PAGE
PAGE 1
000 B000000 12/31/98
000 C000000 878087
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 TEMPLETON DEVELOPING MARKETS TRUST
001 B000000 811-6378
001 C000000 9545277591
002 A000000 500 E BROWARD BLVD SUITE 2100
002 B000000 FT LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
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007 C010300 3
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007 C010700 7
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007 C010900 9
007 C011000 10
PAGE
PAGE 2
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 33716
011 C040001 1205
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES,INC.
012 B000001 84-00000
012 C010001 ST PETERSBURG
012 C020001 FL
012 C030001 33716
012 C040001 1205
013 A000001 MCGLADREY & PULLEN, LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
015 A000001 THE CHASE MANHATTAN BANK
015 B000001 S
015 C010001 BUENOS AIRES
015 D010001 ARGENTINA
015 D020001 1061
015 E040001 X
015 A000002 THE CHASE MANHATTAN BANK
015 B000002 S
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015 D010002 AUSTRALIA
015 D020002 2000
015 E040002 X
PAGE
PAGE 3
015 A000003 BANK AUSTRIA AG
015 B000003 S
015 C010003 VIENNA
015 D010003 AUSTRIA
015 D020003 A-1011
015 E040003 X
015 A000004 STANDARD CHARTERED BANK
015 B000004 S
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015 A000009 CITITRUST COLUMBIA S.A.
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015 B000010 S
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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
PAGE
PAGE 4
015 D020013 L-2951
015 E040013 X
015 A000014 MERITA BANK LTD
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
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015 A000016 DRESDNER BANK A.G.
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015 A000017 BARCLAYS BANK OF GHANA LTD
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015 B000020 S
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015 A000021 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 A000022 BARCLAYS BANK PLC
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PAGE
PAGE 5
015 E040022 X
015 A000023 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000023 S
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015 A000026 BANQUE PARIBAS
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015 A000028 THE CHASE MANHATTAN BANK
015 B000028 S
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015 A000030 THE CHASE MANHATTAN BANK, S.A.
015 B000030 S
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015 A000031 BANQUE COMMERCIALE DU MAROC S.A.
015 B000031 S
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PAGE
PAGE 6
015 D020031 20000
015 E040031 X
015 A000032 ABN AMRO N.V.
015 B000032 S
015 C010032 DE BREDA
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015 A000034 DEN NORSKE BANK
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015 A000037 CITIBANK, N.A.
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PAGE
PAGE 7
015 D010041 CHINA
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015 A000042 THE HONGKONG & SHANGHAI BANKING CORP. LTD
015 B000042 S
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015 D010042 CHINA
015 E040042 X
015 A000043 STANDARD CHARTERED BANK
015 B000043 S
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015 A000044 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
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015 A000045 THE STANDARD BANK OF SOUTH AFRICA, LTD
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015 A000046 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 A000048 THE HONGKONG & SHANGHAI BANKING CORP LTD.
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015 E040048 X
015 A000049 SKANDINAVISKA ENSKILDA BANKEN
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015 E040049 X
015 A000050 UNION BANK OF SWITZERLAND
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015 C010050 ZURICH
PAGE
PAGE 8
015 D010050 SWITZERLAND
015 D020050 8021
015 E040050 X
015 A000051 THE CHASE MANHATTAN BANK
015 B000051 S
015 C010051 BANGKOK
015 D010051 THAILAND
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015 E040051 X
015 A000052 THE CHASE MANHATTAN BANK
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015 A000053 THE CHASE MANHATTAN BANK
015 B000053 S
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015 D010053 UNITED KINGDOM
015 D020053 EC2N 4AJ
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015 A000054 BANKBOSTON N.A.
015 B000054 S
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015 D020054 1463
015 E040054 X
015 A000055 THE CHASE MANHATTAN BANK
015 B000055 C
015 C010055 NEW YORK
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015 A000056 CITIBANK N.A.
015 B000056 S
015 C010056 CARACAS
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015 A000057 BARCLAYS BANK OF ZAMBIA LIMITED
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015 A000058 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B000058 S
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PAGE
PAGE 9
015 C010059 MUSCAT
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015 A000060 STANBIC BANK SWAZILAND LTD
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015 A000061 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000061 S
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015 A000063 CHASE MANHATTAN BANK INTERNATIONAL (CMBI)
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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
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015 A000066 STANDARD BANK NAMIBIA LTD
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015 A000067 CEDEL BANK, S.A.
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015 C010067 LUXEMBOURG
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015 A000068 FIRST NATIONAL BANK OF CHICAGO
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015 D010068 UNITED KINGDOM
015 D020068 NW1 3FN
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PAGE
PAGE 10
015 B000069 S
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015 D010069 BELGIUM
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015 E040069 X
015 A000070 BRITISH BANK OF THE MIDDLE EAST
015 B000070 S
015 C010070 MANAMA
015 D010070 BAHRAIN
015 E040070 X
015 A000071 ARAB BANK LIMITED
015 B000071 S
015 C010071 SHMEISANI
015 D010071 JORDAN
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015 A000072 THE BRITISH BANK OF THE MIDDLE EAST
015 B000072 S
015 C010072 RAS-BEIRUT
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015 E040072 X
015 A000073 THE BANK OF BERMUDA LTD
015 B000073 S
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015 D020073 HMDX
015 E040073 X
015 A000074 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B000074 S
015 C010074 ABIDJAN
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015 D020074 01
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015 A000075 ING BANK N.V.
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015 C010075 BUCHAREST
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015 A000076 BANK AUSTRIA D.D. LJUBLJANA
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015 D020076 SL-61104
015 E040076 X
015 A000077 CITIBANK N.A.
015 B000077 S
015 C010077 SAO PAULO
015 D010077 BRAZIL
015 D020077 SP 01311-920
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015 A000078 ING BANK N.V.
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PAGE
PAGE 11
015 C010078 SOFIA
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018 000000 Y
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PAGE
PAGE 12
022 A000004 MERRILL LYNCH
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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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PAGE
PAGE 16
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PAGE
PAGE 17
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PAGE
PAGE 18
075 B000000 3247636
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SIGNATURE /s/JAMES R. BAIO
James R. Baio
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Templeton Developing Markets Trust Fund December 31, 1998, Annual Report
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878087
<NAME> TEMPLETON DEVELOPING MARKETS TRUST
<SERIES>
<NUMBER> 001
<NAME>TEMPLETON DEVELOPING MARKETS TRUST - CLASS I
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3630183512
<INVESTMENTS-AT-VALUE> 2609190514
<RECEIVABLES> 33700892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2642891406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59854974
<TOTAL-LIABILITIES> 59854974
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2823187391
<SHARES-COMMON-STOCK> 211001257
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (925071)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (218232890)
<ACCUM-APPREC-OR-DEPREC> (1020992998)
<NET-ASSETS> 2583036432
<DIVIDEND-INCOME> 89510469
<INTEREST-INCOME> 24723250
<OTHER-INCOME> 0
<EXPENSES-NET> (70541907)
<NET-INVESTMENT-INCOME> 43691812
<REALIZED-GAINS-CURRENT> (109871525)
<APPREC-INCREASE-CURRENT> (707091116)
<NET-CHANGE-FROM-OPS> (773270829)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43371538)
<DISTRIBUTIONS-OF-GAINS> (13098049)
<DISTRIBUTIONS-OTHER> (814661)
<NUMBER-OF-SHARES-SOLD> 89591968
<NUMBER-OF-SHARES-REDEEMED> (149082542)
<SHARES-REINVESTED> 4360232
<NET-CHANGE-IN-ASSETS> (1361635637)
<ACCUMULATED-NII-PRIOR> 2826387
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (90981028)
<GROSS-ADVISORY-FEES> (40577627)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (70541907)
<AVERAGE-NET-ASSETS> 2777211910
<PER-SHARE-NAV-BEGIN> 12.94
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> (2.57)
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 2.11
<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 Fund December 31, 1998, Annual Report
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878087
<NAME> TEMPLETON DEVELOPING MARKETS TRUST
<SERIES>
<NUMBER> 002
<NAME>TEMPLETON DEVELOPING MARKETS TRUST - CLASS II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3630183512
<INVESTMENTS-AT-VALUE> 2609190514
<RECEIVABLES> 33700892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2642891406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59854974
<TOTAL-LIABILITIES> 59854974
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2823187391
<SHARES-COMMON-STOCK> 28852357
<SHARES-COMMON-PRIOR> 31420494
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<OVERDISTRIBUTION-GAINS> (218232890)
<ACCUM-APPREC-OR-DEPREC> (1020992998)
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<DIVIDEND-INCOME> 89510469
<INTEREST-INCOME> 24723250
<OTHER-INCOME> 0
<EXPENSES-NET> (70541907)
<NET-INVESTMENT-INCOME> 43691812
<REALIZED-GAINS-CURRENT> (109871525)
<APPREC-INCREASE-CURRENT> (707091116)
<NET-CHANGE-FROM-OPS> (773270829)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3527598)
<DISTRIBUTIONS-OF-GAINS> (1659062)
<DISTRIBUTIONS-OTHER> (66260)
<NUMBER-OF-SHARES-SOLD> 10915747
<NUMBER-OF-SHARES-REDEEMED> (13849038)
<SHARES-REINVESTED> 365154
<NET-CHANGE-IN-ASSETS> (1361635637)
<ACCUMULATED-NII-PRIOR> 2826387
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<OVERDIST-NET-GAINS-PRIOR> (90981028)
<GROSS-ADVISORY-FEES> (40577627)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (70541907)
<AVERAGE-NET-ASSETS> 354215835
<PER-SHARE-NAV-BEGIN> 12.81
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (2.51)
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> 2.78
<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 Fund December 31, 1998, Annual Report
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878087
<NAME> TEMPLETON DEVELOPING MARKETS TRUST
<SERIES>
<NUMBER> 003
<NAME>TEMPLETON DEVELOPING MARKETS TRUST - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3630183512
<INVESTMENTS-AT-VALUE> 2609190514
<RECEIVABLES> 33700892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2642891406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59854974
<TOTAL-LIABILITIES> 59854974
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2823187391
<SHARES-COMMON-STOCK> 11237082
<SHARES-COMMON-PRIOR> 7588510
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (925071)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (218232890)
<ACCUM-APPREC-OR-DEPREC> (1020992998)
<NET-ASSETS> 2583036432
<DIVIDEND-INCOME> 89510469
<INTEREST-INCOME> 24723250
<OTHER-INCOME> 0
<EXPENSES-NET> (70541907)
<NET-INVESTMENT-INCOME> 43691812
<REALIZED-GAINS-CURRENT> (109871525)
<APPREC-INCREASE-CURRENT> (707091116)
<NET-CHANGE-FROM-OPS> (773270829)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2350466)
<DISTRIBUTIONS-OF-GAINS> (534895)
<DISTRIBUTIONS-OTHER> (44150)
<NUMBER-OF-SHARES-SOLD> 12540225
<NUMBER-OF-SHARES-REDEEMED> (9129829)
<SHARES-REINVESTED> 238176
<NET-CHANGE-IN-ASSETS> (1361635637)
<ACCUMULATED-NII-PRIOR> 2826387
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (90981028)
<GROSS-ADVISORY-FEES> (40577627)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (70541907)
<AVERAGE-NET-ASSETS> 116208648
<PER-SHARE-NAV-BEGIN> 12.93
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> (2.60)
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.28
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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, 1998, we considered its
internal control, including control activities 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.
The management of Templeton Developing Markets Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisitions, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of the internal control
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 internal control would not necessarily disclose all matters
in internal control 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Templeton Developing Markets Trust, and the Securities and
Exchange Commission.
/s/McGladrey & Pullen, LLP
New York, New York
January 28, 1999
