<PAGE> PAGE 1
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001 A000000 TEMPLETON DEVELOPING MARKETS TRUST
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011 C030001 33701
011 C040001 3628
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<PAGE> PAGE 2
012 B000001 84-00000
012 C010001 ST PETERSBURG
012 C020001 FL
012 C030001 33701
012 C040001 3628
013 A000001 MC GLADREY & PULLEN
013 B010001 NEW YORK
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015 B000002 S
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015 D010002 ARGENTINA
015 E040002 X
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015 B000003 S
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<PAGE> PAGE 3
015 C010008 TORONTO
015 D010008 CANADA
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015 E040008 X
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015 B000009 S
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015 E040010 X
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015 B000011 S
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015 D020011 75078
015 E040011 X
015 A000012 CHASE BANK AG
015 B000012 S
015 C010012 FRANKFORT
015 D010012 GERMANY
015 E040012 X
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015 B000013 S
015 C010013 ATHENS
015 D010013 GREECE
015 E040013 X
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015 B000014 S
015 C010014 HONG KONG
015 D010014 HONG KONG
015 E040014 X
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015 B000015 S
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015 D010015 INDONESIA
015 D020015 10023
015 E040015 X
015 A000016 BANK OF IRELAND
015 B000016 S
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015 D010016 IRELAND
015 E040016 X
015 A000017 CHASE MANHATTAN BANK NA
015 B000017 S
015 C010017 MILAN
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<PAGE> PAGE 4
015 A000018 CHASE MANHATTAN BANK NA
015 B000018 S
015 C010018 TOKYO
015 D010018 JAPAN
015 D020018 100
015 E040018 X
015 A000019 CHASE MANHATTAN BANK NA
015 B000019 S
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015 B000020 S
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015 E040022 X
015 A000023 DEN NORSKE BANK
015 B000023 S
015 C010023 OLSO
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015 A000024 THE HONGKONG AND SHANGHAI BANKING CORP
015 B000024 S
015 C010024 MANILA
015 D010024 PHILIPPINES
015 E040024 X
015 A000025 BANK HANDLOWY W WARSAWIE SA
015 B000025 S
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015 A000026 THE HONGKONG AND SHANGHAI BANKING CORP
015 B000026 S
015 C010026 SHANGHAI
015 D010026 CHINA
015 E040026 X
015 A000027 THE HONGKONG AND SHANGHAI BANKING CORP
015 B000027 S
015 C010027 SHENZHEN
<PAGE> PAGE 5
015 D010027 CHINA
015 E040027 X
015 A000028 CITIBANK NA
015 B000028 S
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015 D010028 PERU
015 E040028 X
015 A000029 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000029 S
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015 B000030 S
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015 B000031 S
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015 E040035 X
015 A000036 CHASE MANHATTAN BANK
015 B000036 S
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<PAGE> PAGE 6
015 E040036 X
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015 B000038 S
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015 E040045 X
015 A000046 RESERVE BANK (AUST)
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<PAGE> PAGE 7
015 A000047 THE FIRST NATIONAL BANK OF BOSTON
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE JAMES R BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON DEVELOPING MARKETS TRUST, DECEMBER 31, 1994 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000878087
<NAME> DEVLOPING MARKETS TRUST
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1950942822
<INVESTMENTS-AT-VALUE> 2001488559
<RECEIVABLES> 26355700
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1479479
<TOTAL-ASSETS> 2029323738
<PAYABLE-FOR-SECURITIES> 5797395
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14372155
<TOTAL-LIABILITIES> 20169550
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1949605192
<SHARES-COMMON-STOCK> 149707251
<SHARES-COMMON-PRIOR> 91462192
<ACCUMULATED-NII-CURRENT> 2848467
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6154792
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50545737
<NET-ASSETS> 2009154188
<DIVIDEND-INCOME> 30035368
<INTEREST-INCOME> 29512490
<OTHER-INCOME> 0
<EXPENSES-NET> 39347928
<NET-INVESTMENT-INCOME> 20199930
<REALIZED-GAINS-CURRENT> 56154084
<APPREC-INCREASE-CURRENT> (253449533)
<NET-CHANGE-FROM-OPS> 177095519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17351463)
<DISTRIBUTIONS-OF-GAINS> (59144627)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 84733238
<NUMBER-OF-SHARES-REDEEMED> (31092171)
<SHARES-REINVESTED> 4603992
<NET-CHANGE-IN-ASSETS> 612762376
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9145335
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39347928
<AVERAGE-NET-ASSETS> 1865818314
<PER-SHARE-NAV-BEGIN> 15.27
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> (1.44)
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 2.11
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</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees and Shareholders
Templeton Developing Markets Trust
In planning and performing our audit of the financial statements of Templeton
Developing Markets Trust for the year ended December 31, 1994, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Templeton Developing Markets Trust, is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluat-
ion of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguard-
ing securities, that we consider to be material weaknesses as defined above
as of December 31, 1994.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/MCGLADREY & PULLEN, LLP
McGladrey & Pullen, LLP
New York, New York
February 3, 1995
