, and is a 3194-3198, and is a 3198-3202, and is a 3202-3206, and is a 3206-3210, and is a 3210-3214, and is a 3214-3218, and is a 3218-3222, and is a 3222-3226, and is a 3226-3230, and is a 3230-3234, and is a 3234-3238, and is a 3238-3242, and is a 3242-3246, and is a 3246-3250, and is a 3250-3254, and is a 3254-3258, and is a 3258-3262, and is a 3262-3266, and is a 3266-3270, and is a 3270-3274, and is a 3274-3278, and is a 3278-3282, and is a 3282-3286, and is a 3286-3290, and is a 3290-3294, and is a 3294-3298, and is a 3298-3302, and is a 3302-3306, and is a 3306-3310, and is a 3310-3314, and is a 3314-3318, and is a 3318-3322, and is a 3322-3326, and is a 3326-3330, and is a 3330-3334, and is a 3334-3338, and is a 3338-3342, and is a 3342-3346, and is a 3346-3350, and is a 3350-3354, and is a 3354-3358, and is a 3358-3362, and is a 3362-3366, and is a 3366-3370, and is a 3370-3374, and is a 3374-3378, and is a 3378-3382, and is a 3382-3386, and is a 3386-3390, and is a 3390-3394, and is a 3394-3398, and is a 3398-3402, and is a 3402-3406, and is a 3406-3410, and is a 3410-3414, and is a 3414-3418, and is a 3418-3422, and is a 3422-3426, and is a 3426-3430, and is a 3430-3434, and is a 3434-3438, and is a 3438-3442, and is a 3442-3446, and is a 3446-3450, and is a 3450-3454, and is a 3454-3458, and is a 3458-3462, and is a 3462-3466, and is a 3466-3470, and is a 3470-3474, and is a 3474-3478, and is a 3478-3482, and is a 3482-3486, and is a 3486-3490, and is a 3490-3494, and is a 3494-3498, and is a 3498-3502, and is a 3502-3506, and is a 3506-3510, and is a 3510-3514, and is a 3514-3518, and is a 3518-3522, and is a 3522-3526, and is a 3526-3530, and is a 3530-3534, and is a 3534-3538, and is a 3538-3542, and is a 3542-3546, and is a 3546-3550, and is a 3550-3554, and is a 3554-3558, and is a 3558-3562, and is a 3562-3566, and is a 3566-3570, and is a 3570-3574, and is a 3574-3578, and is a 3578-3582, and is a 3582-3586, and is a 3586-3590, and is a 3590-3594, and is a 3594-3598, and is a 3598-3602, and is a 3602-3606, and is a 3606-3610, and is a 3610-3614, and is a 3614-3618, and is a 3618-3622, and is a 3622-3626, and is a 3626-3630, and is a 3630-3634, and is a 3634-3638, and is a 3638-3642, and is a 3642-3646, and is a 3646-3650, and is a 3650-3654, and is a 3654-3658, and is a 3658-3662, and is a 3662-3666, and is a 3666-3670, and is a 3670-3674, and is a 3674-3678, and is a 3678-3682, and is a 3682-3686, and is a 3686-3690, and is a 3690-3694, and is a 3694-3698, and is a 3698-3702, and is a 3702-3706, and is a 3706-3710, and is a 3710-3714, and is a 3714-3718, and is a 3718-3722, and is a 3722-3726, and is a 3726-3730, and is a 3730-3734, and is a 3734-3738, and is a 3738-3742, and is a 3742-3746, and is a 3746-3750, and is a 3750-3754, and is a 3754-3758, and is a 3758-3762, and is a 3762-3766, and is a 3766-3770, and is a 3770-3774, and is a 3774-3778, and is a 3778-3782, and is a 3782-3786, and is a 3786-3790, and is a 3790-3794, and is a 3794-3798, and is a 3798-3802, and is a 3802-3806, and is a 3806-3810, and is a 3810-3814, and is a 3814-3818, and is a 3818-3822, and is a 3822-3826, and is a 3826-3830, and is a 3830-3834, and is a 3834-3838, and is a 3838-3842, and is a 3842-3846, and is a 3846-3850, and is a 3850-3854, and is a 3854-3858, and is a 3858-3862, and is a 3862-3866, and is a 3866-3870, and is a 3870-3874, and is a 3874-3878, and is a 3878-3882, and is a 3882-3886, and is a 3886-3890, and is a 3890-3894, and is a 3894-3898, and is a 3898-3902, and is a 3902-3906, and is a 3906-3910, and is a 3910-3914, and is a 3914-3918, and is a 3918-3922, and is a 3922-3926, and is a 3926-3930, and is a 3930-3934, and is a 3934-3938, and is a 3938-3942, and is a 3942-3946, and is a 3946-3950, and is a 3950-3954, and is a 3954-3958, and is a 3958-3962, and is a 3962-3966, and is a 3966-3970, and is a 3970-3974, and is a 3974-3978, and is a 3978-3982, and is a 3982-3986, and is a 3986-3990, and is a 3990-3994, and is a 3994-3998, and is a 3998-3002, and is a 3002-3506

© 2000 Franklin Templeton Investments, All rights reserved.

1114-0003

© 2000 Franklin Templeton Investments, All rights reserved.

1114-0003

© 2000 Franklin Templeton Investments, All rights reserved.

1114-0003

© 2000 Franklin Templeton Investments, All rights reserved.

1114-0003

© 2000 Franklin Templeton Investments, All rights reserved.

1114-0003

© 2000 Franklin Templeton Investments, All rights reserved.

1114-0003

© 2000 Franklin Templeton Investments, All rights reserved.

1114-0003[{"box_2d": [25, 489, 164, 499], "label": "text", "caption": "© 2000 Franklin Templeton

| 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) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 4. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 5. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 6. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 7. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 8. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 9. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 10. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 11. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 12. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 13. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 14. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 15. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 16. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 17. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 18. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 19. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 20. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 21. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 22. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 23. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 24. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 25. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 26. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 27. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 28. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 29. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 30. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 31. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 32. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 33. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 34. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 35. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 36. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 37. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 38. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 39. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 40. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 41. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 42. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 43. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 44. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 45. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 46. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 47. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 48. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 49. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 50. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 51. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 52. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 53. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 54. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 55. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 56. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 57. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 58. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 59. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 60. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 61. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 62. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 63. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 64. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 65. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 66. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 67. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 68. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 69. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 70. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 71. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 72. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 73. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 74. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 75. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 76. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 77. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 78. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 79. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 80. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 81. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 82. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 83. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 84. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 85. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 86. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 87. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 88. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 89. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 90. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 91. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 92. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 93. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 94. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 95. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 96. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 97. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 98. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 99. Audit Committee Financial Expert. |  |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (b) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 100. Audit Committee Financial Expert. |  |

Singapore 010067 Investment Management
Principal Investment Group of Least the Past 5 Years
One of the following: 1. The following: Investment Group of Least the Past 5 Years
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99. The following: Investment Group of Least the Past 5 Years
100. The following: Investment Group of Least the Past 5 Years

# **Principal Occupation During at Least the Past 5 Years**

Senior Associate General Counsel, Franklin Templeton, and officer of certain funds in the Franklin Templeton/Gugg-Mason fund complex.

**Householding of Reports and  
Aid of A. McClellan  
Funding for the  
Householding of Reports**

Vice President since  
2011 and Secretary  
since 2013

Not Applicable

We will receive, or receive notice of the availability of, the  
Fund's financial reports every six months. In addition, you  
will receive as an annual updated summary prospectus

# **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 (President) Limited, LLC, and others of respective firms in the Franklin Templeton/Gregg House fund complex.

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 householding, 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 should be able to enter where you are interested in the web ended 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
Templeton Asset Management Ltd.

Distributor
Franklin Distributors, LLC

Shareholder Services
(603) 622-2303

## Ex-99.Code

Code of Ethics for Principal Executives & Senior Financial Officers

---

| | |
|:---|:---|
| <br>**Procedures** | <br> Revised December 19, 2014 |

---

# FRANKLIN TEMPLETON FUNDS
**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS**

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers," each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 *\** 

Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments© 2014. All Rights Reserved.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business</u> <u>Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal</u> <u>Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

## 2
for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit personally to the detriment of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good faith;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report at least annually the following affiliations or other relationships:[<sup>1</sup>](#_bookmark0)

o

all directorships for public companies and all companies that are required to file reports with the SEC;

o

any direct or indirect business relationship with any independent directors of the FT Funds;

o

any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the firm's service as the Covered Persons accountant); and

o

any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include[<sup>2</sup>](#_bookmark1):

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private Company.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer

if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT's General Counsel in such situations.

## 3
· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any gifts in excess of $100 from any person, from any corporation or association.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of $1000.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the FT Fund's service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person thereof.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds' directors and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund's adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit B);

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notify Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of this

## 4
Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.[<sup>3</sup>](#_bookmark2) However, the Independent Directors of the respective FT Funds will consider any approvals or waivers[<sup>4</sup>](#_bookmark3) sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate any potential violations reported to the Legal Department;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any matter that the General Counsel or Deputy General Counsel believes is a violation will be reported to the Independent Directors of the appropriate FT Fund;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Independent Directors will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules.[<sup>5</sup>](#_bookmark4)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of

ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

See Part X.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of the Code is filed with the SEC as an exhibit to each Fund's annual report; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

# EXHIBIT A
Persons Covered by the Franklin Templeton Funds Code of Ethics

January 1, 2022

# FRANKLIN GROUP OF FUNDS
Edward Perks&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Rupert H. Johnson, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Michael McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Sonal Desai, Ph D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# FRANKLIN MUTUAL SERIES FUNDS
Christian K. Correa&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

# FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Brooks Ritchey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# TEMPLETON GROUP OF FUNDS
Rupert H. Johnson Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Manraj S. Sekhon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Michael Hasenstab, Ph.D. &nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Alan Bartlett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# Exhibit B ACKNOWLEDGMENT FORM

### Franklin Templeton Funds Code of Ethics
**For Principal Executives and Senior Financial Officers**

### Instructions:
1. &nbsp;&nbsp;&nbsp;&nbsp; Complete all sections of this form.

2. &nbsp;&nbsp;&nbsp;&nbsp; Print the completed form, sign, and date.

3. &nbsp;&nbsp;&nbsp;&nbsp; Submit completed form to FT's General Counsel c/o Code of Ethics Administration within 10 days of becoming a Covered Officer and by February 15th of each subsequent year.

**E-mail:&nbsp;&nbsp;&nbsp;&nbsp;** Code of Ethics Inquiries & Requests (internal address); lpreclear@franklintempleton.com (external address)

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

 ****

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Signature*** | &nbsp;&nbsp; ***Date signed*** |

---

## Ex-99.Cert

I, Matthew T. Hinkle, certify that:

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

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

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

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

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

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

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

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

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

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

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

2/27/2023

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Christopher Kings, certify that:

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

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

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

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

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

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

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

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

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

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

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

2/27/2023

S\CHRISTOPHER KINGS

Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

# OF THE SARBANES-OXLEY ACT OF 2002
I, Matthew T. Hinkle, Chief Executive Officer of the **Templeton Developing Markets Trust** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\MATTHEW T. HINKLE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

I, Christopher Kings, Chief Financial Officer of the **Templeton Developing Markets Trust** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\CHRISTOPHER KINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;