<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 878087
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 TEMPLETON DEVELOPING MARKETS TRUST
001 B000000 811-6378
001 C000000 3055277591
002 A000000 500 E BROWARD BLVD SUITE 2100
002 B000000 FT LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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007 C012100 21
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007 C012300 23
007 C012400 24
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007 C012600 26
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<PAGE> PAGE 2
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
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007 C017800 78
007 C017900 79
<PAGE> PAGE 3
007 C018000 80
008 A000001 TEMPLETON ASSET MANAGEMENT LTD
008 B000001 A
008 C000001 801-42353
008 D010001 HONG KONG
008 D050001 HONG KONG
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 B000001 8-31192
010 C010001 FT LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
011 A000001 FRANKLIN TEMPLETON DISTRIBUTORS INC
011 B000001 8-00000
011 C010001 ST PETERSBURG
011 C020001 FL
011 C030001 33701
011 C040001 3628
012 A000001 FRANKLIN TEMPLETON INVESTOR SERVICES INC
012 B000001 84-00000
012 C010001 ST PETERSBURG
012 C020001 FL
012 C030001 33701
012 C040001 3628
013 A000001 MC GLADREY & PULLEN LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
015 A000001 THE CHASE MANHATTAN BANK, N.A.
015 B000001 S
015 C010001 BUENOS AIRES
015 D010001 ARGENTINA
015 E040001 X
015 A000002 THE CHASE MANHATTAN BANK
015 B000002 S
015 C010002 NEW SOUTH WALES
015 D010002 AUSTRALIA
015 D020002 2000
015 E040002 X
015 A000003 CREDITANSTALT BANKVEREIN
015 B000003 S
015 C010003 VIENNA
015 D010003 AUSTRIA
015 D020003 A-1011
015 E040003 X
015 A000004 STANDARD CHARTERED BANK
015 B000004 S
015 C010004 DHAKA
015 D010004 BANGLADESH
015 D020004 1000
<PAGE> PAGE 4
015 E040004 X
015 A000005 GENERALE BANK
015 B000005 S
015 C010005 BRUSSELLS
015 D010005 BELGIUM
015 D020005 1000
015 E040005 X
015 A000006 BANCO CHASE MANHATTAN, S.A.
015 B000006 S
015 C010006 SAO PAULO
015 D010006 BRAZIL
015 D020006 04719-002
015 E040006 X
015 A000007 THE ROYAL BANK OF CANADA
015 B000007 S
015 C010007 TORONTO
015 D010007 CANADA
015 D020007 M5J 2J5
015 E040007 X
015 A000008 CANADA TRUST
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5J 2T2
015 E040008 X
015 A000009 CITITRUST COLUMBIA S.A.
015 B000009 S
015 C010009 SANTAFE DE BOGOTA
015 D010009 COLUMBIA
015 E040009 X
015 A000010 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000010 S
015 C010010 PRAHA
015 D010010 CZECH REPUBLIC
015 E040010 X
015 A000011 DEN DANSKE BANK
015 B000011 S
015 C010011 COPENHAGEN
015 D010011 DENMARK
015 E040011 X
015 A000012 NATIONAL BANK OF EGYPT
015 B000012 S
015 C010012 CAIRO
015 D010012 EGYPT
015 E040012 X
015 A000013 BANQUE GENERALE DU LUXEMBOURG SA
015 B000013 S
015 C010013 LUXEMBOURG
015 D010013 LUXEMBOURG
015 E040013 X
015 A000014 MERITA BANK KOP
<PAGE> PAGE 5
015 B000014 S
015 C010014 HELSINKI
015 D010014 FINLAND
015 E040014 X
015 A000015 BANQUE PARIBAS
015 B000015 S
015 C010015 PARIS
015 D010015 FRANCE
015 D020015 75078
015 E040015 X
015 A000016 CHASE BANK A.G.
015 B000016 S
015 C010016 FRANKFURT
015 D010016 GERMANY
015 D020016 60441
015 E040016 X
015 A000017 BARCLAYS BANK OF GHANA LTD
015 B000017 S
015 C010017 ACCRA
015 D010017 GHANA
015 E040017 X
015 A000018 BARCLAYS BANK PLC
015 B000018 S
015 C010018 ATHENS
015 D010018 GREECE
015 D020018 10562
015 E040018 X
015 A000019 THE CHASE MANHATTAN BANK, N.A.
015 B000019 S
015 C010019 HONG KONG
015 D010019 HONG KONG
015 E040019 X
015 A000020 CITIBANK BUDAPEST RT.
015 B000020 S
015 C010020 BUDAPEST
015 D010020 HUNGARY
015 D020020 1052
015 E040020 X
015 A000021 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000021 S
015 C010021 BOMBAY
015 D010021 INDIA
015 D020021 400 001
015 E040021 X
015 A000022 BARCLAYS BANK PLC
015 B000022 S
015 C010022 NICOSIA
015 D010022 CYPRUS
015 D020022 1644
015 E040022 X
015 A000023 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
<PAGE> PAGE 6
015 B000023 S
015 C010023 JAKARTA
015 D010023 INDONESIA
015 D020023 10023
015 E040023 X
015 A000024 BANK OF IRELAND
015 B000024 S
015 C010024 DUBLIN
015 D010024 IRELAND
015 D020024 1
015 E040024 X
015 A000025 BANK LEUMI LE ISRAEL B.M.
015 B000025 S
015 C010025 TEL AVIV
015 D010025 ISRAEL
015 D020025 61000
015 E040025 X
015 A000026 THE CHASE MANHATTAN BANK, N.A.
015 B000026 S
015 C010026 MILAN
015 D010026 ITALY
015 D020026 20121
015 E040026 X
015 A000027 THE FUJI BANK LTD
015 B000027 S
015 C010027 TOKYO
015 D010027 JAPAN
015 E040027 X
015 A000028 THE CHASE MANHATTAN BANK, N.A.
015 B000028 S
015 C010028 KUALA LUMPUR
015 D010028 MALAYSIA
015 D020028 50250
015 E040028 X
015 A000029 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000029 S
015 C010029 CUREPIPE
015 D010029 MAURITIUS
015 E040029 X
015 A000030 THE CHASE MANHATTAN BANK, S.A.
015 B000030 S
015 C010030 PB COLONIA SANTA FE
015 D010030 MEXICO
015 D020030 01210
015 E040030 X
015 A000031 BANQUE COMMERCIALE DU MAROC
015 B000031 S
015 C010031 CASABALANCA
015 D010031 MOROCCO
015 D020031 20000
015 E040031 X
<PAGE> PAGE 7
015 A000032 ABN AMRO N.V.
015 B000032 S
015 C010032 DE BREDA
015 D010032 NETHERLANDS
015 D020032 4800
015 E040032 X
015 A000033 NATIONAL NOMINEES LIMITED
015 B000033 S
015 C010033 AUCKLAND
015 D010033 NEW ZEALAND
015 E040033 X
015 A000034 DEN NORSKE BANK
015 B000034 S
015 C010034 OSLO
015 D010034 NORWAY
015 D020034 N-0107
015 E040034 X
015 A000035 CITIBANK N.A.
015 B000035 S
015 C010035 KARACHI
015 D010035 PAKISTAN
015 D020035 74200
015 E040035 X
015 A000036 DEUTSCHE BANK
015 B000036 S
015 C010036 KARACHI
015 D010036 PAKISTAN
015 E040036 X
015 A000037 CITIBANK, N.A.
015 B000037 S
015 C010037 LIMA
015 D010037 PERU
015 D020037 27
015 E040037 X
015 A000038 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000038 S
015 C010038 PASIG CITY
015 D010038 PHILIPPINES
015 E040038 X
015 A000039 BANK HANDLOWY W. WARSAWIE S.A.
015 B000039 S
015 C010039 WARSAW
015 D010039 POLAND
015 D020039 00-920
015 E040039 X
015 A000040 BANCO ESPIRITO SANTO & COMERCIAL DE LISBOA
015 B000040 S
015 C010040 LISBON
015 D010040 PORTUGAL
015 D020040 1200
015 E040040 X
<PAGE> PAGE 8
015 A000041 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000041 S
015 C010041 SHANGHAI
015 D010041 CHINA
015 E040041 X
015 A000042 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000042 S
015 C010042 SHENZHEN
015 D010042 CHINA
015 E040042 X
015 A000043 THE CHASE MANHATTAN BANK, N.A.
015 B000043 S
015 C010043 SINGAPORE
015 D010043 SINGAPORE
015 D020043 0104
015 E040043 X
015 A000044 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000044 S
015 C010044 BRATISLAVA
015 D010044 SLOVAK REPUBLIC
015 D020044 815 63
015 E040044 X
015 A000045 STANDARD CORPORATE AND MERCHANT BANK
015 B000045 S
015 C010045 JOHANNESBURG
015 D010045 SOUTH AFRICA
015 D020045 2001
015 E040045 X
015 A000046 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000046 S
015 C010046 SEOUL
015 D010046 SOUTH KOREA
015 E040046 X
015 A000047 THE CHASE MANHATTAN BANK, N.A.
015 B000047 S
015 C010047 MADRID
015 D010047 SPAIN
015 D020047 28046
015 E040047 X
015 A000048 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000048 S
015 C010048 COLOMBO
015 D010048 SRI LANKA
015 D020048 1
015 E040048 X
015 A000049 SKANDINAVISKA ENSKILDA BANKEN
015 B000049 S
015 C010049 STOCKHOLM
015 D010049 SWEDEN
015 D020049 S-106 40
015 E040049 X
<PAGE> PAGE 9
015 A000050 UNION BANK OF SWITZERLAND
015 B000050 S
015 C010050 ZURICH
015 D010050 SWITZERLAND
015 D020050 8021
015 E040050 X
015 A000051 THE CHASE MANHATTAN BANK, N.A.
015 B000051 S
015 C010051 BANGKOK
015 D010051 THAILAND
015 D020051 10500
015 E040051 X
015 A000052 THE CHASE MANHATTAN BANK, N.A.
015 B000052 S
015 C010052 ISTANBUL
015 D010052 TURKEY
015 D020052 80700
015 E040052 X
015 A000053 THE CHASE MANHATTAN BANK. N.A.
015 B000053 S
015 C010053 LONDON
015 D010053 UNITED KINGDOM
015 D020053 EC2P 2HD
015 E040053 X
015 A000054 THE FIRST NATIONAL BANK OF BOSTON
015 B000054 S
015 C010054 MONTEVIDEO
015 D010054 URUGUAY
015 E040054 X
015 A000055 THE CHASE MANHATTAN BANK, N.A.
015 B000055 C
015 C010055 NEW YORK
015 C020055 NY
015 C030055 10081
015 E010055 X
015 A000056 CITIBANK N.A.
015 B000056 S
015 C010056 CARACAS
015 D010056 VENEZUELA
015 D020056 1010
015 E040056 X
015 A000057 BARCLAYS BANK OF ZAMBIA
015 B000057 S
015 C010057 LUSAKA
015 D010057 ZAMBIA
015 E040057 X
015 A000058 BARCLAYS BANK OF ZIMBABWE
015 B000058 S
015 C010058 HARARE
015 D010058 ZIMBABWE
015 E040058 X
<PAGE> PAGE 10
015 A000059 THE BRITISH BANK OF THE MIDDLE EAST
015 B000059 S
015 C010059 RUWL,MUSCAT
015 D010059 OMAN
015 E040059 X
015 A000060 STANBIC BANK SWAZILAND LTD
015 B000060 S
015 C010060 MBABANC
015 D010060 SWAZILAND
015 E040060 X
015 A000061 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000061 S
015 C010061 GABORONE
015 D010061 BOTSWANA
015 E040061 X
015 A000062 BARCLAYS BANK OF KENYA
015 B000062 S
015 C010062 NAIROBI
015 D010062 KENYA
015 E040062 X
015 A000063 CHASE MANHATTAN BANK INTERNATIONAL (CMBI)
015 B000063 S
015 C010063 MOSCOW
015 D010063 RUSSIA
015 D020063 125047
015 E040063 X
015 A000064 THE CHASE MANHATTAN BANK
015 B000064 S
015 C010064 TAIPEI
015 D010064 TAIWAN
015 E040064 X
015 A000065 CITIBANK, N.A.
015 B000065 S
015 C010065 QUITO
015 D010065 ECUADOR
015 E040065 X
015 A000066 STANDARD BANK NAMIBID LTD
015 B000066 S
015 C010066 WINDHOCK
015 D010066 NAMBIA
015 E040066 X
015 A000067 CEDEL BANK, S.A.
015 B000067 S
015 C010067 LUXEMBOURG
015 D010067 LUXEMBOURG
015 E040067 X
015 A000068 FIRST CHICAGO CLEANING CENTRE
015 B000068 S
015 C010068 LONDON
015 D010068 UNITED KINGDOM
015 D020068 EC3A1AA
<PAGE> PAGE 11
015 E040068 X
015 A000069 AUSTRADEAR RESERVE BANK
015 B000069 S
015 C010069 SYDNEY
015 D010069 AUSTRALIA
015 E040069 X
018 000000 Y
019 A000000 Y
019 B000000 212
019 C000000 FRNKTEMGRP
020 A000001 MORGAN GRENFELL
020 B000001 INDONESIA
020 C000001 691
020 A000002 PEREGRINE BROKERAGE INC
020 B000002 13-3580644
020 C000002 678
020 A000003 MAXWELL ESPINOSA
020 B000003 SPAIN
020 C000003 473
020 A000004 ACCIONES Y VALORES
020 B000004 MEXICO
020 C000004 414
020 A000005 BARING SECURITIES
020 B000005 POLAND
020 C000005 353
020 A000006 BANCARAS CASA DE BOLSA
020 B000006 VENEZUELA
020 C000006 336
020 A000007 ARAB MALAYSIAN SECURITIES
020 B000007 MALAYSIA
020 C000007 223
020 A000008 PRABHUDAS LILLADHER
020 B000008 INDONESIA
020 C000008 214
020 A000009 SASSOON SECURITIES
020 B000009 SINGAPORE
020 C000009 194
020 A000010 NOMURA
020 B000010 U.K.
020 C000010 191
021 000000 7221
022 A000001 CHASE MANHATTAN BANK
022 B000001 13-2633612
022 C000001 2329803
022 D000001 830769
022 A000002 BANCARAS CASA DE BOLSA
022 B000002 VENEZUELA
022 C000002 37535
022 D000002 66130
022 A000003 LG SECURITIES
022 B000003 KOREA
<PAGE> PAGE 12
022 C000003 10595
022 D000003 0
022 A000004 ATON INVESTMENT
022 B000004 RUSSIA
022 C000004 10216
022 D000004 180
022 A000005 MERRILL LYNCH
022 B000005 HONG KONG
022 C000005 8826
022 D000005 1557
022 A000006 SALOMON BROTHERS
022 B000006 13-3082694
022 C000006 9966
022 D000006 0
022 A000007 NOMURA INTERNATIONAL
022 B000007 HONG KONG
022 C000007 2711
022 D000007 5977
022 A000008 BARING SECURITIES LTD
022 B000008 04-2455153
022 C000008 8638
022 D000008 0
022 A000009 TEMPLETON EMERGING MARKETS ASIA
022 B000009 LUXEMBOURG
022 C000009 7070
022 D000009 535
022 A000010 HYUNDAI SECURITIES
022 B000010 S. KOREA
022 C000010 7327
022 D000010 0
023 C000000 2468846
023 D000000 908074
024 000000 Y
025 A000001 PEREGRINE INVESTMENT HOLDINGS
025 B000001 13-3580644
025 C000001 E
025 D000001 4034
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<PAGE> PAGE 13
026 G020000 N
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<PAGE> PAGE 14
042 C000000 0
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<PAGE> PAGE 15
054 M000000 Y
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070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
<PAGE> PAGE 16
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1182991
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072 N000000 433
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072 R000000 54
072 S000000 11
<PAGE> PAGE 17
072 T000000 9874
072 U000000 0
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072 W000000 87
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<PAGE> PAGE 18
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 130000
081 A000000 Y
081 B000000 211
082 A000000 Y
082 B000000 100
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085 B000000 N
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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, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000878087
<NAME> TEMPLETON DEVELOPING MARKETS TRUST CLASS I
<SERIES>
<NUMBER> 001
<NAME> CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 3102419601
<INVESTMENTS-AT-VALUE> 3531735496
<RECEIVABLES> 20029196
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2091895
<TOTAL-ASSETS> 3553856587
<PAYABLE-FOR-SECURITIES> 7297985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11176940
<TOTAL-LIABILITIES> 18474925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3090123133
<SHARES-COMMON-STOCK> 214864523
<SHARES-COMMON-PRIOR> 165080709
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1516948)
<ACCUMULATED-NET-GAINS> 17459582
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 429315895
<NET-ASSETS> 3535381662
<DIVIDEND-INCOME> 75169266
<INTEREST-INCOME> 20802310
<OTHER-INCOME> 0
<EXPENSES-NET> 62214650
<NET-INVESTMENT-INCOME> 33756926
<REALIZED-GAINS-CURRENT> 84667850
<APPREC-INCREASE-CURRENT> 446213767
<NET-CHANGE-FROM-OPS> 564638543
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (35848921)
<DISTRIBUTIONS-OF-GAINS> (69400180)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81183040
<NUMBER-OF-SHARES-REDEEMED> (37415543)
<SHARES-REINVESTED> 6016317
<NET-CHANGE-IN-ASSETS> 1346705605
<ACCUMULATED-NII-PRIOR> 2196486
<ACCUMULATED-GAINS-PRIOR> 6537420
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37609530
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62214650
<AVERAGE-NET-ASSETS> 2866505825
<PER-SHARE-NAV-BEGIN> 13.01
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 2.75
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.34)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.40
<EXPENSE-RATIO> 2.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON DEVELOPING MARKETS TRUST DECEMBER 31, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000878087
<NAME> TEMPLETON DEVELOPING MARKETS TRUST CLASS II
<SERIES>
<NUMBER> 002
<NAME> CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 3102419601
<INVESTMENTS-AT-VALUE> 3531735496
<RECEIVABLES> 20029196
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2091895
<TOTAL-ASSETS> 3553856587
<PAYABLE-FOR-SECURITIES> 7297985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11176940
<TOTAL-LIABILITIES> 18474925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3090123133
<SHARES-COMMON-STOCK> 14845210
<SHARES-COMMON-PRIOR> 3167973
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1516948)
<ACCUMULATED-NET-GAINS> 17459582
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 429315895
<NET-ASSETS> 3535381662
<DIVIDEND-INCOME> 75169266
<INTEREST-INCOME> 20802310
<OTHER-INCOME> 0
<EXPENSES-NET> 62214650
<NET-INVESTMENT-INCOME> 33756926
<REALIZED-GAINS-CURRENT> 84667850
<APPREC-INCREASE-CURRENT> 446213767
<NET-CHANGE-FROM-OPS> 564638543
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1497658)
<DISTRIBUTIONS-OF-GAINS> (4469289)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12543242
<NUMBER-OF-SHARES-REDEEMED> (1194443)
<SHARES-REINVESTED> 328438
<NET-CHANGE-IN-ASSETS> 1346705605
<ACCUMULATED-NII-PRIOR> 2196486
<ACCUMULATED-GAINS-PRIOR> 6537420
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37609530
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62214650
<AVERAGE-NET-ASSETS> 142256594
<PER-SHARE-NAV-BEGIN> 12.95
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 2.60
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.34)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.27
<EXPENSE-RATIO> 2.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005-1208
Telephone: (202) 626-3300
Fax: (202) 626-3334
February 21, 1997
Templeton Developing Markets Trust
700 Central Avenue
St. Petersburg, Florida 33701
Dear Sir or Madam:
As counsel for Templeton Developing Markets Trust (the "Trust") during
the fiscal year ended December 31, 1996, we are familiar with the registration
of the Trust under the Investment Company Act of 1940 (File No. 811-6378) and
the registration statement relating to its shares of beneficial interest (the
"Shares") under the Securities Act of 1933 (File No. 33-42163)(the "Registration
Statement"). We also have examined such other Trust records, agreements,
documents and instruments as we deemed appropriate.
Based upon the foregoing, it is our opinion with respect to the
100,071,037 Shares the registration of which is being made definite by the
Notice pursuant to Rule 24f-2 under the Investment Company Act of 1940
("Notice") being filed by the Trust for its fiscal year ended December 31, 1996,
assuming such Shares were sold at the public offering price and delivered by the
Trust against receipt of the net asset value of the Shares in compliance with
the terms of the Registration Statement and the requirements of applicable law,
that such Shares were, when sold, duly and validly authorized, legally and
validly issued, and fully paid, and non-assessable by the Trust.
We consent to the filing of this opinion in connection with the Notice
for the fiscal year ended December 31, 1996 pursuant to Rule 24f-2 under the
Investment Company Act of 1940 to be filed on behalf of the Trust with the
Securities and Exchange Commission.
Very truly yours,
/s/ DECHERT PRICE & RHOADS
