Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
711-Q3PH
1
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
Trust
2
Notes
to
Schedule
of
Investments
6
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
89.3%
Brazil
2.7%
a
Americanas
SA
..................
Internet
&
Direct
Marketing
Retail
1,378,747
$
4,340,618
a
TOTVS
SA
.....................
Software
83,041
451,887
Vale
SA
........................
Metals
&
Mining
1,346,229
17,981,336
a,b
XP,
Inc.,
A
......................
Capital
Markets
119,181
2,265,631
25,039,472
Cambodia
0.4%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
5,296,447
3,468,751
Chile
0.6%
b
Banco
Santander
Chile,
ADR
.......
Banks
371,400
5,203,314
China
26.8%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
4,768,179
47,583,274
a
Alibaba
Group
Holding
Ltd.,
ADR
....
Internet
&
Direct
Marketing
Retail
31,492
2,519,045
a
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
543,332
7,998,500
a,c
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
37,797,200
9,326,093
Chervon
Holdings
Ltd.
.............
Household
Durables
34,100
129,258
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
4,983,305
23,479,772
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
12,788,284
5,906,716
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
627,857
2,459,245
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
3,139,319
1,975,905
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
273,090
14,495,617
d
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
3,749,927
2,478,620
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
3,367,163
20,742,939
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
2,911,500
2,728,518
JD.com,
Inc.,
A
..................
Internet
&
Direct
Marketing
Retail
54,528
1,375,642
a
Keshun
Waterproof
Technologies
Co.
Ltd.,
A
.......................
Construction
Materials
3,458,625
4,617,117
Longshine
Technology
Group
Co.
Ltd.,
A
Software
739,115
2,220,977
NetEase
,
Inc.
...................
Entertainment
470,514
7,099,790
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
3,816,533
6,337,004
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
1,744,987
8,705,382
a
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
372,948
19,404,213
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
1,061,622
35,857,683
a,b
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
1,779,971
7,226,682
Uni
-President
China
Holdings
Ltd.
....
Food
Products
11,567,898
9,692,884
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Auto
Components
1,230,263
2,104,490
a,d
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
433,460
2,580,321
249,045,687
Hong
Kong
1.4%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
1,365,300
13,027,861
Hungary
0.8%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
436,594
7,475,770
India
12.3%
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
143,975
11,238,391
HDFC
Bank
Ltd.
.................
Banks
772,561
13,357,050
ICICI
Bank
Ltd.
..................
Banks
6,024,006
63,115,508
Infosys
Ltd.
.....................
IT
Services
571,004
9,767,877
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Tata
Consultancy
Services
Ltd.
......
IT
Services
237,999
$
8,704,185
a
Zomato
Ltd.
....................
Internet
&
Direct
Marketing
Retail
11,045,259
8,340,687
114,523,698
Indonesia
0.9%
Astra
International
Tbk
.
PT
.........
Automobiles
20,051,668
8,677,347
Mexico
2.3%
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
ADR
.................
Banks
3,726,457
19,004,931
a,d
Nemak
SAB
de
CV,
144A,
Reg
S
....
Auto
Components
8,826,866
1,941,560
20,946,491
Pakistan
0.1%
Habib
Bank
Ltd.
.................
Banks
3,424,757
1,046,645
Peru
0.5%
Intercorp
Financial
Services,
Inc.
.....
Banks
212,707
4,266,902
Philippines
0.3%
BDO
Unibank
,
Inc.
...............
Banks
1,411,517
2,668,116
Russia
0.0%
c
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
414,906
—
a,c
Sberbank
of
Russia
PJSC
..........
Banks
5,058,740
—
a,c,d
VK
Co.
Ltd.,
GDR,
Reg
S
..........
Interactive
Media
&
Services
134,941
—
a,c
Yandex
NV,
A
...................
Interactive
Media
&
Services
424,692
—
—
South
Africa
0.7%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
1,185,231
3,940,757
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
3,929,970
2,977,816
6,918,573
South
Korea
16.9%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
386,780
8,302,346
KT
Skylife
Co.
Ltd.
...............
Media
452,147
2,504,468
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
153,870
3,767,740
LG
Chem
Ltd.
...................
Chemicals
8,617
3,156,866
LG
Corp.
.......................
Industrial
Conglomerates
464,355
23,633,034
NAVER
Corp.
...................
Interactive
Media
&
Services
181,620
24,005,884
POSCO
Holdings,
Inc.
............
Metals
&
Mining
67,716
9,800,480
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,451,194
52,870,837
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
426,769
18,341,006
Soulbrain
Co.
Ltd.
................
Chemicals
81,798
9,973,400
156,356,061
Taiwan
14.7%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,930,224
6,167,012
MediaTek
,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
1,783,661
30,710,912
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
7,500,538
99,200,732
136,078,656
Thailand
2.4%
Kasikornbank
PCL
...............
Banks
3,150,973
11,933,694
Kiatnakin
Phatra
Bank
PCL
.........
Banks
2,196,220
3,970,009
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
9,182,907
2,564,559
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
See
Abbreviations
on
page
9
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
(continued)
Thai
Beverage
PCL
...............
Beverages
9,206,700
$
3,832,885
22,301,147
United
Kingdom
1.6%
Unilever
plc
.....................
Personal
Products
345,109
15,163,360
United
States
3.9%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
264,642
15,201,036
Genpact
Ltd.
....................
IT
Services
482,702
21,127,867
36,328,903
Total
Common
Stocks
(Cost
$874,729,070)
.....................................
828,536,754
a
Preferred
Stocks
8.0%
Brazil
8.0%
e
Banco
Bradesco
SA,
ADR,
3.21%
....
Banks
6,787,589
24,978,328
e
Itau
Unibanco
Holding
SA,
ADR,
3.02%
Banks
4,595,819
23,760,384
e
Petroleo
Brasileiro
SA,
38.6%
.......
Oil,
Gas
&
Consumable
Fuels
4,601,359
25,423,287
74,161,999
Total
Preferred
Stocks
(Cost
$81,850,689)
......................................
74,161,999
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,c
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
395,958
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$956,579,759)
...............................
902,698,753
Short
Term
Investments
3.2%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.2%
United
States
3.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
..........
30,030,274
30,030,274
Total
Money
Market
Funds
(Cost
$30,030,274)
..................................
30,030,274
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$30,030,274
)
................................
30,030,274
a
a
a
Total
Investments
(Cost
$986,610,033)
100.5%
..................................
$932,729,027
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(4,707,694)
Net
Assets
100.0%
...........................................................
$928,021,333
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
Templeton
Developing
Markets
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$7,000,501,
representing
0.8%
of
net
assets.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Developing
Markets
Trust
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
1.
Organization
Templeton
Developing
Markets
Trust (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
2. Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At September
30,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
Templeton
Developing
Markets
Trust
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
September
30,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
September
30,
2022,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Developing
Markets
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$
5,912,137
$
175,214,328
$
(151,096,191)
$
—
$
—
$
30,030,274
30,030,274
$
105,836
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$8,983,873
$(8,983,873)
$—
$—
$—
—
$45
Total
Affiliated
Securities
...
$5,912,137
$184,198,201
$(160,080,064)
$—
$—
$30,030,274
$105,881
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
25,039,472
$
—
$
—
$
25,039,472
Cambodia
............................
—
3,468,751
—
3,468,751
Chile
................................
5,203,314
—
—
5,203,314
China
...............................
24,241,344
215,478,250
9,326,093
249,045,687
Hong
Kong
...........................
—
13,027,861
—
13,027,861
Hungary
.............................
—
7,475,770
—
7,475,770
Templeton
Developing
Markets
Trust
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
September
30,
2022,
the
reconciliation
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
September
30,
2022,
are
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
India
................................
$
—
$
114,523,698
$
—
$
114,523,698
Indonesia
............................
—
8,677,347
—
8,677,347
Mexico
..............................
20,946,491
—
—
20,946,491
Pakistan
.............................
1,046,645
—
—
1,046,645
Peru
................................
4,266,902
—
—
4,266,902
Philippines
............................
—
2,668,116
—
2,668,116
Russia
...............................
—
—
—
a
—
South
Africa
...........................
—
6,918,573
—
6,918,573
South
Korea
..........................
—
156,356,061
—
156,356,061
Taiwan
...............................
—
136,078,656
—
136,078,656
Thailand
.............................
—
22,301,147
—
22,301,147
United
Kingdom
........................
—
15,163,360
—
15,163,360
United
States
..........................
36,328,903
—
—
36,328,903
Preferred
Stocks
........................
74,161,999
—
—
74,161,999
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
30,030,274
—
—
30,030,274
Total
Investments
in
Securities
...........
$221,265,344
$702,137,590
c
$9,326,093
$932,729,027
a
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the
Fund
had
little
or
no
value
at
September
30,
2022.
b
Includes
financial
instruments
determined
to
have
no
value
at
September
30,
2022.
c
Includes
foreign
securities
valued
at
$702,137,590,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
b
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
China
......
$
13,507,904
$
—
$
—
$
—
$
—
$
—
$
—
$
(4,181,81
1
)
$
9,326,09
3
$
(4,181,81
1
)
Russia
......
—
35,040,753
—
27,255,890
—
—
—
(62,296,643)
—
c
(62,296,643)
Escrows
and
Litigation
Trusts
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
.......
$13,507,904
$35,040,753
$—
$27,255,890
$—
$—
$—
$(66,478,454)
$9,326,093
$(66,478,454)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
c
Includes
financial
instruments
determined
to
have
no
value.
4. Fair
Value
Measurements
(continued)
Templeton
Developing
Markets
Trust
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.
Abbreviations
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Assets:
Investments
in
Securities:
Common
Stocks:
China
.....................
$9,326,093
Index
adjusted
Discount
0.0%
Decrease
Index
movement
-3.6%
Increase
All
Other
Investments
..........
—
b
Total
.......................
$9,326,093
a
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
b
Includes
securities
determined
to
have
no
value
at
September
30,
2022.
4. Fair
Value
Measurements
(continued)
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt