6. 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
March
31,
2021,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
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 March
31,
2021,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
...............................
$
52,426,365
$
—
$
—
$
52,426,365
Cambodia
............................
—
7,985,066
—
7,985,066
China
...............................
38,801,162
426,857,342
31,943,145
497,601,649
Czech
Republic
.......................
—
—
4,049,787
4,049,787
Hong
Kong
...........................
—
1,169,064
—
1,169,064
Hungary
.............................
—
12,867,906
—
12,867,906
India
................................
—
113,363,713
—
113,363,713
Indonesia
............................
—
9,919,288
—
9,919,288
Mexico
..............................
22,879,227
—
—
22,879,227
Pakistan
.............................
—
3,462,382
—
3,462,382
Peru
................................
3,728,492
—
—
3,728,492
Philippines
...........................
—
2,970,485
—
2,970,485
Russia
..............................
31,157,503
72,166,673
—
103,324,176
South
Africa
..........................
13,605,145
71,753,578
—
85,358,723
South
Korea
..........................
—
376,963,927
—
376,963,927
Taiwan
..............................
—
290,521,987
—
290,521,987
Thailand
.............................
—
29,054,019
—
29,054,019
United
Kingdom
.......................
—
34,682,417
—
34,682,417
United
States
.........................
17,113,826
—
—
17,113,826
Preferred
Stocks
........................
52,608,535
—
—
52,608,535
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
13,516,625
—
—
13,516,625
Total
Investments
in
Securities
...........
$245,836,880
$1,453,737,847
b
$35,992,932
$1,735,567,659
a
Includes
securities
determined
to
have
no
value
at
March
31,
2021.
b
Includes
foreign
securities
valued
at
$1,450,347,905,
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.
