Templeton Developing Markets Trust Class C (TDMTX) NPORT-P Templeton Developing Markets Trust (Sep 2024 report)

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,

2024

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.0%

Brazil

2.1%

a

Hypera

SA

.....................

Pharmaceuticals

765,511

$

3,685,097

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

..........................

Health

Care

Providers

&

Services

3,914,846

3,240,338

TOTVS

SA

.....................

Software

904,854

4,742,811

Vale

SA

........................

Metals

&

Mining

1,203,004

14,021,947

25,690,193

Cambodia

0.2%

a

NagaCorp

Ltd.

..................

Hotels,

Restaurants

&

Leisure

4,867,563

2,313,313

Chile

0.8%

b

Banco

Santander

Chile

,

ADR

.......

Banks

466,531

9,685,184

China

25.2%

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

4,132,469

54,915,489

b

Alibaba

Group

Holding

Ltd.

,

ADR

....

Broadline

Retail

31,492

3,341,931

a

Baidu,

Inc.

,

A

....................

Interactive

Media

&

Services

1,239,908

16,301,832

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.

,

A

...........

Construction

Materials

1,679,000

3,244,462

c

Budweiser

Brewing

Co.

APAC

Ltd.

,

144A

,

Reg

S

..................

Beverages

14,247,800

18,801,720

China

Merchants

Bank

Co.

Ltd.

,

H

....

Banks

4,181,950

20,265,178

China

Resources

Building

Materials

Technology

Holdings

Ltd.

.........

Construction

Materials

10,372,635

2,885,688

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

4,493,516

2,710,312

a,b

Daqo

New

Energy

Corp.

,

ADR

......

Semiconductors

&

Semiconductor

Equipment

263,259

5,362,586

c

Greentown

Service

Group

Co.

Ltd.

,

Reg

S

...........................

Real

Estate

Management

&

Development

3,749,927

2,224,361

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.

,

A

....................

Chemicals

1,577,698

4,105,731

Haier

Smart

Home

Co.

Ltd.

,

D

.......

Household

Durables

4,060,487

8,227,014

Health

&

Happiness

H&H

International

Holdings

Ltd.

..................

Food

Products

2,786,473

4,093,406

JD.com,

Inc.

,

A

..................

Broadline

Retail

54,528

1,093,715

a,c

Kuaishou

Technology

,

144A

,

Reg

S

...

Interactive

Media

&

Services

1,783,178

12,252,697

NetEase,

Inc.

...................

Entertainment

533,185

9,959,748

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

.......................

Insurance

2,279,487

14,314,107

Prosus

NV

.....................

Broadline

Retail

1,175,510

51,377,069

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

931,578

51,800,293

Uni-President

China

Holdings

Ltd.

....

Food

Products

12,231,911

11,406,151

d

Weichai

Power

Co.

Ltd.

,

H

.........

Machinery

49,791

91,005

Weifu

High-Technology

Group

Co.

Ltd.

,

B

...........................

Automobile

Components

1,230,263

2,009,859

a,b,c

Wuxi

Biologics

Cayman,

Inc.

,

144A

,

Reg

S

...........................

Life

Sciences

Tools

&

Services

3,526,586

7,796,753

308,581,107

Hong

Kong

2.1%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

1,761,753

26,300,196

Hungary

1.3%

Richter

Gedeon

Nyrt.

.............

Pharmaceuticals

506,736

15,601,705

India

12.4%

ACC

Ltd.

.......................

Construction

Materials

236,200

7,080,615

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

78,976

9,901,014

Federal

Bank

Ltd.

................

Banks

4,155,496

9,751,104

HDFC

Bank

Ltd.

.................

Banks

1,608,259

33,128,421

ICICI

Bank

Ltd.

..................

Banks

4,253,423

64,562,504

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)

Infosys

Ltd.

.....................

IT

Services

620,365

$

13,860,036

a

Ola

Electric

Mobility

Ltd.

...........

Automobiles

1,390,156

1,652,939

a

Zomato

Ltd.

....................

Hotels,

Restaurants

&

Leisure

3,550,699

11,559,657

151,496,290

Indonesia

0.6%

Astra

International

Tbk.

PT

.........

Industrial

Conglomerates

20,421,834

6,801,775

Italy

0.2%

a,b,c

Wizz

Air

Holdings

plc

,

144A

,

Reg

S

...

Passenger

Airlines

144,533

2,804,009

Mexico

2.0%

Grupo

Financiero

Banorte

SAB

de

CV

,

O

...........................

Banks

3,347,968

23,721,720

a,b,c

Nemak

SAB

de

CV

,

144A

,

Reg

S

....

Automobile

Components

8,825,323

900,985

24,622,705

Peru

0.4%

Intercorp

Financial

Services,

Inc.

.....

Banks

197,624

5,163,915

Philippines

0.5%

BDO

Unibank,

Inc.

...............

Banks

1,936,728

5,488,829

Russia

0.0%

e

LUKOIL

PJSC

...................

Oil,

Gas

&

Consumable

Fuels

414,906

—

e

Sberbank

of

Russia

PJSC

..........

Banks

5,058,740

—

—

South

Africa

2.3%

Discovery

Ltd.

...................

Insurance

1,780,682

17,730,880

Netcare

Ltd.

....................

Health

Care

Providers

&

Services

12,239,127

10,931,033

28,661,913

South

Korea

17.7%

d

Doosan

Bobcat,

Inc.

..............

Machinery

324,377

9,944,927

Fila

Holdings

Corp.

...............

Textiles,

Apparel

&

Luxury

Goods

213,796

6,802,820

Hankook

Tire

&

Technology

Co.

Ltd.

..

Automobile

Components

5,473

171,029

KT

Skylife

Co.

Ltd.

...............

Media

452,147

1,695,553

LG

Corp.

.......................

Industrial

Conglomerates

364,149

21,698,207

a

LigaChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

37,295

2,774,194

NAVER

Corp.

...................

Interactive

Media

&

Services

252,124

32,198,368

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

1,131,104

52,416,330

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

434,088

30,738,705

Samsung

SDI

Co.

Ltd.

............

Electronic

Equipment,

Instruments

&

Components

65,421

18,728,523

SK

Hynix,

Inc.

...................

Semiconductors

&

Semiconductor

Equipment

255,127

33,854,646

Soulbrain

Co.

Ltd.

................

Chemicals

36,841

6,196,883

217,220,185

Taiwan

17.9%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

4,842,055

28,402,997

Lite-On

Technology

Corp.

..........

Technology

Hardware,

Storage

&

Peripherals

1,089,413

3,406,138

MediaTek,

Inc.

..................

Semiconductors

&

Semiconductor

Equipment

802,843

29,478,835

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

5,111,996

153,572,859

Yageo

Corp.

....................

Electronic

Equipment,

Instruments

&

Components

253,424

4,970,037

219,830,866

Templeton

Developing

Markets

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Thailand

3.1%

Kasikornbank

PCL

...............

Banks

4,162,768

$

19,242,053

Kiatnakin

Phatra

Bank

PCL

.........

Banks

2,196,220

3,450,869

Minor

International

PCL

............

Hotels,

Restaurants

&

Leisure

7,813,043

6,789,222

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

14,348,828

3,119,036

Thai

Beverage

PCL

...............

Beverages

11,521,792

4,791,475

37,392,655

United

Arab

Emirates

0.8%

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

13,390,108

6,306,717

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

8,389,360

3,631,609

9,938,326

United

States

3.4%

Cognizant

Technology

Solutions

Corp.

,

A

...........................

IT

Services

240,807

18,585,484

Genpact

Ltd.

....................

Professional

Services

599,647

23,512,159

42,097,643

Total

Common

Stocks

(Cost

$

835,576,308

)

.....................................

1,139,690,809

a

Preferred

Stocks

6.0%

Brazil

6.0%

Banco

Bradesco

SA

,

ADR

..........

Banks

6,872,900

18,281,914

f

Itau

Unibanco

Holding

SA

,

ADR

,

2.98

%

Banks

3,701,639

24,615,899

f

Petroleo

Brasileiro

SA

,

8.81

%

.......

Oil,

Gas

&

Consumable

Fuels

4,591,932

30,347,136

73,244,949

Total

Preferred

Stocks

(Cost

$

73,716,343

)

......................................

73,244,949

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,e

Hemisphere

Properties

India

Ltd.,

Escrow

Account

................

395,958

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

—

Total

Long

Term

Investments

(Cost

$

909,292,651

)

...............................

1,212,935,758

Short

Term

Investments

2.9%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.6%

United

States

2.6%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

..........

31,396,349

31,396,349

Total

Money

Market

Funds

(Cost

$

31,396,349

)

..................................

31,396,349

Templeton

Developing

Markets

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

8

.

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

..........

4,000,000

$

4,000,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

4,000,000

)

.................................................................

4,000,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

35,396,349

)

................................

35,396,349

a

a

a

Total

Investments

(Cost

$

944,689,000

)

101.9

%

..................................

$1,248,332,107

Other

Assets,

less

Liabilities

(

1.9

)

%

...........................................

(23,252,514)

Net

Assets

100.0%

...........................................................

$1,225,079,593

a

a

a

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2024.

c

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,

2024,

the

aggregate

value

of

these

securities

was

$44,780,525,

representing

3.7%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

h

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 (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one

fund,

Templeton

Developing

Markets

Trust

(Fund).

The

Fund

follows the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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,

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,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Developing

Markets

Trust

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

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.

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,

2024,

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,

2024,

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,

4.74%

.

$29,184,917

$125,528,875

$(123,317,443)

$—

$—

$31,396,349

31,396,349

$894,680

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.

$—

$11,931,139

$(7,931,139)

$—

$—

$4,000,000

4,000,000

$60,575

Total

Affiliated

Securities

...

$29,184,917

$137,460,014

$(131,248,582)

$—

$—

$35,396,349

$955,255

2. Financial

Instrument

Valuation

(continued)

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.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Developing

Markets

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

................................

$

25,690,193

$

—

$

—

$

25,690,193

Cambodia

............................

—

2,313,313

—

2,313,313

Chile

................................

9,685,184

—

—

9,685,184

China

...............................

74,411,865

234,169,242

—

308,581,107

Hong

Kong

...........................

—

26,300,196

—

26,300,196

Hungary

.............................

15,601,705

—

—

15,601,705

India

................................

1,652,939

149,843,351

—

151,496,290

Indonesia

............................

—

6,801,775

—

6,801,775

Italy

.................................

—

2,804,009

—

2,804,009

Mexico

..............................

24,622,705

—

—

24,622,705

Peru

................................

5,163,915

—

—

5,163,915

Philippines

............................

—

5,488,829

—

5,488,829

Russia

...............................

—

—

—

a

—

South

Africa

...........................

—

28,661,913

—

28,661,913

South

Korea

..........................

—

217,220,185

—

217,220,185

Taiwan

...............................

—

219,830,866

—

219,830,866

Thailand

.............................

—

37,392,655

—

37,392,655

United

Arab

Emirates

....................

9,938,326

—

—

9,938,326

United

States

..........................

42,097,643

—

—

42,097,643

Preferred

Stocks

........................

73,244,949

—

—

73,244,949

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

35,396,349

—

—

35,396,349

Total

Investments

in

Securities

...........

$317,505,773

$930,826,334

c

$—

$1,248,332,107

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,

2024.

b

Includes

financial

instruments

determined

to

have

no

value.

c

Includes

foreign

securities

valued

at

$930,826,334,

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.

Selected

Portfolio

ADR

American

Depositary

Receipt

4. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.