Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TLTDF-Q3PH

1

Consolidated

Schedule

of

Investments

(unaudited)

Templeton

Dragon

Fund,

Inc.

2

Notes

to

Consolidated

Schedule

of

Investments

5

Templeton

Dragon

Fund,

Inc.

Consolidated

Schedule

of

Investments

(unaudited),

September

30,

2024

Quarterly

Consolidated

Schedule

of

Investments

See

Notes

to

Consolidated

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.6%

Air

Freight

&

Logistics

0.6%

a

SF

Holding

Co.

Ltd.,

A

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

China

272,100

$

1,722,099

Automobile

Components

3.3%

a

Fuyao

Glass

Industry

Group

Co.

Ltd.,

A

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

China

966,922

8,018,075

b

Fuyao

Glass

Industry

Group

Co.

Ltd.,

H,

144A,

Reg

S

........

China

150,400

1,010,876

9,028,951

Automobiles

3.0%

a

BYD

Co.

Ltd.,

A

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

China

130,150

5,614,030

BYD

Co.

Ltd.,

H

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

China

75,500

2,693,687

8,307,717

Banks

6.7%

China

Construction

Bank

Corp.,

H

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

China

15,578,000

11,616,519

a

China

Merchants

Bank

Co.

Ltd.,

A

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

China

763,800

4,034,566

China

Merchants

Bank

Co.

Ltd.,

H

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

China

622,570

3,016,892

18,667,977

Beverages

5.7%

a

Kweichow

Moutai

Co.

Ltd.,

A

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

China

48,345

11,842,726

a

Wuliangye

Yibin

Co.

Ltd.,

A

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

China

171,588

3,924,703

15,767,429

Broadline

Retail

11.3%

Alibaba

Group

Holding

Ltd.

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

China

1,616,151

21,476,682

JD.com,

Inc.,

A

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

China

117,479

2,356,378

c

PDD

Holdings,

Inc.,

ADR

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

China

55,809

7,523,611

31,356,671

Chemicals

2.0%

a

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

...........

China

633,280

1,648,020

a

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

A

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

China

603,200

2,012,095

Sunresin

New

Materials

Co.

Ltd.,

A

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

China

237,050

1,904,455

5,564,570

Distributors

1.6%

c,d

GigaCloud

Technology,

Inc.,

A

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

Hong

Kong

192,557

4,424,960

Diversified

Consumer

Services

2.2%

New

Oriental

Education

&

Technology

Group,

Inc.

...........

China

600,769

4,584,865

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

......

China

20,000

1,516,800

6,101,665

Electrical

Equipment

6.0%

a

Contemporary

Amperex

Technology

Co.

Ltd.,

A

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

China

97,064

3,410,054

a

GoodWe

Technologies

Co.

Ltd.,

A

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

China

103,125

880,854

a

Hongfa

Technology

Co.

Ltd.,

A

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

China

1,155,209

5,296,812

a

NARI

Technology

Co.

Ltd.,

A

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

China

1,764,643

6,879,233

16,466,953

Electronic

Equipment,

Instruments

&

Components

3.0%

Luxshare

Precision

Industry

Co.

Ltd.,

A

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

China

315,031

1,933,490

Wasion

Holdings

Ltd.

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

Hong

Kong

2,916,000

2,401,093

a

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

A

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

China

706,710

4,060,900

8,395,483

Entertainment

3.5%

b,c,d

Maoyan

Entertainment,

144A,

Reg

S

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

China

380,191

418,423

Templeton

Dragon

Fund,

Inc.

Consolidated

Schedule

of

Investments

(unaudited)

See

Notes

to

Consolidated

Schedule

of

Investments.

Quarterly

Consolidated

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Entertainment

(continued)

NetEase,

Inc.

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

China

497,214

$

9,287,819

9,706,242

Food

Products

1.9%

b

China

Feihe

Ltd.,

144A,

Reg

S

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

China

4,300,000

3,227,656

a

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

A

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

China

463,800

1,905,727

5,133,383

Health

Care

Equipment

&

Supplies

0.9%

a

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

A

........

China

57,301

2,362,132

Hotels,

Restaurants

&

Leisure

10.1%

c,d

Luckin

Coffee,

Inc.,

ADR

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

China

106,505

2,821,318

b,c

Meituan

Dianping,

B,

144A,

Reg

S

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

China

712,731

15,135,120

c

Trip.com

Group

Ltd.

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

China

95,350

5,737,070

c,d

Trip.com

Group

Ltd.,

ADR

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

China

35,000

2,080,050

Yum

China

Holdings,

Inc.

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

China

48,887

2,200,893

27,974,451

Household

Durables

4.6%

a

Haier

Smart

Home

Co.

Ltd.,

A

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

China

1,417,800

6,406,599

c

Midea

Group

Co.

Ltd.

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

China

203,333

1,942,085

a

Midea

Group

Co.

Ltd.,

A

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

China

404,516

4,357,329

12,706,013

Independent

Power

and

Renewable

Electricity

Producers

2.2%

a

China

Yangtze

Power

Co.

Ltd.,

A

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

China

1,445,320

6,188,198

Insurance

4.0%

PICC

Property

&

Casualty

Co.

Ltd.,

H

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

China

4,014,524

5,942,567

a

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

A

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

China

258,400

2,078,915

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

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

China

499,598

3,137,241

11,158,723

Interactive

Media

&

Services

10.8%

c

Baidu,

Inc.,

A

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

China

89,700

1,179,341

Tencent

Holdings

Ltd.

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

China

515,850

28,683,783

29,863,124

Media

3.9%

a

Focus

Media

Information

Technology

Co.

Ltd.,

A

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

China

10,275,916

10,257,148

b,c

Mobvista,

Inc.,

144A,

Reg

S

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

China

1,879,671

503,549

10,760,697

Metals

&

Mining

0.6%

CMOC

Group

Ltd.,

H

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

China

1,649,000

1,591,890

Oil,

Gas

&

Consumable

Fuels

2.7%

CGN

Mining

Co.

Ltd.

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

China

4,600,000

958,229

a

PetroChina

Co.

Ltd.,

A

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

China

901,000

1,155,578

PetroChina

Co.

Ltd.,

H

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

China

6,664,805

5,376,313

7,490,120

Pharmaceuticals

3.1%

a

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

A

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

China

1,171,427

8,621,502

Real

Estate

Management

&

Development

1.1%

KE

Holdings,

Inc.,

ADR

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

China

156,489

3,115,696

Templeton

Dragon

Fund,

Inc.

Consolidated

Schedule

of

Investments

(unaudited)

Quarterly

Consolidated

Schedule

of

Investments

See

Notes

to

Consolidated

Schedule

of

Investments.

4

See

Abbreviations

on

page

8

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

0.7%

a

Sino

Wealth

Electronic

Ltd.,

A

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

China

617,220

$

2,060,775

Technology

Hardware,

Storage

&

Peripherals

2.9%

b,c

Xiaomi

Corp.,

B,

144A,

Reg

S

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

China

2,797,242

7,878,975

Textiles,

Apparel

&

Luxury

Goods

1.2%

ANTA

Sports

Products

Ltd.

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

China

272,443

3,225,138

Total

Common

Stocks

(Cost

$209,406,855)

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

275,641,534

Escrows

and

Litigation

Trusts

0.0%

†

a,c,e,f

Kangmei

Pharmaceutical

Co.

Ltd.,

Escrow

Account

..........

China

673,786

96,162

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

96,162

Total

Long

Term

Investments

(Cost

$209,406,855)

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

275,737,696

a

Short

Term

Investments

1.2%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.7%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

...

United

States

1,946,462

1,946,462

Total

Money

Market

Funds

(Cost

$1,946,462)

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

1,946,462

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.5%

Money

Market

Funds

0.5%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

...

United

States

1,472,271

1,472,271

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$1,472,271)

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

1,472,271

Total

Short

Term

Investments

(Cost

$3,418,733

)

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

3,418,733

a

Total

Investments

(Cost

$212,825,588)

100.8%

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

$279,156,429

Other

Assets,

less

Liabilities

(0.8)%

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

(2,418,029)

Net

Assets

100.0%

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

$276,738,400

a

a

a

†

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

5.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2024,

the

aggregate

value

of

these

securities

was

$28,174,599,

representing

10.2%

of

net

assets.

c

Non-income

producing.

d

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2024.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

f

See

Note

3

regarding

restricted

securities.

g

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Dragon

Fund,

Inc.

5

Quarterly

Consolidated

Schedule

of

Investments

Notes

to

Consolidated

Schedule

of

Investments

(unaudited)

1.

Organization

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.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of 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

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Schedule

of

Investments

(unaudited)

6

Quarterly

Consolidated

Schedule

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

3.

Restricted

Securities

At

September

30,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2024,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

5.

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

Fund,

and

is

able

to

invest

directly

in

China

A-shares

consistent

with

the

investment

objective

of

the Fund.

At September

30,

2024,

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.

At

September

30,

2024, the

net

assets

of

the

China

Fund

were

$105,929,632,

representing

38.3%

of

the

Fund’s

consolidated

net

assets.

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Dragon

Fund

Inc

673,786

Kangmei

Pharmaceutical

Co.

Ltd.,

Escrow

Account

..

4/06/22

$

—

$

96,162

Total

Restricted

Securities

(Value

is

0.0%

†

of

Net

Assets)

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

$—

$96,162

†

Rounds

to

less

than

0.1%

of

net

assets.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Dragon

Fund,

Inc.

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.

$5,872,616

$49,335,930

$(53,262,084)

$—

$—

$1,946,462

1,946,462

$205,582

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.

$433,283

$25,337,775

$(24,298,787)

$—

$—

$1,472,271

1,472,271

$59,117

Total

Affiliated

Securities

...

$6,305,899

$74,673,705

$(77,560,871)

$—

$—

$3,418,733

$264,699

2. Financial

Instrument

Valuation

(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Schedule

of

Investments

(unaudited)

7

Quarterly

Consolidated

Schedule

of

Investments

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.

6. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2024,

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

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

$

—

$

1,722,099

$

—

$

1,722,099

Automobile

Components

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

9,028,951

—

—

9,028,951

Automobiles

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

—

8,307,717

—

8,307,717

Banks

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

—

18,667,977

—

18,667,977

Beverages

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

—

15,767,429

—

15,767,429

Broadline

Retail

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

7,523,611

23,833,060

—

31,356,671

Chemicals

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

—

5,564,570

—

5,564,570

Distributors

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

4,424,960

—

—

4,424,960

Diversified

Consumer

Services

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

1,516,800

4,584,865

—

6,101,665

Electrical

Equipment

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

—

16,466,953

—

16,466,953

Electronic

Equipment,

Instruments

&

Components

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

—

8,395,483

—

8,395,483

Entertainment

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

—

9,706,242

—

9,706,242

Food

Products

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

—

5,133,383

—

5,133,383

Health

Care

Equipment

&

Supplies

.........

—

2,362,132

—

2,362,132

Hotels,

Restaurants

&

Leisure

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

7,102,261

20,872,190

—

27,974,451

Household

Durables

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

1,942,085

10,763,928

—

12,706,013

Independent

Power

and

Renewable

Electricity

Producers

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

6,188,198

—

—

6,188,198

Insurance

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

—

11,158,723

—

11,158,723

Interactive

Media

&

Services

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

—

29,863,124

—

29,863,124

Media

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

—

10,760,697

—

10,760,697

Metals

&

Mining

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

—

1,591,890

—

1,591,890

Oil,

Gas

&

Consumable

Fuels

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

—

7,490,120

—

7,490,120

5.

Investments

in

Templeton

China

Opportunities

Fund,

Ltd.

(China

Fund)  

(continued)

Templeton

Dragon

Fund,

Inc.

Notes

to

Consolidated

Schedule

of

Investments

(unaudited)

8

Quarterly

Consolidated

Schedule

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Dragon

Fund,

Inc.

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Pharmaceuticals

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

$

—

$

8,621,502

$

—

$

8,621,502

Real

Estate

Management

&

Development

....

3,115,696

—

—

3,115,696

Semiconductors

&

Semiconductor

Equipment

.

—

2,060,775

—

2,060,775

Technology

Hardware,

Storage

&

Peripherals

.

—

7,878,975

—

7,878,975

Textiles,

Apparel

&

Luxury

Goods

..........

—

3,225,138

—

3,225,138

Escrows

and

Litigation

Trusts

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

—

—

96,162

96,162

Short

Term

Investments

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

3,418,733

—

—

3,418,733

Total

Investments

in

Securities

...........

$44,261,295

$234,798,972

a

$96,162

$279,156,429

a

Includes

foreign

securities

valued

at

$234,798,972,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Selected

Portfolio

ADR

American

Depositary

Receipt

6. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report. 

---