# EDGAR Filing Document

**Accession Number:** 0000919893
**File Stem:** 0001133228-25-009053
**Filing Date:** 2025-8
**Character Count:** 174377
**Document Hash:** 9433e36640c5678ba3e9a6606e872647
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009053.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009053

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEMPLETON DRAGON FUND INC
- **CENTRAL INDEX KEY:** 0000919893

**ORGANIZATION NAME:**
- **EIN:** 650473580
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08394
- **FILM NUMBER:** 251266339

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923
- **BUSINESS PHONE:** 9545277500

**MAIL ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-08394**

**Templeton Dragon Fund, Inc.**

(Exact name of registrant as specified in charter)

**300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(954) 527-7500**

Date of fiscal year end: **December 31**

Date of reporting period: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

#### Semiannual

#### Report

#### Templeton

#### Dragon

#### Fund,

#### Inc.
June

30,

2025

#### Not

#### FDIC

#### Insured

#### No

#### Bank

#### Guarantee

#### May

#### Lose

#### Value

#### Managed

#### Distribution

#### Policy
:

Effective

March

1,

2025,

the

Board

has

implemented

a

new

managed

distribution

plan

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

The

Fund

intends

to

make

quarterly

distributions

to

shareholders

at

the

fixed

rate

of

$0.10

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund's

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

quarter

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund's

common

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

Under

the

managed

distribution

plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

quarterly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund's

investment

performance

from

the

amount

of

the

Fund's

distributions

or

from

the

terms

of

the

Fund's

managed

distribution

plan.

The

Board

may

amend

the

terms

of

the

Plan

or

terminate

the

Plan

at

any

time

without

prior

notice

to

the

Fund's

shareholders,

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Plan.

The

amendment

or

termination

of

the

Plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund's

common

shares.

The

Plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

annual

minimum

fixed

rate

to

determine

if

an

adjustment

should

be

made.

Shareholders

should

not

draw

any

conclusions

about

the

Fund's

investment

performance

from

the

amount

of

this

distribution

or

from

the

terms

of

the

Plan.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

Please

see

the

"Important

Information

to

Shareholders"

section

for

additional

information.

franklintempleton.com

Semiannual

Report

Contents

Fund

Overview

Performance

Summary

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

Consolidated

Financial

Statements

Notes

to

Consolidated

Financial

Statements

Important

Information

to

Shareholders

Annual

Meeting

of

Shareholders

Dividend

Reinvestment

and

Cash

Purchase

Plan

Shareholder

Information

Visit

#### franklintempleton.com
for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

franklintempleton.com

Semiannual

Report

Templeton

Dragon

Fund,

Inc.

Dear

Shareholder,

This

semiannual

report

for

Templeton

Dragon

Fund,

Inc.

covers

the

period

ended

June

30,

2025. Fund

Overview

Your

Fund's

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation

by

investing

at

least

45%

of

its

total

assets

in

equity

securities

of

"China

companies."

Our

investment

strategy

employs

a

fundamental,

value-oriented,

long-term

approach.

In

selecting

companies

for

investment,

we

will

consider

overall

growth

prospects,

competitive

positions

in

export

markets,

technologies,

research

and

development,

productivity,

labor

costs,

and

raw

material

costs

and

sources.

Additional

considerations

include

profit

margins,

returns

on

investment,

capital

resources,

government

regulation,

management,

and

other

factors

in

comparison

to

other

companies

around

the

world

that

we

believe

are

comparable.

Our

approach

to

selecting

investments

emphasizes

fundamental,

company-by-company

analysis

(rather

than

broader

analyses

of

specific

industries

or

sectors

of

the

economy),

to

construct

an

"action

list"

from

which

we

make

our

buy

decisions.

Although

we

will

consider

historical

value

measures,

the

primary

factor

in

selecting

securities

for

investment

by

the

Fund

will

be

the

company's

current

price

relative

to

its

long-term

earnings

potential.

Performance

Overview

For

the

six

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+20.06%

in

market

price

terms

and

+13.91%

in

net

asset

value

terms.

In

comparison,

the

MSCI

China

All

Shares

Index-NR,

which

measures

the

performance

of

China

share

classes

listed

in

Hong

Kong,

Shanghai,

Shenzhen

and

outside

of

China,

posted

a

+11.77%

total

return

for

the

same

period.

You

can

find

the

Fund's

long-term

performance

data

in

the

Performance

Summary

on

page

4. Effective

March

1,

2025,

the

Board

has

implemented

a

new

managed

distribution

plan

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

The

Fund

intends

to

make

quarterly

distributions

to

shareholders

at

the

fixed

rate

of

$0.10

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund's

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

quarter

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund's

common

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

The

Fund

sends

a

Form

1099-DIV

to

shareholders

each

calendar

year

describing

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

Please

see

the

"Important

Information

to

Shareholders"

section

for

additional

information.

*Performance* 

*data* 

*represent* 

*past* 

*performance,* 

*which* 

*does* 

*not* 

*guarantee* 

*future* 

*results.* 

*Investment* 

*return* 

*and* 

*principal* 

*value* 

*will* 

*fluctuate,* 

*and* 

*you* 

*may* 

*have* 

*a* 

*gain* 

*or* 

*loss* 

*when* 

*you* 

*sell* 

*your* 

*shares.* 

*Current* 

*performance* 

*may* 

*differ* 

*from* 

*figures* 

*shown.*

#### Geographic

#### Composition
6/30/25

#### %

#### of

#### Total

#### Investments
China

94.1%

Hong

Kong

5.0%

Short-Term

Investments

&

Other

Net

Assets

0.9%

#### Top

#### 10

#### Holdings
6/30/25

#### Company

#### Industry,

#### Country

#### %

#### of

#### Total

#### Net

#### Assets

#### a
Tencent

Holdings

Ltd.

10.5%

*Interactive* 

*Media* 

*&* 

*Services,* 

*China*

Alibaba

Group

Holding

Ltd.

7.9%

*Broadline* 

*Retail,* 

*China*

Xiaomi

Corp.

5.8%

*Technology* 

*Hardware,* 

*Storage* 

*&* 

*Peripherals,* 

*China*

China

Construction

Bank

Corp.

5.6%

*Banks,* 

*China*

SF

Holding

Co.

Ltd.

3.3%

*Air* 

*Freight* 

*&* 

*Logistics,* 

*China*

China

Merchants

Bank

Co.

Ltd.

3.2%

*Banks,* 

*China*

Trip.com

Group

Ltd.

3.1%

*Hotels,* 

*Restaurants* 

*&* 

*Leisure,* 

*China*

Meituan

Dianping

3.1%

*Hotels,* 

*Restaurants* 

*&* 

*Leisure,* 

*China*

China

Yangtze

Power

Co.

Ltd.

3.0%

*Independent* 

*Power* 

*and* 

*Renewable* 

*Electricity* 

*Producers,* 

*China*

Fuyao

Glass

Industry

Group

Co.

Ltd.

3.0%

*Automobile* 

*Components,* 

*China*

1. Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund's

portfolio.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

#### The

#### dollar

#### value,

#### number

#### of

#### shares

#### or

#### principal

#### amount,

#### and

#### names

#### of

#### all

#### portfolio

#### holdings

#### are

#### listed

#### in

#### the

#### Fund's

#### Consolidated

#### Schedule

#### of

#### Investments

#### (SOI).

#### The

#### Consolidated

#### SOI

#### begins

#### on

#### page

#### 7

#### .
Templeton

Dragon

Fund,

Inc.

franklintempleton.com

Semiannual

Report

Effective

April

30,

2025,

Tony

Sun

was

added

as

a

Portfolio

Manager

of

the

Fund.

Thank

you

for

your

continued

participation

in

Templeton

Dragon

Fund,

Inc.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Nicholas

Chui,

CFA

Lead

Portfolio

Manager

Eric

Mok,

CFA

Tony

Sun

Portfolio

Management

Team

CFA®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

June

30,

2025

Templeton

Dragon

Fund,

Inc.

franklintempleton.com

Semiannual

Report

Total

return

reflects

reinvestment

of

the

Fund's

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund's

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

06/30/25

*Performance* 

*data* 

*represent* 

*past* 

*performance,* 

*which* 

*does* 

*not* 

*guarantee* 

*future* 

*results.* 

*Investment* 

*return* 

*and* 

*principal* 

*value* 

*will* 

*fluctuate,* 

*and* 

*you* 

*may* 

*have* 

*a* 

*gain* 

*or* 

*loss* 

*when* 

*you* 

*sell* 

*your* 

*shares.* 

*Current* 

*performance* 

*may* 

*differ* 

*from* 

*figures* 

*shown.*

Share

Prices

#### Cumulative

#### Total

#### Return

#### 2

#### Average

#### Annual

#### Total

#### Return

#### 2

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4
6-Month

+13.91%

+20.06%

+13.91%

+20.06%

1-Year

+26.85%

+28.98%

+26.85%

+28.98%

5-Year

-23.53%

-18.10%

-5.22%

-3.91%

10-Year

+6.47%

+21.43%

+0.63%

+1.96%

#### Symbol:

#### TDF

#### 6/30/25

#### 12/31/24

#### Change
Net

Asset

Value

(NAV)

$11.61

$10.37

+$1.24

Market

Price

(NYSE)

$9.99

$8.49

+$1.50

#### See

#### page

#### 5

#### for

#### Performance

#### Summary

#### footnotes.
Templeton

Dragon

Fund,

Inc.

Performance

Summary

franklintempleton.com

Semiannual

Report

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

#### All

#### investments

#### involve

#### risks,

#### including

#### possible

#### loss

#### of

#### principal.

#### International

#### investments
are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

#### emerging

#### markets
.

There

are

special

risks

associated

with

investments

in

#### China,

#### Hong

#### Kong

#### and

#### Taiwan
,

including

less

liquidity,

expropriation,

confiscatory

taxation,

international

trade

tensions,

nationalization,

and

exchange

control

regula-

tions

and

rapid

inflation,

all

of

which

can

negatively

impact

the

Fund.

Investments

in

Taiwan

and

Hong

Kong

could

be

adversely

affected

by

their

respective

political

and

economic

relationship

with

China.

To

the

extent

the

Fund

invests

in

companies

in

a

specific

#### country

#### or

#### region
,

the

Fund

may

experience

greater

volatility

than

a

Fund

that

is

more

broadly

diversified

geographically.

The

portfolio

is

#### non-diversified
and

may

invest

in

a

relatively

small

number

of

issuers,

which

may

negatively

impact

the

Fund's

performance

and

result

in

greater

fluctuation

in

the

value

of

the

Fund's

shares.

The

managers'

#### environmental

#### social

#### and

#### governance
(ESG)

#### strategies
may

limit

the

types

and

number

of

investments

available

and,

as

a

result,

may

forgo

favorable

market

opportunities

or

underperform

strategies

that

are

not

subject

to

such

criteria.

There

is

no

guarantee

that

the

strategy's

ESG

directives

will

be

successful

or

will

result

in

better

performance.

The

Fund

may

invest

in

eligible

China

A

shares

("Stock

Connect

Securities")

listed

and

traded

on

the

Shanghai

Stock

Exchange

through

the

Shanghai-Hong

Kong

Stock

Con-

nect

program,

as

well

as

eligible

China

A

shares

listed

and

traded

on

the

Shenzhen

Stock

Exchange

through

the

Shenzhen-Hong

Kong

Stock

Connect

program

(collectively,

"Stock

Connect")

and

may

invest

in

China

Interbank

bonds

traded

on

the

China

Interbank

Bond

Market

("CIBM")

through

the

China

–

Hong

Kong

Bond

Connect

program

("Bond

Connect").

Trading

through

Stock

Connect

is

subject

to

a

number

of

restrictions

that

may

affect

the

Fund's

investments

and

returns.

For

example,

investors

in

Stock

Connect

Securi-

ties

are

generally

subject

to

Chinese

securities

regulations

and

the

listing

rules

of

the

respective

Exchange,

among

other

restrictions.

In

addition,

Stock

Connect

Securities

generally

may

not

be

sold,

purchased

or

otherwise

transferred

other

than

through

Stock

Connect

in

accordance

with

applicable

rules.

While

Stock

Connect

is

not

subject

to

individual

investment

quotas,

daily

and

aggregate

investment

quotas

apply

to

all

Stock

Connect

participants,

which

may

restrict

or

preclude

the

Fund's

ability

to

invest

in

Stock

Connect

Securities.

Trading

in

the

Stock

Connect

program

is

subject

to

trading,

clearance

and

settlement

procedures,

which

could

pose

risks

to

the

Fund.

In

China,

the

Hong

Kong

Monetary

Authority

Central

Money

Markets

Unit

holds

Bond

Connect

securities

on

behalf

of

ultimate

investors

(such

as

the

Fund)

in

accounts

maintained

with

a

China-based

custodian

(either

the

China

Central

Depository

&

Clearing

Co.

or

the

Shanghai

Clearing

House).

This

recordkeeping

system

subjects

the

Fund

to

various

risks,

including

the

risk

that

the

Fund

may

have

a

limited

ability

to

enforce

rights

as

a

bondholder

and

the

risks

of

settlement

delays

and

counterparty

default

of

the

Hong

Kong

sub-custodian.

In

addition,

enforcing

the

ownership

rights

of

a

beneficial

holder

of

Bond

Connect

securities

is

untested

and

courts

in

China

have

limited

experience

in

apply-

ing

the

concept

of

beneficial

ownership.

Bond

Connect

uses

the

trading

infrastructure

of

both

Hong

Kong

and

China

and

is

not

available

on

trading

holidays

in

Hong

Kong.

As

a

result,

prices

of

securities

purchased

through

Bond

Connect

may

fluctuate

at

times

when

a

Fund

is

unable

to

add

to

or

exit

its

position.

Securities

offered

through

Bond

Connect

may

lose

their

eligibility

for

trading

through

the

program

at

any

time.

If

Bond

Connect

securities

lose

their

eligibility

for

trading

through

the

program,

they

may

be

sold

but

can

no

longer

be

purchased

through

Bond

Connect.

The

application

and

interpretation

of

the

laws

and

regulations

of

Hong

Kong

and

China,

and

the

rules,

policies

or

guidelines

published

or

applied

by

relevant

regulators

and

exchanges

in

respect

of

the

Stock

Connect

and

Bond

Connect

programs,

are

uncertain,

and

they

may

have

a

detrimental

effect

on

the

Fund's

investments

and

returns.

1. Gross

expenses

are

the

Fund's

total

annual

operating

expenses

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

voluntary

fee

waivers,

expense

caps

and/or

reimbursements.

Voluntary

waivers

may

be

modified

or

discontinued

at

any

time

without

notice.

2. Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3. Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4. Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Distributions

Per

Share

(1/1/25–6/30/25)

#### Net

#### Investment

#### Income
$0.2000

Templeton

Dragon

Fund,

Inc.

Consolidated

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.37

$9.42

$11.94

$18.70

$24.93

$21.81

Income

from

investment

operations:

Net

investment

income

(loss)

a

........

0.08 0.12 0.04 (0.05)

(0.16)

(0.06)

Net

realized

and

unrealized

gains

(losses)

1.36 0.95 (2.57)

(5.41)

(3.67)

8.96 Total

from

investment

operations

........

1.44 1.07 (2.53)

(5.46)

(3.83)

8.90 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.12)

—

—

—

(0.16)

Net

realized

gains

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

—

—

—

(1.30)

(2.40)

(5.62)

Total

distributions

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

(0.20)

(0.12)

—

(1.30)

(2.40)

(5.78)

Repurchase

of

shares

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

—

b

—

0.01 —

—

—

Net

asset

value,

end

of

period

..........

$11.61

$10.37

$9.42

$11.94

$18.70

$24.93

Market

value,

end

of

period

c

...........

$9.99

$8.49

$8.17

$10.22

$17.00

$23.36

Total

return

(based

on

net

asset

value

per

share)

d

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

13.91%

11.48%

(21.11)%

(29.46)%

(15.52)%

42.18%

Total

return

(based

on

market

value

per

share)

d

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

20.06%

5.46%

(20.06)%

(32.99)%

(17.83)%

52.46%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.23%

1.36%

1.28%

1.38%

1.37%

1.34%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.22%

1.35%

1.27%

1.37%

1.37%

f

1.33%

Net

investment

income

(loss)

..........

1.52%

1.26%

0.33%

(0.34)%

(0.70)%

(0.26)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$293,516

$262,882

$238,770

$403,707

$632,030

$842,645

Portfolio

turnover

rate

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

15.79%

38.79%

14.30%

3.26%

11.64%

39.50%

a

Based

on

average

daily

shares

outstanding.

b

Amount

rounds

to

less

than

$0.01

per

share.

c

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

d

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Dragon

Fund,

Inc.

Consolidated

Schedule

of

Investments

(unaudited),

June

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.6%

#### Air

#### Freight

#### &

#### Logistics

#### 3.3%
a

SF

Holding

Co.

Ltd.,

A

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

China

303,000

$

2,063,302

b

SF

Holding

Co.

Ltd.,

H

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

China

1,304,406

7,521,846

9,585,148

#### Automobile

#### Components

#### 3.0%
a

Fuyao

Glass

Industry

Group

Co.

Ltd.,

A

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

China

966,922

7,691,634

c

Fuyao

Glass

Industry

Group

Co.

Ltd.,

H,

144A,

Reg

S

........

China

150,400

1,074,667

8,766,301

#### Automobiles

#### 3.4%
a

BYD

Co.

Ltd.,

A

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

China

130,150

6,032,911

BYD

Co.

Ltd.,

H

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

China

135,142

2,104,166

Geely

Automobile

Holdings

Ltd.

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

China

832,065

1,698,414

9,835,491

#### Banks

#### 9.9%
China

Construction

Bank

Corp.,

H

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

China

16,374,864

16,570,489

a

China

Merchants

Bank

Co.

Ltd.,

A

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

China

763,800

4,900,483

China

Merchants

Bank

Co.

Ltd.,

H

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

China

622,570

4,367,305

Industrial

&

Commercial

Bank

of

China

Ltd.,

H

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

China

4,018,000

3,190,516

29,028,793

#### Beverages

#### 3.8%
a

Eastroc

Beverage

Group

Co.

Ltd.,

A

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

China

65,000

2,849,283

a

Kweichow

Moutai

Co.

Ltd.,

A

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

China

32,445

6,386,732

a

Wuliangye

Yibin

Co.

Ltd.,

A

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

China

121,588

2,018,539

11,254,554

#### Biotechnology

#### 1.5%
c,d

Innovent

Biologics,

Inc.,

144A,

Reg

S

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

China

452,519

4,536,357

#### Broadline

#### Retail

#### 9.0%
e

Alibaba

Group

Holding

Ltd.

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

China

1,641,089

23,231,173

e

JD.com,

Inc.,

A

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

China

88,493

1,445,296

d,e

PDD

Holdings,

Inc.,

ADR

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

China

15,367

1,608,310

26,284,779

#### Capital

#### Markets

#### 2.6%
Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

139,471

7,501,667

#### Chemicals

#### 2.7%
a

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

...........

China

633,280

1,601,897

a

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

A

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

China

603,200

1,634,996

a

Sunresin

New

Materials

Co.

Ltd.,

A

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

China

426,414

2,993,550

Sunresin

New

Materials

Co.

Ltd.,

A

.

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

China

237,050

1,664,159

7,894,602

#### Distributors

#### 1.3%
b,d

GigaCloud

Technology,

Inc.,

A

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

Hong

Kong

192,557

3,808,778

#### Diversified

#### Consumer

#### Services

#### 1.2%
e

New

Oriental

Education

&

Technology

Group,

Inc.

...........

China

461,611

2,492,817

e

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

......

China

20,000

1,079,000

3,571,817

#### Electrical

#### Equipment

#### 4.9%
a

Contemporary

Amperex

Technology

Co.

Ltd.,

A

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

China

97,064

3,421,734

a,d

GoodWe

Technologies

Co.

Ltd.,

A

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

China

103,125

625,647

a

Hongfa

Technology

Co.

Ltd.,

A

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

China

1,617,293

5,040,295

a

NARI

Technology

Co.

Ltd.,

A

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

China

296,943

929,196

Templeton

Dragon

Fund,

Inc.

Consolidated

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment
(continued)

d

Sieyuan

Electric

Co.

Ltd.,

A

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

China

152,500

$

1,551,993

a,d

Sieyuan

Electric

Co.

Ltd.,

A

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

China

262,600

2,672,481

14,241,346

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3.6%
Luxshare

Precision

Industry

Co.

Ltd.,

A

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

China

315,031

1,526,415

Wasion

Holdings

Ltd.

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

Hong

Kong

2,916,000

3,106,236

a

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

A

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

China

851,610

5,071,994

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

A

.

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

China

150,000

893,366

10,598,011

#### Entertainment

#### 1.9%
e

NetEase,

Inc.

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

China

210,098

5,662,008

#### Food

#### Products

#### 4.0%
c

China

Feihe

Ltd.,

144A,

Reg

S

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

China

4,300,000

3,136,602

a

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

A

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

China

463,800

1,805,723

a

Yantai

China

Pet

Foods

Co.

Ltd.,

A

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

China

701,800

6,062,178

Yantai

China

Pet

Foods

Co.

Ltd.,

A

.

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

China

100,000

863,804

11,868,307

#### Ground

#### Transportation

#### 1.0%
e

Full

Truck

Alliance

Co.

Ltd.,

ADR

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

China

250,673

2,960,448

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.6%
a

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.,

A

..

China

224,388

1,776,536

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 8.3%
b,d

Luckin

Coffee,

Inc.,

ADR

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

China

110,516

4,118,931

c,d,e

Meituan

Dianping,

B,

144A,

Reg

S

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

China

556,787

8,956,499

e

Trip.com

Group

Ltd.

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

China

120,330

7,047,070

b,e

Trip.com

Group

Ltd.,

ADR

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

China

35,000

2,052,400

Yum

China

Holdings,

Inc.

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

China

48,887

2,185,738

24,360,638

#### Household

#### Durables

#### 2.9%
a

Haier

Smart

Home

Co.

Ltd.,

A

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

China

253,700

877,914

a

Midea

Group

Co.

Ltd.,

A

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

China

470,716

4,744,803

Midea

Group

Co.

Ltd.,

A

.

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

China

80,600

812,446

Midea

Group

Co.

Ltd.,

H

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

China

203,333

1,933,172

8,368,335

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 3.0%
a

China

Yangtze

Power

Co.

Ltd.,

A

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

China

2,087,320

8,780,537

#### Insurance

#### 4.1%
PICC

Property

&

Casualty

Co.

Ltd.,

H

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

China

4,014,524

7,800,923

a

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

A

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

China

258,400

2,002,390

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

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

China

368,509

2,352,310

12,155,623

#### Interactive

#### Media

#### &

#### Services

#### 10.5%
e

Tencent

Holdings

Ltd.

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

China

478,491

30,831,861

#### Media

#### 2.4%
a

Focus

Media

Information

Technology

Co.

Ltd.,

A

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

China

5,553,116

5,660,265

c,d,e

Mobvista,

Inc.,

144A,

Reg

S

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

China

1,529,670

1,386,900

7,047,165

Templeton

Dragon

Fund,

Inc.

Consolidated

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Metals

#### &

#### Mining

#### 0.3%
CMOC

Group

Ltd.,

H

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

China

815,692

$

832,474

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.2%
b

CGN

Mining

Co.

Ltd.

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

China

4,600,000

1,427,668

PetroChina

Co.

Ltd.,

H

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

China

2,596,531

2,237,631

3,665,299

#### Pharmaceuticals

#### 1.5%
a

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

A

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

China

608,627

4,408,905

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.5%
e

KE

Holdings,

Inc.,

ADR

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

China

86,022

1,526,030

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.7%
a

OmniVision

Integrated

Circuits

Group,

Inc.,

A

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

China

107,700

1,920,983

#### Specialty

#### Retail

#### 0.7%
c,e

Pop

Mart

International

Group

Ltd.,

144A,

Reg

S

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

China

61,894

2,108,678

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5.8%
c,d,e

Xiaomi

Corp.,

B,

144A,

Reg

S

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

China

2,223,611

17,116,772

#### Total

#### Common

#### Stocks

#### (Cost

#### $206,160,160)

#### ...................................

#### 292,298,243

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,d,f

Kangmei

Pharmaceutical

Co.

Ltd.,

Escrow

Account

..........

China

599,831

83,711

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $–)

#### .................................

#### 83,711

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $206,160,160)

#### .............................

#### 292,381,954

#### a

#### Short

#### Term

#### Investments

#### 0.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.0%

#### †
g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

..

United

States

9,606

9,606

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $9,606)

#### .....................................

#### 9,606
i

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.9%

#### Money

#### Market

#### Funds

#### 0.9%
g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

..

United

States

2,575,231

2,575,231

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $2,575,231)
..........................................................

#### 2,575,231

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $2,584,837

####)
...............................

#### 2,584,837

#### a

#### Total

#### Investments

#### (Cost

#### $208,744,997)

#### 100.5%

#### ................................

#### $294,966,791

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.5)%

#### .........................................

#### (1,465,466)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $293,501,325

#### a
Templeton

Dragon

Fund,

Inc.

Consolidated

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

See

Abbreviations

on

page

22. †

Rounds

to

less

than

0.1%

of

net

assets.

a

The

security

is

owned

by

Templeton

China

Opportunities

Fund,

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(c).

b

A

portion

or

all

of

the

security

is

on

loan

at

June

30,

2025. See

Note

(d).

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

June

30,

2025,

the

aggregate

value

of

these

securities

was

$38,316,475,

representing

13.1%

of

net

assets.

d

Non-income

producing.

e

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$109,505,262,

representing

37.3%

of

net

assets.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

g

See

Note

(c)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

See

Note

(d)

regarding

securities

on

loan.

Templeton

Dragon

Fund,

Inc.

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Templeton

#### Dragon

#### Fund,

#### Inc.
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$206,160,160

Cost

-

Non-controlled

affiliates

(Note

c)

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

2,584,837

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

5,978,582)

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

$292,381,954

Value

-

Non-controlled

affiliates

(Note

c)

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

2,584,837

Foreign

currency,

at

value

(cost

$

1,282,182)

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

1,289,134

Receivables:

Investment

securities

sold

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

867,763

Dividends

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

732,422

Total

assets

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

297,856,110

Liabilities:

Payables:

Management

fees

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

254,530

Funds

advanced

by

custodian

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

1,326,684

Payable

upon

return

of

securities

loaned

(Note

d)

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

2,575,231

Accrued

expenses

and

other

liabilities

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

198,340

Total

liabilities

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

4,354,785

Net

assets,

at

value

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

$293,501,325

Net

assets

consist

of:

Paid-in

capital

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

$282,234,365

Total

distributable

earnings

(losses)

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

11,266,960

Net

assets,

at

value

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

$293,501,325

Shares

outstanding

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

25,272,108

Net

asset

value

per

share

a

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

$11.61

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Dragon

Fund,

Inc.

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Templeton

#### Dragon

#### Fund,

#### Inc.
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$256,736)

Unaffiliated

issuers

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

$3,641,086

Non-controlled

affiliates

(Note

c)

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

135,269

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(11,024)

Non-controlled

affiliates

(Note

c)

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

24,901

Total

investment

income

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

3,790,232

Expenses:

Management

fees

(Note

a)

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

1,495,678

Transfer

agent

fees

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

27,063

Custodian

fees

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

49,280

Reports

to

shareholders

fees

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

10,683

Registration

and

filing

fees

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

9,309

Professional

fees

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

72,339

Directors'

fees

and

expenses

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

16,345

Other

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

18,445

Total

expenses

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

1,699,142

Expenses

waived/paid

by

affiliates

(Note

c)

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

(13,901)

Net

expenses

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

1,685,241

Net

investment

income

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

2,104,991

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

1,233,908

Foreign

currency

transactions

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

(26,909)

Net

realized

gain

(loss)

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

1,206,999

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

33,082,866

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

22,050

Net

change

in

unrealized

appreciation

(depreciation)

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

33,104,916

Net

realized

and

unrealized

gain

(loss)

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

34,311,915

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$36,416,906

Templeton

Dragon

Fund,

Inc.

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Templeton

#### Dragon

#### Fund,

#### Inc.

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$2,104,991

$3,089,785

Net

realized

gain

(loss)

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

1,206,999

(22,201,132)

Net

change

in

unrealized

appreciation

(depreciation)

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

33,104,916

46,151,443

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

36,416,906

27,040,096

Distributions

to

shareholders

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

(5,062,422)

(2,928,284)

Capital

share

transactions

from

-

repurchase

of

shares

(Note

2)

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

(734,743)

—

Net

increase

(decrease)

in

net

assets

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

30,619,741

24,111,812

Net

assets:

Beginning

of

period

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

262,881,584

238,769,772

End

of

period

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

$293,501,325

$262,881,584

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Templeton

Dragon

Fund,

Inc. (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

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. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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

Directors

(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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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

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

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

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

p.m.

Eastern

time.

At

June

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

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

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Investments

#### in

#### Templeton

#### China

#### Opportunities

#### Fund,

#### Ltd.

#### (China

#### Fund)
The

Fund

invests

in

certain

China

A-shares

through

its

investment

in

the

China

Fund.

The

China

Fund

is

a

Cayman

Islands

exempted

company,

and

is

a

wholly-

owned

subsidiary

of

the

Templeton

Dragon

Fund,

and

is

able

to

invest

directly

in

China

A-shares

consistent

with

the

investment

objective

of

the

Templeton

Dragon

Fund.

At

June

30,

2025,

the

China

Fund's

investments

as

well

as

any

other

assets

and

liabilities

of

the

China

Fund

are

reflected

in

the

Fund's

Consolidated Schedule

of

Investments

and

Consolidated

Statement of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

June

30,

2025,

the

net

assets

of

the

China

Fund

were

$95,334,685,

representing 32%

of

the

Fund's

consolidated

net

assets.

The

China

Fund

gains

access

to

the

A-shares

market

through

Templeton

Investment

Counsel,

LLC

(TIC),

which

serves

as

the

registered

Qualified

Foreign

Institutional

Investor

(QFII)

for

the

China

Fund.

Investment

decisions

related

to

the

China

Fund

A-shares

are

specific

to

the

Fund

and

it

bears

the

resultant

economic

and

tax

consequences

of

its

holdings

and

transactions

in

A-shares.

The

China

Fund

is

subject

to

certain

restrictions

and

administrative

processes

relating

to

its

ability

to

repatriate

cash

balances,

investment

proceeds,

and

earnings

associated

with

its

A-shares

and

may

incur

substantial

delays

in

gaining

access

to

its

assets

or

a

loss

of

value

in

the

event

of

noncompliance

with

applicable

Chinese

rules

or

requirements.

d. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund.

Additionally,

at

June

30,

2025,

the

Fund

held

$3,708,927

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

segregated

accounts

with

the

Fund's

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Consolidated

Statement

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Consolidated

Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Effective

March

1,

2025,

the

Board

has

implemented

a

new

managed

distribution

plan

where

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

The

Fund

intends

to

distribute

$0.10

per

share

quarterly.

The

Fund's

distribution

level

may

be

changed

by

the

Board

in

the

future.

Under

the

policy,

the

Fund

is

managed

with

a

goal

of

generating

as

much

of

the

distribution

as

possible

from

net

investment

income

and

short-term

capital

gains.

The

balance

of

the

distribution

will

then

come

from

long-term

capital

gains

to

the

extent

permitted

and,

if

necessary,

a

return

of

capital.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Securities

#### Lending
(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

h. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and directors

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Capital

#### Stock
At

June

30,

2025,

there

were

million

shares

authorized

($0.01

par

value).

During

the periods

ended

June

30,

2025 and

December

31,

2024,

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

Under

the

Board

approved

open-market

share

repurchase

program,

the

Fund

may

purchase,

from

time

to

time,

Fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

Transactions

in

the

Fund's

shares

were

as

follows.

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and directors

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Effective March

1,

2025,

the

Fund

pays

an

investment

management

fee,

calculated weekly

and

paid

monthly,

to TAML

based

on

the

average weekly

net

assets of

the

Fund

as

follows:

#### Period

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount
Shares

repurchased

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

81,000

$734,743

—

$

—

Weighted

average

discount

of

cost

of

repurchase

to

net

asset

value

of

shares

repurchased

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

15.46%

—

%

#### Subsidiary

#### Affiliation
Templeton

Asset

Management

Ltd.

(TAML)

Investment

manager

Templeton

Investment

Counsel,

LLC

(TIC)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
1.050%

Up

to

and

including

$1

billion

1.000%

Over

$1

billion,

up

to

and

including

$2

billion

0.950%

In

excess

of

$2

billion

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Prior

to March

1,

2025,

the

Fund

paid

fees,

calculated

weekly and

paid

monthly,

to TAML

based

on

the

average

weekly

net

assets

of

the

Fund

as

follows:

For

the

period

ended

June

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 1.067%

of

the

Fund's

average weekly

net

assets.

Under

an

agreement

with

TAML,

TIC

is

paid

a

fee

for

serving

as

the

QFII

for

the

China

Fund.

The

fee

is

paid

by

TAML

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

TAML,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

TAML

based

on

the

Fund's

average weekly

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
1.100%

Up

to

and

including

$1

billion

1.050%

Over

$1

billion,

up

to

and

including

$2

billion

1.000%

In

excess

of

$2

billion

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Templeton

#### Dragon

#### Fund,

#### Inc.

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$12,194,527

$34,509,154

$(46,694,075)

$—

$—

$9,606

9,606

$135,269

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$890,660

$13,883,434

$(12,198,863)

$—

$—

$2,575,231

2,575,231

$24,901

#### Total

#### Affiliated

#### Securities

#### ...
$13,085,187

$48,392,588

$(58,892,938)

$—

$—

$2,584,837

$160,170

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

pass-through

entity

income,

investments

in

the

China

Fund

and

corporate

actions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

June

30,

2025,

aggregated

$50,318,123 and

$42,858,177,

respectively.

At

June

30,

2025,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$2,575,231

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

6. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Investing

in

China

A

shares

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities.

In

general,

A

shares

are

issued

by

companies

incorporated

in

the People's

Republic

of

China

(PRC)

and

listed

on

the

Shanghai

and

Shenzhen

Stock

Exchanges

and

available

for

investment

by

domestic

(Chinese)

investors

and

holders

of

a QFII

license

and,

in

the

case

of

certain

eligible

A

shares,

through

the

Shanghai

and

Shenzhen

Stock

Connect

programs.

The

Shanghai

and

Shenzhen

Stock

Exchanges

are,

however,

substantially

smaller,

less

liquid

and

more

volatile

than

the

major

securities

markets

in

the

United

States.

Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

the

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

20,714,126

Long

term

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

56,734,287

Total

capital

loss

carryforwards

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

$77,448,413

Cost

of

investments

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

$208,092,053

Unrealized

appreciation

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

$95,987,114

Unrealized

depreciation

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

(9,112,376)

Net

unrealized

appreciation

(depreciation)

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

$86,874,738

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the

Fund's

returns

and

net

asset

value.

7. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

June

30,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Templeton

#### Dragon

#### Fund,

#### Inc.

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

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

$

—

$

9,585,148

$

—

$

9,585,148

Automobile

Components

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

—

8,766,301

—

8,766,301

Automobiles

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

—

9,835,491

—

9,835,491

Banks

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

—

29,028,793

—

29,028,793

Beverages

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

—

11,254,554

—

11,254,554

Biotechnology

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

—

4,536,357

—

4,536,357

Broadline

Retail

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

1,608,310

24,676,469

—

26,284,779

Capital

Markets

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

—

7,501,667

—

7,501,667

Chemicals

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

—

7,894,602

—

7,894,602

Distributors

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

3,808,778

—

—

3,808,778

Diversified

Consumer

Services

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

1,079,000

2,492,817

—

3,571,817

Electrical

Equipment

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

—

14,241,346

—

14,241,346

Electronic

Equipment,

Instruments

&

Components

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

—

10,598,011

—

10,598,011

Entertainment

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

—

5,662,008

—

5,662,008

Food

Products

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

—

11,868,307

—

11,868,307

Ground

Transportation

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

2,960,448

—

—

2,960,448

Health

Care

Equipment

&

Supplies

.........

—

1,776,536

—

1,776,536

Hotels,

Restaurants

&

Leisure

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

8,357,069

16,003,569

—

24,360,638

Household

Durables

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

—

8,368,335

—

8,368,335

6. #### Concentration

#### of

#### Risk
(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

8. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the Consolidated

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Consolidated

Statement

of

Assets

and

Liabilities

and

the Consolidated

Statement

of

Operations,

along

with

the

related

notes

to

the Consolidated

financial

statements.

The Consolidated

Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Consolidated

Financial

Highlights.

9. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Templeton

#### Dragon

#### Fund,

#### Inc.
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Independent

Power

and

Renewable

Electricity

Producers

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

$

—

$

8,780,537

$

—

$

8,780,537

Insurance

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

—

12,155,623

—

12,155,623

Interactive

Media

&

Services

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

—

30,831,861

—

30,831,861

Media

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

—

7,047,165

—

7,047,165

Metals

&

Mining

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

—

832,474

—

832,474

Oil,

Gas

&

Consumable

Fuels

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

—

3,665,299

—

3,665,299

Pharmaceuticals

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

—

4,408,905

—

4,408,905

Real

Estate

Management

&

Development

....

1,526,030

—

—

1,526,030

Semiconductors

&

Semiconductor

Equipment

.

—

1,920,983

—

1,920,983

Specialty

Retail

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

—

2,108,678

—

2,108,678

Technology

Hardware,

Storage

&

Peripherals

.

—

17,116,772

—

17,116,772

Escrows

and

Litigation

Trusts

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

—

—

83,711

83,711

Short

Term

Investments

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

2,584,837

—

—

2,584,837

Total

Investments

in

Securities

...........

$21,924,472

$272,958,608

a

$83,711

$294,966,791

a

Includes

foreign

securities

valued

at

$272,958,608,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

7. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

Templeton

Dragon

Fund,

Inc.

franklintempleton.com

Semiannual

Report

Important

Information

to

Shareholders

#### Share

#### Repurchase

#### Program
The

Fund's

Board

has

approved

an

open-market

share

repurchase

program

which

includes

an

initial

authorization

for

the

Fund

to

repurchase

up

to

10%

of

its

outstanding

shares

in

open-market

transactions,

as

well

as

up

to

an

additional

10%

of

its

outstanding

shares,

above

and

in

addition

to

the

initial

10%

previously

authorized.

This

authorization

remains

in

effect.

The

timing

and

amount

of

repurchases

continue

to

be

at

the

discretion

of

the

investment

manager,

taking

into

account

various

factors,

including,

but

not

limited

to,

the

level

of

the

discount,

the

Fund's

performance,

portfolio

holdings,

dividend

history,

market

conditions,

cash

on

hand,

the

availability

of

other

attractive

investments

and

whether

the

sale

of

certain

portfolio

securities

would

be

undesirable

because

of

liquidity

concerns

or

because

the

sale

might

subject

the

Fund

to

adverse

tax

consequences.

Any

repurchases

would

be

made

on

a

national

securities

exchange

at

the

prevailing

market

price,

subject

to

exchange

requirements,

federal

securities

laws

and

rules

that

restrict

repurchases,

and

the

terms

of

any

outstanding

leverage

or

borrowing

of

the

Fund.

If

and

when

the

Fund's

additional

10%

threshold

is

reached,

no

further

repurchases

could

be

completed

until

authorized

by

the

Board.

Until

the

additional

10%

threshold

is

reached,

Fund

management

will

have

the

flexibility

to

commence

share

repurchases

if

and

when

it

is

determined

to

be

appropriate

in

light

of

prevailing

circumstances.

The

share

repurchase

program

is

intended

to

benefit

shareholders

by

enabling

the

Fund

to

repurchase

shares

at

a

discount

to

net

asset

value,

thereby

increasing

the

proportionate

interest

of

each

remaining

shareholder

in

the

Fund.

In

the

Notes

to

Consolidated

Financial

Statements

section,

please

see

note

(Capital

Stock)

for

additional

information

regarding

shares

repurchased.

#### Portfolio

#### Management

#### Changes
Effective

April

30,

2025,

Tony

Sun

joined

the

Fund's

portfolio

management

team.

#### Managed

#### Distribution

#### Plan
The

Board

has

implemented

a

managed

distribution

plan

where

the

Fund

distributes

a

level

distribution

amount

to

shareholders.

The

Fund

intends

to

make

quarterly

distributions

to

shareholders

at

the

fixed

rate

of

$0.10

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund's

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

quarter

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund's

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

Under

the

managed

distribution

plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

quarterly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund's

investment

performance

from

the

amount

of

the

Fund's

distributions

or

from

the

terms

of

the

Fund's

managed

distribution

plan.

The

Board

may

amend

the

terms

of

the

plan

or

terminate

the

plan

at

any

time.

The

amendment

or

termination

of

the

plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund's

shares.

The

plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

fixed

rate

to

determine

if

an

adjustment

should

be

made.

In

compliance

with

Rule

19a-1

of

the

Investment

Company

Act

of

1940,

shareholders

will

receive

a

notice

that

details

the

source

of

income

for

each

dividend

such

as

net

investment

income,

gain

from

the

sale

of

securities

and

return

of

principal.

However,

determination

of

the

actual

source

of

the

Fund's

dividend

can

only

be

made

at

year-end.

The

actual

source

amounts

of

all

Fund

dividends

will

be

included

in

the

Fund's

annual

or

semiannual

reports.

In

addition,

the

tax

treatment

may

differ

from

the

accounting

treatment

used

to

calculate

the

source

of

the

Fund's

dividends

as

shown

on

shareholders'

statements.

Shareholders

should

refer

to

their

Form

1099-DIV

for

the

character

and

amount

of

distributions

for

income

tax

reporting

purposes.

Since

each

shareholder's

tax

situation

is

unique,

it

may

be

advisable

to

consult

a

tax

advisor

as

to

the

appropriate

treatment

of

Fund

distributions.

Templeton

Dragon

Fund,

Inc.

Annual

Meeting

of

Shareholders

May

22,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

Annual

Meeting

of

Shareholders

of

Templeton

Dragon

Fund,

Inc.

(the

"Fund")

was

held

at

the

Fund's

offices,

S.E.

2nd

Street,

Fort

Lauderdale,

Florida,

on

May

22,

2025. The

purpose

of

the

meeting

was

to

elect

four

Directors

of

the

Fund

and

to

ratify

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

December

31,

2025. At

the

meeting,

the

following

persons

were

elected

by

the

shareholders

to

serve

as

Directors

of

the

Fund:

Edith

E. Holiday,

Larry

D. Thompson,

Gregory

E. Johnson,

and

Rupert

H. Johnson,

Jr.\*

Shareholders

also

ratified

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

December

31,

2025. No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

1. Election

of

four

Directors:

The

Fund

is

not

aware

of

broker

non-votes

received

with

respect

to

this

item.

2. Ratification

of

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

December

31,

2025:

The

Fund

is

not

aware

of

broker

non-votes

received

with

respect

to

this

item.

\*

*Harris* 

J. *Ashton,* 

*Ann* 

*Torre* 

*Bates,* 

*Terrence* 

J. *Checki*

*,* 

*Mary* 

C. *Choksi,* 

J. *Michael* 

*Luttig*

*,* 

*David* 

W. *Niemiec*

*and* 

*Constantine* 

D. *Tseretopoulos*

*are* 

*Directors* 

*of* 

*the* 

*Fund* 

*who* 

*are* 

*currently* 

*serving* 

*and* 

*whose* 

*terms* 

*of* 

*office* 

*continued* 

*after* 

*the* 

*Annual* 

*Meeting* 

*of* 

*Shareholders.*

#### Term

#### Expiring

#### 2028

#### For

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present

#### Against

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present

#### Abstain

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present
Edith

E. Holiday

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

Larry

D. Thompson

...........

Gregory

E. Johnson

..........

Rupert

H. Johnson,

Jr.

.........

18,993,763

20,110,765

20,178,012

20,129,352

74.92%

79.32%

79.59%

79.40%

87.25%

92.38%

92.69%

92.46%

2,576,592

1,462,135

1,394,681

1,441,759

10.16%

5.77%

5.50%

5.69%

11.84%

6.72%

6.41%

6.62%

200,128

197,581

197,790

199,372

0.79%

0.78%

0.78%

0.79%

0.92%

0.91%

0.91%

0.92%

#### Shares

#### Voted

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present
For

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

Against

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

Abstain

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

21,292,639

259,047

218,800

83.98%

1.02%

0.86%

97.81%

1.19%

1.01%

Templeton

Dragon

Fund,

Inc.

franklintempleton.com

Semiannual

Report

Dividend

Reinvestment

and

Cash

Purchase

Plan

The

Fund

offers

a

Dividend

Reinvestment

and

Cash

Purchase

Plan

(the

"Plan")

with

the

following

features:

If

shares

of

the

Fund

are

held

in

the

shareholder's

name,

the

shareholder

will

automatically

be

a

participant

in

the

Plan

unless

he

elects

to

withdraw.

If

the

shares

are

registered

in

the

name

of

a

broker-dealer

or

other

nominee

(i.e.,

in

"street

name"),

the

broker-dealer

or

nominee

will

elect

to

participate

in

the

Plan

on

the

shareholder's

behalf

unless

the

shareholder

instructs

them

otherwise,

or

unless

the

reinvestment

service

is

not

provided

by

the

broker-dealer

or

nominee.

To

receive

dividends

or

distributions

in

cash,

the

shareholder

must

notify

Equiniti

Trust

Company,

LLC

(the

"Plan

Administrator")

at

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560

or

the

institution

in

whose

name

the

shares

are

held.

The

Plan

Administrator

must

receive

written

notice

ten

business

days

before

the

record

date

for

the

distribution.

Whenever

the

Fund

declares

dividends

in

either

cash

or

shares

of

the

Fund,

if

the

market

price

is

equal

to

or

exceeds

net

asset

value

at

the

valuation

date,

the

participant

will

receive

the

dividends

entirely

in

new

shares

at

a

price

equal

to

the

net

asset

value,

but

not

less

than

95%

of

the

then

current

market

price

of

the

Fund's

shares.

If

the

market

price

is

lower

than

net

asset

value

or

if

dividends

and/or

capital

gains

distributions

are

payable

only

in

cash,

the

participant

will

receive

shares

purchased

on

the

New

York

Stock

Exchange

or

otherwise

on

the

open

market.

A

participant

has

the

option

of

submitting

additional

cash

payments

to

the

Plan

Administrator,

in

any

amounts

of

at

least

$100,

up

to

a

maximum

of

$5,000

per

month,

for

the

purchase

of

Fund

shares

for

his

or

her

account.

These

payments

can

be

made

by

check

payable

to

Equiniti

Trust

Company,

LLC

and

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

Attention:

Templeton

Dragon

Fund,

Inc.

The

Plan

Administrator

will

apply

such

payments

(less

a

$5.00

service

charge

and

less

a

pro

rata

share

of

trading

fees)

to

purchases

of

the

Fund's

shares

on

the

open

market.

Whenever

shares

are

purchased

on

the

New

York

Stock

Exchange

or

otherwise

on

the

open

market,

each

participant

will

pay

a

pro

rata

portion

of

trading

fees.

Trading

fees

will

be

deducted

from

amounts

to

be

invested.

The

Plan

Administrator's

fee

for

a

sale

of

shares

through

the

Plan

is

$15.00

per

transaction

plus

a

$0.12

per

share

trading

fee.

The

automatic

reinvestment

of

dividends

and/or

capital

gains

does

not

relieve

the

participant

of

any

income

tax

that

may

be

payable

on

dividends

or

distributions.

The

participant

may

withdraw

from

the

Plan

without

penalty

at

any

time

by

written

notice

to

the

Plan

Administrator

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560.

Upon

withdrawal,

the

participant

will

receive,

without

charge,

share

certificates

issued

in

the

participant's

name

for

all

full

shares

held

by

the

Plan

Administrator;

or,

if

the

participant

wishes,

the

Plan

Administrator

will

sell

the

participant's

shares

and

send

the

proceeds

to

the

participant,

less

a

service

charge

of

$15.00

and

less

trading

fees

of

$0.12

per

share.

The

Plan

Administrator

will

convert

any

fractional

shares

held

at

the

time

of

withdrawal

to

cash

at

current

market

price

and

send

a

check

to

the

participant

for

the

net

proceeds.

For

more

information,

please

see

the

Plan's

Terms

and

Conditions

located

at

the

back

of

this

report.

Templeton

Dragon

Fund,

Inc.

Dividend

Reinvestment

and

Cash

Purchase

Plan

franklintempleton.com

Semiannual

Report

#### Transfer

#### Agent
Equiniti

Trust

Company,

LLC

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-056

(800) 416-5585

www.equiniti.com

#### Direct

#### Deposit

#### Service

#### for

#### Registered

#### Shareholders
Cash

distributions

can

now

be

electronically

credited

to

a

checking

or

savings

account

at

any

financial

institution

that

participates

in

the

Automated

Clearing

House

("ACH")

system.

The

Direct

Deposit

service

is

provided

for

registered

shareholders

at

no

charge.

To

enroll

in

the

service,

access

your

account

online

by

going

to

www.equiniti.com

or

dial

(800) 416-

5585

(toll

free)

and

follow

the

instructions.

Direct

Deposit

will

begin

with

the

next

scheduled

distribution

payment

date

following

enrollment

in

the

service.

#### Direct

#### Registration
If

you

are

a

registered

shareholder

of

the

Fund,

purchases

of

shares

of

the

Fund

can

be

electronically

credited

to

your

Fund

account

at

Equiniti

Trust

Company,

LLC

through

Direct

Registration.

This

service

provides

shareholders

with

a

convenient

way

to

keep

track

of

shares

through

book

entry

transactions,

electronically

move

book-entry

shares

between

broker-dealers,

transfer

agents

and

DRS

eligible

issuers,

and

eliminate

the

possibility

of

lost

certificates.

For

additional

information,

please

contact

Equiniti

Trust

Company,

LLC

at

(800) 416-5585.

#### Shareholder

#### Information
Shares

of

Templeton

Dragon

Fund,

Inc.

are

traded

on

the

New

York

Stock

Exchange

under

the

symbol

"TDF."

Information

about

the

net

asset

value

and

the

market

price

is

available

at

franklintempleton.com.

For

current

information

about

dividends

and

shareholder

accounts,

call

(800) 416-5585.

Registered

shareholders

can

access

their

Fund

account

on-line.

For

information

go

to

Equiniti

Trust

Company,

LLC

website

at

www.equiniti.com

and

follow

the

instructions.

The

daily

closing

net

asset

value

as

of

the

previous

business

day

may

be

obtained

when

available

by

calling

Franklin

Templeton

Fund

Information

after

a.m.

Pacific

time

any

business

day

at

(800) DIAL

BEN/342-5236.

The

Fund's

net

asset

value

and

dividends

are

also

listed

on

the

NASDAQ

Stock

Market,

Inc.'s

Mutual

Fund

Quotation

Service

("NASDAQ

MFQS").

Shareholders

not

receiving

copies

of

reports

to

shareholders

because

their

shares

are

registered

in

the

name

of

a

broker

or

a

custodian

can

request

that

they

be

added

to

the

Fund's

mailing

list,

by

writing

Templeton

Dragon

Fund,

Inc.,

Fountain

Parkway,

P.O.

Box

33030,

St.

Petersburg,

FL,

33733-8030.

Templeton

Dragon

Fund,

Inc.

Shareholder

Information

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

#### TEMPLETON

#### DRAGON

#### FUND,

#### INC.
(Fund)

At

an

in-person

meeting

held

on

May

29,

2025

(Meeting),

the

Board

of

Directors

(Board)

of

the

Fund,

including

a

majority

of

the

directors

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Directors),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Templeton

Asset

Management

Ltd.

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Directors

received

advice

from

and

met

separately

with

Independent

Director

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Director

counsel

on

behalf

of

the

Independent

Directors

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Directors

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Directors

first

conferred

amongst

themselves

and

Independent

Director

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Directors

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Directors,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund

(including

its

share

price

discount

to

net

asset

value);

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

Franklin

Templeton

(FT)

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

considered

the

investment

management

services

that

Templeton

Investment

Counsel,

LLC

(TICL)

provides

to

the

Cayman

Islands-based

company,

which

is

wholly

owned

by

the

Fund

(Cayman

Subsidiary).

The

Board

noted

recent

actions

that

it

took

at

its

February

2025

meeting,

including

the

authorization

of

a

managed

distribution

plan

pursuant

to

which

the

Fund

will

make

quarterly

distributions

to

shareholders

at

the

fixed

rate

of

$0.10

per

share

and

the

approval

of

an

open-market

share

repurchase

program

that

authorizes

the

Fund

to

purchase,

from

time

to

time,

up

to

10%

of

the

Fund's

common

shares

in

open-market

transactions,

at

the

discretion

of

the

management.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

Templeton

Dragon

Fund,

Inc.

Shareholder

Information

franklintempleton.com

Semiannual

Report

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

the

Performance

Universe.

The

Board

also

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

a

customized

peer

group

(Performance

Customized

Peer

Group)

selected

by

the

Manager.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

Such

results

are

based

on

net

asset

value

without

regard

to

market

discounts

or

premiums.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

non-leveraged

closed-end

emerging

markets

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

consisted

only

of

emerging

markets

funds

that

invest

at

least

45%

of

total

assets

in

the

equity

securities

of

China

companies.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

10-year

periods

was

equal

to

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

discussed

this

performance

with

management

and

management

explained

that

the

Performance

Universe

was

comprised

of

funds

with

different

investment

universes

and

that

only

two

of

the

peers

were

comparable

to

the

Fund,

noting

some

differences.

Management

explained

that,

for

the

one-year

period

ended

December

31,

2024,

the

Fund's

performance

was

11.45%.

The

Fund's

underperformance

was

attributable

to

stock

selection

in

the

financials,

consumer

discretionary

and

energy

sectors,

in

addition

to

allocations

in

the

consumer

discretionary

and

energy

sectors.

Management

also

explained

that

political

decisions,

geopolitical

factors

and

aggressive

central

bank

actions

in

developed

countries

since

2021

resulted

in

a

risk-averse

sentiment

against

China

and

an

outflow

of

assets

across

China-focused

funds.

Management

further

explained

that

the

Fund's

three-

and

five-year

underperformance

was

largely

driven

by

the

Fund's

performance

from

2021

to

2023. Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

noting

the

adjustments

that

have

been

made

to

the

Fund's

portfolio

positioning

in

light

of

the

investment

team's

forward

looking

views

about

China's

corporate

regulatory

environment,

growing

domestic

market

and

state-owned

enterprises.

The

Board

concluded

that

the

Fund's

performance

was

acceptable.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

underlying

fund

expenses;

investment-related

expenses;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

as

applicable.

The

Board

received

a

Templeton

Dragon

Fund,

Inc.

Shareholder

Information

franklintempleton.com

Semiannual

Report

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

the

Expense

Group.

The

Board

also

considered

the

investment

management

services

that

TICL

provides

to

the

Cayman

Subsidiary.

The

Expense

Group

for

the

Fund

included

the

Fund

and

six

other

non-leverage

closed

end

emerging

markets

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

essentially

equal

to

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

further

noted

that,

effective

March

1,

2025,

the

Management

Rate

was

reduced

by

basis

points

at

each

breakpoint

tier.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

believes

that

the

Manager's

ability

to

realize

economies

of

scale

and

the

sharing

of

such

benefit

is

a

more

relevant

consideration

in

the

case

of

an

open-end

fund

whose

size

increases

as

a

result

of

the

continuous

sale

of

its

shares.

A

closed-end

fund,

such

as

the

Fund,

does

not

continuously

offer

shares,

and

growth

following

its

initial

public

offering

will

primarily

result

from

market

appreciation,

which

benefits

its

shareholders.

While

believing

economies

of

scale

to

be

less

of

a

factor

in

the

context

of

a

closed-

end

fund,

the

Board

believes

at

some

point

an

increase

in

size

may

lead

to

economies

of

scale

that

would

be

shared

with

the

Fund

and

its

shareholders.

The

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

Templeton

Dragon

Fund,

Inc.

Shareholder

Information

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund's

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund's

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954) 527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund's

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission's

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30. Quarterly

Consolidated

Schedule

of

Investments

The

Fund

files

a

complete

consolidated

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission's

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission's

Public

Reference

Room

in

Washington,

DC. Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800) SEC-0330.

franklintempleton.com

Semiannual

Report

#### TERMS

#### AND

#### CONDITIONS

#### OF

#### DIVIDEND

#### REINVESTMENT

#### AND

#### CASH

#### PURCHASE

#### PLAN
1. Each

holder

of

shares

(a

"Shareholder")

in

Templeton

Dragon

Fund,

Inc.

(the

"Fund")

whose

Fund

shares

are

registered

in

his

or

her

own

name

will

automatically

be

a

participant

in

the

Dividend

Reinvestment

and

Cash

Purchase

Plan

(the

"Plan"),

unless

any

such

Shareholder

specifically

elects

in

writing

to

receive

all

dividends

and

capital

gains

in

cash,

paid

by

check,

mailed

directly

to

the

Shareholder.

A

Shareholder

whose

shares

are

registered

in

the

name

of

a

broker-

dealer

or

other

nominee

(the

"Nominee")

will

be

a

participant

if

(a) such

a

service

is

provided

by

the

Nominee

and

(b) the

Nominee

makes

an

election

on

behalf

of

the

Shareholder

to

participate

in

the

Plan.

Nominees

intend

to

make

such

an

election

on

behalf

of

Shareholders

whose

shares

are

registered

in

their

names,

as

Nominee,

unless

a

Shareholder

specifically

instructs

his

or

her

Nominee

to

pay

dividends

and

capital

gains

in

cash.

Equiniti

Trust

Company,

LLC

("Equiniti")

will

act

as

Plan

Administrator

and

will

open

an

account

for

each

participating

shareholder

("participant")

under

the

Plan

in

the

same

name

as

that

in

which

the

participant's

present

shares

are

registered.

2. Whenever

the

Fund

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

in

either

cash

or

shares

of

the

Fund

("Fund

shares"),

if

the

market

price

per

share

on

the

valuation

date

equals

or

exceeds

the

net

asset

value

per

share,

participants

will

receive

such

dividend

or

distribution

entirely

in

Fund

shares,

and

Equiniti

shall

automatically

receive

such

Fund

shares

for

participant

accounts

including

aggregate

fractions.

The

number

of

additional

Fund

shares

to

be

credited

to

participant

accounts

shall

be

determined

by

dividing

the

equivalent

dollar

amount

of

the

capital

gains

distribution

or

dividend

payable

to

participants

by

the

Fund's

net

asset

value

per

share

of

the

Fund

shares

on

the

valuation

date,

provided

that

the

Fund

shall

not

issue

such

shares

at

a

price

lower

than

95%

of

the

current

market

price

per

share.

The

valuation

date

will

be

the

payable

date

for

such

distribution

or

dividend.

3. Whenever

the

Fund

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

only

in

cash,

or

if

the

Fund's

net

asset

value

per

share

exceeds

the

market

price

per

share

on

the

valuation

date,

Equiniti

shall

apply

the

amount

of

such

dividend

or

distribution

payable

to

participants

to

the

purchase

of

Fund

shares

on

the

open

market

(less

their

pro

rata

share

of

trading

fees

incurred

with

respect

to

open

market

purchases

in

connection

with

the

reinvestment

of

such

dividend

or

distribution).

If,

before

Equiniti

has

completed

its

purchases,

the

market

price

exceeds

the

net

asset

value

per

share,

the

average

per

share

purchase

price

paid

by

Equiniti

may

exceed

the

net

asset

value

of

the

Fund's

shares,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

dividend

or

capital

gains

distribution

had

been

paid

in

shares

issued

by

the

Fund

at

net

asset

value

per

share.

Such

purchases

will

be

made

promptly

after

the

payable

date

for

such

dividend

or

distribution,

and

in

no

event

more

than

days

after

such

date

except

where

temporary

curtailment

or

suspension

of

purchase

is

necessary

to

comply

with

applicable

provisions

of

the

Federal

securities

laws.

4. A

participant

has

the

option

of

submitting

additional

payments

to

Equiniti,

in

any

amounts

of

at

least

$100,

up

to

a

maximum

of

$5,000

per

month,

for

the

purchase

of

Fund

shares

for

his

or

her

account.

These

payments

may

be

made

electronically

through

www.equiniti.com

or

by

check

payable

to

"Equiniti

Trust

Company,

LLC"

and

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

Attention:

Templeton

Dragon

Fund,

Inc.

Equiniti

shall

apply

such

payments

(less

a

$5.00

service

charge

and

less

a

pro

rata

share

of

trading

fees)

to

purchases

of

Fund

shares

on

the

open

market,

as

discussed

below

in

paragraph

6. Equiniti

shall

make

such

purchases

promptly

on

approximately

the

15th

of

each

month

or,

during

a

month

in

which

a

dividend

or

distribution

is

paid,

beginning

on

the

dividend

payment

date,

and

in

no

event

more

than

days

after

receipt,

except

where

necessary

to

comply

with

provisions

of

Federal

securities

law.

Any

voluntary

payment

received

less

than

two

business

days

before

an

investment

date

shall

be

invested

during

the

following

month

unless

there

are

more

than

days

until

the

next

investment

date,

in

which

case

such

payment

will

be

returned

to

the

participant.

Equiniti

shall

return

to

the

participant

his

or

her

entire

voluntary

cash

payment

upon

written

notice

of

withdrawal

received

by

Equiniti

not

less

than

hours

before

such

payment

is

to

be

invested.

Such

written

notice

shall

be

sent

to

Equiniti

by

the

participant,

as

discussed

below

in

paragraph

14. 5. For

all

purposes

of

the

Plan:

(a) the

market

price

of

the

Fund's

shares

on

a

particular

date

shall

be

the

last

sale

price

on

the

New

York

Stock

Exchange

on

that

date

if

a

business

day

and

if

not,

on

the

preceding

business

day,

or

if

there

is

no

sale

on

such

Exchange

on

such

date,

then

the

mean

between

the

closing

bid

and

asked

quotations

for

such

shares

on

such

Exchange

on

such

date,

and

(b) net

asset

value

per

share

of

the

Fund's

shares

on

a

particular

date

shall

be

as

determined

by

or

on

behalf

of

the

Fund.

franklintempleton.com

Semiannual

Report

#### TERMS

#### AND

#### CONDITIONS

#### OF

#### DIVIDEND

#### REINVESTMENT

#### AND

#### CASH

#### PURCHASE

#### PLAN
(continued)

6. Open

market

purchases

provided

for

above

may

be

made

on

any

securities

exchange

where

Fund

shares

are

traded,

in

the

over-the-counter

market

or

in

negotiated

transactions

and

may

be

on

such

terms

as

to

price,

delivery

and

otherwise

as

Equiniti

shall

determine.

Participant

funds

held

by

Equiniti

uninvested

will

not

bear

interest,

and

it

is

understood

that,

in

any

event,

Equiniti

shall

have

no

liability

in

connection

with

any

inability

to

purchase

Fund

shares

within

business

days

after

the

payable

date

for

any

dividend

or

distribution

as

herein

provided,

or

with

the

timing

of

any

purchases

effected.

Equiniti

shall

have

no

responsibility

as

to

the

value

of

the

Fund

shares

acquired

for

participant

accounts.

For

the

purposes

of

purchases

in

the

open

market,

Equiniti

may

aggregate

purchases

with

those

of

other

participants,

and

the

average

price

(including

trading

fees)

of

all

shares

purchased

by

Equiniti

shall

be

the

price

per

share

allocable

to

all

participants.

7. Equiniti

will

hold

shares

acquired

pursuant

to

this

Plan,

together

with

the

shares

of

other

participants

acquired

pursuant

to

this

Plan,

in

its

name

or

that

of

its

nominee.

Equiniti

will

forward

to

participants

any

proxy

solicitation

material

and

will

vote

any

shares

so

held

for

participants

only

in

accordance

with

the

proxies

returned

by

participants

to

the

Fund.

Upon

written

request,

Equiniti

will

deliver

to

participants,

without

charge,

a

certificate

or

certificates

for

all

or

a

portion

of

the

full

shares

held

by

Equiniti.

8. Equiniti

will

confirm

to

participants

each

acquisition

made

for

an

account

as

soon

as

practicable

but

not

later

than

business

days

after

the

date

thereof.

Equiniti

will

send

to

participants

a

detailed

account

statement

showing

total

dividends

and

distributions,

date

of

investment,

shares

acquired

and

price

per

share,

and

total

shares

of

record

for

the

account.

Although

participants

may

from

time

to

time

have

an

undivided

fractional

interest

(computed

to

three

decimal

places)

in

a

share

of

the

Fund,

no

certificates

for

a

fractional

share

will

be

issued.

However,

dividends

and

distributions

on

fractional

shares

will

be

credited

to

participant

accounts.

In

the

event

of

termination

of

an

account

under

the

Plan,

Equiniti

will

adjust

for

any

such

undivided

fractional

interest

in

cash

at

the

market

price

of

the

Fund's

shares

on

the

date

of

termination.

9. Any

share

dividends

or

split

shares

distributed

by

the

Fund

on

shares

held

by

Equiniti

for

participants

will

be

credited

to

participant

accounts.

In

the

event

that

the

Fund

makes

available

to

its

shareholders

transferable

rights

to

purchase

additional

Fund

shares

or

other

securities,

Equiniti

will

sell

such

rights

and

apply

the

proceeds

of

the

sale

to

the

purchase

of

additional

Fund

shares

for

the

participant

accounts.

The

shares

held

for

participants

under

the

Plan

will

be

added

to

underlying

shares

held

by

participants

in

calculating

the

number

of

rights

to

be

issued.

10. Equiniti's

service

charge

for

capital

gains

or

income

dividend

purchases

will

be

paid

by

the

Fund

when

shares

are

issued

by

the

Fund

or

purchased

on

the

open

market.

Equiniti

will

deduct

a

$5.00

service

charge

from

each

voluntary

cash

payment.

Participants

will

be

charged

a

pro

rata

share

of

trading

fees

on

all

open

market

purchases.

11. Participants

may

withdraw

shares

from

such

participant's

account

or

terminate

their

participation

under

the

Plan

by

notifying

Equiniti

in

writing.

Such

withdrawal

or

termination

will

be

effective

immediately

if

notice

is

received

by

Equiniti

not

less

than

ten

days

prior

to

any

dividend

or

distribution

record

date;

otherwise

such

withdrawal

or

termination

will

be

effective

after

the

investment

of

any

current

dividend

or

distribution

or

voluntary

cash

payment.

The

Plan

may

be

terminated

by

Equiniti

or

the

Fund

upon

days'

notice

in

writing

mailed

to

participants.

Upon

any

withdrawal

or

termination,

Equiniti

will

cause

a

certificate

or

certificates

for

the

full

shares

held

by

Equiniti

for

participants

and

cash

adjustment

for

any

fractional

shares

(valued

at

the

market

value

of

the

shares

at

the

time

of

withdrawal

or

termination)

to

be

delivered

to

participants,

less

any

trading

fees.

Alternatively,

a

participant

may

elect

by

written

notice

to

Equiniti

to

have

Equiniti

sell

part

or

all

of

the

shares

held

for

him

and

to

remit

the

proceeds

to

him.

Equiniti

is

authorized

to

deduct

a

$15.00

service

charge

and

a

trading

fee

of

$0.12

per

share

for

this

transaction

from

the

proceeds.

If

a

participant

disposes

of

all

shares

registered

in

his

name

on

the

books

of

the

Fund,

Equiniti

may,

at

its

option,

terminate

the

participant's

account

or

determine

from

the

participant

whether

he

wishes

to

continue

his

participation

in

the

Plan.

12. These

terms

and

conditions

may

be

amended

or

supplemented

by

Equiniti

or

the

Fund

at

any

time

or

times,

except

when

necessary

or

appropriate

to

comply

with

applicable

law

or

the

rules

or

policies

of

the

U.S.

Securities

and

Exchange

Commission

or

any

other

regulatory

authority,

only

by

mailing

to

participants

appropriate

written

notice

at

least

days

prior

to

the

effective

date

thereof.

The

amendment

or

supplement

shall

be

deemed

to

be

accepted

by

participants

unless,

prior

to

the

effective

date

thereof,

Equiniti

receives

written

notice

of

the

termination

of

a

participant

account

under

the

Plan.

Any

such

amendment

franklintempleton.com

Semiannual

Report

#### TERMS

#### AND

#### CONDITIONS

#### OF

#### DIVIDEND

#### REINVESTMENT

#### AND

#### CASH

#### PURCHASE

#### PLAN
(continued)

may

include

an

appointment

by

Equiniti

in

its

place

and

stead

of

a

successor

Plan

Administrator

under

these

terms

and

conditions,

with

full

power

and

authority

to

perform

all

or

any

of

the

acts

to

be

performed

by

Equiniti

under

these

terms

and

conditions.

Upon

any

such

appointment

of

a

Plan

Administrator

for

the

purpose

of

receiving

dividends

and

distributions,

the

Fund

will

be

authorized

to

pay

to

such

successor

Plan

Administrator,

for

a

participant's

account,

all

dividends

and

distributions

payable

on

Fund

shares

held

in

a

participant's

name

or

under

the

Plan

for

retention

or

application

by

such

successor

Plan

Administrator

as

provided

in

these

terms

and

conditions.

13. Equiniti

shall

at

all

times

act

in

good

faith

and

agree

to

use

its

best

efforts

within

reasonable

limits

to

ensure

the

accuracy

of

all

services

performed

under

this

Agreement

and

to

comply

with

applicable

law,

but

shall

assume

no

responsibility

and

shall

not

be

liable

for

loss

or

damage

due

to

errors

unless

such

error

is

caused

by

Equiniti's

negligence,

bad

faith

or

willful

misconduct

or

that

of

its

employees.

14. Any

notice,

instruction,

request

or

election

which

by

any

provision

of

the

Plan

is

required

or

permitted

to

be

given

or

made

by

the

participant

to

Equiniti

shall

be

in

writing

addressed

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

or

www.

equiniti.com

or

such

other

address

as

Equiniti

shall

furnish

to

the

participant,

and

shall

have

been

deemed

to

be

given

or

made

when

received

by

Equiniti.

15. Any

notice

or

other

communication

which

by

any

provision

of

the

Plan

is

required

to

be

given

by

Equiniti

to

the

participant

shall

be

in

writing

and

shall

be

deemed

to

have

been

sufficiently

given

for

all

purposes

by

being

deposited

postage

prepaid

in

a

post

office

letter

box

addressed

to

the

participant

at

his

or

her

address

as

it

shall

last

appear

on

Equiniti's

records.

The

participant

agrees

to

notify

Equiniti

promptly

of

any

change

of

address.

16. These

terms

and

conditions

shall

be

governed

by

and

construed

in

accordance

with

the

laws

of

the

State

of

New

York

and

the

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission,

as

they

may

be

amended

from

time

to

time.

TLTDF

S

08/25©

2025

Franklin

Templeton

Investments.

All

rights

reserved.

Investors

should

be

aware

that

the

value

of

investments

made

for

the

Fund

may

go

down

as

well

as

up.

Like

any

investment

in

securities,

the

value

of

the

Fund's

portfolio

will

be

subject

to

the

risk

of

loss

from

market,

currency,

economic,

political

and

other

factors.

The

Fund

and

its

investors

are

not

protected

from

such

losses

by

the

investment

manager.

Therefore,

investors

who

cannot

accept

this

risk

should

not

invest

in

shares

of

the

Fund.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

#### Semiannual

#### Report

#### Templeton

#### Dragon

#### Fund,

#### Inc.

#### Investment

#### Manager

#### Transfer

#### Agent

#### Fund

#### Information
Templeton

Asset

Management

Ltd.

Equiniti

Trust

Company,

LLC

6201

15th

Avenue

Brooklyn,

NY

11219

Toll

Free

Number:

(800) 416-5585

Hearing

Impaired

Number:

(866) 703-9077

International

Phone

Number:

(718) 921-8124

www.equiniti.com

(800) DIAL

BEN®

/

342-5236

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) As of June 30, 2025, the portfolio managers of the Fund are as follows:

**Nicholas Chui, CFA,** has been the lead portfolio manager of the Fund since 2023. He joined Franklin Templeton in 2023 from BlackRock, where he was a portfolio manager of its China equity strategy

**Erik Mok, CFA,** has been a portfolio manager of the Fund since 2020. He joined Franklin Templeton in 1998.

**Tony Sun** has been a portfolio manager of the Fund since April 30, 2025. He joined Franklin Templeton in 2019.

(a)(2) This section reflects information about the portfolio managers as of June 30, 2025.

The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>Name | <br> Number of Other Registered Investment Companies Managed<br>| Assets of Other Registered Investment Companies Managed<br> (x $1 million) | <br>Number of Other Pooled Investment Vehicles Managed<sup>1</sup> | Assets of Other Pooled Investment Vehicles Managed<br> (x $1 million)<sup>1</sup> | <br>Number of Other Accounts Managed<sup>1</sup> | <br>Assets of Other Accounts Managed<br> (x $1 million)<sup>1</sup> |
| Nicholas Chui | 1 | 293.5 | 6 | 445.6 | 1 | 1295.1 |
| Erik Mok | 1 | 293.5 | 8 | 2251.7 | 4 | 1655.4 |
| Tony Sun | 1 | 293.5 | 3 | 337.4 | 0 | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The various pooled investment vehicles and accounts listed are managed by a team of investment professionals.
 Accordingly, the individual manager listed would not be solely responsible for managing such listed amounts.

Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund but does not include performance based compensation. This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.<br>

*Conflicts.* The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a

portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.<br>

The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be a relationship between a portfolio manager's marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the investment manager have adopted a code of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The investment manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

*Compensation.* The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually, and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:<br>

**Base salary** Each portfolio manager is paid a base salary.<br>

**Annual bonus** Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines.

The following factors are generally used in determining bonuses under the plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment performance.* Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-investment performance*. The more qualitative contributions of the portfolio manager to the investment manager's business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Responsibilities.* The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager's appraisal.<br>

**Additional long-term equity-based compensation** Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.<br>

**Benefits** Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

*Ownership of Fund shares.* The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio managers (such amounts may change from time to time):

---

| | |
|:---|:---|
| <br>Portfolio Manager | Dollar Range of Fund Shares<br> Beneficially Owned |
| Nicholas Chui | None |
| Erik Mok | None |
| Tony Sun | None |

---

Note: Because the portfolio manager is a foreign national, they do not hold shares in this U.S. registered fund, however they own shares in other similar Franklin Templeton funds managed by them, registered offshore and appropriate for foreign nationals.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (a) | (b) | (c) | (d) |
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Program | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
| January 1 – January 31, 2025 | - | - | - | 2604719 |
| February 1 – February 28, 2025 | - | - | - | 2604719 |
| March 1 – March 31, 2025 | 21804 | 9.71 | 21804 | 2582915 |
| April 1 – April 30, 2025 | 59196 | 8.80 | 59196 | 2523719 |
| May 1 – May 31, 2025 | - | - | - | 2523719 |
| June 1 – June 30, 2025 | - | - | - | 2523719 |
| Total | 81000 |  | 81000 |  |

---

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant's
 internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.

**Securities lending agent** The board of trustees has approved the Fund's participation in a securities lending program. Under the securities lending program, JP Morgan Chase Bank serves as the Fund's securities lending agent.

For the period ended June 30, 2025, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

---

| | |
|:---|:---|
| **Gross income earned by the Fund from securities lending activities** | $28779 |
| *Fees and/or compensation paid by the Fund for securities lending activities and related services* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid to Securities Lending Agent from revenue split | $1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in a revenue split | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $13696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees not included above | $104 |
| **Aggregate fees/compensation paid by the Fund for securities lending activities** | $14902 |
| **Net income from securities lending activities** | $13877 |

---

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](tdfi-efp17095_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](tdfi-efp17095_ex99906cert.htm)

Exhibit 99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) Pursuant to the Securities and Exchange Commission's Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit](tdfi-efp17095_ex99press.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Templeton Dragon Fund, Inc.**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | August 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Templeton Dragon Fund, Inc.**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: August 26, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Templeton Dragon Fund, Inc.**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

Date: August 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Templeton Dragon Fund, Inc.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer – <br>Finance and Administration** | **Chief Financial Officer, Chief<br> Accounting Officer and Treasurer** |
| Templeton Dragon Fund, Inc. | Templeton Dragon Fund, Inc. |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

## Ex-99.Pres

**TEMPLETON DRAGON FUND, INC.**

300 S.E. 2<sup>nd</sup> Street

Fort Lauderdale, FL 33301

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**TEMPLETON DRAGON FUND, INC. ("TDF")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

Fort Lauderdale, Florida, March 28, 2025. Templeton Dragon Fund [NYSE: TDF

]<br>

The Fund's estimated sources of the distribution to be paid on March 31, 2025, and for the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for March Quarterly Distribution:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.1000  | &nbsp;&nbsp; $0.0851 (85%) | &nbsp;&nbsp; $0.0149 (15%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of December 31, 2024, and for the fiscal year ending December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.1155  | &nbsp;&nbsp; $0.0908 (79%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0247(21%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Plan. TDF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the TDF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect TDF's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 2/28/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 2/28/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 2/28/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 2/28/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through February 28, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through February 28, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through February 28, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period December 31, 2023 through December 31, 2024, as a percentage of the Fund's NAV as of February 28, 2025.**

<br> The Fund's Board of Trustees (the "Board") has authorized a Managed Distribution Plan (the "Plan"), under which the Fund will make quarterly distributions to shareholders at a fixed rate of $0.10 per share. The Plan aims to provide shareholders with consistent quarterly distributions derived from ordinary income and short-term capital gains generated by the Fund's investment portfolio. Additionally, the Plan seeks to narrow the discount between the market price and the net asset value ("NAV") of the Fund's common shares, although success in this regard cannot be guaranteed.

In the event that sufficient distributable income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return of capital to maintain its managed distribution rate. A return of capital may occur when some or all of the invested capital is paid back to shareholders. It is important to note that a return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income." Even if the Fund realizes capital gains in the current year, such gains may be offset, in whole or in part, by the Fund's capital loss carryovers from prior years.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund's shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund's common shares. The Plan will be subject to periodic review by the Board, including a yearly review of the fixed rate to determine if an adjustment should be made.

**For further information on Templeton Dragon Fund, Inc. please visit our web site at:

www.franklintempleton.com**

**<br>** 

<br> Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.58 trillion in assets under management as of February 28, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**TEMPLETON DRAGON FUND, INC.**

300 S.E. 2<sup>nd</sup> Street

Fort Lauderdale, FL 33301

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**TEMPLETON DRAGON FUND, INC. ("TDF")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

Fort Lauderdale, Florida, June 27, 2025. Templeton Dragon Fund [NYSE: TDF]:<br>

The Fund's estimated sources of the distribution to be paid on June 30, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for June Quarterly Distribution:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.1000  | &nbsp;&nbsp; $0.0609 (61%) | &nbsp;&nbsp; $0.0391 (39%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of March 31, 2025, and for the fiscal year ending December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.2155  | &nbsp;&nbsp; $0.1759 (82%) | &nbsp;&nbsp; $0.0149 (7%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0247(11%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Plan. TDF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the TDF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect TDF's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 5/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 5/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 5/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 5/31/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through May 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through May 31, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through May 31, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period December 31, 2024 through March 31, 2025, as a percentage of the Fund's NAV as of May 31, 2025.**

**<br>** 

<br> The Fund's Board of Trustees (the "Board") has authorized a Managed Distribution Plan (the "Plan"), under which the Fund will make quarterly distributions to shareholders at a fixed rate of $0.10 per share. The Plan aims to provide shareholders with consistent quarterly distributions derived from ordinary income and short-term capital gains generated by the Fund's investment portfolio. Additionally, the Plan seeks to narrow the discount between the market price and the net asset value ("NAV") of the Fund's common shares, although success in this regard cannot be guaranteed.<br>

In the event that sufficient distributable income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return of capital to maintain its managed distribution rate. A return of capital may occur when some or all of the invested capital is paid back to shareholders. It is important to note that a return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income." Even if the Fund realizes capital gains in the current year, such gains may be offset, in whole or in part, by the Fund's capital loss carryovers from prior years.<br>

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund's shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund's common shares. The Plan will be subject to periodic review by the Board, including a yearly review of the fixed rate to determine if an adjustment should be made.

**For further information on Templeton Dragon Fund, Inc. please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.57 trillion in assets under management as of May 31, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #