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      <regZipOrPostalCode>33301-1923</regZipOrPostalCode>
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      <seriesName>Templeton Dragon Fund, Inc.</seriesName>
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      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <invstOrSec>
        <name>BeiGene Ltd ORD HKD 0.0001</name>
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      <invstOrSec>
        <name>SINOPHARM GROUP CO LTD ORD HKD 1 CL H</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHINA MERCHANTS BANK CO LTD ORD CNY1 CLASS H</name>
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      <invstOrSec>
        <name>CHINA MOBILE LTD ORD HKD NPV</name>
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        <cusip>Y14965100</cusip>
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          <ticker value="941"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD ORD HKD1 CL H</name>
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          <isin value="CNE1000003G1"/>
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        <fairValLevel>1</fairValLevel>
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        <name>AIA GROUP LTD ORD USD1 (HKE)</name>
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        <title>AIA GROUP LTD ORD USD1 (HKE)</title>
        <cusip>000000000</cusip>
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          <isin value="HK0000069689"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SHIMAO PROPERTY HOLDINGS LTD ORD HKD.1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>YUM CHINA HOLDINGS INC COM USD.01</name>
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          <ticker value="YUMC"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BAIDU INC ADR CLASS A</name>
        <lei>254900AL64IANZYI1E02</lei>
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          <ticker value="BIDU"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CHINA RESOURCES LAND LTD ORD HKD.1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>A-LIVING SERVICES CO LTD ORD HKD 1 CL H</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Trip.com Group Ltd SPONSORED ADR</name>
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        <name>CK HUTCHISON HOLDINGS LTD ORD HKD1</name>
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        <name>TEMPLETON CHINA OPPORTUNITIES FUND LTD CC USD NPV CL Z *A/C # 13739* REGD</name>
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        <name>TRAVELSKY TECHNOLOGY LTD ORD H HKD1</name>
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        <name>ANHUI CONCH CEMENT CO LTD ORD H CNY1</name>
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        <name>NEW ORIENTAL EDUCATION &amp; TECH GROUP INC ADR USD NPV SPONS</name>
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        <name>ALIBABA GROUP HOLDING LTD SPONSORED ADR</name>
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        <title>ALIBABA GROUP HOLDING LTD SPONSORED ADR</title>
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        <name>CHINA LIFE INSURANCE CO LTD ORD HKD1 CLASS H</name>
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        <name>BAOZUN INC SPONSORED ADR</name>
        <lei>549300IF0HZ7T4762633</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DAIRY FARM INTERNATIONAL HOLDINGS LTD ORD USD.0555 (SINGAPORE)</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LUK FOOK HOLDINGS INTERNATIONAL LTD ORD HKD.1</name>
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          <isin value="BMG5695X1258"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>COSCO SHIPPING ENERGY TRANSPORTATION CO LTD ORD HKD1 CL H</name>
        <lei>529900IGB8FVHRCR1W95</lei>
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        <cusip>000000000</cusip>
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          <isin value="CNE1000002S8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NINE DRAGONS PAPER HOLDINGS LTD ORD HKD.1</name>
        <lei>529900TBMYEYJ2LEV906</lei>
        <title>NINE DRAGONS PAPER HOLDINGS LTD ORD HKD.1</title>
        <cusip>G65318100</cusip>
        <identifiers>
          <ticker value="2689"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JIANGLING MOTORS CORP LTD ORD HKD1 CL B</name>
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        <cusip>000000000</cusip>
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          <isin value="CNE000000J44"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CNOOC LTD ORD HKD NPV</name>
        <lei>549300XIVJCBIGMRUD48</lei>
        <title>CNOOC LTD ORD HKD NPV</title>
        <cusip>Y1662W117</cusip>
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          <ticker value="883"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEIJING JINGKELONG CO LTD ORD CNY1 CL H</name>
        <lei>529900HFDAYN0TSR0V95</lei>
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        <cusip>000000000</cusip>
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          <isin value="CNE100000247"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FLYTECH TECHNOLOGY CO LTD ORD TWD10</name>
        <lei>N/A</lei>
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        <cusip>Y2572Z109</cusip>
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          <ticker value="6206"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wuhan Raycus Fiber Laser Technologies Co Ltd ORD CNY 1</name>
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          <isin value="CNE100003654"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Shenzhen Capchem Technology Co Ltd ORD CNY 1 cl a</name>
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        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO LTD ORD CNY1 CL A</name>
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        <cusip>000000000</cusip>
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          <isin value="CNE100000PM8"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Sunwoda Electronic Co Ltd ORD CNY 1 CL A</name>
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        <cusip>000000000</cusip>
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          <isin value="CNE100001260"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Zhejiang Jiemei Electronic &amp; Technology Co Ltd ORD CNY 1 CL A</name>
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        <cusip>000000000</cusip>
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          <isin value="CNE100002JM7"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SF Holding Co Ltd ORD CNY 1 CL A</name>
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        <cusip>000000000</cusip>
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          <isin value="CNE100000L63"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>INNER MONGOLIA YILI INDUSTRIAL GROUP CO LTD ORD CNY1 CL A</name>
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        <cusip>000000000</cusip>
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          <isin value="CNE000000JP5"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>KWEICHOW MOUTAI CO LTD ORD CNY1 CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Autobio Diagnostics Co Ltd ORD CNY 1 CL A</name>
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        <name>CHINA CONSTRUCTION BANK CORP ORD A CNY1</name>
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        <name>MIDEA GROUP CO LTD ORD CNY1 CL A</name>
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        <name>Shanghai Kinetic Medical Co Ltd ORD CNY 1 CL A</name>
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        <name>SONGCHENG PERFORMANCE DEVELOPMENT CO LTD ORD CNY1 CL A</name>
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        <name>SAIC MOTOR CORP LTD ORD CNY1 CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Laobaixing Pharmacy Chain JSC ORD CNY 1 CL A</name>
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        <name>MEINIAN ONEHEALTH HEALTHCARE HOLDINGS CO LTD ORD CNY1</name>
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        <name>WUS Printed Circuit Kunshan Co Ltd ORD CNY 1 CL A</name>
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        <name>BEIJING THUNISOFT CORP LTD ORD CNY1 CL A</name>
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        <name>SF Holding Co Ltd STEP 11/18/2025 CNV</name>
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        <name>PING AN INSURANCE GROUP CO OF CHINA LTD ORD CNY1 A</name>
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        <name>CHINA MERCHANTS BANK CO LTD ORD CNY1 CLASS A</name>
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        <name>BEIJING ORIENTAL YUHONG WATERPROOF TECHNOLOGY CO ORD CNY1 CL A</name>
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        <name>Shenzhen YUTO Packaging Technology Co Ltd ORD CNY 1 CL A</name>
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        <name>JIANGSU HENGRUI MEDICINE CO LTD ORD CNY1 CL A</name>
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        <name>CHINA INTERNATIONAL TRAVEL SERVICE CORP LTD ORD CNY1 CL A</name>
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        <name>CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO LTD ORD CNY1 CL A</name>
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        <name>HONGFA TECHNOLOGY CO LTD ORD CNY1 CL A</name>
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        <name>Shenzhen Senior Technology Material Co Ltd ORD CNY 1 CL A</name>
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        <name>GREE ELECTRIC APPLIANCES INC OF ZHUHAI ORD CNY1 CLASS-A</name>
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        <name>SHENZHEN INOVANCE TECHNOLOGY CO LTD ORD CNY1 CL A</name>
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        <name>Shenzhen Kinwong Electronic Co Ltd ORD CNY 1 CL A</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shenzhen Sunway Communication Co Ltd ORD CNY 1 CL A</name>
        <lei>N/A</lei>
        <title>Shenzhen Sunway Communication Co Ltd ORD CNY 1 CL A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100000W94"/>
          <other otherDesc="Internal Identifier" value="813144"/>
        </identifiers>
        <balance>855500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.98675000"/>
        <valUSD>5575394.93000000</valUSD>
        <pctVal>0.756095755361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
