Templeton Emerging
Markets Investment Trust plc
Annual Report and Audited Accounts
to 31 March 2022

This report does not constitute or form part of any offer for shares or an invitation to apply for shares. The price of shares and income from them can go down as well as up and you may not get
back the full amount that you invested. Past performance is no guarantee of future performance. Currency fluctuations will affect the value of overseas investments. Emerging markets can be
riskier than developed markets. Please consult your professional adviser before deciding to invest.
Company Overview 1
Strategic Report 2
Financial Summary 2
Ten Year Record 3
Chairman’s Statement 5
The Investment Manager 8
Portfolio Report 9
The Investment Manager’s Process 24
Business Review 31
Report of the Directors and
Governance 45
Directors’ Report 45
Directors’ Remuneration
Report 58
Report of the Audit and Risk
 62
Statement of Directors’
Responsibilities 68
Independent Auditor’s Report 69
Financial Statements 77
Statement of Comprehensive
Income 77
Statement of Financial Position 78
Statement of Changes in Equity 79
Statement of Cash Flows 80
Notes to the Financial Statements 82
Securities Financing Transactions 100
Investor Information 102
Notice of Meeting 102
Investor Communications 107
General Information 108
Shareholder Information 109
Glossary of Alternative
Performance Measures 111
Contents

Company Overview
Launched in June 1989, Templeton Emerging Markets Investment Trust PLC (“TEMIT” or the
“Company”) is an investment trust that invests principally in emerging markets companies with
the aim of delivering capital growth to shareholders over the long term. While the majority of
the Company’s shareholders are based in the UK, shares are traded on both the London and
New Zealand stock exchanges.
TEMIT has a diversified portfolio of around 80 high quality companies, actively selected for their
long-term growth potential and sustainable earnings, and with due regard to environmental, social
and governance (“ESG”) attributes. TEMIT’s research-driven investment approach and strong
long-term performance has helped it to grow to be the largest emerging markets investment trust in
the UK, with assets of £2.1 billion as at 31 March 2022. From its launch to 31 March 2022, TEMIT’s net
asset value (“NAV”) total return was +3,813.9% compared to the benchmark total return of +1,792.0%.
The Company is governed by a Board of Directors who are committed to ensuring that shareholders’
best interests, considering the wider community of stakeholders, are at the forefront of all decisions.
Under the guidance of the Chairman, the Board of Directors is responsible for the overall strategy of
the Company and monitoring its performance.
TEMIT at a glance
For the year to 31 March 2022
Net asset value total
return (cum-income)
(a)
-17.3%
(2021: 54.5%)
Share price total
return
(a)
-21.2%
(2021: 59.5%)
MSCI Emerging Markets
Index total return
(a)(b)
-6.8%
(2021: 42.8%)
Proposed total
ordinary dividend
(c)
3.80p
(2021: 3.80p)
(d)(e)
Cumulative Total Return to 31 March 2022 (%)
-17.3
13.5
29.8
65.4
-21.2
10.4
33.1
60.3
-6.8
15.6
29.2
75.0
-40
-20
0
20
40
60
100
80
1 Year 3 Years 5 Years 10 Years
Net asset value (cum-income)
Share price
MSCI Emerging Markets Index
(a)
A glossary of alternative performance measures is included on pages 111 and 112.
(b)
Source: MSCI. The Company’s benchmark is the MSCI Emerging Markets Index, with net dividends reinvested.
(c)
An annual ordinary dividend of 3.80 pence per share for the year ended 31 March 2022 has been proposed. This
comprises the interim dividend of 1.00 pence per share paid by the Company on 10 January 2022 and the proposed
final dividend of 2.80 pence per share.
(d)
In addition to the ordinary dividend of 3.80p, a special dividend of 2.00p was paid for the year ended 31 March 2021.
(e)
Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 1

Strategic Report
The Directors present the Strategic Report for the year ended 31 March 2022, which incorporates
the Chairman’s Statement, and has been prepared in accordance with the Companies Act 2006.
The aim of the Strategic Report is to provide shareholders with the ability to assess how the
Directors have performed in their duty to promote the success of the Company for shareholders’
collective benefit, and having regard for the interests of all stakeholders, by bringing together in
one place key information about the Company’s strategy, the risks it faces, how it is performing
and the outlook.
Financial Summary
2021–2022
Notes
Year ended
31 March
2022
Year ended
31 March
2021
Capital
return
%
Total
return
%
Total net assets (£ millions) 2,100.4 2,591.3
Net asset value (pence per share)
(a)(b)
178.2 219.4 (18.2) (17.3)
Highest net asset value (pence per share)
(b)
223.9 235.6
Lowest net asset value (pence per share)
(b)
161.0 141.2
Share price (pence per share)
(a)(b)
156.4 202.4 (22.2) (21.2)
Highest end of the day share price (pence per share)
(b)
208.0 214.4
Lowest end of the day share price (pence per share)
(b)
140.6 127.2
MSCI Emerging Markets Index
(a)
(9.1) (6.8)
Share price discount to net asset value at year end
(a)
12.2% 7.7%
Average share price discount to net asset value over the year 9.5% 11.1%
Ordinary dividend (pence per share)
(b)(c)
3.80 3.80
Special dividend (pence per share)
(b)
– 2.00
Revenue earnings (pence per share)
(b)(d)
3.44 5.73
Capital earnings (pence per share)
(b)(d)
(40.90) 72.73
Total earnings (pence per share)
(b)(d)
(37.46) 78.46
Net gearing
(a)
1.1% 0.5%
Ongoing charges ratio
(a)
0.97% 0.97%
Source: Franklin Templeton and FactSet.
(a)
A glossary of alternative performance measures is included on pages 111 and 112.
(b)
Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
(c)
An annual dividend of 3.80 pence per share for the year ended 31 March 2022 has been proposed. This comprises the
interim dividend of 1.00 pence per share paid by the Company on 10 January 2022 and a proposed final dividend of
2.80 pence per share.
(d)
The revenue, capital and total earnings per share figures are shown in the Statement of Comprehensive Income on page
77 and Note 7 of the Notes to the Financial Statements.
2 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

2012–2022
Year ended
Total net
assets
(£m)
NAV
(a)
(pence per
share)
Share
price
(a)
(pence
per share)
Year-end
discount
(b)
(%)
Revenue
earnings
(a)
(pence per
share)
Annual
dividend
(a)
(pence per
share)
Ongoing
charges
ratio
(b)
(%)
31 March 2012 2,098.6 127.3 117.7 7.5 1.58 1.15 1.31
31 March 2013 2,302.7 140.5 128.1 8.2 1.69 1.25 1.30
31 March 2014 1,913.6 118.4 105.4 10.9 1.83 1.45 1.30
31 March 2015 2,045.0 128.2 111.2 13.3 1.86 1.65 1.20
31 March 2016 1,562.3 104.8 90.8 13.4 1.41 1.65 1.22
31 March 2017 2,148.1 152.6 132.3 13.3 1.32 1.65 1.20
31 March 2018 2,300.8 169.2 148.6 12.2 3.18 3.00 1.12
31 March 2019 2,118.2 168.5 153.2 9.1 3.45 3.20 1.02
31 March 2020 1,775.7 146.5 131.4 10.3 4.88 3.80
(c)
1.02
31 March 2021 2,591.3 219.4 202.4 7.7 5.73 3.80
(c)
0.97
31 March 2022 2,100.4 178.2 156.4 12.2 3.44 3.80
(d)
0.97
Ten year growth record
(e)
2012-2022
Year ended NAV
NAV total
return
(b)
Share
price
Share
price total
return
(b)
MSCI
Emerging
Market
Index total
return
Revenue
earnings
per share-
undiluted
Ordinary
dividend
per share
31 March 2012 100.0 100.0 100.0 100.0 100.0 100.0 100.0
31 March 2013 110.4 111.1 108.8 110.0 107.7 107.0 108.7
31 March 2014 93.0 94.9 89.5 91.6 97.0 115.8 126.1
31 March 2015 100.7 104.0 94.5 97.9 109.8 117.7 143.5
31 March 2016 82.3 86.3 77.1 81.2 100.1 89.2 143.5
31 March 2017 119.9 127.5 112.4 120.5 135.4 83.5 143.5
31 March 2018 132.9 143.3 126.3 137.0 151.3 201.3 260.9
31 March 2019 132.4 145.8 130.2 145.2 151.4 218.4 278.3
31 March 2020 115.1 129.5 111.6 127.6 131.5 308.9 330.4
31 March 2021 172.3 200.1 172.0 203.5 187.8 362.7 330.4
31 March 2022 140.0 165.4 132.9 160.3 175.0 217.7 330.4
Source: Franklin Templeton and FactSet.
(a)
Comparative figures for financial years 2012 to 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
(b)
A glossary of alternative performance measures is included on pages 111 and 112.
(c)
Excludes the special dividend of 0.52 pence per share for the year ended March 2020 and the special dividend of
2.00 pence per share for the year ended March 2021.
(d)
An annual ordinary dividend of 3.80 pence per share for the year ended 31 March 2022 has been proposed. This
comprises the interim dividend of 1.00 pence per share paid by the Company on 10 January 2022 and a proposed final
dividend of 2.80 pence per share.
(e)
Rebased to 100 at 31 March 2012.
Ten Year Record
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 3

Ten Year Record (continued)
165
Mar-22Mar-21Mar-20Mar-19Mar-18Mar-17Mar-15 Mar-16Mar-12 Mar-13 Mar-14
50
150
100
250
200
MSCI Emerging
Markets Index
TEMIT
share price
TEMIT NAV
175
160
2012–2022 NAV, share price and benchmark total return
(a)
2013/14 2021/222020/212019/202018/192017/182016/172015/162014/152012/13
TEMIT share price relative returnTEMIT NAV relative return
-20
-10
-15
-5
0
5
10
15
20
3.5
-4.7
-3.6
-8.3
12.6
0.6
1.7
2.0
11.7
-10.5
2.4
-6.9
-6.3
-8.2
13.1
1.9
5.9
1.1
-14.4
16.7
(a)
Rebased to 100 at 31 March 2012.
(b)
Periods are TEMIT reporting periods to 31 March.
Annual NAV and share price total return relative to the benchmark total
return (%)
(b)
4 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Chairman’s Statement
I would like to start by expressing the sympathy of the Board and of all of those involved with the
management of TEMIT to all victims of the Russian invasion of Ukraine.
Market overview and investment performance
(a)
Last year I had the pleasure of reporting a fifth consecutive year of out-performance of our
benchmark index. The year under review was much more challenging. In the first half of our
accounting year news in emerging markets was dominated by pressure on the share prices of some
technology companies. This came after an extended period of strong performance and the Chinese
government’s moves to curtail the activities of some listed companies as it seeks to balance growth,
equality and security. Both of these factors had a negative impact on the performance of our portfolio
over the 12 months under review. This was followed in February by the Russian invasion of Ukraine.
Russian securities were rapidly suspended from trading and at our financial year end the five
Russian stocks in TEMIT’s portfolio were ascribed a zero value. The combination of events in China
and Russia and the weakness of technology stocks led to TEMIT underperforming its benchmark by
quite some margin, with a total return of -17.3%.
The Board takes a close interest in the performance of the portfolio and we are naturally
disappointed by investment performance in recent months. We meet formally with the Investment
Manager at least four times per year and in the first quarter of each year conduct an in-depth review
of investment strategy with the portfolio managers and supporting analysts. Franklin Templeton
has a large emerging markets team and the Board this year spent time with several regional experts
in order better to understand the construction of the portfolio. While we are concerned by recent
performance, the Board is reassured by both the quantity of resources and the quality of the insights
that the team produces and is confident that performance will turn around in due course.
Environmental, social and governance
There is a growing interest by investors in the various aspects of companies’ approaches to the
environment, to social matters and to good governance. Effective stewardship of the Company’s
assets is a key element of the Board’s strategy for the Company. Consideration of governance and
sustainability issues has long been an integral part of our Investment Manager’s approach and
information and key disclosures are included in the description of the Investment Manager’s process,
starting on page 24. In order to explain in more detail their approach to this important topic they
have published a Stewardship Report for TEMIT, which is available at www.temit.co.uk. This Report
sets out the general approach to investing your Company’s assets, relevant statistical information
and examples of engagement with investee companies. I encourage you to download a copy.
Revenue and dividend
Net revenue earnings for the period under review amounted to 3.44 pence per share. This is
marginally lower than earnings for the prior year, adjusted for the stock split and the exceptional
Corporation Tax refund received in the prior year. An interim dividend of 1.00 pence per share
was paid in January 2022 and the Board recommends a final dividend of 2.80 pence per share,
both amounts being unchanged from last year after accounting for the share split. TEMIT has large
revenue reserves amounting to 10.01 pence per share and the Board believes that it is appropriate
to use a small part of these reserves to maintain the annual ordinary dividend at the same level as
last year. As usual, shareholders will be asked to approve the final dividend at the Annual General
Meeting (“AGM”).
(a)
The share split which was approved by shareholders at the 2021 Annual General Meeting took effect on 26 July 2021
and all of the numbers quoted in this report take account of the fact that each existing share was replaced by five new
shares.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 5

Asset allocation and borrowing
TEMIT has fixed borrowing of £100 million, and a revolving credit facility under which up to £120
million in flexible debt may be drawn down. The Investment Manager has taken a cautious view
on borrowing, which has proven correct in difficult markets. Gearing was increased during the year
under review as £50 million was drawn down under the revolving credit facility in October 2021.
As at the financial year end, gearing net of cash in the portfolio stood at 1.1%. I would like to remind
shareholders that the level of debt deployed is not a result of views on market direction but driven by
investment opportunities presented by individual companies.
Share rating
We remain active in promoting TEMIT’s shares to a wide variety of existing and potential investors,
particularly private investors. The Board believes that promoting the Company to new investors is
good for its long-term health, while the demand created also helps to exert pressure on the discount.
We have a substantial marketing budget, which is also supported by a financial contribution from
Franklin Templeton and by their marketing resources. As we noted in our half year report for the
second consecutive year we won the award in the “Emerging Markets Equity – Active” category in
the prestigious AJ Bell Fund and Investment Trust Awards 2021. This award is made on the basis
of voting from private investors from a short list of open-ended funds, ETFs and investment trusts
drawn up by investment experts. TEMIT also won the prestigious Best Campaign Award at the AIC
Shareholder Awards 2022 in recognition of the quality of the “Your future is emerging” campaign
undertaken to attract new shareholders. The innovative use of broadcast media has helped to
increase TEMIT’s profile, advertise the benefits of the Company and communicate the growth story
of emerging markets to a wider audience.
The Board continues to regard share buybacks as a key tool in managing the balance between supply
and demand for the shares. Trading in the shares is very closely monitored and the Board receives
a daily report from our broker, Winterflood Securities, as well as regular summaries of market
conditions focused on investor demand for global emerging markets funds. Based on the detailed
information that we receive, the Board continues to believe that we have ample evidence that the
driver of changes in the discount is the balance between supply and demand for the shares. In the
Chairman’s Statement at the half year stage I noted that the discount had been narrow and in the event
we made only one buyback in the first 11 months of our financial year, that being in September 2021.
The situation changed dramatically following the Russian invasion of Ukraine and we stepped in on a
number of occasions to buy back shares in March 2022 and have continued to do so after the year end.
In total over the year, £3.6 million was spent on share buybacks and, as all buybacks were at a
discount to the prevailing NAV, this resulted in an increase to the NAV of 0.03% to the benefit of
remaining shareholders.
The Board
As reported last year, Magdalene Miller was appointed as a non-executive Director of the Company
with effect from 10 May 2021.
Beatrice Hollond will retire from the Board at this year’s AGM. On behalf of all the Directors, I would
like to record our thanks to Beatrice for her advice and wise contributions to our discussions over the
last eight years.
After Beatrice retires, Simon Jeffreys will take on role of Senior Independent Director. The search
for a replacement Director is in progress bearing in mind gender diversity and we plan to make an
announcement shortly.
AIFM fee
We announced in November 2021 that the Board has agreed with Franklin Templeton that with effect
from 1 July 2022 the AIFM fee will reduce to:
Chairman’s Statement (continued)
6 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

• 1.0% on the first £1 billion of net assets;
• 0.75% on net assets between £1 billion and £2 billion; and
• 0.5% on net assets over £2 billion.
This compares with the current fee structure of 1.0% on the first £1 billion of assets and 0.80% on
assets above £1 billion. Based on net assets as at 31 March 2022, this results in an annual saving to the
Company of £0.8 million.
The management fee rate has gradually been reduced over recent years and the Board is mindful of
the balance between controlling costs and incentivising the Investment Manager to continue to invest
in their team.
Annual General Meeting
Having been obliged to hold the last two years’ AGMs behind closed doors, I am pleased to be
able to invite all shareholders to attend our AGM in person on 14 July 2022 at Barber-Surgeons’
Hall in London. We look forward to welcoming shareholders at the meeting. While we hope
that shareholders will be able to attend, the Directors are aware that Government guidance and
regulation relating to the COVID-19 pandemic may change. If we are obliged to change the
arrangements for the AGM after publishing this document, details will be published via Stock
Exchange announcements in London and New Zealand and our website. Shareholders who plan to
attend the AGM are encouraged to check the website before travelling.
If you have any questions, please send these by email to temitcosec@franklintempleton.com or via
www.temit.co.uk./investor/contact-us in advance of the meeting. Any questions that we receive will
be considered and responses will be provided on our website www.temit.co.uk.
Whether you intend to attend the meeting in person or not, you are strongly encouraged to submit
your votes on the AGM resolutions in advance of the meeting. Submitting votes by proxy does
not preclude you attending the meeting or changing your vote if you attend the AGM but ensures
that your votes will be counted if restrictions preventing attendance at the AGM are introduced at
short notice.
Outlook
These are difficult times for investment managers. At the time of writing the war in Ukraine
appears likely to continue for some time and while active hostilities will, we hope, end shortly, the
ramifications are likely to be felt for some considerable time. From the perspective of investors the
major issues will be the extent to which commodity prices remain elevated and the effect that this
has on broader inflation around the world. Higher inflation generally leads to higher interest rates
and this affects the market value of assets, particularly high growth companies for which values
are derived from expectations of earnings over the longer term. The COVID-19 pandemic is still
present in parts of the world. In particular, the Chinese government continues to pursue a policy of
lockdowns to control outbreaks of the virus and this can have serious economic consequences. We
also remain concerned about the extent to which the Chinese government will continue to intervene
in the affairs of companies.
Against this difficult background, your Board remains optimistic for the long term despite recent
setbacks. Our Investment Manager deploys a large team with staff around the world and their
process has demonstrated its effectiveness over the long term. Countries making up the emerging
markets currently contribute around 2/3 of the world’s economic growth. We believe that this
growth advantage will continue because emerging markets enjoy many structural advantages –
relatively young and growing populations, growing wealth, expanding economies, and companies
that in some cases are world leading.
Paul Manduca
Chairman
14 June 2022
Chairman’s Statement (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 7

The Investment Manager
TEMIT’s Investment Manager is the Franklin Templeton Emerging Markets Equity (“FTEME”)
team. FTEME has managed the portfolio since TEMIT’s inception and are pioneers in emerging
markets equity investing. They bring more than 30 years of experience and local knowledge from
over 70 investment professionals, based in 13 countries around the world.
The team has a collaborative investment process where all analysts and portfolio managers work
together to contribute to investment returns. They meet regularly, both formally and informally,
to debate and exchange ideas, investment themes and enrich their understanding of the markets
by drawing on local insights to build a global perspective and context to their thinking. They also
benefit from the broader resources available throughout Franklin Templeton.
The portfolio managers for TEMIT, Chetan Sehgal (lead) and Andrew Ness are senior executives in
FTEME.
Portfolio Managers
Chetan Sehgal, CFA
Andrew Ness, ASIP
Andrew Ness is a portfolio manager of TEMIT and is based in
Edinburgh.
Prior to joining Franklin Templeton in September 2018, Andrew was
a portfolio manager at Martin Currie. He began his career at Murray
Johnstone in 1994 and worked with Deutsche Asset Management in
both London and New York before joining Scottish Widows Investment
Partnership in 2007.
Andrew holds a B.A. (Hons) in Economics and an MSc in Business
Economics from the University of Strathclyde in the UK. He is an
Associate Member of the UK Society of Investment Professionals and a
member of the CFA Institute.
Chetan is the lead portfolio manager of TEMIT and is based in Singapore.
As part of his broader responsibilities within FTEME, Chetan is also
the director of portfolio management. In this capacity, he is responsible
for the overall Global Emerging Markets and Small Cap strategies,
providing guidance and thought leadership, coordinating appropriate
resources and coverage, and leveraging the group’s expertise to add
value across products within the strategies.
Chetan joined Franklin Templeton in 1995 from the Credit Rating
Information Services of India Ltd, where he was a senior analyst.
Chetan holds a B.E. Mechanical (Hons) from the University of Bombay
and a postgraduate diploma in Management from the Indian Institute
of Management in Bangalore, where he specialised in finance and
business policy and graduated as an institute scholar. Chetan speaks
English and Hindi and is a Chartered Financial Analyst (“CFA”)
Charterholder.
8 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Portfolio Report
Overview of markets
Emerging markets collectively declined over the 12 months under review. Although progress in
vaccination campaigns and businesses reopening, along with ongoing monetary and fiscal stimulus,
aided economic recovery in several parts of the world, others struggled with new COVID-19 variant
outbreaks. An accelerated tightening in United States (“US”) monetary policy suppressed investors’
risk appetite. Higher inflation amidst a spike in commodity prices raised investor concerns as
rebounding consumer demand alongside continued supply-chain disruptions drove inflation in
many countries to reach the highest levels in decades. Towards the end of the period under review,
Russia’s invasion of Ukraine further tested financial markets, triggering a series of international
sanctions on Russia. The MSCI Emerging Markets Index returned -6.8% in the 12-month period
under review, whilst TEMIT delivered a net asset value total return of -17.3% (all figures are total
return in sterling). Full details of TEMIT’s performance can be found on page 1.
By region, Latin America outperformed its peers in EMEA (Europe, Middle East and Africa)
and Asia. Latin America, replete with natural resources and relatively insulated from supply
interruptions related to Russia’s war with Ukraine, benefitted from higher prices for energy and
other commodities. Although the EMEA region lost ground on contagion from Russia’s invasion of
Ukraine and subsequent sanctions from Western governments, resource-rich South Africa and oil-
producing nations in the Middle East benefitted from higher commodity prices. Declines in China
were largely responsible for Asia’s lagging performance, overshadowing solid returns in India and
Taiwan.
China was TEMIT’s largest market exposure, although the portfolio remained underweight relative
to the benchmark. China was amongst the weakest emerging markets, losing 29% in sterling terms
over the 12-month period. Chinese equities retreated under pressure from concerns relating to the
impact of additional regulations, particularly in the internet industry, a property market slowdown
and new COVID-19 outbreaks, even as the central bank cut key lending rates to support the
economy. The government enacted new regulations in a number of industries, including internet
and education, which caused considerable investor concern. The regulatory changes in China were
announced at a time when the country was seeing a slowdown in its economy and resurgence in
COVID-19 cases, which further weighed on equity performance. Equities sharply rebounded near
the end of the period after assurances of stock market stability from China’s state council.
While regulatory changes in China have elevated market volatility and investor fears of policy risks
in the country, we would like to stress that the policies do not have a uniform effect on all companies
within a given sector. Therefore, it is crucial to assess the impact of regulatory changes on the
long-term earnings power and intrinsic value of companies individually. Other factors, including
a resurgence of COVID-19 and rising coal and gas prices, will also be likely to have an impact on
economic growth this year. Additionally, we have seen a slowdown in consumption. However, we
believe that China’s policy makers have multiple and flexible policy tools to underpin the economy.
China’s increased emphasis on its domestic market and self-sufficiency should support sustainable
longer-term growth. China has directed its policies towards developing industries that are likely to
benefit broader society—the “greening” of the economy, for example, is likely to be a tailwind for
industries related to electric vehicles and renewable energy. We also expect digitalization to remain
an important theme in China.
TEMIT’s second-largest market position was in South Korea, where the portfolio was overweight
versus the benchmark. South Korean equities declined by 14% during the reporting period.
The resurgence of COVID-19, stricter social distancing measures and weak market sentiment
surrounding technology stocks weighed on equity prices. South Korea ended the period near a
historically low unemployment rate of under 3% largely due to government spending. The country is
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 9

an export powerhouse, and several South Korean exporters are of global importance, supplying vital
hardware. However, rising commodity prices and supply chain bottlenecks have put pressure on
the semiconductor and battery makers that comprise South Korea’s growth sectors. Uncertain global
economic issues could lead to a slower-than-expected recovery in key macroeconomic indicators.
Concerns about regulations also remain, whilst geopolitical tension with North Korea and the
possibility of future COVID-19 outbreaks warrant close attention.
The Taiwanese market outperformed the wider benchmark, ending the reporting period with a
return of nearly 12%. TEMIT’s overweight allocation to Taiwan was largely attributable to exposure
to the island’s semiconductor industry. Technology’s role as a key economic engine has only
strengthened during the pandemic. Moreover, semiconductor chips have become a growing part
of almost all consumer goods with the semiconductor industry experiencing a cyclical and secular
boom as growing digitalisation powers a surge in demand. Some of Taiwan’s manufacturers
are counted amongst the largest and most advanced foundries in the world and partner with
and produce chips for clients globally, with few competitors able to progress to the next level of
technology. Despite increased market concerns that Russia’s invasion of Ukraine could potentially
increase cross-strait geopolitical risk between China and Taiwan, we expect the current status quo
situation to remain unchanged.
Equities in Brazil rose sharply in the final three months of the reporting period to end the 12-month
period with double-digit gains. Brazil’s monetary policy has been amongst the most aggressive in
emerging markets. In the second half of 2021, fiscal uncertainties, depreciation in the real, increased
political noise, rising inflation and pockets of commodity weakness weighed on the Brazilian market.
However, higher commodity prices, a stronger real and undemanding valuations led to renewed
fund inflows in 2022. However, political uncertainty and fiscal challenges created volatility in the
equity market, as did concerns that rising inflation and a tighter monetary policy could hinder the
overall economy. Brazil's long-term growth recovery and business environment could be further
supported by the continuation of economic reforms, privatisations and concessions, all of which the
government has been focusing on but remain difficult to materialize ahead of presidential elections
in October 2022. As the world’s fourth-largest commodity exporter, the commodity price surge
amidst global supply concerns from Russia’s invasion of Ukraine has been beneficial for Brazil’s
commodity exports, economy and market. We also believe that Brazil’s economic growth could
surprise on the upside, aided by efficiencies arising from a thriving internet economy.
India was TEMIT’s fifth largest exposure at the end of March 2022. The Indian market remained on
an upward trend over the majority of the 12-month period. Stocks, however, declined in early 2022,
as rising oil prices weighed on the economic outlook for the country as it is a major oil importer. A
moderation in oil prices and expectations of policy continuity with the ruling government party’s
election in key states in March led equities to rebound off their 2022 low, to end the reporting
period with double-digit gains. Digitalisation in India has been advancing at a rapid pace since
2016, due to government initiatives, inexpensive mobile data and a significant step-up of venture
capital and private equity funding. Companies related to the internet and digital economy have also
been gaining prominence on Indian stock exchanges, providing exciting investment opportunities
and diversifying the overall market. Over the longer-term, we expect to see continued growth in
Indian earnings due to positive demographics, continued private sector penetration in segments
like finance and health care, digitalisation from a low base, and supply-chain diversification
supported by government policy. We believe that long-term fundamentals remain robust in view of
increasing consumer penetration, growing formalisation of the economy, a reform push and a stable
government.
Portfolio Report (continued)
10 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Portfolio Report (continued)
TEMIT had maintained an overweight exposure to Russia relative to the benchmark prior to
Russia’s invasion of Ukraine. Equity prices were on an upward trend in the first seven months of
the reporting year, returning over 25% in sterling terms. Despite its strong market performance,
however, Russia remained one of the most undervalued markets in Europe as well as globally. Rising
oil prices, appreciation in the rouble and a faster-than-expected economic recovery buoyed the stock
market. Brewing tensions with Ukraine however, started weighing on equity prices in Russia. We
remained generally positive in our outlook on investment opportunities in Russia, given the belief
that diplomacy could resolve the issue. We believed that Russia’s internally focused economy and
policy flexibility (given twin surpluses in its fiscal and current accounts) continued to provide a
conducive environment for companies operating domestically.
Post the invasion and the implementation of extensive sanctions from the West, stock prices and
the Russian rouble declined sharply. Russia’s resilience to financial shocks has also been affected
by the freeze of some of its central bank’s international reserves. Index compilers MSCI and FTSE
dropped Russia from their benchmarks in early March at a zero-value, due to non-fulfilment of
market accessibility requirements. Although trading in the domestic market resumed in late-March,
following a trading suspension on 28 February, foreigners remained barred from selling, while
trading in Russian American and Global Depositary Receipts (ADRs/GDRs) listed in international
exchanges also remained suspended at the time of writing. Given these facts, on 4 March 2022,
Russian company securities were fair valued at zero by the Franklin Templeton Valuation
Committee. In concluding upon a zero value, the continued uncertainty in the market, restrictions
on trading the shares both onshore and offshore, and a lack of any price discovery mechanism to
provide indications of residual value were all considered.
Investment strategy, portfolio changes and performance
The following sections show how different investment factors (stocks, sectors and geographies)
accounted for TEMIT’s performance over the period. We continue to emphasise our investment
process which is described in more detail on pages 24 to 30 and that selects companies based on their
individual attributes and ability to generate risk-adjusted returns for investors, rather than taking a
high-level view of sectors, countries or geographic regions to determine our investment allocations.
In the portfolio, we remain positioned in long-term themes including consumption premiumisation,
digitalisation and technology. We focus on companies reflecting our philosophy of owning superior
quality businesses, with long-term sustainable earnings power and share prices at a discount to
intrinsic worth. We see elevated levels of leverage as a risk and continue to avoid companies with
weak balance sheets.
Whilst the immediate outlook may be volatile, this approach should help us best navigate the
ongoing pandemic and geopolitical instability. Over time, we expect the long-term fundamentals of
our holdings to remain intact and to produce attractive returns for investors.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 11

Portfolio Report (continued)

Year to 31 March 2022 2021 2020 2019 2018
Net asset value total return
(a)
(17.3) 54.5 (11.2
)
1.8 12.4
Expenses incurred 1.0 1.0 1.0 1.0 1.1
Gross total return
(a)
(16.3) 55.5 (10.2
)
2.8 13.5
Benchmark total return
(a)
(6.8) 42.8 (13.2
)
0.1 11.8
Excess return
(a)
(9.5) 12.7 3.0 2.7 1.7
Stock selection (10.0) 6.0 (2.1
)
1.8 1.3
Sector allocation 0.3 6.8 3.1 (0.6
)
(0.3
)
Currency 0.2 (0.3
)
1.6 1.0 0.4
Share buyback impact
(b)
0.0 0.3 0.4 1.0 0.4
Residual return
(a)
(0.0) (0.1
)
– (0.5
)
(0.1
)
Total Investment Manager contribution (9.5) 12.7 3.0 2.7 1.7
Source: FactSet and Franklin Templeton.
(a)
A glossary of alternative performance measures is included on pages 111 to 112.
(b)
The share buyback impact has been presented separately from the residual figure.
Top 10 contributors to relative performance by security (%)
(a)
Top contributors Country Sector
Share price
total return
Contribution to
portfolio relative
to MSCI
Emerging
Markets Index
ICICI Bank India Financials 26.6 1.0
Meituan
(b)
China/Hong Kong Consumer Discretionary (45.7) 0.7
Itaú Unibanco Brazil Financials 50.5 0.6
Taiwan Semiconductor Manufacturing Taiwan Information Technology 5.5 0.6
Bajaj Holdings & Investments
(c)
India Financials 57.9 0.5
Guangzhou Tinci Materials Technology China/Hong Kong Materials 59.3 0.5
Cognizant Technology Solutions
(c)
United States Information Technology 22.0 0.5
Pinduoduo
(b)
China/Hong Kong Consumer Discretionary (68.6) 0.4
Longshine Technology
(c)
China/Hong Kong Information Technology 93.6 0.4
Banco Bradesco Brazil Financials 18.0 0.3
(a)
For the period 31 March 2021 to 31 March 2022.
(b)
Security not held by TEMIT as at 31 March 2022.
(c)
Security not included in the MSCI Emerging Markets Index as at 31 March 2022.
Finishing higher over the 12-month period were shares of ICICI Bank, India’s second largest private
sector bank. In its most recent fiscal quarter ended in December 2021, the bank posted robust loan
growth amidst increasing economic activity as pandemic restrictions eased. The bank has a wide
presence across retail banking products, as well as corporate and commercial banking. The bank has
strong franchises and competitive asset management, insurance, and retail brokerage subsidiaries.
Brazilian bank Itaú Unibanco was a top contributor during the period. Its shares rebounded from
a decline in the latter part of 2021, as Brazilian equities benefitted from renewed investor inflows
amidst higher commodity prices, improving macroeconomic data and undemanding valuations.
Rising interest rates further benefitted the bank. The large-scale bank benefits from low penetration
12 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

of financial products and a strong distribution network. Loan activity increased in 2021, and expense
control supported strong margins.
Shares of Taiwan Semiconductor Manufacturing (“TSMC”) gained during the period. The chip
maker’s strong quarterly earnings growth, upbeat full year outlook and larger capital expenditure
plan boosted investor confidence in the stock, although risks of a slowdown in consumer spending
led to volatility in the semiconductor industry late in the period. We expect TSMC to benefit from a
structural increase in chip demand, driven by smartphones, high-performance computing and other
advanced applications. We are positive on its technology leadership and its dominance in developing
cutting-edge chips.
Top 10 detractors to relative performance by security (%)
(a)
Top detractors Country Sector
Share price
total return
Contribution to
portfolio relative
to MSCI Emerging
Markets Index
Alibaba China/Hong Kong Consumer Discretionary (47.2) (1.5)
LUKOIL Russia Energy (100.0) (1.5)
Yandex Russia Communication Services (100.0) (1.3)
Sberbank of Russia Russia Financials (100.0) (1.1)
Brilliance China Automotive China/Hong Kong Consumer Discretionary (59.2) (1.0)
Tencent China/Hong Kong Communication Services (35.2) (0.8)
Tencent Music Entertainment China/Hong Kong Communication Services (75.1) (0.7)
Naspers
(b)
South Africa Consumer Discretionary (46.9) (0.7)
Samsung Electronics South Korea Information Technology (15.6) (0.6)
Prosus
(c)
China/Hong Kong Consumer Discretionary (38.5) (0.5)
(a)
For the period 31 March 2021 to 31 March 2022.
(b)
Security not held by TEMIT as at 31 March 2022.
(c)
Security not included in the MSCI Emerging Markets Index as at 31 March 2022.
Alibaba’s stock fell over the period as the Chinese e-commerce company came under pressure from
increased regulatory scrutiny from its government. Additionally, weakening consumption trends
amidst repeated COVID-19 outbreaks and intensified competition in the domestic e-commerce
market weighed on sentiment. We remain positive on the relative strength of Alibaba’s e-commerce
ecosystem. It has also been pursuing a multi-engine growth strategy for the longer term, which
includes building up its cloud and international e-commerce businesses.
LUKOIL, a major Russian oil producer, Yandex, Russia’s largest search engine and Sberbank of
Russia, one of the biggest banks in Russia were top detractors in the final quarter of the period.
Before Russia’s invasion of Ukraine, we had maintained our positions in Russian stocks in the belief
that diplomacy could resolve the issue. Post the invasion, share prices of Russian equities declined
significantly. As mentioned above, with effect from 4 March 2022, Russian company stocks were fair
valued at zero.
Portfolio Report (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 13

Top contributors and detractors to relative performance by sector (%)
(a)
Top contributors
MSCI
Emerging
Markets Index
sector total
return
Contribution
to portfolio
relative
to MSCI
Emerging
Markets Index Top detractors
MSCI
Emerging
Markets Index
sector total
return
Contribution
to portfolio
relative
to MSCI
Emerging
Markets Index
Information Technology (1.8) 0.9 Communication Services (19.9) (3.7)
Real Estate (24.3) 0.7 Energy (1.5) (2.0)
Health Care (21.8) 0.6 Financials 16.5 (2.0)
Consumer Discretionary (36.2) (1.9)
Industrials 9.9 (0.5)
(a)
For the period 31 March 2021 to 31 March 2022.
An overweight position and favourable stock selection in the information technology sector added
to TEMIT’s performance relative to the benchmark index in the review period. Tata Consultancy
Services, an India-based IT services firm, and Cognizant Technology Solutions, a US listed
technology services company that derives much of its earnings from services provided in India, were
both examples of information technology companies that aided relative returns. Stock selection and
an underweight in real estate also aided relative performance, as the poorly performing sector for
the benchmark contributed to relative returns in the portfolio. The portfolio did not invest in several
Chinese real estate stocks that weighed on the sector in the benchmark amidst a slowdown in the
Chinese real estate sector. However, Chinese real estate company China Resources Land was an
overweight in the portfolio and rose during the period. Stock selection and an underweight exposure
to the health care sector was another positive contributor to relative returns.
In contrast, stock selection in the communication services sector was a key detractor from relative
performance. Yandex was a leading detractor as Russian stocks were fair valued at zero, as discussed
above. Tencent was another key detractor in the sector. In addition to new rules in China’s internet
sector, concerns of a freeze on new video game approvals also impacted sentiment in the company.
Stock selection in energy also detracted from relative performance, owing to Russia’s LUKOIL,
which was fair valued at zero, as discussed above. Additionally, not holding India-based Reliance
Industries, which has energy and telecommunications operations, held back returns as its shares
advanced. Stock selection in financials, due to the write down of Sberbank of Russia, hindered
performance relative to the benchmark, overshadowing the contribution of an overweight position as
the sector was positive for the benchmark.
Portfolio Report (continued)
14 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Top contributors and detractors to relative performance by country (%)
(a)
Top contributors
MSCI
Emerging
Markets Index
sector total
return
Contribution
to portfolio
relative
to MSCI
Emerging
Markets Index Top detractors
MSCI
Emerging
Markets Index
sector total
return
Contribution
to portfolio
relative
to MSCI
Emerging
Markets Index
Brazil 30.5 0.6 Russia
(b)(c)
(100.0) (2.9)
United States
(b)
– 0.4 South Africa 17.3 (1.8)
Thailand 3.5 0.2 Saudi Arabia
(d)
45.5 (1.3)
Peru 28.0 0.1 Taiwan 11.9 (0.7)
Egypt (10.1) 0.1 South Korea (14.2) (0.7)
(a)
For the period 31 March 2021 to 31 March 2022.
(b)
No companies included in the MSCI Emerging Markets Index in this country as at 31 March 2022.
(c)
All companies held by TEMIT in this country are valued at zero as at 31 March 2022.
(d)
No companies held by TEMIT in this country as at 31 March 2022.
An overweight position and stock selection in Brazil aided relative performance amidst the surge
in commodity prices and strength in the financial sector. Stock selection in Brazilian financials,
including banks Itaú Unibanco and Banco Bradesco, and Brazil’s leading financial market
infrastructure company B3, helped relative returns. Off-benchmark exposure in the United States
was another key contributor to TEMIT’s returns relative to the index, as a position in Cognizant
Technologies Solutions, with high earnings exposure to India, was a key contributor. Thailand
was another resource rich country that benefitted from a surge in commodity prices, and our stock
selection in the country aided relative performance.
Russia was the top detractor from relative performance. As mentioned above, with effect from
4 March 2022, Russian company stocks were fair valued at zero. An overweight exposure to Naspers,
which has a sizeable interest in Tencent, was largely responsible for South Africa’s inclusion in the
list of top market detractors from relative performance. We exited Naspers during the reporting
period. A lack of exposure to Saudi Arabia and several of its well-performing oil companies
detracted from relative performance. As a major oil exporter, the country benefitted from prices that
climbed throughout the period, a rise that accelerated in the first three months of 2022.
Portfolio Report (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 15

Portfolio changes by sector
Total return in sterling
Sector
31 March 2021
market value
£m
Purchases
£m
Sales
£m
Market
movement
£m
31 March 2022
market value
£m
TEMIT
%
MSCI
Emerging
Markets Index
%
Information Technology 810 137 (186) (24) 737 (1.0) (1.8)
Financials 486 101 (113) (1) 473 3.4 16.5
Consumer Discretionary 491 65 (92) (198) 266 (43.9) (36.2)
Communication Services 433 59 (128) (152) 212 (40.9) (19.9)
Materials 91 144 (25) (2) 208 8.1 8.7
Consumer Staples 115 11 (24) (20) 82 (17.5) (5.3)
Industrials 67 17 (11) (11) 62 (5.6) 9.9
Energy 62 33 (8) (51) 36 (64.8) (1.5)
Health Care 32 12 (5) (6) 33 (14.2) (21.8)
Real Estate 12 25 (26) 5 16 0.2 (24.3)
Utilities – – – – – – 16.7
Total Investments 2,599 604 (618) (460) 2,125
Sector asset allocation
As at 31 March 2022
Sector weightings vs benchmark (%)
12.3
12.5
10.1
10.0
9.8
9.4
3.8
5.8
2.9
5.3
1.7
4.8
2.1
0.8
1.5
3.9
2.6
—
34.7
21.6
22.3
22.1
TEMIT
Information Technology
Financials
Utilities
MSCI Emerging Markets Index
0 5 10 15 20 40353025
Communication Services
Consumer Staples
Consumer Discretionary
Materials
Energy
Health Care
Real Estate
Industrials
Portfolio Report (continued)
16 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Portfolio changes by country
Total return in sterling
Country
31 March 2021
market value
£m
Purchases
£m
Sales
£m
Market
movement
£m
31 March 2022
market value
£m
TEMIT
%
MSCI
Emerging
Markets Index
%
China/Hong Kong 770 312 (248) (229) 605 (33.2) (29.0)
South Korea 575 77 (66) (99) 487 (14.4) (14.2)
Taiwan 430 15 (86) 4 363 3.0 11.9
Brazil 151 65 (32) 26 210 20.3 30.5
India 162 35 (61) 52 188 34.6 23.9
Other 511 100 (125) (214) 272 – –
Total Investments 2,599 604 (618) (460) 2,125
Geographic asset allocation
As at 31 March 2022
Country weightings vs benchmark (%)
(a)
South Korea
China/Hong Kong
Brazil
Taiwan
Thailand
India
Mexico
Cambodia
(b)
South Africa
Pakistan
(b)
Philippines
Kenya
(b)
Germany
(b)
Russia
(b)(c)
Peru
Hungary
Indonesia
United Kingdom
(b)
United States
(b)
0 5 10 15 20 353025
17.1
15.9
8.9
13.1
9.9
5.7
1.6
2.4
2.1
1.9
1.4
0.2
1.7
0.7
0.2
4.0
0.5
0.4
—
0.3
0.8
0.3
—
0.2
0.1
0.1
0.0
0.1
—
—
3.4
—
—
0.9
0.7
28.5
30.2
22.9
12.6
Egypt
TEMIT
MSCI Emerging Markets Index
—
(a)
Other countries included in the benchmark are Argentina, Chile, Colombia, Czech Republic, Greece, Kuwait, Malaysia,
Poland, Qatar, Romania, Saudi Arabia, Singapore, Turkey and the United Arab Emirates.
(b)
Countries not included in the MSCI Emerging Markets Index.
(c)
All companies held by TEMIT in this country are valued at zero.
Portfolio Report (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 17

Portfolio investments by fair value
As at 31 March 2022
Holding Country Sector Trading
(a)
Fair value
£'000
% of net
assets
Taiwan Semiconductor Manufacturing Taiwan Information Technology PS 259,125 12.3
Samsung Electronics South Korea Information Technology PS 218,002 10.4
Alibaba China/Hong Kong Consumer Discretionary IH 124,514 5.9
ICICI Bank India Financials IH 117,038 5.6
Tencent China/Hong Kong Communication Services PS 81,516 3.9
NAVER South Korea Communication Services PS 79,021 3.8
MediaTek Taiwan Information Technology IH 77,821 3.7
China Merchants Bank China/Hong Kong Financials IH 62,500 3.0
Guangzhou Tinci Materials
Technology
China/Hong Kong Materials NH 56,399 2.7
LG South Korea Industrials PS 50,981 2.4
TOP 10 LARGEST INVESTMENTS 1,126,917 53.7
Banco Bradesco, ADR
(b)(c)
Brazil Financials IH 46,710 2.2
Vale Brazil Materials IH 46,056 2.2
Itaú Unibanco, ADR
(b)(c)
Brazil Financials PS 44,301 2.1
Samsung Life Insurance South Korea Financials IH 38,654 1.8
Cognizant Technology Solutions
(d)
United States Information Technology IH 37,970 1.8
Petroleo Brasileiro
(c)
Brazil Energy NH 35,977 1.7
Prosus
(e)
China/Hong Kong Consumer Discretionary IH 35,258 1.7
Genpact United States Information Technology NH 35,151 1.6
POSCO South Korea Materials IH 29,634 1.4
Unilever
(d)
United Kingdom Consumer Staples PS 29,164 1.4
TOP 20 LARGEST INVESTMENTS 1,505,792 71.6
Banco Santander Mexico, ADR
(b)
Mexico Financials NT 29,127 1.4
Kasikornbank Thailand Financials IH 27,472 1.3
Tata Consultancy Services India Information Technology NH 26,874 1.3
Soulbrain South Korea Materials NH 26,641 1.3
Daqo New Energy, ADR
(b)
China/Hong Kong Information Technology IH 24,998 1.2
Bajaj Holdings & Investments India Financials PS 22,502 1.1
Ping An Insurance China/Hong Kong Financials IH 22,475 1.1
Hon Hai Precision Industry Taiwan Information Technology PS 21,399 1.0
China Resources Cement China/Hong Kong Materials IH 21,390 1.0
Brilliance China Automotive China/Hong Kong Consumer Discretionary NT 20,803 1.0
TOP 30 LARGEST INVESTMENTS 1,749,473 83.3
Portfolio Report (continued)
18 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Holding Country Sector Trading
(a)
Fair value
£'000
% of net
assets
Astra International Indonesia Consumer Discretionary PS 19,351 0.9
Fila South Korea Consumer Discretionary IH 16,915 0.8
Infosys Technologies India Information Technology PS 16,656 0.8
Americanas
(f)
Brazil Consumer Discretionary IH 16,517 0.8
NetEase China/Hong Kong Communication Services IH 16,347 0.8
Tencent Music Entertainment, ADR
(b)
China/Hong Kong Communication Services IH 16,219 0.8
Baidu China/Hong Kong Communication Services IH 15,972 0.8
Uni-President China China/Hong Kong Consumer Staples IH 15,555 0.7
Gedeon Richter Hungary Health Care PS 15,522 0.7
Ping An Bank China/Hong Kong Financials NT 15,281 0.7
TOP 40 LARGEST INVESTMENTS 1,913,808 91.1
Longshine Technology Group China/Hong Kong Information Technology IH 13,838 0.7
Massmart South Africa Consumer Staples IH 13,598 0.6
LG Chem South Korea Materials NH 11,661 0.5
Intercorp Financial Services Peru Financials IH 10,782 0.5
Keshun Waterproof Technologies China/Hong Kong Materials NH 10,525 0.5
LegoChem Biosciences South Korea Health Care IH 9,723 0.5
Greentown Service Group China/Hong Kong Real Estate NH 8,860 0.4
Kiatnakin Phatra Bank Thailand Financials PS 8,654 0.4
Thai Beverage Thailand Consumer Staples NT 8,141 0.4
Techtronic Industries China/Hong Kong Industrials NH 7,909 0.4
TOP 50 LARGEST INVESTMENTS 2,017,499 96.0
NagaCorp Cambodia Consumer Discretionary PS 7,883 0.4
B3 Brazil Financials PS 7,510 0.4
China Resources Land China/Hong Kong Real Estate PS 7,221 0.3
WuXi Biologics China/Hong Kong Health Care NH 7,189 0.3
BDO Unibank Philippines Financials NT 6,699 0.3
H&H Group China/Hong Kong Consumer Staples IH 6,632 0.3
MCB Bank Pakistan Financials NT 6,386 0.3
XP Inc Brazil Financials NH 5,899 0.3
ACC India Materials NT 5,257 0.3
East African Breweries Kenya Consumer Staples NT 4,673 0.2
TOP 60 LARGEST INVESTMENTS 2,082,848 99.1
Nemak Mexico Consumer Discretionary NT 4,604 0.2
M. Dias Branco Brazil Consumer Staples NT 4,142 0.2
PChome Online Taiwan Consumer Discretionary PS 3,385 0.2
Hankook Tire South Korea Consumer Discretionary NT 3,215 0.2
Portfolio Report (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 19

Holding Country Sector Trading
(a)
Fair value
£'000
% of net
assets
COSCO SHIPPING Ports China/Hong Kong Industrials IH 3,102 0.1
Delivery Hero
(d)
Germany Consumer Discretionary NH 2,825 0.1
JD.com China/Hong Kong Consumer Discretionary NH 2,613 0.1
BAIC Motor China/Hong Kong Consumer Discretionary PS 2,434 0.1
KT Skylife South Korea Communication Services NT 2,431 0.1
Weifu High-Technology China/Hong Kong Consumer Discretionary NT 2,387 0.1
TOP 70 LARGEST INVESTMENTS 2,113,986 100.5
TOTVS Brazil Information Technology PS 2,102 0.1
Chervon Holdings China/Hong Kong Consumer Discretionary NH 1,994 0.1
E-Finance for Digital & Financial
Investments
Egypt Information Technology NH 1,844 0.1
Largan Precision Taiwan Information Technology PS 1,758 0.1
United Bank Pakistan Financials NT 1,093 0.1
New Oriental Education &
Technology Group, ADR
(b)
China/Hong Kong Consumer Discretionary NH 924 0.1
Americanas
(g)
Brazil Consumer Discretionary IH 418 0.0
Netcare South Africa Health Care NH 411 0.0
Gazprom, ADR
(b)(h)
Russia Energy PS – –
LUKOIL, ADR
(b)(h)
Russia Energy IH – –
TOP 80 LARGEST INVESTMENTS 2,124,530 101.1
Sberbank of Russia, ADR
(b)(h)
Russia Financials PS – –
VK, GDR
(h)(i)(j)
Russia Communication Services IH – –
Yandex
(h)
Russia Communication Services PS – –
TOTAL INVESTMENTS 2,124,530 101.1
NET LIABILITIES (24,140) (1.1)
TOTAL NET ASSETS 2,100,390 100.0
(a)
Trading activity during the year: (NH) New Holding, (IH) Increased Holding, (PS) Partial Sale and (NT) No Trading.
(b)
US listed American Depository Receipt.
(c)
Preferred Shares.
(d)
This company, listed on a stock exchange in a developed market, has significant exposure to operations from
emerging markets.
(e)
This company is listed in the Netherlands. The classification of China/Hong Kong is due to most of its revenue
coming from its holding in Tencent.
(f)
Holding name has been changed from B2W Digital as the result of a merger between B2W Digital and Americanas.
(g)
Subscription receipts on the back of a rights issuance converted into ordinary shares on 1 April 2022.
(h)
This company has been fair valued at zero as a result of its trading being suspended.
(i)
UK listed Global Depository Receipt.
(j)
Holding name has been changed from Mail.Ru to VK as a result of rebranding.
Portfolio Report (continued)
20 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Portfolio summary
As at 31 March 2022

Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Total Equities Net liabilities
(a)
31 March 2022 Total 31 March 2021 Total
Brazil – 0.8 0.2 1.7 5.0 – – 0.1 2.2 – 10.0 – 10.0 5.9
Cambodia – 0.4 – – – – – – – – 0.4 – 0.4 0.5
China/Hong Kong 6.3 9.1 1.0 – 4.8 0.3 0.5 1.9 4.2 0.7 28.8 – 28.8 29.5
Czech Republic – – – – – – – – – – – – – 0.3
Egypt – – – – – – – 0.1
–
– 0.1 – 0.1 –
Germany – 0.1 – – – – – – – – 0.1 – 0.1 –
Hungary – – – – – 0.7 – – – – 0.7 – 0.7 0.9
India – – – – 6.7 – – 2.1 0.3 – 9.1 – 9.1 6.3
Indonesia – 0.9 – – – – – – – – 0.9 – 0.9 0.6
Kenya – – 0.2 – – – – – – – 0.2 – 0.2 0.3
Mexico – 0.2 – – 1.4 – – – – – 1.6 – 1.6 1.3
Pakistan – – – – 0.4 – – – – – 0.4 – 0.4 0.3
Peru – – – – 0.5 – – – – – 0.5 – 0.5 0.2
Philippines – – – – 0.3 – – –
–
– 0.3 – 0.3 0.2
Russia – – – – – – – – – – – – – 6.0
South Africa – – 0.6 – – – – – – – 0.6 – 0.6 4.4
South Korea 3.9 1.0 – – 1.8 0.5 2.4 10.4 3.2 – 23.2 – 23.2 22.1
Taiwan – 0.2 – – – – – 17.1 – – 17.3 – 17.3 16.7
Thailand – – 0.4 – 1.7 – – – – – 2.1 – 2.1 1.7
United Kingdom – – 1.4 – – – – – – – 1.4 – 1.4 2.1
United States – – – – – – – 3.4 – – 3.4 – 3.4 1.0
Net liabilities
(a)
– – – – – – – – – – – (1.1) (1.1) (0.3)
31 March 2022 Total 10.2 12.7 3.8 1.7 22.6 1.5 2.9 35.1 9.9 0.7 101.1 (1.1) 100.0 –
31 March 2021 Total 16.7 19.0 4.4 2.4 18.7 1.2 2.6 31.3 3.5 0.5 100.3 (0.3) – 100.0
(a)
The Company’s net liabilities are the total of net current assets plus non-current liabilities per the Statement of Financial
Position on page 78.
Portfolio Report (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 21

Portfolio Report (continued)
Market capitalisation breakdown
(%)
Less than
£1.5bn
£1.5bn to
£5bn
£5bn to
£25bn
Greater than
£25bn
Net
liabilities
(a)
31 March 2022 7.7 8.0 16.5 68.9 (1.1)
31 March 2021 11.8 8.5 12.9 67.1 (0.3)
Split between markets
(b)
(%)
31 March
2022
31 March
2021
Emerging markets 95.6 96.4
Developed markets
(c)
4.9 3.1
Frontier markets 0.6 0.8
Net liabilities
(a)
(1.1) (0.3)
Source: FactSet Research System, Inc.
(a)
The Company’s net liabilities are the total of net current assets plus non-current liabilities per the Statement of Financial
Position on page 78.
(b)
Geographic split between "Emerging markets", "Frontier markets", "Developed markets" are as per MSCI index
classifications.
(c)
Developed market exposure represented by companies listed in Germany, United Kingdom and United States which
have significant exposure to operations in emerging markets.
Outlook for markets
The current down cycle has been driven by the aftereffects of the unprecedented fiscal stimulus, the
spike in commodity prices, post COVID-19 supply chain issues impacting inflation, China’s zero
COVID policy, and Russia’s invasion of Ukraine impacting investor risk appetite. An aversion to
holding risky assets currently prevails amongst many investors; what started with investors selling
Russian equities has spread to China and other emerging markets. In such circumstances, we believe
that having a long-term perspective is valuable.
The start of the US Federal Reserve’s withdrawal of support has also heightened market volatility.
Higher US interest rates could also trigger a strengthening of the US dollar, this would be potentially
negative for emerging markets with macro vulnerabilities, although there are much fewer significant
emerging economies in this situation today than in past cycles.
Whilst the current period of increased market volatility and declining equity markets is unnerving,
we believe that it is also creating attractive investment opportunities for long-term investors.
We continue to search for companies that have sustainable earnings growth, trade at a discount
to intrinsic worth and have competitive advantages which are persistent and repeatable over
time. In the current market decline, we observe many companies with these characteristics. This is
creating opportunities for investors to increase exposure to these companies in preparation for the
eventual recovery.
Emerging markets have seen many changes over the past two decades, and the opportunity set
for investors has similarly evolved and expanded. Emerging markets generally have youthful and
digital-savvy populations with growing needs. In India, for example, there are about 800 million
people under the age of 35. As investors, that creates opportunities not only in technology
companies, but also in areas like financial services and aspirational products like education and
luxury goods.
22 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

As a whole, emerging market economic fundamentals have improved in the past decade, and
we believe that they are in a stronger position today to cope with any market volatility. Our
overall outlook for emerging markets remains positive, with long-term investment opportunities
underpinned by emerging markets’ structural strengths and the competitiveness of their companies.
Moreover, we think that the COVID-19 pandemic period has catalysed change, innovation, and
brought a greater focus on technology. It is an interesting time to be looking at the emerging world
today. We believe that the breadth of opportunity, the growth, the innovation, the sustainability of
the business models, and the much stronger institutional resilience compared to decades past when
considered together create an attractive future for emerging markets.
Chetan Sehgal
Lead Portfolio Manager
14 June 2022
Portfolio Report (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 23

Investment philosophy and approach
FTEME’s long-term approach is driven by the 3 S’s, seeking Structural growth opportunities in
emerging markets, investing in businesses with Sustainable earnings power at a discount to intrinsic
worth, and believing in responsible Stewardship of client capital. FTEME seeks to capture the
growth potential of emerging market companies and believes this is best achieved by employing
a bottom-up and fundamental security selection process. FTEME conducts in-depth proprietary
company research with a long-term and independent perspective. FTEME believes in the responsible
stewardship of clients’ capital and that governance and sustainability factors create risks and
opportunities for companies. ESG analysis is therefore integrated alongside fundamental bottom-up
analysis.

FTEME’s approach aims for outperformance over the long term. The investment strategy tends
to produce stronger performance when company fundamentals are the primary driver for stock
returns, where a focus on stock selection should produce superior results. Performance may be less
strong in highly sentiment-driven market environments, when investors focus more on the overall
economic picture rather than company fundamentals. This can also be the case when the market is
overly short-term oriented, and rewards companies driven by what FTEME views as unsustainable
factors such as short-term demand/supply imbalances or inorganic growth.
Investment process
The three broad stages of FTEME’s investment process comprise: idea generation, stock research,
and portfolio construction and management; with governance and sustainability considerations and
risk management fully integrated at all stages.
1. Idea generation
The key source of idea generation is FTEME’s team of over 70 analysts and portfolio managers
located around the globe. Their experience and expertise allow them to identify trends which they
may want to explore further through company research. In addition, FTEME’s local presence,
network and understanding of local dynamics may help to identify trends and opportunities that
other market participants may filter out through standard quantitative screens. FTEME analysts
speak the local language and are part of the local culture and fabric of the countries where they
conduct research.
2. Stock research
FTEME analysts conduct rigorous analysis to assess whether a company has sustainable earnings
power, and to establish a proprietary estimate of its intrinsic worth. By integrating ESG analysis
with traditional business and financial analysis, FTEME seeks to gain insights into the quality and
risks of companies. FTEME’s research platform currently has coverage of over 700 companies across
emerging markets using a proprietary and rigorous bottom-up research approach, along with
extensive knowledge of the wider universe.
FTEME’s research analysts form detailed views of companies by collecting and analysing a variety
of information. The team conducts detailed quantitative financial analysis by building in-depth
company models to evaluate financial strength and profitability, and to project future earnings and
cash flow. Industry demand and supply models are incorporated in the analysis, as well as country
and currency macro considerations. FTEME has a strong emphasis on qualitative assessment.
The Investment Manager’s Process
24 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

The assessment of ability to sustain stable or growing economic profits over time is typically driven
by a combination of factors, including (i) sound business models; (ii) sustainable competitive
advantages; (iii) management foresight; and (iv) low debt levels. Earnings power is the demonstrable
ability to generate sustainable economic profit into the future in areas which could be beyond the
current scope of operations. The analysts look for real earnings growth by focusing on economic
earnings and cash flows rather than reported earnings, and differentiating between operational
earnings and financial earnings. They evaluate internal versus external drivers to earnings and prefer
companies with earnings which can be affected through management action. A key element of
earnings power is therefore quality, as signified by (i) products and services with low regulatory and
macro risk; (ii) financial strength; and (iii) management strength.
Each research recommendation may incorporate several valuation methods extending typically
over a three- to five-year horizon. FTEME aims to clarify the risk/reward balance of a company by
conducting sensitivity analysis, stress-testing, and scenario analysis. It seeks to identify what the
market consensus expectations are for a stock and how the team’s fundamental views may differ.
3. Portfolio construction
FTEME seeks to build a high-conviction stock-centric portfolio that is primarily driven by company-
specific factors and focused on the long term. A bottom-up approach to stock selection is used, with
country and sector allocations a residual of this process.
Portfolio Style and Characteristics
The strategy typically displays the following characteristics:
• Core style: The strategy aims to deliver outperformance irrespective of market direction. The
portfolio construction process leads to the majority of active risk being focused
• Quality and growth but not at excessive valuation levels: The philosophy typically leads to a
portfolio with higher quality and growth than the aggregate of the benchmark index, but not at
excessive valuation levels
• High conviction portfolio: The top-10 holdings typically account for over 40% of the portfolio
which overall is well-diversified portfolio across the market cap spectrum.
• Low turnover: FTEME’s high conviction and long-term approach means that the typical annual
portfolio turnover is less than 20%.
Buy and Sell Discipline
FTEME’s buy discipline is primarily designed to ensure that the portfolio managers buy when they
have both conviction in a business and it is trading below its intrinsic value; FTEME’s sell discipline
is designed to capture the opposite. All holdings are regularly reviewed to ensure that analyst
recommendations are up to date and accurately reflect any changes in company fundamentals. In
this way, ongoing fundamental research drives all buy and sell decisions.
The Investment Manager’s Process (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 25

Investment risk management
Investment in emerging markets equities inevitably involves risk in a volatile asset class. Franklin
Templeton uses a comprehensive approach to managing risks within its managed portfolios and this
approach is inherent in all aspects of the investment process. Investment risks are to be identified
and intentional, not minimised. Risk management is embedded through all stages of the investment
process, in collaboration with dedicated resources from Franklin Templeton’s Investment Risk
Management Group of over 80 risk management professionals, which is independent from the
portfolio management team. Various risk management tools are used to predict and decompose the
portfolio’s active risk in order to understand and manage the portfolio’s active risk profile.
For additional information with respect to the AIFM risk management framework, please read
the Investor Disclosure Document on our website (www.temit.co.uk).
FTEME’s approach to stewardship
FTEME’s focus is on a total sustainability approach including business, economic, environmental
and social sustainability. How FTEME monitors and manages client assets is not just about focusing
on governance and sustainability factors. It demands a holistic approach incorporating proactive
long-term engagement with the managers of the companies which FTEME invests in on behalf of
TEMIT and its other clients.
Part of being a responsible steward of clients’ assets is acknowledging that governance and
sustainability factors create risks and opportunities for companies. It therefore makes sense to
integrate these factors alongside fundamental bottom-up analysis and engage with companies as
active owners on behalf of clients. Responsible stewardship is not a single act but a continuous
process that includes engagement and voting. Being responsible stewards of our client’s capital is
reflected in:
How we act as investors
- ESG integration
- Company engagement
- Policy advocacy
How we treat our clients
- Putting clients first
- Being responsible
fiduciaries of our clients’
capital
How we behave as a business
- Building relationships
- Achieving quality results
- Working with integrity
Integrating ESG factors
Analyses of governance and sustainability factors are embedded components of our rigorous
fundamental bottom-up research. The driving factors of the decision to purchase or sell a stock centre
on the following:
• Its sustainable earnings power and whether its price is at a discount to intrinsic worth; and
• The sustainability of its business model, which is critical to maintaining its competitive positioning.
The Investment Manager’s Process (continued)
26 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Our proprietary three-pillar ESG
framework is a key component of how
we aim to achieve our goal of being an
emerging market leader in sustainable
investing.
Intentionality
Assessing companies’ intentionality
toward managing material ESG
factors with our proprietary scoring
system and linking ESG factors into
our valuation models.
Alignment
Mapping the alignment of companies’
products and services to positive
social and environmental outcomes
and UN Sustainable Development
Goals (SDGs).
Transition
Identifying companies’ transition
potential linked to their incremental
progress, using our on-the-ground
capabilities and experience as active
owners to foster positive change.
We have summarised one of our case studies
from our full Stewardship Report to give TEMIT
shareholders a snapshot of the typical analysis
undertaken.
Tencent – provides social networking, music,
web portals, e-commerce, mobile games, internet
services and payment systems.
ESG Topic: User Privacy Protection & Content
Management
Materiality and Risk: Users of internet service
providers that have privacy concerns may decide
to switch to alternative internet services. This has
the potential to impact revenue growth due to
lower engagement by users. Content management
(censorship) without a reasonable level of
consensus building or supervision may also lead
to a less active user base.
Analysis:
privacy policy and commits to
collecting only the information that is
necessary for product functions;

dedicated website to help resolve any
dispute users may have;

transparent and certified by TRUSTe; and

censorship requirements from government
related bodies.
Outcomes: Social risks associated with privacy
concerns and content management (censorship)
are faced by all content platforms in China, and
full cooperation with regulators is important
to ensure continuous operation. Based on
our analysis, we consider Tencent as a leader
among Chinese peers in its industry and is well
positioned to manage such risks.
Climate change
Within emerging markets, the landscape varies considerably, ranging from countries that have
announced meaningful carbon targets to those that have yet to declare any significant policies.
FTEME’s objective is to understand the climate commitments of investee companies incorporating
both local and global perspectives, recognising that the pace of decarbonisation and the associated
strategies will differ across countries and cultures.
Where material, FTEME integrates climate change/carbon analysis into its bottom-up research
process, focusing on assessing the impact on long-term business values. This is part of the holistic
The Investment Manager’s Process (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 27

approach of integrating ESG analysis with traditional financial analysis so that FTEME can gain
valuable insights into the quality and risks of businesses which FTEME invests in.
FTEME’s analysts and portfolio managers look at climate risks and opportunities closely for relevant
sectors and geographies where climate change plays a very important role. FTEME closely tracks
climate related factors into estimates, models and valuations for those businesses materially exposed
to the issue.
Our portfolio managers also seek to understand the carbon risk profile at a portfolio level to
understand its carbon risk exposures. The data very much helps with the engagement agenda.
TEMIT Carbon Footprint vs. MSCI EM Index – 31 March 2022
(a)
Portfolio Carbon Emissions are 6% lower than the benchmark, Carbon Intensity is 7% lower and Weighted Average
Carbon Intensity is 16% lower.
221
373
275
236
400
325
0
50
100
150
200
250
300
450
400
350
Carbon Emissions
(tCO2e/$M invested)
Carbon Intensity
(tCO2e/$M sales)
Weighted Average Carbon Intensity
(tCO2e/$M sales)
Portfolio
Benchmark
(a)
Source: MSCI ESG as at 4 April 2022, portfolio coverage 95% (77% reported, 18% estimated); MSCI EM coverage 100%
(78% reported, 22% estimated). Carbon emissions include scope 1 and 2.
Carbon Emissions – Measures the portfolio’s normalised carbon footprint per $1 million invested.
Carbon Intensity – Measures the portfolio’s efficiency in terms of the level of carbon emissions per dollar of sales
generated by a company.
Weighted Average Carbon Intensity – Measures the portfolio’s exposure to carbon-intensive companies.
TEMIT’s portfolio carbon risk is concentrated amongst a small number of companies, with the top five
companies in terms of carbon intensity representing 6.8% of the portfolio and accounting for 74.2% of
the total portfolio Weighted Average Carbon Intensity (“WACI”). From a sector perspective, 66.2% of
the total portfolio WACI contributions come from the materials sector. On a relative basis, portfolio
holdings in materials and industrials contribute negatively to WACI and the utilities sector contributes
positively, as TEMIT does not hold any investments in the sector. Cement manufacturers, China
Resources Cement and ACC, exhibit the largest carbon intensities in TEMIT’s portfolio, representing
1.3% of the portfolio and accounting for 51.9% of the portfolio WACI. TSMC’s carbon intensity is low,
however due to it representing 12.3% of the portfolio, it is second in terms of contribution to WACI.
We emphasise that the data does not always fully represent the actual carbon risk of the portfolio.
Some of the data is estimated where carbon emissions are not disclosed by portfolio companies.
WACI is measured against sales, however, in production orientated industries this is not always an
accurate measure. Finally, the reported data is a snapshot at a point in time and does not represent
the forward-looking nature of our approach to analysing investee companies. On the next page we
provide a short summary of FTEME’s analysis of China Resources Cement and ACC.
The Investment Manager’s Process (continued)
28 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

China Resources Cement (“CRC”) –
leading cement and concrete producer in
Southern China
CRC strictly implements national policies
and guidelines and operates in full
compliance with local standards and
audits, with no fines or penalties in recent
history. Management integrates ESG Key
Performance Indicators in remuneration
at various levels whilst expressing an
intention to improve carbon management
further via tech upgrades and appropriate
target setting annually.
The company’s improving emissions
intensity, compliance with local standards
and management intentions to improve
further, suggests low carbon risk and
strong profile in the sector.
ACC – one of the largest producers of cement in
India
ACC is guided by parent Lafarge-Holcim’s
principles and technical know-how on
environmental issues. As a result, it is ahead of
the curve versus its Indian peers in both approach
and adopting innovative technologies related
to emissions control. It has recently had its 2030
carbon-emission reduction target endorsed by the
Science Based Targets Initiative (“SBTi”) and has
signed the ‘Business Ambition for 1.5°C’ pledge.
We are positive on the company’s ability to
manage its emissions profile and from an
environmental perspective, the company is one of
the best investment options in the cement sector in
a developing market.
Active ownership
As investors with a significant presence in emerging markets, FTEME’s active ownership efforts are
a key part of the overall approach to stewardship. FTEME analysts conduct almost 2,000 company
meetings a year across the investment platform using its industry-leading research footprint across
emerging markets, where FTEME seek to gain a number of fundamental and sustainability insights.
We believe that our engagement efforts are key to developing a detailed understanding of companies
and improving outcomes for shareholders as well as stakeholders more broadly.
Engagement statistics
FTEME’s analysts are in a continual dialogue with companies on a range of topics including
sustainability and governance. There are also companies that FTEME identify where dedicated
discussion on ESG topics are necessary. Active engagements with companies in the TEMIT portfolio
for the year ended 31 March 2022 are summarised below:
ESG Issue
Identify material ESG issues and
rationale for engagement
Objectives and Process
Set goal and/or rationale for the
engagement and approach
Outcome
Review outcomes, next steps and
investment thesis
Dedicated ESG discussion by
engagement type
Number of
interactions
% of
interactions
Environmental 11 31
Social 7 19
Governance 15 42
Combination 3 8
Total 36 100
The Investment Manager’s Process (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 29

Proxy voting
In the year ended 31 March 2022, FTEME voted on over 900 management proposals at annual
and special general meetings for TEMIT. Most of the proposals which FTEME voted on related to
companies’ director appointments, routine business proposals and capital structures. Of the voteable
management proposals, FTEME voted FOR proposals 80% of the time.
FTEME voted against management proposals in 12% of cases, our votes against were largely
concentrated on capital structure, non-salary compensation, and director related management
proposals. FTEME views votes against proposals as a formal way to communicate our views to
management, and FTEME undertakes them based on the investment team’s assessment of each
motion in line with clients’ best interests.
For..............80%
Against.......12%
Other............8%
Where “Other” votes were cast, these were mainly director related votes in Brazil, where FTEME
abstained from voting they were not supportive of the candidates put forward for election, or where
the company bundled several proposals into one, preventing voting on individual items.
The number of resolutions proposed by shareholders is increasing around the world, particularly on
environmental and social issues, although they remain relatively uncommon in emerging markets.
FTEME will continue closely to examine the merits of views raised by fellow shareholders.
We encourage you to download the full TEMIT Stewardship report from www.temit.co.uk for
further, detailed information.
The Investment Manager’s Process (continued)
30 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Business Review
Strategy and Business Model
Company purpose and objective
TEMIT’s purpose is to provide both private and institutional investors with the opportunity for
capital appreciation via a professionally managed vehicle focused on listed equity investments in
emerging markets.
The objective of TEMIT is to provide long-term capital appreciation via exposure to global emerging
markets, supported by a culture of both strong customer service and corporate governance.
Investment policy
The current investment policy was approved at the Company’s AGM on 8 July 2021.
The Company seeks long-term capital appreciation through investment in companies listed in
emerging markets or companies which earn a significant amount of their revenues in emerging
markets but are domiciled in, or listed on, stock exchanges in developed countries (“Emerging
Markets Companies”).
It is expected that the majority of investments will be in listed equities. However, up to 10% of
the Company’s assets may be invested in unlisted securities. In addition, while it is intended that
the Company will normally invest in equity instruments, the Investment Manager may invest
in equity-related investments (such as convertibles or derivatives) where it believes that it is
advantageous to do so.
The portfolio may frequently be overweight or underweight in certain investments compared with
the MSCI Emerging Markets Index (the “Benchmark”) and may be concentrated in a more limited
number of sectors or geographical areas than the Benchmark. Investments may be made in Emerging
Markets Companies outside the Benchmark that meet the investment criteria.
Whilst there are no specific restrictions on investment in any one sector or geographic area, the
portfolio will be managed in a way which aims to spread investment risk. The portfolio will typically
contain between 50 and 100 individual stocks but may, at times, contain fewer or more than this
range. No more than 12% of the Company’s assets will be invested in the securities of any one issuer
at the time of investment, save that any investment in unlisted securities of any one issuer will be
limited to no more than 2% of the Company’s assets, measured at the time of investment.
The maximum borrowing will be limited to 20% of the Company’s net assets, measured at the time
of borrowing.
No more than 10%, in aggregate, of the value of the Company’s assets will be invested in other listed
closed-ended investment funds.
In accordance with the Listing Rules, the Company will not make any material change to its
published investment policy without the prior approval of the FCA and the approval of its
shareholders by ordinary resolution.
Distribution policy
The Company will ensure that its total annual dividends will be paid out of the profits available for
distribution under the provisions of the relevant laws and regulations and will be at least sufficient
to enable it to qualify as an investment trust under the UK Income and Corporation Taxes Act. If the
Company has received an exceptional level of income in any accounting year, the Board may elect to
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 31

pay a special dividend. The primary focus of the investment policy is on generating capital returns,
the Company does not target a particular level of income and there is no guarantee that dividend
levels will be maintained from one year to the next.
The Company will normally pay two dividends per year, an interim dividend declared at the time
when the half yearly results are announced, and a final dividend declared at the time when the
annual results are announced. The final dividend will be subject to shareholder approval at the AGM
each year.
Dividends will be paid by cheque or by direct transfer to a shareholder’s bank account. For UK
shareholders holding shares in their own name on the Company’s main register, the dividend
payments can be used to purchase further shares in the Company under the Dividend Reinvestment
Plan, detailed on page 110.
The Company may also distribute capital by means of share buybacks when the Board believes that
it is in the best interests of shareholders to do so. The share buyback programme will be subject to
shareholder approval at each AGM.
Business model
The Company has no employees and all of its Directors are non-executive. The Company delegates its
day-to- day activities to third parties.
On 1 October 2021, Franklin Templeton Investment Trust Management Limited (“FTITML”,
“AIFM” or the “Manager”) replaced Franklin Templeton International Services S.à r.l (“FTIS”) as the
Company’s AIFM and company secretary.
The Board is responsible for all aspects of the Company’s affairs, including the setting of parameters
for the monitoring of the investment strategy and the review of investment performance and policy.
It also has responsibility for overseeing all strategic policy issues, namely dividend, gearing, share
issuance and buybacks, share price and discount/premium monitoring, corporate governance
matters and engagement with all of the Company’s stakeholders.
Strategy
The Company seeks to achieve its objective by following a strategy focused on the following:
Performance
At the heart of the strategy is the appointment and retention of capable investment management
professionals, whose aim is to identify value and achieve superior long-term growth for
shareholders. The Investment Manager, under the leadership of Chetan Sehgal, continues to apply
the same core investment philosophy that has driven TEMIT’s performance since the Company’s
launch. The investment team aims to achieve long-term capital appreciation for shareholders seeking
exposure to global emerging markets by investing in companies that they believe offer long-term
sustainable growth and good value, combined with strong management and sound governance.
See pages 24 to 30 for details of the investment process.
Environmental, social and governance (“ESG”) matters
The Investment Manager comments on the integral nature of ESG matters within the investment
process and how it engages with companies to promote ESG best practice on pages 26 to 30 of this
report. In addition, Franklin Templeton recently published a detailed Stewardship Report for TEMIT
and this can be downloaded from our website www.temit.co.uk.
Business Review (continued)
32 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

As an institutional investor, the Company recognises its responsibility that the companies in which
it invests should aspire to appropriate levels of corporate governance. As a matter of policy, the
Company aims to utilise its votes in shares held in the relevant underlying portfolio companies at the
general meetings of those companies.
Further details of the Investment Manager’s approach to responsible investing and of votes cast at
investee companies’ general meetings in 2021 can be accessed on Franklin Templeton’s UK web site
under “Sustainable Investing” at www.franklintempleton.co.uk/about-us/our-company/sustainable-
investing.
The Board receives regular reports on Franklin Templeton’s policies and controls. The Board has
reviewed and fully supports the Franklin Templeton Stewardship Statement and its Sustainable
Investing Principles and Policies.
TEMIT has no greenhouse gas emissions to report from the operations of the Company, as all of
its activities are outsourced to third parties. While as an investment trust TEMIT is exempt from
disclosures recommended by the Task Force on Climate-related Financial Disclosures (“TCFD”),
Franklin Templeton continues to develop metrics for our carbon footprint. Further information on
our approach to climate change can be found under “FTEME’s approach to stewardship” above and
in more detail in our Stewardship Report, available on our website (www.temit.co.uk).
TEMIT has no employees and is not an organisation that provides goods or services as defined in
the Modern Slavery Act 2015 and thus the Company considers that the Act does not apply. The
Company’s own supply chain consists predominantly of professional services advisers.
Culture and values
The Board believes in a culture of openness and constructive challenge in its interactions with the
Manager and other service providers. The Board aims to maintain open and regular communication
with shareholders, as set out under Communication on pages 35 and 36.
The Company is committed to acting professionally, fairly and with integrity in all of its business
dealings and relationships. The Board has a zero tolerance policy towards bribery and looks to
ensure that its service providers and associated persons have effective policies and procedures
designed to actively prevent bribery which are proportionate and risk based. In relation to the
corporate offence of failing to prevent tax evasion, it is the Company’s policy to conduct all business
in an honest and ethical manner. The Company takes a zero tolerance approach to any facilitation of
tax evasion whether under UK law or under the law of any foreign country.
Information on the Company’s approach to Diversity is set out in the Directors’ Report on
pages 48 and 49.
Liquidity
The shares issued by the Company are traded on the London and New Zealand stock exchanges.
The Company has engaged Winterflood Securities as financial adviser and stockbroker, and to act as
a market maker in the shares of the Company.
Gearing
On 31 January 2020, the Company entered into a five-year £100 million loan at a fixed rate of 2.089%
with Scotiabank Europe PLC, and a three-year £120 million unsecured multi-currency revolving
loan facility with The Bank of Nova Scotia, London Branch. The £100 million fixed term loan is
denominated in pounds sterling. Drawings under the £120 million revolving credit facility may be
in sterling, US dollars or Chinese renminbi (“CNH”). The total amount which may be drawn down
Business Review (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 33

in CNH is 45% of the combined limit of the fixed rate loan and of the revolving loan facility. The
fixed rate loan was drawn down on 31 January 2020 and will remain in place until 31 January 2025.
On 18 October 2021, the Company drew down £50 million from the revolving credit facility
repayable within six months (2021: revolving credit facility was not utilised). Subsequent to the
year end, the Investment Manager rolled forward the £50 million and took this borrowing out for
a further six months. The Company has no other debt. The Investment Manager has been granted
discretion by the Board to draw down the revolving loan facility as investment opportunities arise,
subject to overall supervision by the Board, and subject to the overall gearing limit in TEMIT’s
investment policy.
The Company’s net gearing position was 1.1% (net of cash in the portfolio) at the year-end
(2021 : 0.5%).
The Board continues to monitor the level of gearing and currently considers gearing of up to 20% to
be appropriate, measured at the time of borrowing.
Affirmation of shareholder mandate
In accordance with the Company’s Articles of Association, the Board must seek shareholders’
approval every five years for TEMIT to continue as an investment trust. This allows shareholders
the opportunity to decide on the long-term future of the Company. The last continuation vote took
place at the 2019 AGM, when 99.95% of the votes cast were registered as votes in favour. The next
continuation vote will take place at the 2024 AGM.
Stability – Share buybacks and Conditional Tender Offer
The Company has powers to buy back its shares as a discount control mechanism and when this is
in the best interests of the Company’s shareholders and in 2019 introduced a Conditional Tender
Offer. The share price discount to net asset value is discussed under Key Performance Indicators on
pages 39 and 40.
Under the Conditional Tender Offer, if over the five year period the Company’s net asset value
total return fails to exceed the benchmark total return the Board will put forward proposals to
shareholders to undertake a tender offer for up to 25 per cent of the issued share capital of the
Company, at the discretion of the Board. Any such tender offer will be at a price equal to the then
prevailing net asset value less two per cent (and less the costs of the tender offer). There will be no
tender offer in the event that the Company’s net asset value total return exceeds the benchmark total
return (MSCI Emerging Markets Index total return) over the five year period from 31 March 2019 to
31 March 2024. Any tender offer would take place following the Company’s 2024 AGM and will also
be conditional on shareholders approving the continuation vote in 2024 which is described under
“Affirmation of shareholder mandate” above.
A key point in the Investment Manager’s mandate is to take a long-term view of investments and
one of the advantages of a closed end fund is that the portfolio structure is not disrupted by large
inflows or outflows of cash. However, the Board and the Investment Manager recognise that the
returns experienced by shareholders are in the form of movements in the share price, which are not
directly linked to NAV movements, and the shares may trade at varying discounts or premiums to
NAV. Many shareholders, both professional and private investors, have expressed a view that a high
level of volatility in the discount is undesirable and that the Company should continue its active
share buyback programme. A less volatile discount, and hence share price, is seen as important
to investors. For this reason, TEMIT uses share buybacks selectively with the intention of limiting
volatility in the share price and where buybacks are in the best interests of shareholders. Details
Business Review (continued)
34 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

of the share buybacks are included in the following table. All shares bought back in the year were
cancelled, with none being placed in treasury. As at 31 March 2022, the Company held 103,825,895
shares in treasury (2021: 103,825,895 shares in treasury
(a)
).
2022 2021
Shares bought back and cancelled during the year
(a)
2,331,670 31,192,040
Proportion of share capital bought back and cancelled 0.2% 2.6%
Total cost of share buybacks £3.6m £49.6m
The benefit to NAV £0.5m £6.9m
The percentage benefit to NAV 0.03% 0.3%
(a) Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
Discount management is reviewed regularly by the Board to ensure that it remains effective in
the light of prevailing market conditions. The Conditional Tender Offer will not affect the Board’s
current approach to discount management. The Board will continue to exercise the Company’s right
to buy back shares when it believes this to be in shareholders’ interests and with the aim of reducing
volatility in the discount.
Share price discount to NAV
-20
-22
-18
-16
-4
-2
0
-6
-8
-10
-12
-14
-20
-22
-18
-16
-4
-2
0
-6
-8
-10
-12
-14
Mar-17 Mar-22Mar-21Mar-20Mar-19Mar-18
TEMIT share price discount, based on a 7 day moving average
Communication
The Bo ard works to ensure that investors are informed regularly about the performance of TEMIT
and of emerging markets through clear communication and updates. The Board is fully committed to
TEMIT’s marketing programme. There is a substantial annual marketing and communication budget
and expenditure by TEMIT is matched by a contribution to costs from the Manager.
TEMIT won the prestigious Best Campaign Award at the AIC Shareholder Awards 2022 in
recognition of the quality of the “Your future is emerging” campaign undertaken to attract new
shareholders. The innovative use of broadcast media has helped to increase TEMIT’s profile,
advertise the benefits of the Company and communicate the growth story of emerging markets to a
wider audience.
A new corporate identity was launched in January 2022 providing TEMIT with a unique brand for
the first time.
Business Review (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 35

TEMIT seeks to keep shareholders updated on performance and investment strategy through its
regular annual and half yearly reports, along with monthly factsheets and commentaries. These
are available on the TEMIT website (www.temit.co.uk) which also contains portfolio holdings
information, updates from the Investment Manager and other important documents that will help
shareholders to understand how their investment is managed. We also communicate via @TEMIT
on Twitter and continue to develop the Company’s presence across social media platforms. The
Board encourages registration to our monthly email that keeps subscribers appraised of the latest
performance, insights and announcements.
TEMIT has an active public relations programme. Our Investment Manager provides comments to
journalists, hosts media briefings and publishes articles on issues relevant to investing in emerging
markets.
The Investment Manager meets regularly with professional investors and analysts and hosts
interactive webinars. At each AGM the Investment Manager makes a presentation with the
opportunity for all shareholders to ask questions.
The Chairman regularly meets major shareholders to discuss investment performance and
developments in corporate governance. We try to engage with a wide spectrum of our
shareholders and aim to address their concerns as far as practically possible. Shareholders are
welcome to contact the Chairman or the Chairman of the Audit and Risk Committee at any time
via temitcosec@ franklintempleton.com.
Section 172 Report – Promoting the success of the Company
The Companies (Miscellaneous Reporting) Regulations 2018 require directors to explain how they have
discharged their duties under Section 172(1) of the Companies Act 2006 in promoting the success of their
companies for the benefit of “members as a whole” and having regard for all stakeholders.
Section 172 Matter Board’s Statement
The likely consequences of any decision in the long term. The Board is focused on promoting the long-term success
of the Company and regularly reviews the Company’s
long-term strategic objectives, including consideration
of the impact of the investment manager’s actions on
the marketability and reputation of the Company and
the likely impact on the Company’s stakeholders of the
Company’s strategy.
The interests of the Company’s employees. The Company has no direct employees.
The need to foster the Company’s business relationships
with suppliers, customers and others.
The Board’s approach to its key stakeholders is set out
below.
The impact of the Company’s operations on the community
and the environment.
The Board’s approach is set out in the section on ESG
under Strategy and Business Model on pages 32 and 33.
The desirability of the Company maintaining a reputation
for high standards of business conduct.
The Board’s approach is set out in ‘Culture and values’
on page 33.
The need to act fairly between members of the Company. The Board’s approach to its key stakeholders is set out
below.
Business Review (continued)
36 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

In addition to the primary focus of the Board, and with due regard to its obligations under
Section 172 of the Companies Act 2006, the following non-routine matters were considered at Board
meetings during the year:
• Recruitment of Magdalene Miller as a non-executive Director;
• Changes to the risk matrix, monitoring such changes carefully and introducing alternative
mitigating controls where necessary and practicable to support the operation of an effective
control environment;
• Pandemic risks affecting the Company’s investments and business operations;
• Risks resulting from the Russian invasion of Ukraine and the valuation of Russian assets;
• Review of the marketing plan with the Manager;
• Review of the share buyback programme; and
• Review of the gearing facility.
The Board considers the main stakeholders in the Company to be its shareholders and its service
providers, the principal one of which is its Manager, along with its investee companies. A summary of
the key areas of engagement undertaken by the Board with its main stakeholders in the year under review
and how Directors have acted upon this to promote the long-term success of the Company are set out in
the following table.
Stakeholders Area of Engagement Consideration Engagement Outcome
Shareholders and
potential investors
Company objective Delivering on the
Company’s objective
to shareholders over
the long term.
The Company’s
objective and
investment policy are
set out on page 31.
The Company’s
performance against
its objective is
regularly reviewed
by the Board,
taking account of
views expressed by
shareholders.
The Company holds
a continuation vote
every five years to
allow shareholders to
decide on the long-
term future of the
Company.
The Investment
Manager’s
commentary
commencing on
page 8 gives a full
commentary on
the Company’s
portfolio as well as
on the approach
and considerations
undertaken by the
Investment Manager
for stock selection
within the portfolio.
A continuation vote
took place at the 2019
AGM, with 99.95% of
votes cast in favour.
The next continuation
vote is scheduled to
take place at the AGM
in 2024.
Business Review (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 37

Stakeholders Area of Engagement Consideration Engagement Outcome
Shareholders and
potential investors
Dividend The objective of the
Company is to provide
long term capital
appreciation, however
the Board recognises
the importance of
regular dividend
income to many
shareholders.
The Board reviews
regularly the level
of dividends, taking
account of the income
generated by the
Company’s portfolio
and the availability of
reserves.
In considering the
sustainability of the
dividend and of the
Company, the Board
reviews the models
supporting the going
concern assessment
and viability
statement.
Dividend payments
are discussed in the
Chairman’s Statement.
Shareholders and
potential investors
Communication with
shareholders
The Board
understands the
importance of
communication with
its shareholders
and maintains
open channels of
communication with
shareholders.
Working closely with
the Manager the Board
ensures that there is
a variety of regular
communication with
shareholders.
Full details of all
Board and Manager
communication are
included on page 107.
Shareholders are
invited to submit
questions for the
Board to address at the
Company’s Annual
General Meeting.
Shareholders and
potential investors
Discount
management
To smooth the
volatility in the
discount.
The Board monitors
the discount closely
and discusses discount
strategy with the
Investment Manager
and the Company’s
stockbroker at every
regular Board meeting.
The stockbroker
provides a summary
of the discount and
market conditions
to the Board and
Investment Manager
at the close of each
trading day in
London.
The Board also meets
with the Investment
Manager to discuss the
Company’s
marketing strategy
to ensure effective
communication with
existing shareholders
and to consider
strategies to create
additional demand for
the Company’s shares.
TEMIT continues
to adopt an active
buy back policy and
has a Conditional
Tender Offer. Details
of these can be found
under “Stability –
Share buybacks and
Conditional Tender
Offer” on pages 34
and 35.
Further details of the
current discount and
discount management
are detailed in the
Chairman’s Statement
under “Share rating”
on page 6.
Business Review (continued)
38 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Stakeholders Area of Engagement Consideration Engagement Outcome
Manager Communication
between the Board
and the Manager
The relationship of
the Board with the
Manager is very
important.
The Manager attends
all Board meetings
where it reviews and
discusses performance
reports, changes in the
portfolio composition
and risk matrix.
The Board receives
timely and accurate
information from the
Manager and engages
with the Investment
Manager and the
secretary between
meetings as well with
other representatives
of the Manager as and
when it is deemed
necessary.
The Board operates in
a supportive and open
manner, challenging
the activity of the
Manager and its
results. The Board
believes that the
Company is well
managed and
the Board places
great value on the
experience of the
Investment Manager
to deliver superior
long-term returns
from investments and
on the other functions
of the Manager to fulfil
their roles effectively.
Third-party service
providers
Engagement with
service providers
The Board
acknowledges
the importance of
ensuring that the
Company’s service
providers are
providing a suitable
level of service, that
the service level is
sustainable and
that they are fairly
remunerated for
their service.
As an investment
company all services
are outsourced to
third-party providers.
The Board considers
the support provided
by service providers
including the quality
of the service,
succession planning
and any potential
interruption of service
or other potential
risks.
The Manager
maintains the
overall day-to-day
relationship with the
service providers and
the Board undertakes
an annual review of
the performance of the
Company’s service
providers. This review
also includes the level
of fees paid. The Board
meets with service
providers as and when
considered necessary.
Investee companies Engagement with
investee companies
The relationship
between the Company
and the investee
companies is very
important.
The Board discusses
stock selection and
asset allocation on a
quarterly basis. On
behalf of the Company
the Investment
Manager engages with
investee companies
implementing
corporate governance
principles.
The Investment
Manager has a
dedicated research
team that is employed
in making investment
decisions and when
voting at shareholder
meetings of investee
companies.
Key Performance Indicators
The Board considers the following to be the key performance indicators (“KPIs”) for the Company:
• Net asset value and share price total return over various periods, compared to its benchmark;
• Share price discount to net asset value;
• Dividend and revenue earnings; and
• Ongoing charges ratio.
Business Review (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 39

The Ten Year Record of the KPIs is shown on pages 3 and 4.
Net asset value and share price total return
(a)
Net asset value and share price total return data is presented within the Company Overview on
page 1 along with the Ten Year Record on pages 3 and 4.
The Chairman’s Statement on pages 5 to 7 and the Portfolio Report on pages 9 to 23 i nclude further
commentary on the Company’s performance.
Share price discount to net asset value
Details of the Company’s share price discount to net asset value is presented within the Financial
Summary on page 2. On 31 May 2022, the latest date for which information was available, the
discount was 12.3%.
The Company has powers to buy back its shares as a discount control mechanism when it is in the
best interests of the Company’s shareholders and has a Conditional Tender Offer mechanism. These
are described under “Stability – Share buybacks and Conditional Tender Offer” on pages 34 and 35.
Dividend and revenue earnings
Total income earned in the year was £54.3 million (2021: £59.9 million) which translates into net
revenue earnings of 3.44 pence per share (2021: 3.50 pence per share, adjusted for the stock split
and the extra-ordinary Corporation Tax refund), a decrease of 2% over the prior year.
The Company paid an interim dividend of 1.00 pence per share on 10 January 2022. The Board is
proposing a final dividend of 2.80 pence per share, making total ordinary dividends for the year
of 3.80 pence per share.
Ongoing charges ratio
(a)
(“OCR”)
The OCR remained constant at 0.97% for the year ended 31 March 2022, compared to the prior year.
Costs associated with the purchase and sale of investments are taken to capital and are not included
in the OCR. Transaction costs are disclosed in Note 8 of the Notes to the Financial Statements on
page 90.
Business Review (continued)
(a)
A glossary of alternative performance measures is included on pages 111 and 112.
40 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Principal and emerging risks
At least quarterly, the Board reviews with the AIFM and the Investment Manager a wide range of
risk factors that may impact the Company. A full review of risks and internal controls is held every
September by the Audit and Risk Committee. The Board has carried out a robust assessment of the
principal and emerging risks facing the Company, including those that would threaten its business
model, future performance, solvency or liquidity. These are summarised in the table below.
Further explanation of the monitoring of risk and uncertainties is covered within the Report of the
Audit and Risk Committee on page 66. Information on the risks that TEMIT is subject to, including
additional financial and valuation risks, are also detailed in Note 15 of the Notes to the Financial
Statements.
Due to the nature of the Company’s business, investment risk is a key focus and is reviewed on an
ongoing basis by the Investment Manager as part of every investment decision. Further information
on this process is detailed on page 26.
Risk Mitigation
Market and geo-political
Market risk arises from volatility in the prices of the
Company’s investments, from the risk of volatility
in global markets arising from macroeconomic and
geopolitical circumstances and conditions. Many of the
companies in which TEMIT invests are, by reason of
the locations in which they operate, exposed to the risk
of political or economic change. In addition, sanctions,
exchange controls, tax or other regulations introduced
in any country in which TEMIT invests may affect
its income and the value and the marketability of its
investments. Emerging markets can be subject to greater
price volatility than developed markets.
In the first quarter of 2022, geopolitical risk was
highlighted by the Russian invasion of Ukraine, with the
resultant effects on global trade posed by supply shocks,
sanctions, higher levels of inflation and volatility in asset
prices.
The Board reviews regularly and discusses with the
Investment Manager the portfolio, the Company’s
investment performance and the execution of the
investment policy against the long-term objectives of
the Company. The Manager’s independent risk team
performs systematic risk analysis, including country and
industry specific risk monitoring, as well as stress testing
of the portfolio’s resilience to geopolitical shocks. The
Manager’s legal and compliance team monitors sanctions.
Where TEMIT is affected, adherence to all sanctions
and restrictions is ensured by this team. The Board also
regularly reviews reports from the Manager’s risk, legal
and compliance teams.
Pandemic
The spread of infectious illnesses or other public health
issues and their aftermaths, such as the outbreak of
COVID-19, first detected in China in December 2019
and later spreading globally, could have a significant
adverse impact on the Company’s operations (including
the ability to find and execute suitable investments) and
therefore, the Company’s potential returns.
In large parts of the world restrictions on social contact
and travel have been reduced or removed completely but
this is not the case in some countries, notably China, and
there remains a risk of further outbreaks and ongoing
lockdowns. The current COVID-19 outbreak, as well
as the restrictive measures implemented to control
such outbreaks, could continue to adversely affect the
economies of many nations or the entire global economy,
the financial condition of individual issuers or companies
(including those that are held by, or are counterparties or
service providers to, the Company) and capital markets
in ways that cannot necessarily be foreseen, and such
impact could be significant and long term.
The Board has regularly reviewed and discussed the
situation with the Investment Manager, including a
review of the portfolio, risk management and business
continuity.
The risks associated with a pandemic affect all areas
of the Company’s investments as well as operations.
Mitigation strategies apply as detailed within the specific
areas of risk.
A global network of analysts and operations and a
flexible technology setup (including the ability to
“work from home”) at the Investment Manager ensure
operational business continuity and continuous analyst
coverage. The Board has also received updates on its key
service providers’ business continuity plans.
Business Review (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 41

Risk Mitigation
Cyber
Failure or breach of information technology systems
of the Company’s service providers may entail risk of
financial loss, disruption to operations or damage to the
reputation of the Company.
The Company benefits from Franklin Templeton’s
technology framework designed to mitigate the risk of a
cyber security breach.
For key third-party providers, the Audit and Risk
Committee receives regular independent certifications of
their control environment.
Concentration
Concentration risk arises from investing in relatively
few holdings, few sectors or a restricted geographic area.
Performance may be more volatile than with a greater
number of securities.
The Board reviews regularly the portfolio composition/
asset allocation and discusses related developments
with the Investment Manager and the independent risk
management team. The Investment Compliance team of
the Investment Manager monitors concentration limits
and highlights any concerns to portfolio management for
remedial action.
Sustainability and climate change
The Company’s portfolio, and also the Company’s service
providers and the Investment Manager, are exposed to
risks arising from governance and sustainability factors,
including climate change. To the extent that such a risk
occurs, or occurs in a manner that is not anticipated by
the Investment Manager, there may be a sudden, material
negative impact on the value of an investment, and the
operations or reputation of the Investment Manager.
The Investment Manager considers that sustainability
risks are relevant to the returns of the Company. The
Manager has implemented a policy in respect of the
integration of sustainability and climate change risks
in its investment decision making process. The Board
receives regular reports on the policies and controls in
place on ESG matters. The Board has reviewed and fully
supports the Franklin Templeton Stewardship Statement
and its Sustainable Investing Principles and Policies.
Foreign currency
Currency exchange rate movements may affect TEMIT’s
performance. In general, if the value of sterling increases
compared with a foreign currency, an investment traded
in that foreign currency will be worth less in sterling
terms. This can have a negative effect on the Company’s
performance.
The Board monitors currency risk as part of the regular
portfolio and risk management oversight. TEMIT does
not hedge currency risk.
Portfolio liquidity
The Company’s portfolio may include securities with
reduced liquidity. This may impair the ability to sell
assets which could limit the Investment Manager’s ability
to make significant changes to the portfolio.
This risk was highlighted by the Russian invasion of
Ukraine in February 2022. The five Russian stocks owned
at the time of the invasion became impossible to trade
and were written down to zero value.
The closed ended structure of TEMIT reduces the impact
to shareholders of potential illiquidity in the portfolio.
The Board receives and regularly reviews updates on
portfolio liquidity. The diversified nature of the portfolio
and limited investments in stocks with lower liquidity
result in a balanced portfolio structure.
Counterparty and credit
Certain transactions that the Company enters into expose
it to the risk that the counterparty will not deliver an
investment (purchase) or cash (in relation to a sale or
declared dividend) after the Company has fulfilled its
responsibilities. The Company engages in securities
lending which can increase counterparty risk.
The Board receives and reviews the approved
counterparty list of the Investment Manager on an
annual basis and receives and reviews regular reports on
counterparty risk from the Manager’s independent risk
team. A dedicated team oversees the securities lending
programme and evaluates all risks on a daily basis.
Business Review (continued)
42 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Risk Mitigation
Operational and custody
Like many other investment trust companies, TEMIT has
no employees. The Company therefore relies upon the
services provided by third parties and is dependent upon
the control systems of the Investment Manager and of
the Company’s other service providers. The security, for
example, of the Company’s assets, dealing procedures,
accounting records and maintenance of regulatory and
legal requirements depends on the effective operation of
these systems.
The Manager’s systems are regularly tested and
monitored and an internal controls report, which
includes an assessment of risks together with an
overview of procedures to mitigate such risks, is
prepared by the Manager and reviewed by the Audit and
Risk Committee.
J.P. Morgan Europe Limited is the Company’s depositary.
Its responsibilities include cash monitoring, safe keeping
of the Company’s financial instruments, verifying
ownership and maintaining a record of other assets and
monitoring the Company’s compliance with investment
limits and borrowing requirements. The depositary is
liable for any loss of financial instruments held in custody
and will ensure that the custodian and any sub-custodians
segregate the assets of the Company. The depositary
oversees the custody function performed by JPMorgan
Chase Bank. The custodian provides a report on its key
controls and safeguards (SOC 1/ SSAE 16/ISAE 3402) that
is independently reported on by its auditor, PwC.
The Board reviews regular operational risk management
reporting provided by the Investment Manager.
Key personnel
The ability of the Company to achieve its objective
is significantly dependent upon the expertise of the
Investment Manager and its ability to attract and retain
suitable staff.
The Manager endeavours to ensure that the principal
members of its management teams are suitably
incentivised, participate in strategic leader programmes
and monitor key succession planning metrics. The Board
discusses this risk regularly with the Manager.
Regulatory
The Company is an Alternative Investment Fund (“AIF”)
and is listed on both the London and New Zealand stock
exchanges. The Company operates in an increasingly
complex regulatory environment and faces a number
of regulatory risks. Breaches of regulations could lead
to a number of detrimental outcomes and reputational
damage.
The Board, with the assistance of the Manager, ensures
that the Company complies with all applicable laws and
regulation and its internal risk and control framework
reduces the likelihood of breaches happening.
Emerging risks
The key emerging risk faced by the Company during the year under review was the Russian invasion of
Ukraine, discussed under geo-political and liquidity risks above. The extent of this risk will depend
on the length of the conflict, impacts on commodity prices and associated inflationary pressure.
Viability Statement
The Board considers viability as part of its continuing programme of monitoring risk. In preparing
the Viability Statement, in accordance with the UK Corporate Governance Code and the AIC
Corporate Governance Code, the Directors have assessed the prospects of the Company over a longer
period than the 12 months required by the ‘Going Concern’ provision.
The Board has considered the Company’s business and investment cycles and is of the view that five
years is a suitable time horizon to consider the continuing viability of the Company, balancing the
uncertainties of investing in emerging markets securities against having due regard to viability over
the longer term.
Business Review (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 43

In assessing the Company’s viability, the Board has performed a robust assessment of controls over
the principal risks. The Board considers, on an ongoing basis, each of the principal and emerging
risks as noted above and set out in Note 15 of the Notes to the Financial Statements. The Board
evaluated a number of scenarios of possible future circumstances including a material increase in
expenses and a continued significant and prolonged fall in emerging equity markets. The Board also
considered the latest assessment of the portfolio’s liquidity. The Board monitors income and expense
projections for the Company, with the majority of the expenses being predictable and modest in
comparison with the assets of the Company. The Company sees no issues with meeting interest
payments and other principal obligations of the borrowing facilities. A significant proportion of the
Company’s expenses are an ad valorem AIFM fee, which would naturally reduce if the market value
of the Company’s assets were to fall. The Board has also taken into consideration the operational
resilience of its service providers in light of the ongoing COVID-19 pandemic.
Considering the above, and with careful consideration given to the current market situation, the
ongoing COVID-19 pandemic, the Russian invasion of Ukraine and the challenges posed by climate
change, the Board has concluded that there is a reasonable expectation that, assuming that there will
be a successful continuation vote at the 2024 AGM, the Company will be able to continue to operate
and meet its liabilities as they fall due over the next five years.
Future Strategy
The Company was founded, and continues to be managed, on the basis of a long-term investment
strategy that seeks to generate superior returns from investments, principally in the shares of
carefully selected companies in emerging markets.
The Company’s results will be affected by many factors including political decisions, economic
factors, the performance of investee companies and the ability of the Investment Manager to choose
investments successfully as well as the current challenges.
The Board and the Investment Manager continue to believe in investment with a long-term horizon
in companies that are undervalued by stock markets but which are fundamentally strong and
growing. It is recognised that, at times, extraneous political, economic and company-specific and
other factors will affect the performance of investments, but the Company will continue to take a
long-term view in the belief that patience will be rewarded.
By order of the Board
Paul Manduca
14 June 2022
Business Review (continued)
44 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Report of the Directors and Governance
Directors’ Report
The Board is responsible for framing and executing the Company’s strategy and for monitoring
risks closely. The Board endeavours to run the Company in a manner which is responsible, honest,
transparent and fully accountable. In the Board’s view, good governance means managing the
Company’s business well and engaging effectively with investors and other stakeholders. The
Board considers the practice of good governance to be an integral part of the way that it manages
the Company and it is committed to maintaining the highest standards of financial reporting,
transparency and business integrity.
The Directors submit their Annual Report, together with the Financial Statements of the Company,
for the year ended 31 March 2022.
Board of Directors
Paul Manduca
(Chairman of Board &
Chairman of Management

November 2015, Chairman of
Nomination and Remuneration


Paul has had a long and successful career in asset
management, both as a fund manager and as chief
executive of fund management groups. Paul will
continue to draw on his extensive experience in
leadership roles and his knowledge of the international
markets and industry sectors, and his technical
knowledge.
Other Current Appointments:
• 
• 
Paul is an independent Director.
David Graham

1 S
David is a Chartered Accountant whose career was
in investment management, firstly as an Asian fund
manager with Lazard and then building businesses
across Asia Pacific, Europe, Middle East and Africa
for BlackRock and predecessor firms (Merrill Lynch

David has worked in Hong Kong, Tokyo and Sydney
and has been a Representative Director in domestic, joint
venture, fund management companies in India, China,
Thailand and Taiwan. David contributes extensive
experience of Asia and other emerging markets.
Other Current Appointments:
• Fid
• JPMorgan China Growth & Income plc (Chair of

• DSP India Investment Fund (Non-Executive

• 
David is an independent Director.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 45

Beatrice Hollond



Beatrice had a long career in the investment industry,
starting as UK equity analyst at Morgan Grenfell, before

Beatrice has experience as a fund manager, as well as

investment trust sector. Beatrice contributes experience
across a number of sectors and in particular listed
company experience and the financial services industry,
including asset management.
Other Current Appointments:
• Oldfield & Co (Chair
• 


• Telecom Plus PLC (Senior Independent Non-

• 
Beatrice is an independent Director. Beatrice will retire at
this year’s AGM.

(Chairman of the Audit and Risk


Simon has extensive experience in audit and he has
a wide-ranging understanding of the business. He
draws on previous experience across internal audit,
finance and compliance, as well as technical knowledge,
relevant to his role. He was a senior audit partner in
PricewaterhouseCoopers for most of his professional
career, where he was the global leader of the firm’s
investment management and real estate practice.
Simon was the Chief Administrative Officer for Fidelity
International, and then the Chief Operating Officer of
The Wellcome Trust.
Other Current Appointments:
• Aon UK Ltd (Chairman and Chair of the Audit

• St James’s Place plc (Chair of Audit Committee
and member of the Remuneration and

• SimCorp A/S (Chair of Audit and Risk

• Crown Prosecution Service (Chair of Audit and

• Henderson International Income Investment

Simon is an independent Director.

46 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk



With over 30 years’ experience in the investment trust
sector, Charlie brings a wealth of experience to the Board.
He was Head of Investment Funds at Cenkos Securities
for 8 years and prior to that was Managing Director,
Head of Investment Companies at UBS Investment

pursued several business and charitable interests. Charlie
has a wide-ranging understanding of the business and
draws on previous experience across finance, corporate
communication and risk management, as well as
technical knowledge.
Other Current Appointments:
• 
Charlie is an independent Director.
Magdalene Miller
0 May 2021
Magdalene is a former investment director who
specialised in investments in global emerging markets.
Based in London and Edinburgh, she spent 32 years
managing listed equity portfolios, investing in Japanese,
Asian Pacific and UK markets. Born in Hong Kong,
Magdalene is fluent in Cantonese and Mandarin and
has travelled extensively in China and Asia over the
course of her career. She currently serves as a trustee
for an educational endowment fund and participates in
volunteering work.
Other Current Appointments:
• Baillie Gifford China Growth Trust
(Non-Executiv
Magdalene is an independent director.
Medha Samant resigned as an independent director on 19 April 2021.
Details of the fees earned by each Director can be found on page 59. The Directors’ interests in the
Company’s shares are noted on page .
Appointment and re-election of Directors
Directors are initially appointed by the Board after a rigorous selection process and each Director
is then subject to annual re-election by the shareholders. Thereafter, a Director’s appointment is
subject to a performance evaluation carried out each year and the approval of shareholders at each
Annual General Meeting, in accordance with corporate governance best practice. When making a
recommendation, the Board considers the ongoing requirements of the UK Corporate Governance
Code, including the need to refresh the Board and its Committees.
The terms and conditions of the Directors’ appointments are set out in their Letters of Appointment,
which are available for inspection on request at the registered office of the Company and at the
AGM. The terms of appointment provide that a Director will be subject to re-election at each AGM.

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 47


A Director may be removed from office following three months’ notice. The Board has agreed that
the independent Directors should stand down after nine years from their initial appointment other
than in exceptional circumstances. Directors are prepared to resign or take steps that could lead to
a loss of office at any time in the interests of long-term shareholder value. The continuation of an
appointment is contingent on satisfactory annual performance evaluation. A director may resign by
notice in writing to the Board at any time and there is no notice period for resignation.
The Board
The primary focus of the Directors at regular Board meetings is the consideration of investment
performance and outlook, market activity, discount management mechanisms including share
buybacks, gearing, marketing, shareholder register analysis, investor relations, peer group
information, top risks and investment risk management, regulatory updates, corporate governance
and industry issues.
The Board has reviewed the effectiveness of the Company’s system of internal controls for the year
ended 31 March 2022. During the course of its review the Board has not identified or been advised
of any significant failings or weaknesses relating to the Company.
Further details of the Directors’ responsibilities can be found in the Statement of Directors’
Responsibilities on page .
Board Evaluation
The Board undertakes an annual evaluation of its own performance and that of its Committees and
individual Directors including the Chairman. The Board has also considered the independence of
each Director, including the Chairman.
The independence of each Director was checked considering the provisions of the Corporate
Governance Code. The experience, balance of skills, diversity, time commitment, tenure of each
Director, openness, spirit of debate and knowledge of the Board were considered as well as
Board effectiveness, role and structure. The Board notes that where cross-directorships exist the
Board has discussed and is satisfied that these are not material and do not impair the Directors’
independence. Regular reviews of the Directors’ training needs are carried out by the Chairman
by means of the evaluation process described above. An evaluation of the Chairman by his fellow
Directors was facilitated by Beatrice Hollond, the Senior Independent Director, who met with the
Chairman to discuss how the Chairman leads the Board. The Directors consider that the Chairman
facilitates constructive Board relations and the effective contribution of all Directors, ensures that
Directors receive accurate, timely and clear information and is responsible for the Board’s overall
effectiveness in directing the Company.
The Chairman confirms that, following the annual performance evaluation, each Director’s
performance continues to be effective, demonstrating commitment to their role and each
independent Director is recommended for re-election at the AGM. The Chairman also confirms
that each Committee’s performance continues to be effective in fulfilling its responsibilities and
duties. Formal performance evaluations will continue to take place at least annually with the
appointment of an external facilitator every three years.
Beatrice Hollond is stepping down from the Board at the conclusion of the AGM and will not be
standing for re-election.
Diversity
TEMIT’s aim is to have an appropriate level of diversity in the boardroom.
48 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

The Board acknowledges and welcomes the recommendations from the Hampton-Alexander
Review on gender diversity and the Parker Review on ethnic representation. The Nomination
and Remuneration Committee considers diversity generally when making recommendations for
appointments to the Board, taking into account gender, social and ethnic backgrounds, thought,
experience and qualification. The prime responsibility, however, is the strength of the Board and
the overriding aim in making any new appointments is always to select the best candidate based
on objective criteria and merit.
In all of the Board’s activities, there has been and will be no discrimination on the grounds of
gender, race, ethnicity, religion, sexual orientation, age or physical ability.
As at 31 March 2022 the Board comprised six Directors, four male and two female. One of six
Directors is from an ethnic minority background.
The Board also takes a close interest in diversity at the Manager. Franklin Templeton has a culture
which embraces individual differences and the wealth of perspectives brought by diversity. As a
global company, Franklin Templeton believes that it benefits from the unique skills and experiences of
an inclusive workforce made up of employees who span different generations, genders, preferences,
capabilities and cultural identification. It also believes that an inclusive culture can drive innovation
and allows the firm to deliver better client outcomes. In 2022, Franklin Templeton was pleased to earn


equality, for the sixth consecutive year. Franklin Templeton sponsors thousands of volunteer activities
each year through its global Involved programme which helps to provide better outcomes for local
communities. In the UK, it is an active sponsor/supporter of several organisations that promote
inclusion and social mobility such as the Diversity Project, Stonewall and Career Ready.
Succession planning and recruitment
When considering succession planning, the Nomination and Remuneration Committee bears in
mind the tenure, balance of skills, knowledge, experience and diversity existing on the Board.
The recruitment process which led to the appointment of Magdalene Miller commenced in April
2021 and was facilitated by Trust Associates as the appointed external agency. Trust Associates
does not undertake any other services for TEMIT and has no connection with any of the Directors.
The list of candidates identified was discussed by the Nomination and Remuneration Committee
and the preferred candidates were invited for interviews. The Nomination and Remuneration
Committee recommended that the Board appoint Magdalene Miller after assessing the candidates
against objective criteria and with due regard to the benefits of diversity (including gender, social,
available to discharge
her responsibilities fully and effectively. Magdalene Miller was appointed as a non-executive
Director of the Company, with effect from 10 May 2021.
The Board has engaged Trust Associates
as the appointed external agency in the recruitment process for a new Director, as noted above
Trust Associated does not undertake any other services for TEMIT and has no connection with any
of the Directors. The search for a replacement Director is in progress and the Company will make
an announcement shortly.
The succession plan agreed by the Nomination and Remuneration Committee includes an
emergency succession plan identifying contingency arrangements.
The Nomination and Remuneration Committee also reviews and recommends to the Board the
reappointment of the Directors. The recommendation is not automatic and will follow a process of
evaluation of each Director’s performance and consideration of the Director’s independence. The
Nomination and Remuneration Committee also considers the mix of skills and experience of the
current Board members.

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 49


The Board delegates certain responsibilities and functions to committees. Five Directors are
members of all committees. The Chairman is not a member of the Audit and Risk Committee,
but he attends the Audit and Risk Committee meetings by invitation.
The table below details the number of Board and Committee meetings attended by each Director.
During the year, there were six Board meetings, three Audit and Risk Committee meetings,
one Management Engagement Committee meeting, and two Nomination and Remuneration
Committee meetings.
Board
Audit and

Committee
Management
Engagement
Committee
Nomination
and
Remuneration
Committee
Paul Manduca  3/3

1/1 2/2
David Graham  3/3 1/1 2/2
Beatrice Hollond  3/3 1/1 2/2
Simon Jeffreys  3/3 1/1 2/2
Charlie Ricketts  3/3 1/1 2/2
Magdalene Miller  3/3

1/1 2/2

Attended three out of three meetings of the Audit and Risk Committee by invitation including when the Annual
Report and Half Yearly Report were being drafted and the Company’s risk matrix was being reviewed.

Attended two meetings of the Audit and Risk Committee by invitation and was subsequently appointed to the Audit
and Risk Committee in November 2021.
The  is chaired by Simon Jeffreys. The formal Report of the Audit and
Risk Committee is on pages  to .
The Management Engagement Committee is chaired by the Chairman of the Board and
all Directors are members of the committee. The primary role of the committee is to review
the performance of, and the contractual arrangements with, the Manager. The Management
Engagement Committee held one meeting during the year and undertook a formal review of the
Manager and of the Investment Manager.
The review considered investment strategy, investment process, performance and risk, and was
carried out through meetings between the Management Engagement Committee and members of
the investment and risk management teams of the Manager. When assessing the performance of
the Manager and of the Investment Manager, the committee believes that it is appropriate to make
this assessment over a medium to long-term timeframe, which is in accordance with the long-term
approach taken to investment. As a result of the evaluation process performed by the Management
Engagement Committee, the Board confirms that it is satisfied that the continuing appointment of
the Manager is in the interests of shareholders as a whole.
The Nomination and Remuneration Committee is chaired by the Chairman of the Board and
all Directors are members of the committee. The Nomination and Remuneration Committee
held three formal meetings during the year and discussed the annual evaluation process for
the Board, the individual Directors and the Chairman and succession planning. The role of the
Nomination and Remuneration Committee is to regularly review the Board structure, size and
composition and make recommendations to the Board with regard to any adjustments that seem
appropriate, to consider the rotation and renewal of the Board, approve the candidate specification
for all Board appointments, approve the process by which suitable candidates are identified and

50 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

short-listed, and to nominate candidates for consideration by the full Board, whose responsibility
it is to make appointments. The Nomination and Remuneration Committee also considers the
effectiveness of individual Directors and makes recommendations to the Board in respect of
re-elections. The Nomination and Remuneration Committee keeps under review the balance of
skills, independence, knowledge of the Company and experience and length of service of the
Directors. During the year under review, the Nomination and Remuneration Committee managed
the recruitment process which led to the appointment of Magdalene Miller.
The Nomination and Remuneration Committee annually reviews the level of fees paid to the
Chairman, the Chairman of the Audit and Risk Committee and other Directors’ relative to other
comparable companies and in the light of the Directors’ responsibilities.
The terms of reference for the Audit and Risk Committee, Management Engagement Committee
and Nomination and Remuneration Committee are available to shareholders on the TEMIT

provided on the inside back cover of this report.

The Company maintains a register of Directors’ interests which has been disclosed to, and
approved by, the Board. The list of interests of each Director is reviewed at every Board meeting.
Directors who have potential conflicts of interest will not take part in any discussions which relate
to that particular conflict. The Board confirms that at 31 March 2022 and the date of this report
there were no conflicts of interest.

The Company has entered into deeds of indemnity with each of the Directors. These are qualifying
third-party indemnity provisions and are in force as at the date of this report. This information is

maintains appropriate insurance cover in respect of legal action against the Directors.
The Company
Principal activity and investment company status in the UK


The Company has been accepted as an approved investment trust by HM Revenue & Customs
for accounting periods commencing on or after 1 April 2012, subject to continuing to meet the
eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements

that the Company intends to direct its affairs to ensure its continued approval as an investment
trust.
Results and Dividends
The capital loss for the year was £ profit of 
profit was £ 
The full results for the Company are disclosed in the Statement of Comprehensive Income on
page .

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 51

The Directors propose a final ordinary dividend of 2.80 pence per share. Including the interim
dividend of 1.00 pence per share, which was paid by the Company on 10 January 2022, this
represents an annual ordinary dividend of 3.800

28 July 2022 to shareholders on the register at close of business on 1 July 2022.
Financial
Share capital and gearing
Changes in the share capital of the Company are set out in Note 12 of the Notes to the Financial
Statements.
At the AGM on 8 July 2021, shareholders approved a Share Split, in which the Company’s previous
shares of 25p each were each divided into new ordinary shares of 5p each. The Share Split took

As part of the Company’s objective and current investment policy, the Company may borrow up to
20% of its net assets. The current gearing is discussed in the Business Review on pages .
Share buybacks
The Board is again seeking shareholder permission to continue its programme of share buybacks as
outlined under “Stability – Share buybacks and Conditional Tender Offer” on pages  and 35.
Auditor
Ernst & Young LLP was appointed in 2019 as the Company’s auditor. Ernst & Young LLP has
expressed a willingness to continue in office as auditor and a resolution proposing its reappointment
will be submitted at the AGM. Further details on the assessment of the auditor can be found within
the Report of the Audit and Risk Committee on page .
The Directors who held office at the date of approval of this Directors’ Report confirm that, so
far as they are each aware, there is no relevant information of which the Company’s auditor was
unaware and that each Director had taken all steps that they ought to have taken as a Director to
make themselves apprised of any relevant audit information and to establish that the Company’s
auditor was notified of that information. This confirmation is given, and should be interpreted in

Substantial shareholdings
As at 31 May 2022, 31 March 2022 and 31 March 2021, the Company had been notified that the
following were interested in 3% or more of the issued share capital of the Company.
  
Name Number of

% Number of

% Number of

%
City of London Investment Management
Company Limited   238,591,539   
Lazard Asset Management LLC Group
 9.92  9.23  9.55
Investec Wealth & Investment Limited
     
Allspring Global Investments, LLC
   5.39 - -
Rathbone Brothers PLC
     

 3.91    

52 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Principal service providers
Alternative Investment Fund Manager, Secretary and Administrator
FTITML is the Alternative Investment Fund Manager, Secretary and Administrator with the role of



The main secretarial duties involve compliance with statutory and regulatory obligations which
the Company must observe. All Directors have access to the advice of the Company Secretary, who
is responsible for advising the Board on all governance matters. The appointment of the Company
Secretary was discussed and approved by the Board and the secretarial activity is reviewed on an
annual basis.
The current annual fee rate for the services provided by FTITML, including investment
management, risk management, secretarial and administration services, is 1% of net assets up to
£1 billion and 0.80% of net assets above £1 billion. With effect from 1 July 2022, the fee rates will

• 1% on 
 on 
• 0.5% on net assets over £2 billion.
The agreement between the Company and FTITML may be terminated by either party, giving one
year’s notice, but in certain circumstances the Company may be required to pay compensation to
FTITML of an amount up to one year’s fee in lieu of notice. No compensation is payable if at least
one year’s notice of termination is given.
The Board considers the arrangements for the provision of investment management services to the
Company on an ongoing basis, and a formal review is conducted annually by the Management
Engagement Committee. In the opinion of the Directors, the continuing appointment of FTITML
is in the best interests of the shareholders as a whole.
Depositary and Custodian
J.P. Morgan Europe Limited performs the role of depositary and JPMorgan Chase Bank performs
the role of custodian. The agreements in place may be terminated by either party giving the other
90 days’ notice.
A detailed list of service providers, along with addresses, can be found in the General Information
section on page 108.
Corporate Governance
The Company is committed to high standards of corporate governance. The Board is accountable
to the shareholders for good governance and this statement describes how governance principles
have been applied.
Association of Investment Companies Code of Corporate Governance
The Board has considered the Principles and Provisions of the 2019 AIC Code of Corporate


on issues that are of specific relevance to the Company as an investment Company.

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 53

The Board considers that reporting against the Principles and Provisions of the AIC Code, which
has been endorsed by the FRC, provides the relevant information to shareholders.
The Company has complied with the Principles and Provisions of the AIC Code which also meets


an explanation of how the AIC Code adapts the Principles and Provisions set out in the UK Code
to make them relevant for investment companies.
A statement explaining TEMIT’s compliance with the AIC Code principles can be found at
www.temit.co.uk.
Additional Information for New Zealand Shareholders
As a result of a requirement for Overseas Issuers listed on the New Zealand Stock Exchange, the

• The corporate governance rules and principles in TEMIT’s home exchange jurisdiction of the


• Investors may find more information about the corporate governance and principles of TEMIT’s
home exchange in the United Kingdom in the above Corporate Governance statement and

 
Exemption Notice 2021, issued by the New Zealand Financial Markets Authority, which exempts
it from certain financial reporting obligations under the Financial Markets Conduct Act 2013.

The Board has formally adopted a Schedule of Reserved Matters, which details the matters which
the Board has agreed are specifically reserved for its collective decision. These matters include,
inter alia, approval of the Half Yearly and Annual Financial Statements, the approval of interim
and special dividends, recommendation of the final dividend, approval of any preliminary results
announcements of the Company, approval of any proposed changes to the Company’s objective
and/or investment policy, appointment or removal of the Company’s Manager or Investment
Manager, gearing, Board membership and Board committee membership and any major changes
to the objective, philosophy or investment policy of the Company, other than any such changes
delegated to the Investment Manager under the Investment Management Agreement.
The day to day investment management of the portfolio of the Company is delegated to the
Investment Manager, which manages the portfolio in accordance with the objectives of the
Company as set by the Board.
Activities in the Field of Research and Development
The Company does not undertake activities in the field of research and development.
Disclosures in Strategic Report
The Company has chosen, in accordance with S
include in the Strategic Report likely future developments in the Company’s business as well as
any important events affecting the Company which have occurred since the end of the financial
year, an indication of the financial risk management objectives and policies information relating to
the Company’s greenhouse gas emissions, diversity, and the Modern Slavery Act 2015.

54 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Articles of Association
The Company may change its Articles of Association by special resolution of its shareholders.
Internal control
Details of the Company’s system of internal controls can be found on page .
Annual General Meeting

St, Barbican, London EC2Y 5BL. Further details regarding the AGM are set out in the Notice of
Meeting on page 102.
Whether you intend to attend the meeting in person or not, you are strongly encouraged to submit
your votes on the AGM resolutions in advance of the meeting. Submitting votes by proxy does not
preclude you attending the meeting or changing your vote if you attend the AGM but your votes
will be counted if restrictions preventing attendance at the AGM are introduced at short notice.

If we are



Ordinary business
The formal business of the Meeting will begin with resolution 1 which seeks shareholders’
approval to receive and adopt the Directors’ and Auditor’s Report and Financial Statements for the
year ended 31 March 2022.
Resolution 2 seeks shareholders’ approval of the Directors’ Remuneration Report for the year
ended 31 March 2022. Approval of the Directors’ Remuneration Report is sought at each AGM and
this year’s report is set out in full on pages 58 and  of the 2022 Annual Report.
Resolution 3 seeks shareholders’ approval to declare a final ordinary dividend of 2.80 pence per
share, payable on 28 July 2022 to shareholders on the register as at close of business on 1 July 2022.
5 seek shareholders’ approval to re-elect Paul Manduca, Charlie Ricketts,
David Graham, Simon Jeffreys and Magdalene Miller as Directors.
The Board recommends that each director is re-elected, as set out under Board Evaluation on page .

the Company, and to authorise the Directors to determine the auditor’s remuneration. Following
the recommendation of the Company’s Audit and Risk Committee, shareholders will be asked to
approve the re-appointment of Ernst & Young LLP as the Company’s auditor, to hold office until
the conclusion of the Company’s 2023 Annual General Meeting. Shareholders will be asked to
grant authority to the Board to determine the remuneration of the auditor.
Special business

(i) Authority for the Allotment of New Shares


Directors power to allot for cash equity securities of the Company and/or to sell equity securities

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 55

held as treasury shares up to a maximum aggregate nominal amount of £ (being an
amount equal to 5% of the issued share capital of the Company as at 31

to be allotted for cash or shares held as treasury shares are sold, that such shares first be offered
to existing shareholders in proportion to their existing holdings of shares, this entitlement being

until the AGM of the Company in 2023 and your Directors envisage seeking the renewal of this
authority in 2023 and in each succeeding year. Such authorities will only be used when your
Directors believe that it would be in the best interests of the Company to do so and only at a price
which is at or above the prevailing NAV per share at the time of issue.
(ii) Authority to Purchase Own Shares
At the AGM of the Company held on 8 July 2021, a Special Resolution was passed authorising
the Company to purchase its shares in the market, limited to 
in issue on 8 July 2021  shares following the sub-division of shares. The

Under Resolution 9, the Directors are seeking renewal of the authority to purchase the Company’s

excluding treasury shares, at the date of the passing of this resolution (equivalent to 
ordinary shares of 5 pence per share each as at 31 May 2022
notice of the AGM.
Any shares purchased pursuant to this authority may be cancelled or held in treasury pursuant to

be made for cash,

• 5% above the average market value of the shares for the five business days before the

• the higher of the last independent trade price and the highest current independent bid price


net asset value
per share at the time of purchase.

exercised if to do so would be in the best interests of shareholders generally and would result in an
increase in net asset value per share for the remaining shareholders. The purpose of holding some
shares in treasury is to allow the Company to re-issue those shares quickly and cost-effectively,
thus providing the Company with flexibility in the management of its capital base. Whilst in
treasury, no dividends are payable on, or voting rights attach to, these shares. No shares will be
purchased by the Company during periods when the Company would be prohibited from making
such purchases by the rules of the FCA. As at the date of this report, there are no warrants or
options outstanding to subscribe for equity shares in the Company.
The Directors envisage seeking the renewal of the relevant authority in 2023 and in each
succeeding year.

56 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

(iii) Notice period for general meetings
At the AGM of the Company held on 8 July 2021, a Special Resolution was passed authorising the

to the conclusion of the AGM in 2022. The Directors are seeking renewal under Resolution 10 of the


held with at least 21 days’ notice, unless shareholders agree to a shorter notice period.
The Directors only intend to call a general meeting on less than 21 days’ notice where the
proposals are time sensitive and the short notice would clearly be in the best interests of the
shareholders as a whole.

resolution will be proposed. The Company will also be required to meet the requirements for

Recommendation
The Directors believe that all of the resolutions proposed are in the best interests of the Company
and the shareholders as a whole and recommend that all shareholders vote in favour of all of
the resolutions.
The results of the votes on the resolutions at the AGM will be published on the Company’s website

Going Concern
The Company’s assets consist of equity shares in companies listed on recognised stock exchanges
and in most circumstances are realisable within a short timescale. Having made suitable enquiries,
including considerations of the Company’s objective, the nature of the portfolio, net current assets,
expenditure forecasts, the principal and emerging risks and uncertainties described within the Annual
Report, and with due consideration to the ongoing COVID-19 pandemic and the Russian invasion of
Ukraine, the Directors are satisfied that the Company has adequate resources to continue to operate as

of the Financial Statements, and are satisfied that the going concern basis is appropriate in preparing
the Financial Statements.
By order of the Board
Paul Manduca


www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 57



to a triennial binding shareholder vote and the Directors’ Remuneration Report is subject to an
annual shareholder vote, both as ordinary resolutions.
The law requires the Company’s auditor to audit certain of the disclosures provided. Where
disclosures have been audited, they are indicated as such. The auditor’s opinion is included in its
report on pages  to .
All Directors are non-executive, appointed under the terms of Letters of Appointment, and none
has a service contract. These letters are available for inspection by shareholders at the Company’s
registered address or at the AGM. The Directors’ Report includes, on pages , details of
the Directors’ terms of appointment.
The Company has no employees.
Details of the Nomination and Remuneration Committee can be found on pages 50 and 51 within
the Directors’ Report.
Directors’ Remuneration Policy
This Policy provides details of the remuneration policy for the Directors of the Company.
A resolution proposing the approval of the Directors’ Remuneration Policy was put to the
shareholders at the 2020 AGM and passed by  of shareholders voting in favour
of the resolution,  voting against and abstaining from voting.
The Policy as set out below will apply until 9 July 2023 (being three years from the date of shareholder

The Board’s policy, which has been designed to support the Company’s strategy and promote
long-term sustainable success, is that the remuneration of non-executive Directors should reflect
the responsibilities of the Board, Directors’ time spent on the Company’s business, the experience
of the Board as a whole, and be fair and comparable to that of other investment trusts similar in
size, capital structure and objective. To this end, the Nomination and Remuneration Committee
may engage independent external advisors to provide a formal review of Directors’ remuneration.
Any changes to fee levels are subject to an annual review.
The review process involves an analysis of fees paid to Directors of other companies having similar
profiles to that of the Company. This review is submitted to the Nomination and Remuneration
Committee and the Directors’ fees are agreed for the next year. The Company has no Chief
Executive Officer and no employees and therefore there was no consultation of employees and
there is no employee comparative data to provide, in relation to the setting of the remuneration
policy for Directors.
Directors’ and Officers’ liability insurance cover is maintained by the Company, at its expense.
Directors’ remuneration is not linked to the performance of the Company and Directors are not
eligible for bonuses, pension benefits, share options, long-term incentive schemes or other benefits.
The independent non-executive Directors are entitled to reclaim reasonable expenses incurred
in order to perform their duties as non-executive Directors for the Company. Directors are not
entitled to payment for loss of office and may be removed from office by the Company on three
months’ notice.
The Nomination and Remuneration Committee considers any comments received from
shareholders on remuneration policy on an ongoing basis and takes account of those views.
Directors’ Remuneration Report
58 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Directors’ Remuneration Implementation Report
The Directors’ Remuneration Report, which includes details of the Directors’ Remuneration Policy
and its implementation, is subject to an annual shareholders’ vote and an ordinary resolution to
approve the Remuneration Policy will be put to shareholders at the forthcoming Annual General
Meeting. A review was carried out during the financial year to 31 March 2022 and this review
recommended increases in fees as set out in the table below for the forthcoming financial year. These
changes to remuneration are in line with the Directors’ Remuneration Policy as set out above. The
involvement of remuneration consultants has not been deemed necessary as part of this year’s review.
Role
Current
annual fee

annual fee
Chairman  
Chairman of the Audit and Risk Committee £52,000 £53,500
Senior Independent Director  
Independent Directors £39,000 
The Chairman of the Board, Chairman of the Audit and Risk Committee and Senior Independent
Director are paid higher fees than the other Directors, reflecting the greater amount of time spent
on the Company’s business.
Directors’ Fees for the Year
Fees paid to each Director for the financial year to 31 March 2022 are set out below. A non-binding
ordinary resolution proposing adoption of the Directors’ Remuneration Report was put to


abstaining from voting.
The Directors who served during the year received the following fees, which represented their
total remuneration
 
(audited information)
Annual
fee
£


(a)
£
Total
£
Annual
fee
£


(a)
£
Total
£
Total
remuneration
change
%
Paul Manduca

 119   –  3.2
Simon Jeffreys

52,000   50,500 – 50,500 3.8
Beatrice Hollond

 132  38,000 – 38,000 
Charlie Ricketts 39,000   38,000 3,320  (3.8
David Graham 39,000 252 39,252 38,000 – 38,000 3.3
Magdalene Miller

   – – – 100
Medha Samant

 –  19,000 – 19,000 
Total  113     1

Taxable benefits relate to the reimbursement of expenses incurred in connection with the performance of the Directors’
duties and attendance at Board and Committee meetings.

Chairman of the Board.

Chairman of the Audit and Risk Committee.

Senior Independent Director.

Joined the Board on 10 May 2021.

Joined the Board on 1 October 2020 and resigned on 19 April 2021.

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 59

Performance graph

The line graph below details TEMIT’s share price total return against TEMIT’s benchmark, the
MSCI Emerging Markets Index total return over the past 10 years.
TEMIT share price
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-22Mar-21Mar-20Mar-19Mar-18Mar-17
250
150
100
200
50
250
100
50
MSCI Emerging Markets Index
150
200

Figures rebased to 100 at 31 March 2012.
Relative cost of Directors’ fees
The table below shows the Company’s expenditure on Directors’ fees compared to distributions to





Directors’ Remuneration

 

Dividends
 



-

Share buybacks  

Directors’ Remuneration comprises Directors’ fees of and Employer National Insurance Contributions of


Based on a proposed final dividend of 2.80 pence per share calculated using shares in issue as at 31 May 2022 and the
interim dividend of 1.00 pence per share paid 10 January 2022.
The items detailed in the above table are as required by the Large and Medium-size Companies

Five year change comparison

Role
Current annual
fee

annual fee Change
Chairman   
Chairman of the Audit and Risk Committee £52,000  
Senior Independent Director  £35,000 
Independent Directors £39,000 £35,000 

60 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Statement of Directors’ shareholdings


(audited information)  
(a)
David Graham  
Beatrice Hollond 31,250 31,250
Simon Jeffreys  
Paul Manduca 25,000 25,000
Charlie Ricketts 25,000 25,000
Medha Samant – –
Magdalene Miller – –

Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
.
The Company has not received any notifications of changes in the above interests as at 31 May
2022.
Approval

Paul Manduca


www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 61


As Chairman of the Audit and Risk Committee, I am pleased to present this report to shareholders. The
report contains details of the Audit and Risk Committee’s activities and responsibilities along with the
evaluation of effectiveness of the external and internal audit process for the year ended 31 March 2022.
Composition
As of 31 March 2022, the Audit and Risk Committee comprised Simon Jeffreys (Chairman), David
Graham, Beatrice Hollond, Charlie Ricketts and Magdalene Miller, all independent non-executive
Directors.
The Board considers that the members of the Audit and Risk Committee have sufficient recent and
relevant financial experience in order for it to perform its functions effectively, noting in particular
that the Audit and Risk Committee Chairman is a Chartered Accountant and former senior audit
partner. Mr Graham is also a Chartered Accountant. The Directors’ biographies are given on
pages 45 to 47.
Role and responsibilities
The Audit and Risk Committee plays an important role in the appraisal and supervision of key
aspects of the Company’s business. The Committee carried out the following activities to accomplish
its principal objectives and reported to the Board on how it discharged its responsibilities:
• Provided advice to the Board on whether the Annual Report and Financial Statements, taken
as a whole, are fair, balanced and understandable, and provide the information necessary for
shareholders to assess the Company’s position and performance, business model and strategy;
• Monitored the integrity of the Financial Statements including the review of and agreeing the
appropriateness of the Company’s accounting policies, accounting estimates and judgements,
alternative performance measures and compliance with the appropriate reporting requirements;
• Oversaw the relationship with the external auditor, including monitoring of any non-audit
services in accordance with the policy;
• Reviewed and monitored the external auditor’s effectiveness, objectivity and independence, and
the effectiveness of the audit process, taking into consideration relevant UK professional and
regulatory requirements;
• Monitored, reviewed and confirmed the effectiveness of the internal financial controls and
internal controls and risk management systems on which the Company is reliant;
• Reviewed the effectiveness of the internal audit function of Franklin Templeton and its reports,
and was satisfied with the results;
• Reviewed the internal and external audit plans and the findings of the audits, including the
Auditor’s Report;
• Reviewed and confirmed that the value and quality of services provided to the Company by
third parties were satisfactory;
• Reviewed in detail the contents of the Company’s risk matrix; and
• Reviewed other ad hoc items referred to the Audit and Risk Committee by the Board.
62 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Activities during the year
The Committee met formally three times during the year. In addition to the items covered above,
the Chairman and other members of the Committee, also:
• Reviewed and challenged the scenarios presented by Management to support the use of the
going concern basis and the ongoing viability assessment. Upon review and discussion with
Management the Committee concluded that the scenarios were appropriate to support the use of
the going concern basis and the ongoing viability statement;
• Received regular updates on the AIFM change;
• Met with the Manager to discuss its approach to ESG matters including the implementation of the
Stewardship Report;
• Held meetings with the Manager to discuss with those responsible all relevant matters relating to
financial reporting, company secretarial, taxation, internal audit and risk and control framework;
• The Committee noted the positive results of the audit quality review of Ernst & Young LLP’s 2021
audit by the FRC;
• Discussed the ongoing impact of COVID lockdowns and the Russian invasion of Ukraine;
• Received regular updates on the ongoing Russian invasion of Ukraine and the resulting portfolio
valuation impacts;
• Challenged Management on the valuation basis for Brilliance China Automotive and Russian
securities. Following meetings with the Manager’s valuation and financial reporting team to
discuss and challenge the valuations, the Committee concluded that the model being adopted and
the valuations applied are reasonable and appropriate given the circumstances and information
available; and
• Challenged Management on the appropriate recognition of recoverable taxes and concluded that
the accounting treatment was appropriate.
The Committee maintains a programme of agenda items to ensure that its workload is balanced
across the year and that matters are addressed at appropriate times.
Performance evaluation
The Board undertakes an annual evaluation of performance of the Audit and Risk Committee and of its
individual Directors, further details of this review can be found on page 48. The Board is satisfied with
the performance and effectiveness of the Audit and Risk Committee.
Annual Report and Financial Statements
A primary responsibility of the Audit and Risk Committee is to review the appropriateness of the
Annual and Half Yearly Reports.
During the year, the work of the Committee included the following significant activities in relation
to the Financial Statements:

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 63


Portfolio valuation The Directors receive regular portfolio reports, liquidity information
and presentations from the Manager and the Investment Manager. The
Committee reviews valuation reports from the Manager and is satisfied
that valuations are compliant with the accounting policies commencing on
page 82. In particular the Committee challenged Management on the basis of
valuation, and the assumptions made, for the valuation of Russian securities
and Brilliance China Automotive.
Misappropriation of assets The Company has appointed an independent custodian (JPMorgan Chase
Bank) to hold its investments. The Manager reconciles the investment
portfolio to the custodian records on a regular basis and any material
variances are reported to the Committee. In addition, the Committee receives
from the Manager an annual review evaluating JPMorgan Chase Bank’s
global custody and sub-custody network including the results of the ISAE
3402 report by PricewaterhouseCoopers. The results were satisfactory.
Going concern The Committee considered that the Company’s assets consist of equity
shares in companies listed on recognised stock exchanges which in most
circumstances are realisable within a short timescale. Having made suitable
enquiries, including consideration of the Company’s objective, the nature
of the portfolio, net current assets, expenditure forecasts, the principal and
emerging risks and uncertainties described within the Annual Report, and
with due consideration to the ongoing COVID-19 pandemic and the Russian
invasion of Ukraine, the Committee is satisfied that the Company has
adequate resources to continue to operate as a going concern for the period
to 31 March 2024, which is at least 12 months from the date of approval of
the Financial Statements. The Committee therefore concluded that it was
appropriate to prepare the Financial Statements on a going concern basis, and
made its recommendations to the Board.
The scenarios considered included a sustained 20% increase in the value of
the portfolio (which would result in an increase in running costs, particularly
the AIFMD fee), a significant drop in value of the assets and a 20% decrease
in dividend income, and confirmed that the Company could continue as a
going concern.
Recognition of investment income The Committee received and reviewed quarterly income forecast reports
which detailed the income received and the estimated income due to be
received in the financial year. These forecasts included details of material
variances compared with prior forecasts. The Committee was satisfied with
these analyses.
Compliance with Section 1158 of
the Corporation Tax Act 2010
The Company has been accepted as an approved investment trust by HM
Revenue and Customs for accounting periods commencing on or after 1 April
2012, subject to continuing to meet the eligibility conditions of Section 1158 of
the Corporation Tax Act 2010 and the ongoing requirements of The Investment
Trust (Approved Company) (Tax) Regulations 2011. The Committee is
satisfied that the Company complies with these conditions and intends to
direct its affairs to ensure its continued approval as an investment trust.
Areas of audit focus
The Committee reviewed and agreed the audit plan including the level of audit materiality which
it challenged and concluded was appropriate. The external auditor determined the scope of their
work and the Committee also discussed with them key matters they wanted to be covered which
included the following:
• Ownership and valuation of the portfolio given that the majority of the Company’s assets are
invested in its portfolio companies. The external auditor validated the ownership and valuations
to its independent sources and concluded that the results of their procedures did not identify any
material misstatements;
64 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

• Income recognition to confirm that income has been correctly recorded and received. The external
auditor recalculated all dividend income from independent sources and tested a sample to bank
statements and concluded that the results of their procedures did not identify any material
misstatements; and
• Although not a key audit matter as determined by the external auditor the Committee focussed
on Compliance with S1158 regulations in order to ensure that the Company is meeting its
minimum distribution obligations. The external auditor concluded that the Company was in
compliance with S1158 regulations as at the balance sheet date.
The significant accounting judgements during the year were the valuation of the Level 3
investments, these being Brilliance China Automotive and the Russian investments. As noted
above the Committee challenged Management on the basis of the valuation and were satisfied that
this was appropriate. The Committee notes that there was no significant accounting judgement
required in relation to the classification of special dividends received.
Further information on these key audit matters and the external auditor’s observations reported to
the Committee are detailed within their audit report on pages 71 to 73. The Committee reviewed
and were satisfied with the conclusions presented by the external auditor for each of these matters.
Conclusion
As a result of the work undertaken, the Committee has concluded that the Financial Statements for
the year ended 31 March 2022, taken as a whole, are fair, balanced and understandable and provide
the information necessary for shareholders to assess the Company’s position and performance,
business model and strategy, and has reported on these findings to the Board. The Board’s
conclusions in this respect are set out in the Statement of Directors’ Responsibilities on page 68.
External Auditor
 the external audit process
To assess the effectiveness and independence of the external audit process, the auditor is asked, on
an annual basis, to set out the steps that it has taken to ensure objectivity and independence. The
auditor’s performance, behaviour and effectiveness during the exercise of its duties are monitored
during the year by the Audit and Risk Committee. The Audit and Risk Committee considered an
annual independent Audit Quality Review report by the FRC, that monitors audit quality of the
major audit firms in the UK and discussed with the external auditor the results of its own quality
control review and 2021 Transparency Report. Ernst & Young LLP presented its detailed audit plan
for the 2022 financial year end at the November 2021 Audit and Risk Committee meeting. The Audit
and Risk Committee also reviewed Ernst & Young LLP’s policies and procedures including quality
assurance procedures and independence and concluded that they were satisfactory.
The outcome of these reviews and discussions with the Senior Statutory Auditor were that the
Committee is satisfied that Ernst & Young LLP has a suitable culture, control environment and risk
framework to enable it to deliver a high-quality audit.
In addition, the Committee held meetings with the external auditor in private and worked closely
with the Manager during the audit process. Taking into consideration all of the above and its
review and discussions with the key parties the Committee concluded that the external auditor
had delivered a quality audit for the financial year ended 31 March 2022.

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 65

Auditor rotation
The regulations on mandatory auditor rotation require an audit tender to take place every ten
years. An audit tender took place during 2019 and shareholders approved the appointment
of Ernst & Young LLP as the Company’s external auditor at the Annual General Meeting held
on 11 July 2019. The year ended 31 March 2022 was the third year for which Sue Dawe (Senior
Statutory Auditor) has served, she is able to complete two more audits before a successor Senior
Statutory Auditor must be appointed under current standards.
Non-audit services
Performance of any non-audit services by the external auditor must be approved in advance by
the Committee and must comply with the guidelines set out in the FRC’s Revised Ethical Standard
2019. The Committee concluded that the non-audit service fees were appropriate relative to fees
paid for audit services. An engagement letter is issued for all non-audit work and is reviewed by
the Committee to ensure that the independence and objectivity of the auditor is safeguarded.
During the year, Ernst & Young LLP was engaged to perform a review of the Half Yearly Report.
This is assurance related and the Committee believes that Ernst & Young LLP is best placed to
provide this service for the shareholders.
The fees paid to the Auditor in the year were as follows:
2022 2021
Audit Services £34,000 £36,000
Non-Audit Services:
 £8,000 £7,000
 23.5% 19.4%
The Committee therefore confirms that the non-audit work undertaken by the auditor satisfies and
does not compromise the tests of the auditor’s independence, objectivity, effectiveness, resources
and qualification.
Internal control
Internal audit is carried out by the internal audit department of Franklin Templeton.
The Committee monitors the risk management and system of internal controls on an ongoing basis
and engages Franklin Templeton’s internal audit function to carry out a review of specific areas
that the Audit and Risk Committee considers appropriate.
The Committee met representatives of the Manager and Investment Manager, including its
internal auditor, risk manager and its compliance officer, who reported as to the proper conduct
of business in accordance with the regulatory environment in which both the Company and the
Manager operate. Certain meetings held with the internal auditors are conducted on a private
basis, with no representation from the Manager.
The Committee reviewed the Company’s risk matrix that explains in detail the key risks identified
by the Company, assessing the likelihood of each risk materialising and the impact that this would
have on the Company. The Committee continued to pay particular attention to the Manager’s
operating arrangement and controls during the COVID-19 pandemic. This focused on both
investment and operational issues. The Committee also confirmed the effectiveness of the key
operational procedures and oversight by the Manager and the Board.

66 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk


Other areas
TEMIT is able to rely on the Financial Markets Conduct (Overseas FMC Reporting Entities)
Exemption Notice 2021, that exempts it from requirements to prepare audited financial statements in
accordance with the New Zealand Financial Market Conduct Act 2013. This exemption recognises
that companies with a primary listing in the United Kingdom prepare Financial Statements and are
audited in accordance with UK requirements. This exempts TEMIT from the New Zealand
requirement that firms be audited by a New Zealand unlimited liability entity.
TEMIT is in compliance with the provisions of “The Statutory Audit Services for Large Companies
Market Investigation” (Mandatory Use of Competitive Tender Processes and Audit Committee
Responsibilities) Order 2014 as issued by the Competition & Markets Authority.
Simon Jeffreys
Audit and Risk Committee Chairman
14 June 2022
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 67

In respect of the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report and the Financial Statements in
accordance with applicable law and regulations. Details of the Directors and members of the
committees are reported on pages 45 to 51.
Company law requires the Directors to prepare Financial Statements for each financial year. Under
that law the Directors are required to prepare the Financial Statements in accordance with UK adopted
International Accounting Standards.
Under company law the Directors must be satisfied that the Financial Statements give a true and fair
view of the state of affairs of the Company and of the profit or loss of the Company for the period.
In preparing these Financial Statements, International Accounting Standard 1 requires that Directors:
• Properly select and apply accounting policies;
• Present information, including accounting policies, in a manner that provides relevant, reliable,
comparable and understandable information;
• Provide additional disclosures when compliance with the specific requirements of UK adopted
International Accounting Standards are insufficient to enable users to understand the impact of
particular transactions, other events and conditions on the entity’s financial position and financial
performance; and
• Assess the Company’s ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Company’s transactions and disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the Financial Statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Company’s website (www.temit.co.uk). Legislation in the United
Kingdom governing the preparation and dissemination of Financial Statements may differ from
legislation in other jurisdictions.
Responsibility Statement
Each of the Directors, who are listed on pages 45 to 47, confirms that to the best of their knowledge:
• The Financial Statements, which have been prepared in accordance with UK adopted International
Accounting Standards, give a fair, balanced and understandable view of the assets, liabilities,
financial position and profit or loss of the Company for the year ended 31 March 2022; and
• The Chairman’s Statement, Strategic Report and the Report of the Directors include a fair
review of the information required by 4.1.8R to 4.1.11R of the FCA’s Disclosure Guidance and
Transparency Rules; and
• The Annual Report and Audited Financial Statements, taken as a whole, are fair, balanced and
understandable and provide the information necessary to assess the Company’s position and
performance, business model and strategy, and include a description of principal risks and
uncertainties.
By order of the Board
Paul Manduca
14 June 2022
Statement of Directors’ Responsibilities
68 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Independent Auditor’s Report
to the members of Templeton Emerging Markets Investment Trust Plc
Opinion
We have audited the financial statements of Templeton Emerging Markets Investment Trust PLC (the “Company”) for the
year ended 31 March 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position,
Statement of Changes in Equity, Statement of Cash Flows and the related notes 1 to 21, including a summary of
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable
law and UK adopted International Accounting Standards.
In our opinion, the financial statements:
• give a true and fair view of the Company’s affairs as at 31 March 2022 and of its profit for the year then ended;
• have been properly prepared in accordance with UK adopted International Accounting Standards; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Company and we remain
independent of the Company in conducting the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Company’s
ability to continue to adopt the going concern basis of accounting included:
• Confirming our understanding of the Company’s going concern assessment process by engaging with the Directors and
the Company Secretary to determine if all key factors were considered in their assessment.
• Inspecting the Directors’ assessment of going concern, including the revenue forecast, for the period to 31March
2024 which is at least 12 months from the date the financial statements were authorised for issue. In preparing the
revenue forecast, the Company has concluded that it is able to continue to meet its ongoing costs as they fall due.
• Reviewing the factors and assumptions, including the impact of the COVID-19 pandemic, as applied to the revenue
forecast and the liquidity assessment of the investments. We considered the appropriateness of the methods used to
calculate the revenue forecast and the liquidity assessment and determined, through testing of the methodology and
calculations, that the methods, inputs and assumptions utilised were appropriate to be able to make an assessment for
the Company.
• In relation to the Company’s borrowing arrangements, we inspected the Directors’ assessment of the risk of breaching
the debt covenants as a result of a reduction in the value of the Company’s portfolio. We recalculated the Company’s
compliance with debt covenants in the scenarios assessed by the Directors and reviewed the Directors’ reverse stress
testing in order to identify and challenge the factors which would lead to the Company breaching the financial covenants.
• We considered the mitigating factors included in the revenue forecasts and covenant calculations that are within the
control of the Company. We reviewed the Company’s assessment of the liquidity of investments held and evaluated
the Company’s ability to sell those investments to cover the working capital requirements should revenue decline
significantly.
• Reviewing the Company’s going concern disclosures included in the Annual Report in order to assess that the
disclosures were appropriate and in conformity with the reporting standards.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern
for a period assessed by the Directors, being the period to 31 March 2024 which is at least 12 months from when the
financial statements are authorised for issue.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 69

Independent Auditor’s Report (continued)
In relation to the Company’s reporting on how they have applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the
Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report. However, because not all future events or conditions can be predicted, this statement is not a
guarantee as to the Company’s ability to continue as a going concern.
Overview of our audit approach
Key audit
matters
• Risk of incomplete or inaccurate revenue recognition, including the classification of special
dividends as revenue or capital items in the Statement of Comprehensive Income.
• Risk of incorrect valuation or ownership of the investment portfolio.
Materiality • Overall materiality of £21.00m (2021: £25.91m) which represents 1% (2021: 1%) of
shareholders’ funds.
An overview of the scope of our audit
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our
audit scope for the Company. This enables us to form an opinion on the financial statements. We take into account
size, risk profile, the organisation of the Company and effectiveness of controls, including controls and changes in the
business environment when assessing the level of work to be performed. All audit work was performed directly by the audit
engagement team.
Climate change
There has been increasing interest from stakeholders as to how climate change will impact companies. The Company
has determined that the impact of climate change could affect the Company’s investments, and potentially shareholder
returns. This is explained in the principal and emerging risks section on page 42, which forms part of the “Other
information,” rather than the audited financial statements. Our procedures on these disclosures therefore consisted solely
of considering whether they are materially inconsistent with the financial statements or our knowledge obtained in the
course of the audit or otherwise appear to be materially misstated.
Our audit effort in considering climate change was focused on the adequacy of the Company’s disclosures in the financial
statements as set out in note 1(a) and conclusion that there was no further impact of climate change to be taken into
account as the investments are valued based on market pricing as required by UK adopted International Accounting
Standards. In line with UK adopted International Accounting Standards, investments are valued at fair value, which for
the Company are quoted bid prices for investments in active markets. Investments which are unlisted are priced using
market-based valuation approaches. All investments therefore reflect the market participants view of climate change on
risk on the investments held by the Company. We also challenged the Directors’ considerations of climate change in their
assessment of viability and associated disclosures.
70 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Independent Auditor’s Report (continued)
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement
(whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the
overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These
matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and
we do not provide a separate opinion on these matters.
Risk Our response to the risk Key observations communicated to
the Audit and Risk Committee
Incomplete or inaccurate revenue
recognition, including classification
of special dividends as revenue or
capital items in the Statement of
Comprehensive Income (as described
on page64 in the Report of the
Audit and Risk Committee and as
per the accounting policy set out on
page83).
The total revenue for the year to
31 March 2022 was £54.27m
(2021:£59.93m), consisting
primarily of dividend income from
listed investments.
The total amount of special
dividends received and accrued by
the Company was £3.85m (2021:
£7.51m), all of which were classified
as revenue (2021: £0.02m were
classified as capital and £7.49m
were classified as revenue).
There is a risk of incomplete or
inaccurate revenue recognition
through the failure to recognise
proper income entitlements or to
apply an appropriate accounting
treatment.
In addition to the above, the
directors may be required to
exercise judgement in determining
whether income receivable in the
form of special dividends should be
classified as ‘revenue’ or ‘capital’
in the Statement of Comprehensive
Income.
We have performed the following
procedures:
We obtained an understanding of
Franklin Templeton Investment Trust
Management Limited (the ‘Manager’)
and JP Morgan Europe Limited’s (the
‘Administrator’) processes surrounding
revenue recognition and classification
of special dividends by performing
walkthrough procedures.
For all dividends received and
accrued we recalculated the dividend
income by multiplying the investment
holdings at the ex-dividend date,
traced from the accounting records,
by the dividend per share, which was
agreed to an independent data vendor.
We also agreed all exchange rates to
an external source and, for a sample
of dividends received and dividends
accrued, we agreed amounts to bank
statements.
For all accrued dividends, we assessed
whether the dividend obligations
arose prior to 31 March 2022 with
reference to an external source.
To test completeness of recorded
income, we tested that all expected
dividends for each investee company
had been recorded as income with
reference to an external source.
For all investments held during
the year, we reviewed the type of
dividends paid with reference to an
external data source to identify those
which were special dividends.
The results of our procedures
identified no material misstatement
in relation to the risk of incomplete
or inaccurate revenue recognition,
including incorrect classification
of special dividends as revenue or
capital items in the Statement of
Comprehensive Income.
We tested two special dividends which
were above our testing threshold,
amounting to £2.21m in total, by
recalculating the amounts received
and assessing the appropriateness
of classification as revenue or
capital by reviewing the underlying
circumstances of the special dividends
received.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 71

Independent Auditor’s Report (continued)
Risk Our response to the risk Key observations communicated to
the Audit and Risk Committee
Incorrect valuation or ownership of
the investment portfolio (as described
on page 64 in the Report of the
Audit and Risk Committee and as
per the accounting policy set out on
pages 84 and 85).
The valuation of the portfolio at
31 March 2022 was £2,124.53m
(2021: £2,599.08m) consisting of
level 1 investments amounting to
£2,103.73m (2021: £2,548.12m)
and level 3 investments amounting
to £20.80m. The level 3investment
pertaining to Brilliance China
Automotive was classified as a
level 2 investment in the prior year
(2021: £50.95m).
As at 31 March 2022, the Company
also holds five Russian securities
which have been valued at nil and
classified as level 3.
The valuation of the assets held in
the investment portfolio is the key
driver of the Company’s net asset
value and total return. Incorrect
investment pricing, or a failure to
maintain proper legal title of the
investments held by the Company
could have a significant impact
on the portfolio valuation and the
return generated for shareholders.
The fair value of listed investments
is determined using quoted market
bid prices at close of business on
the reporting date.
We performed the following procedures:
We obtained an understanding of the
Administrator’s process surrounding
the existence and pricing of
securities by performing walkthrough
procedures.
For all level 1 investments in the
portfolio, we compared the market
prices and exchange rates applied to
an independent pricing vendor and
recalculated the investment valuations
as at the year-end.
We inspected the security price
movement reports produced by the
Administrator to identify prices that
have not changed within five days
from year end and verified whether
the listed price is a valid fair value
through review of trading activity. Our
testing identified no prices which had
not changed within five days of the
yearend.
We compared the Company’s
investment holdings at 31 March
2022 to independent confirmations
received directly from the Company’s
Depositary and Custodian.
For each of the level 3 investments,
we performed the following procedures
with the assistance of our team of
valuation specialists:
• We assessed the reasonableness
and appropriateness of the
valuation method used by the
Manager with reference to the
Company’s accounting policies, UK
adopted International Accounting
Standards and the International
Private Equity and Venture Capital
Valuation (IPEV) Guidelines;
The results of our procedures
identified no material misstatement
in relation to the risk of incorrect
valuation or ownership of the
investment portfolio.
• We assessed the assumptions
used to estimate fair value
and confirmed that they are
reasonable, complete and
appropriately supported; and
• We performed comparative work
to assess whether the valuation
conclusions are reasonable.
For all of the investments held, we
considered the appropriateness of the
Manager’s conclusions with respect
to the fair value hierarchy and the
classifications between level 1, level 2
and level 3.
72 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Independent Auditor’s Report (continued)
Our key audit matters remain unchanged from the prior year.
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified
misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to
influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining the
nature and extent of our audit procedures.
We determined materiality for the company to be £21.00m (2021: £25.91m), which is 1% (2021: 1%) of shareholders’
funds. We believe that shareholders’ funds provides us with materiality aligned to the key measurement of the Company’s
performance.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an
appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds
materiality.
On the basis of our risk assessments, together with our assessment of the Company’s overall control environment, our
judgement was that performance materiality was 75% (2021: 75%) of our planning materiality, namely £15.75m
(2021: £19.43m). We have set performance materiality at this percentage due to our past experience of the audit that
indicates a lower risk of misstatements, both corrected and uncorrected.
Given the importance of the distinction between revenue and capital for investment trusts we also applied a separate
testing threshold for the revenue column of the Statement of Comprehensive Income of £2.24m (2021: £2.55m) being
5% of profit before tax.
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £1.05m
(2021: £1.30m), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view,
warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in
light of other relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report, other than the financial statements and
our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly
stated in this report, we do not express any form of assurance conclusion thereon.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 73

Independent Auditor’s Report (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material misstatement of the other information, we are required to report
that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act2006
In our opinion the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with
the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the Directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
• the strategic report and Directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit,
we have not identified material misstatements in the strategic report or Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
• the financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with
the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Corporate Governance Statement
We have reviewed the Directors’ statement in relation to going concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code
specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during
the audit:
• Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 57;
• Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the
period is appropriate set out on pages 43 and 44;
• Director’s statement on whether it has a reasonable expectation that the group will be able to continue in operation
and meets its liabilities set out on page 57;
• Directors’ statement on fair, balanced and understandable set out on page 68;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages 41
to 43;
• The section of the annual report that describes the review of effectiveness of risk management and internal control
systems set out on page 66; and
• The section describing the work of the audit committee set out on pages 62 and 63.
74 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Independent Auditor’s Report (continued)
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement set out on page 68, the Directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal
control as the Directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate
concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the Company and management.
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and
determined that the most significant are UK adopted International Accounting Standards, the Companies Act 2006,
the Listing Rules, the UK Corporate Governance Code, the Statement of Recommended Practice for the Financial
Statements of Investment Trust Companies as issued by the Association of Investment Companies, Section 1158 of
the Corporation Tax Act 2010, and The Companies (Miscellaneous Reporting) Regulations 2018.
• We understood how the Company is complying with those frameworks through discussions with the Audit Committee
and Company Secretary, review of the board and committee minutes and review of papers provided to the Audit
Committee.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud
might occur by considering the key risks impacting the financial statements. We identified a fraud risk with respect
to the incomplete or inaccurate revenue recognition through incorrect classification of special dividends as revenue or
capital items in the Statement of Comprehensive Income. Further discussion of our approach is set out in the section
on key audit matters above.
• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and
regulations. Our procedures involved review of the reporting to the directors with respect to the application of the
documented policies and procedures and review of the financial statements to ensure compliance with the reporting
requirements of the Company.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the audit committee, we were appointed by the Company on 11July 2019 to
audit the financial statements for the year ending 31 March 2020 and subsequent financial periods.
The period of total uninterrupted engagement including previous renewals and reappointments is three years, covering
the years ending 31 March 2020 to 31 March 2022.
• The audit opinion is consistent with the additional report to the Audit and Risk Committee.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 75

Independent Auditor’s Report (continued)
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body,
for our audit work, for this report, or for the opinions we have formed.
Sue Dawe (Senior Statutory Auditor)
For and on behalf of
Ernst & Young LLP, Statutory Auditor
Edinburgh
14 June 2022
76 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Financial Statements
Statement of Comprehensive Income
For the Year Ended 31 March 2022
Year ended
31 March 2022
Year ended
31 March 2021
Note
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Net (losses)/gains on investments
and foreign exchange
8
Net (losses)/gains on investments
at fair value
– (460,585) (460,585)
– 888,402 888,402
Net losses on foreign exchange – (168) (168)
– (594) (594)
Income
Dividends 2 54,020 – 54,020
56,964 – 56,964
Other income 2 250 – 250
2,965 – 2,965
54,270 (460,753) (406,483)
59,929 887,808 947,737
Expenses
AIFM fee 3 (6,316) (14,738) (21,054)
(6,142) (14,331) (20,473)
Other expenses 4 (2,338) – (2,338)
(2,094) – (2,094)
(8,654) (14,738) (23,392)
(8,236) (14,331) (22,567)
Profit/(loss) before finance costs
and taxation
45,616 (475,491) (429,875)
51,693 873,477 925,170
Finance costs 5 (858) (1,998) (2,856)
(773) (1,802) (2,575)
Profit/(loss) before taxation 44,758 (477,489) (432,731)
50,920 871,675 922,595
Tax (expense)/income 6 (4,081) (5,596) (9,677)
17,303 (5,469) 11,834
Profit/(loss) for the year 40,677 (483,085) (442,408)
68,223 866,206 934,429
Profit/(loss) attributable to
equity holders of the Company
40,677 (483,085) (442,408)
68,223 866,206 934,429
Earnings per share
(a)
7 3.44p (40.90)p (37.46)p
5.73p 72.73p 78.46p
(a)
Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
Under the Company’s Articles of Association the capital element of return is not distributable.
The total column of this statement represents the profit and loss account of the Company.
The accompanying notes on pages 82 to 99 are an integral part of the Financial Statements.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 77

Statement of Financial Position
As at 31 March 2022
Note
As at
31 March 2022
£’000
As at
31 March 2021
£’000
Non-current assets
Investments at fair value through profit or loss 8 2,124,530 2,599,075
Current assets
Trade and other receivables 9 16,928 15,323
Cash and cash equivalents 125,855 85,212
Total current assets 142,783 100,535
Current liabilities
Other payables 10 (57,718) (3,362)
Total current liabilities (57,718) (3,362)
Net current assets 85,065 97,173
Non-current liabilities
Capital gains tax provision 6 (9,205) (4,961)
Other payables falling due after more than one year 11 (100,000) (100,000)
Total assets less liabilities 2,100,390 2,591,287
Share capital and reserves
Equity Share Capital 12 64,136 64,253
Capital Redemption Reserve 18,533 18,416
Capital Reserve 1,466,197 1,952,886
Special Distributable Reserve 433,546 433,546
Revenue Reserve 117,978 122,186
Equity Shareholders' Funds 2,100,390 2,591,287
Net Asset Value pence per share
(a)(b)
178.2 219.4
(a)
Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
(b)
Based on shares in issue excluding shares held in treasury.
The Financial Statements of Templeton Emerging Markets Investment Trust PLC (company
registration number SC118022) on pages 77 to 99 were approved for issue by the Board and signed
on 14 June 2022.
Paul Manduca Simon Jeffreys
Chairman Director
78 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Statement of Changes in Equity
For the Year Ended 31 March 2022
Equity Share
Capital
Capital
Redemption
Reserve
Capital
Reserve
Special
Distributable
Reserve
Revenue
Reserve Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Balance at 31 March 2020 65,812 16,857 1,136,322 433,546 123,113 1,775,650
Profit for the year – – 866,206 – 68,223 934,429
Equity dividends 13 – – – – (69,150) (69,150)
Purchase and cancellation
of own shares 12 (1,559) 1,559 (49,642) – – (49,642)
Balance at 31 March 2021 64,253 18,416 1,952,886 433,546 122,186 2,591,287
(Loss)/profit for the year – – (483,085) – 40,677 (442,408)
Equity dividends 13 – – – – (44,885) (44,885)
Purchase and cancellation
of own shares 12 (117) 117 (3,604) – – (3,604)
Balance at 31 March 2022 64,136 18,533 1,466,197 433,546 117,978 2,100,390
The accompanying notes on pages 82 to 99 are an integral part of the Financial Statements.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 79

Statement of Cash Flows
For the Year Ended 31 March 2022
Note
For the year to
31 March 2022
£’000
For the year to
31 March 2021
£’000
Cash flows from operating activities
(Loss)/profit before taxation
(a)
(432,731) 922,595
Adjustment for:
Bank and deposit interest (130) (26)
Dividend income (54,020) (56,964)
Finance costs
(a)
2,856 2,575
Net losses/(gains) on investments at fair value 8 460,585 (888,402)
Net losses on foreign exchange 168 594
Stock dividends received in year – (674)
Decrease/(increase) in debtors
(a)
16 (104)
(Decrease)/increase in creditors
(a)
(614) 981
Cash generated from operations
(a)
(23,870) (19,425)
Bank and deposit interest received 130 26
Dividends received 57,522 52,442
Bank overdraft interest paid (2) –
Tax paid
(a)
(6,250) (5,303)
Corporation tax recovered – 23,753
Net cash inflow from operating activities 27,530 51,493
Cash flows from investing activities
Purchases of non-current financial assets (600,482) (415,127)
Sales of non-current financial assets 613,249 483,182
Net cash inflow from investing activities 12,767 68,055
Cash flows from financing activities
Equity dividends paid 13 (44,885) (69,150)
Purchase and cancellation of own shares (2,041) (50,455)
Draw down from revolving credit facility 50,000 –
Bank loans' interest and fees paid (2,728) (2,561)
Net cash inflow/(outflow) from financing activities 346 (122,166)
Net increase/(decrease) in cash 40,643 (2,618)
Cash at the start of the year 85,212 87,830
Cash at the end of the year 125,855 85,212
(a)
The Company has used the (Loss)/profit before tax as a starting point in the Statement of Cash Flows for the year ended
31 March 2022. Comparative figures for the year have been updated to adjust the presentation in line with IAS 8.
The accompanying notes on pages 82 to 99 are an integral part of the Financial Statements.
80 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Statement of Cash Flows (continued)
Reconciliation of liabilities arising from bank loans
Liabilities
as at
31 March 2021
£’000
Cash flows
£’000
Profit & Loss
£’000
Liabilities
as at
31 March 2022
£’000
Revolving credit facility – 50,000 – 50,000
 120 (628) 757 249
Fixed term loan 100,000 – – 100,000
 355 (2,100) 2,097 352
Total liabilities from bank loans 100,475 47,272 2,854 150,601
Liabilities
as at
31 March 2020
£’000
Cash flows
£’000
Profit & Loss
£’000
Liabilities
as at
31 March 2021
£’000
Revolving credit facility – – – –
 111 (474) 483 120
Fixed term loan 100,000 – – 100,000
 350 (2,087) 2,092 355
Total liabilities from bank loans 100,461 (2,561) 2,575 100,475
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 81

1 Accounting Policies
(a) Basis of preparation
The Financial Statements of the Company have been prepared in accordance with UK adopted
International Accounting Standards. The Financial Statements have also been prepared in
accordance with the Statement of Recommended Practice (“SORP”) for investment trusts issued
by the Association of Investment Companies in April 2021 insofar as the SORP is compatible with
International Accounting Standards.
The Financial Statements have been prepared on the historical cost basis, except for the measurement
at fair value of certain financial instruments. All financial assets and financial liabilities are
recognised (or derecognised) on the date of the transaction by the use of “trade date accounting”.
The principal accounting policies adopted are set out below.
Adoption of new and revised Accounting Standards
At the date of authorisation of these Financial Statements, the following standards and
interpretations were assessed to be relevant and are all effective for annual periods beginning on
or after 1 January 2021:
• IAS 39, IFRS 7 and IFRS 9 Amendments: Interest Rate Benchmark Reform
The amendments listed above did not have any impact on the amounts recognised in the current
reporting period.
Going concern
The Directors have a reasonable expectation that the Company has sufficient resources to continue
in operational existence for the period to 31 March 2024, which is at least 12 months from the date
of the approval of the Financial Statements. The Directors reviewed income forecasts covering the
next two financial years, including interest and fees arising from the debt facility. The Directors
considered the principal and emerging risks and uncertainties disclosed on pages 41 to 43 in
particular those relating to COVID-19.
At 31 March 2022, the Company had net current assets of £85,065,000 (31 March 2021: net current assets
of £97,173,000). In addition the Company holds a portfolio of largely liquid assets that, if required, can
be sold to maintain adequate cash balances to meet its expected cash flows, including debt servicing.
The repayment of the principal balance of the Company’s £100 million fixed term loan does not fall due
until 2025. The repayment of the £50 million revolving loan was due on 19 April 2022 and, subsequent
to the year end, the Investment Manager rolled it forward for a further six months. Given the liquidity
profile of the Company’s assets and the current cash levels it is expected that the Company will be
able to meet the repayment requirement. The Directors also reviewed scenarios of a significant drop
in value of the assets and noted that in those scenarios they would still be significantly higher than the
Company’s liabilities. They have also confirmed the resiliency of the Company’s key service providers
and are satisfied that their contingency plans and working arrangements are sustainable.
The Board has established a framework of prudent and effective controls performed periodically
by the Audit and Risk Committee, which enable risks to be assessed and managed. Therefore,
the going concern basis has been adopted in preparing the Company’s Financial Statements. The
Going Concern statement is set out on page 57.
Notes to the Financial Statements
As at 31 March 2022
82 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Functional currency
As the Company is a UK investment trust, whose share capital is issued in the UK and denominated
in sterling, the Directors consider that the functional currency of the Company is sterling.
Estimates and assumptions
During the year, estimates and assumptions have been used to fair value the Level 3 investments
held by the Company. Further details are given in the fair value section of Note 15 and in the
Report of the Audit and Risk Committee. There have been no other significant judgements,
estimates or assumptions for the year.
In preparing these Financial Statements, the Directors have considered the impact of climate change as
a principal risk as set out on page 42, and have concluded that there was no further impact of climate
change to be considered as the investments are valued based on market pricing. In line with UK adopted
International Accounting Standards the investments are valued at fair value, which for the Company are
the bid prices quoted on the relevant stock exchange at the date of the Statement of Financial Position
and therefore reflect market participants’ views of climate change risk on the investments held.
(b) Presentation of Statement of Comprehensive Income
In order to reflect better the activities of an investment trust company and in accordance with
guidance issued by the AIC, supplementary information which analyses the Statement of
Comprehensive Income between items of a revenue and capital nature has been presented
within the Statement of Comprehensive Income. In accordance with the Company’s Articles of
Association, net capital profits may not be distributed by way of dividend. Additionally, the
net revenue is the measure that the Directors believe appropriate in assessing the Company’s
compliance with certain requirements set out in Section 1158 of the Corporation Tax Act 2010.
(c) Income
Dividends receivable on equity shares are treated as revenue for the year on an ex-dividend basis.
Where no ex-dividend date is available, dividends are recognised on their due date. Provision is
made for any dividends not expected to be received.
Where the Company has elected to receive its dividends in the form of additional shares rather than
in cash, the amount of the cash dividend is recognised in the revenue column of the Statement of
Comprehensive Income. Any excess in the value of the shares received over the amount of the cash
dividend forgone is recognised in the capital column of the Statement of Comprehensive Income.
Special dividends receivable are treated as repayment of capital or as income depending on the
facts of each particular case. Interest on bank deposits is recognised on an accrual basis.
Stock lending income is shown gross of associated costs and recognised in revenue as earned.
(d) Expenses
All expenses are accounted for on an accrual basis and are charged through the revenue and
capital sections of the Statement of Comprehensive Income according to the Directors’ expectation
of future returns except as follows:
• Expenses relating to the purchase or disposal of an investment are treated as capital. Details of
transaction costs on purchases and sales of investments are disclosed in Note 8; and
• Expenses are treated as capital where a connection with the maintenance or enhancement of the
value of the investments can be demonstrated. 70% of the annual AIFM fee has been allocated to
the capital account.
Notes to the Financial Statements (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 83

(e) Finance costs
Finance costs relating to bank loans are accounted for on an accrual basis using the effective
interest method in the Statement of Comprehensive Income according to the Directors’
expectations of future returns. Finance costs relate to interest and fees on bank loans and
overdrafts. 70% of the finance costs, except for interest and fees on overdrafts, have been allocated
to the capital account.
(f) Taxation
The tax expense represents the sum of current and deferred tax. Tax receivables will be recognised
when it is probable that the benefit will flow to the entity and the benefit can be reliably measured.
In line with the recommendations of the SORP, the allocation method used to calculate tax relief
on expenses presented against capital returns in the supplementary information in the Statement
of Comprehensive Income is the “marginal basis”. Under this basis, if taxable income is capable
of being offset entirely by expenses presented in the revenue return column of the Statement of
Comprehensive Income, then no tax relief is transferred to the capital return column.
Deferred taxation is recognised in respect of all taxable temporary differences that have originated
but not reversed at the year-end date, where transactions or events that result in an obligation to
pay more tax in the future or rights to pay less tax in the future have occurred at the year-end date.
This is subject to deferred tax assets only being recognised to the extent that it is probable that
taxable profit will be available against which the deductible temporary difference can be utilised.
Deferred tax assets and liabilities are measured at the rates applicable to the legal jurisdictions in
which they arise.
Due to the Company’s status as an investment trust company, and its intention to continue to
meet the eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing
requirements of The Investment Trust (Approved Company) (Tax) Regulations 2011, the Company
has not provided deferred tax in respect of UK corporation tax on any capital gains and losses
arising on the revaluation or disposal of investments. Where appropriate, the Company provides
for deferred tax in respect of overseas taxes on any capital gains arising on the revaluation of
investments.
The carrying amount of deferred tax assets is reviewed at each year-end date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or
part of the asset to be recovered.
 
The Company classifies its equity investments based on their contractual cash flow characteristics
and the Company’s business model for managing the assets. The Company’s business is investing
in financial assets with a view to profiting from their total return in the form of revenue and capital
growth. This portfolio of financial assets is managed, and its performance evaluated on a fair value
basis, in accordance with a documented investment strategy, and information about the portfolio
is provided internally on that basis to the Company’s Directors and other key management
personnel. Equity investments fail the contractual cash flows test so are measured at fair value.
Accordingly, upon initial recognition, all of the Company’s non-current asset investments are held
at “fair value through profit or loss”. They are included initially at fair value, which is taken to be
their cost excluding expenses incidental to the acquisition.
Notes to the Financial Statements (continued)
84 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Subsequently, the investments are valued at “fair value”, which is measured as follows:
The fair value of financial instruments at the year-end date is, ordinarily, based on the latest
quoted bid price at, or before, the US market close (without deduction for any of the estimated
future selling costs), if the instrument is held in active markets. This represents a Level 1
classification under IFRS 13. For all financial instruments not traded in an active market or where
market price is not deemed representative of fair value, valuation techniques are employed to
determine fair value. Valuation techniques include the market approach (i.e. using recent arm’s
length market transactions adjusted as necessary and reference to the market value of another
instrument that is substantially the same) and the income approach (i.e. discounted cash flow
analysis making use of available and supportable market data as possible).
Gains and losses arising from changes in fair value are included in the net profit or loss for the
period as a capital item in the Statement of Comprehensive Income.
(h) Foreign currencies
Transactions involving foreign currencies are translated to sterling (the Company’s functional
currency) at the spot exchange rates ruling on the date of the transactions. Assets and liabilities in
foreign currencies are translated at the rates of exchange at the year-end date. Foreign currency
gains and losses are included in the Statement of Comprehensive Income and allocated as capital or
income depending on the nature of the transaction giving rise to the gain or loss.
(i) Financial instruments
Cash comprises cash in hand and demand deposits. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash that are subject to an
insignificant risk of changes in value.
Bank loans are classified as financial liabilities at amortised cost. They are initially measured as the
proceeds net of direct issue costs and subsequently measured at amortised cost. Interest payable
on the bank loan is accounted for on an accrual basis in the Statement of Comprehensive Income.
The amortisation of direct issue costs is accounted for on an accrual basis in the Statement of
Comprehensive Income using the effective interest method.
(j) Share capital and reserves
Equity Share Capital – represents the nominal value of the issued share capital. This reserve is
undistributable.
Capital Redemption Reserve – represents the nominal value of shares repurchased and cancelled.
This reserve is undistributable.
Capital Reserve – gains and losses on realisation of investments; changes in fair value of
investments which are readily convertible to cash, without accepting adverse terms; realised
exchange differences of a capital nature; changes in the fair value of investments that are not
readily convertible to cash, without accepting adverse terms; and the amounts by which other
assets and liabilities valued at fair value differ from their book value are within this reserve.
Additionally, 70% of the annual AIFM fee and finance costs are charged to this reserve in
accordance with accounting policies 1(d) and 1(e).
Notes to the Financial Statements (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 85

Purchases of the Company’s own shares are funded from the realised component of the Capital
Reserve. The Company’s Articles of Association preclude it from making any distribution of
capital profits.
If treasury shares are subsequently cancelled, the nominal value is transferred out of Equity Share
Capital and into the Capital Redemption Reserve.
Special Distributable Reserve – reserve created upon the cancellation of the Share Premium
Account and Capital Redemption Reserve. This reserve is fully distributable.
Revenue Reserve – represents net income earned that has not been distributed to shareholders.
This reserve is fully distributable.
Income recognised in the Statement of Comprehensive Income is allocated to applicable reserves in
the Statement of Changes in Equity.
Notes to the Financial Statements (continued)
86 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

2 Income
2022
£’000
2021
£’000
Dividends
Non-EU dividends 52,144 54,530
UK dividends 1,306 1,532
EU dividends 570 228
Stock dividends – 674
54,020 56,964
Other income
Bank and deposit interest 130 26
Stock lending income 120 161
Interest relating to historic tax reclaims
(a)
– 2,778
250 2,965
Total 54,270 59,929
(a)
Historic HMRC claim for exemption of pre 2009 dividend income from Corporation Tax based on the Prudential &
CFC FII GLO cases.
3 AIFM fee
2022 2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
AIFM fee 6,316 14,738 21,054 6,142 14,331 20,473
On 1 October 2021, FTITML replaced FTIS as the Company’s AIFM and company secretary. The
contract with FTITML may be terminated at any date by either party giving one year’s notice of
termination.
The AIFM fee is paid monthly and based on the month end total net assets of the Company. The
AIFM fee for the year was 1% of net assets up to £1 billion and 0.80% of net assets above £1 billion.
70% of the annual AIFM fee has been allocated to the capital account.
4 Other expenses
2022
£’000
2021
£’000
Custody fees 775 706
Marketing fees 362 334
Directors' remuneration 304 275
Depository fees 207 192
Membership fees 176 156
Registrar fees 132 76
Legal fees 51 34
Auditor's remuneration
Audit of the annual financial statements 34 36
Review of the Half Yearly Report 8 7
Broker fees 33 32
Printing and postage fees 21 16
Other expenses 235 230
Total 2,338 2,094
Notes to the Financial Statements (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 87

Notes to the Financial Statements (continued)
5 Finance costs
2022 2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Fixed term loan 629 1,468 2,097 628 1,464 2,092
Revolving credit facility 227 530 757 145 338 483
Bank overdraft interest 2 – 2 – – –
Total 858 1,998 2,856 773 1,802 2,575
6 Tax on ordinary activities
2022 2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Overseas withholding tax 4,081 – 4,081 6,450 – 6,450
Capital gains tax paid – 1,352 1,352 – 508 508
Historic tax claims
(a)
– – – (23,753) – (23,753)
Total current tax 4,081 1,352 5,433 (17,303) 508 (16,795)
Capital gains tax provision – 4,244 4,244 – 4,961 4,961
Total tax 4,081 5,596 9,677 (17,303) 5,469 (11,834)
2022
£’000
2021
£’000
(Loss)/profit before taxation (432,731) 922,595
Theoretical tax at UK corporation tax rate of 19% (2021: 19%) (82,219) 175,293
Effects of:
- Capital element of loss/(profit) 87,543 (168,684)
- Irrecoverable overseas withholding tax 4,081 6,450
- Excess management expenses 3,101 2,915
- Overseas capital gains tax 1,352 508
- Dividends not subject to corporation tax (7,924) (9,079)
- Movement in overseas capital gains tax liability 4,244 4,961
- UK dividends (248) (291)
- Overseas tax expensed (253) (154)
- Historic tax claims
(a)
– (23,753)
Actual tax charge 9,677 (11,834)
(a)
Historic HMRC claim for exemption of pre 2009 dividend income from Corporation Tax based on the Prudential &
CFC FII GLO cases was received in May 2020.
As at 31 March 2022 the Company had unutilised management expenses and non-trade deficits of
£284.4 million carried forward (2021: £268.1 million). These balances have been generated because
a large part of the Company’s income is derived from dividends which are not taxed. Based on
current UK tax law, the Company is not expected to generate taxable income in a future period
in excess of deductible expenses for that period and, accordingly, is unlikely to be able to reduce
future tax liabilities by offsetting these excess management expenses. These excess management
expenses are therefore not recognised as a deferred tax asset.
88 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Notes to the Financial Statements (continued)
Movement in provision for capital gains tax
2022
£’000
2021
£’000
Balance brought forward 4,961 –
Charge for the year 5,596 5,469
Capital gains tax paid (1,352) (508)
Balance carried forward 9,205 4,961
Provision consists of:
- Overseas capital gains tax liability
(a)
9,205 4,961
9,205
4,961
(a)
A provision for deferred capital gains tax has been recognised in relation to unrealised gains for holdings in India and
Pakistan.
7 Earnings per share
2022 2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Earnings 40,677 (483,085) (442,408) 68,223 866,206 934,429
2022 2021
Revenue
pence
Capital
pence
Total
pence
Revenue
pence
Capital
pence
Total
pence
Earnings per share
(a)
3.44 (40.90) (37.46) 5.73 72.73 78.46
(a)
Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
The earnings per share is based on the profit attributable to equity holders and on the weighted
average number of shares in issue during the year of 1,181,093,110 (year to 31 March 2021 after the
sub-division of shares: 1,190,975,420).
8 Financial assets - investments
2022
£’000
2021
£’000
Opening investments
Book cost 1,553,330 1,539,265
Net unrealised gains 1,045,745 240,988
Opening fair value 2,599,075 1,780,253
Movements in the year:
Additions at cost 603,763 415,812
Disposals proceeds (617,723) (485,392)
Net (losses)/gains on investments at fair value (460,585) 888,402
2,124,530 2,599,075
Closing investments
Book cost 1,732,693 1,553,330
Net unrealised gains 391,837 1,045,745
Closing investments 2,124,530 2,599,075
All investments have been recognised at fair value through the Statement of Comprehensive Income.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 89

Transaction costs for the year on purchases were £749,000 (2021: £612,000) and transaction costs
for the year on sales were £1,209,000 (2021: £875,000). The aggregate transaction costs for the year
were £1,958,000 (2021: £1,487,000). Please note the comparative figures for the year ended 31 March
2021 have been retrospectively adjusted to incorporate some additional expenses identified as
transaction costs.
2022
£’000
2021
£’000
Net (losses)/gains on investments at fair value comprise:
Net realised gains based on carrying value at 31 March 193,323 83,645
Net movement in unrealised (depreciation)/appreciation (653,908) 804,757
Net (losses)/gains on investments at fair value (460,585) 888,402
9 Trade and other receivables
2022
£’000
2021
£’000
Dividends receivable 8,224 11,726
Sales awaiting settlement 5,955 1,649
Overseas tax recoverable 2,661 1,844
Other debtors 88 104
Total 16,928 15,323
10 Other payables
2022
£’000
2021
£’000
Revolving credit facility payable 50,000 –
Purchase of investments for future settlement 3,292 11
Amounts owed for share buybacks 1,563 –
AIFM fee 1,515 1,816
Accrued expenses 747 1,060
Interest and fees on borrowings 601 475
Total 57,718 3,362
Interest and fees on borrowings consist of:
2022
£’000
2021
£’000
Fixed term loan 352 355
Revolving credit facility 249 120
Total 601 475
Revolving credit facility
On 31 January 2020, the Company entered into a £120 million multi-currency unsecured revolving
credit facility (the “facility”) for a period of three years with The Bank of Nova Scotia, London
Branch. Balances can be drawn down in GBP, USD or CNH. The agreement was revised on
17 September 2021 to account for the London Interbank Offered Rate (“LIBOR”) discontinuation.
Under the new terms, the USD drawdown rates are 1.125% per annum over the daily secured
overnight financing rate (“SOFR”) administered by the Federal Reserve Bank of New York plus the
applicable baseline credit adjustment spread, while for any sterling drawdowns the rate is 1.125%
per annum over the daily sterling overnight index average (“SONIA”) published by the Bank of
England plus the applicable credit adjustment spread. The rate for any CNH drawdowns remains
unchanged at a rate of 1.125% per annum over the Hong Kong Interbank Offered Rate.
Notes to the Financial Statements (continued)
90 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Notes to the Financial Statements (continued)
Undrawn balances in excess of £60 million are charged at 0.40% per annum and any undrawn
portion below this is charged at 0.35% per annum. Under the terms of the facility, the net assets
shall not be less than £1,015 million and the adjusted net asset coverage to all borrowings shall not
be less than 3.5:1.
On 18 October 2021, the Company drew down £50 million from the revolving credit facility
repayable within six months (2021: revolving credit facility was not utilised).
The facility is shown at amortised cost and revalued for exchange rate movements. Any gain or
loss arising from changes in exchange rates is included in the capital reserves and shown in the
capital column of the Statement of Comprehensive Income. Interest costs are charged to capital
(70%) and revenue (30%) in accordance with the Company’s accounting policies.
11 Other payables falling due after more than one year
2022
Book value
£’000
2021
Book value
£’000
Fixed term loan 100,000 100,000
Total 100,000 100,000
Fixed term loan
On 31 January 2020, the Company entered into a term loan (the “term loan”) for a period of
five years with Scotiabank Europe PLC for £100 million.
The term loan bears interest at a fixed annual rate of 2.089%. Under the conditions of the term
loan, the net assets shall not be less than £1,015 million and the adjusted net asset coverage to all
borrowings shall not be less than 3.5:1.
The facility is shown at amortised cost. Interest costs are charged to capital (70%) and revenue
(30%) in accordance with the Company’s accounting policies.
12 Equity share capital
2022 2021
Ordinary shares in issue £’000 Number
(a)
£’000 Number
(a)
Opening ordinary shares of 5 pence 59,062
1,181,228,655 60,621 1,212,420,695
Purchase and cancellation of own shares (117) (2,331,670) (1,559) (31,192,040)
Closing ordinary shares of 5 pence 58,945 1,178,896,985 59,062 1,181,228,655
2022 2021
Ordinary shares held in treasury £’000 Number
(a)
£’000 Number
(a)
Opening ordinary shares of 5 pence 5,191 103,825,895 5,191 103,825,895
Closing ordinary shares of 5 pence 5,191 103,825,895 5,191 103,825,895
Total ordinary shares in issue and held
in treasury at the end of the year 64,136 1,282,722,880 64,253 1,285,054,550
(a)
Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division
of each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 91

The Company’s shares (except those held in treasury) have unrestricted voting rights at all general
meetings, are entitled to all of the profits available for distribution by way of dividend and are
entitled to repayment of all of the Company’s capital on winding up.
During the year, 2,331,670 shares were bought back for cancellation at a cost of £3,604,000 (2021:
31,192,040 shares were bought back for cancellation at a cost of £49,642,000). All shares bought
back in the year were cancelled, with none being placed in treasury (2021: no shares were placed
into treasury).
13 Dividends
2022 2021
Rate
(a)
(pence) £’000
Rate
(a)
(pence) £’000
Declared and paid in the financial year
Dividend on shares:
Final dividends for the years ended
31 March 2021 and 31 March 2020 2.80 33,074 2.80 33,680
Interim dividends for the six-month
periods ended 30 September 2021 and
30 September 2020 1.00 11,811 1.00 11,823
Special dividends for the year ended
31 March 2021 – – 2.00 23,647
Total 3.80 44,885 5.80 69,150
Proposed for approval at the Company's AGM
Dividend on shares:
Final dividend for the year ended
31 March 2022 2.80 32,960
(a)
Comparative figures for the year ended 31 March 2021 have been retrospectively adjusted following the sub-division of
each existing ordinary share of 25 pence into five ordinary shares of 5 pence each on 26 July 2021.
Dividends are recognised when the shareholders’ right to receive the payment is established. In
the case of the final dividend, this means that it is not recognised until approval is received from
shareholders at the AGM. The proposed final dividend of 2.80 pence per share will be funded
from the revenue reserve and the payment of this dividend will not threaten the going concern or
viability of the Company.
14 Related party transactions
There were no transactions with related parties, other than the fees paid to the Directors and the
AIFM fee during the year ended 31 March 2022, which have a material effect on the results or the
financial position of the Company. Details of fees paid to the Directors are included on page 59 and
details of the fee paid to the AIFM is included on page 87.
15 Risk management
In pursuing the Company’s objective, as set out on page 31 of this Annual Report, the Company
holds a number of financial instruments which are exposed to a variety of risks that could result in
either a reduction in the Company’s net assets or a reduction in the profits available for dividends.
Notes to the Financial Statements (continued)
92 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Notes to the Financial Statements (continued)
The main risks arising from the Company’s financial instruments are investment and concentration
risk, market risk (which comprises market price risk, foreign currency risk and interest rate risk),
liquidity risk and counterparty and credit risk.
The objectives, policies and processes for managing these risks, and the methods used to measure
the risks, are set out below. These policies have remained unchanged since the beginning of the
year to which these Financial Statements relate.
Investment and concentration risk
The Company may invest a greater portion of its assets than the benchmark in the securities of
one issuer, securities of a particular country, or securities within one sector. As a result, there is
the potential for an increased concentration of exposure to economic, business, political or other
changes affecting similar issues or securities, which may result in greater fluctuation in the value of
the portfolio. Investment risk and a certain degree of concentration risk is a known and necessary
effect of the stated investment approach in line with the investment policy. The Directors regularly
review the portfolio composition and asset allocation and discuss related developments with the
Investment Manager. Security, country, and sector concentrations are monitored by the Manager’s
risk and compliance teams on a regular basis and any concerns are highlighted to the Investment
Manager for remedial action and brought to the attention of the Directors.
Market price risk
Market risk arises mainly from uncertainties about future prices of financial instruments held.
It represents the potential loss that the Company might suffer through holding market positions in
the face of price movements.
The Directors meet quarterly to consider the asset allocation of the portfolio and to discuss the
risks associated with particular securities, countries or sectors. The Investment Manager selects
securities in the portfolio in accordance with the investment policy, and the overall asset allocation
parameters described above, and seeks to ensure that individual stocks also meet the intended
risk/reward profile.
The Company does not use derivative instruments to hedge the investment portfolio against
market price risk as, in the Investment Manager’s opinion, such a process could result in an
unacceptable level of cost and/or a reduction in the potential for capital growth.
100% (2021: 100%) of the Company’s investment portfolio is listed on stock exchanges. If share
prices as at 31 March 2022 had decreased by 30% (2021: 30% decrease) with all other variables
remaining constant, the Statement of Comprehensive Income capital return and the net assets
attributable to equity shareholders would decrease by £637,359,000 (2021: £779,723,000). A 30%
increase (2021: 30% increase) in share prices would have resulted in a proportionate equal and
opposite effect on the above amounts, on the basis that all other variables remain constant.
Foreign currency risk
Currency translation movements can significantly affect the income and capital value of the
Company’s investments, as the majority of the Company’s assets and income are denominated in
currencies other than sterling, which is the Company’s functional currency.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 93

The Investment Manager has identified three principal areas where foreign currency risk could
affect the Company:
• Movements in rates affect the value of investments;
• Movements in rates affect short-term timing differences; and
• Movements in rates affect the income received.
The Company does not hedge the sterling value of investments that are priced in other currencies.
The Company may be subject to short-term exposure to exchange rate movements, for instance
where there is a difference between the date on which an investment purchase or sale is entered
into and the date on which it is settled.
The Company receives income in currencies other than sterling and the sterling values of this
income can be affected by movements in exchange rates. The Company converts all receipts of
income into sterling on or near the date of receipt. However, it does not hedge or otherwise seek to
avoid rate movement risk on income accrued but not received.
The fair value of the Company’s items that have foreign currency exposure at 31 March are shown
below:
2022
Currency
Trade and
other
receivables
£’000
Cash at
bank
£’000
Trade, bank,
loans, and
other
payables
£’000
Total net
foreign
currency
exposure
£’000
Investment
at fair
value through
profit or loss
£’000
Korean won 6,523
–
– 6,523 486,879
Hong Kong dollar
19 –
(219) (200) 376,797
Taiwan dollar
3,791 2,069
(2,069) 3,791 363,488
US dollar
53 –
(1,000) (947) 252,082
Indian rupee
– 323
– 323 188,326
Other
6,473 116
(23) 6,566 427,793
2021
Currency
Trade and
other
receivables
£’000
Cash at
bank
£’000
Trade, bank,
loans, and
other
payables
£’000
Total net
foreign
currency
exposure
£’000
Investment
at fair
value through
profit or loss
(a)
£’000
Hong Kong dollar 430
–
(430)
–
626,193
Korean won
9,304 –
– 9,304 574,910
Taiwan dollar
4,001 3,213
– 7,214 429,925
US dollar
578 –
(5) 573 357,514
Indian rupee
27 –
– 27 162,049
Other
1,089 –
– 1,089 394,142
(a)
Comparative figures for the year ended 31 March 2021 on US dollar and Other have been restated due to a prior year
misallocation.
The above tables are based on the currencies of the country where shares are listed rather than the
underlying currencies of the countries where the companies earn revenue.
As at 31 March 2022, 65.4% (2021: 69.5%) of the investments shown as US dollar and Hong Kong
dollar are Chinese companies with exposure to the Chinese yuan. The total exposure to Chinese
yuan was £604.9 million (2021: £769.7 million).
Notes to the Financial Statements (continued)
94 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Notes to the Financial Statements (continued)
Foreign currency sensitivity
The following table illustrates the foreign currency sensitivity of the total income (which is
mainly comprised of dividend income) and of the financial assets and liabilities of the Company
if sterling had strengthened by 10% relative to the top 5 currencies on the reporting date. With
all other variables held constant, the revenue and capital return would have decreased by the
below amounts.
2022 2021
Revenue
Return
£’000
Capital
Return
£’000
Revenue
Return
£’000
Capital
Return
(a)
£’000
Korean won 1,083 48,688 1,460 57,491
Hong Kong dollar 482 37,660 1,161 62,619
Taiwan dollar 955 36,349 748 43,414
US dollar 994 25,108 858 35,794
Indian rupee 169 18,865 147 16,205
Total 3,683 166,670 4,374 251,523
(a)
Comparative figures for the year ended 31 March 2021 on the capital return column have been revised to exclude
income items.
A 10% weakening of sterling against the above currencies would have resulted in an equal and
opposite effect on the above amounts.
Interest rate risk
The Company is permitted to invest in interest bearing securities. Any change to the interest
rates relevant to particular securities may result in income either increasing or decreasing, or the
Investment Manager being unable to secure similar returns on the expiry of contracts or the sale of
securities. In addition, changes to prevailing rates or changes in expectations of future rates may
result in an increase or decrease in the value of the securities held and the interest payable on bank
loans when interest rates are reset.
The fixed term loan incurs a fixed rate of interest and is carried at amortised cost rather than fair
value. Hence, movements in interest rates will not affect net asset values, as reported under the
Company’s accounting policies.
The revolving loan bears interest at the rate of 1.125% over the daily SONIA rate plus the
applicable baseline credit adjustment spread. Hence, movements in SONIA rates may result in an
increase or decrease of the interest payable on the revolving loan affecting the net asset value of the
Company.

The exposure of the financial assets and liabilities to floating interest rate risks at 31 March is
shown below:
2022
£’000
2021
£’000
Cash 125,855 85,212
Revolving credit facility (50,000) –
Net exposure at year end 75,855 85,212
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 95

Exposures vary throughout the year as a consequence of changes in the make-up of the net assets
of the Company. Cash balances are held on call deposit and earn interest at the bank’s daily rate.
The Company’s net assets are sensitive to changes in interest rates on borrowings. There was no
exposure to fixed interest investment securities during the year or at the year end.
Interest rate sensitivity
If the above level of cash and revolving credit facility were maintained for a year and interest
rates were 100 basis points higher or lower, the net profit after taxation would be impacted by the
following amounts:
2022 2021
100 basis
points
increase
£’000
100 basis
points
decrease
£’000
100 basis
points
increase
£’000
100 basis
points
decrease
£’000
Revenue 1,109 (1,109) 852 (852)
Capital (350) 350 – –
Total 759 (759) 852 (852)
Liquidity risk
The Company’s assets comprise mainly securities listed on the stock exchanges of emerging economies.
Liquidity can vary from market to market and some securities may take a significant period to sell. As
a closed ended investment trust, liquidity risks attributable to the Company are less significant than
for an open-ended fund.
The risk of the Company not having sufficient liquidity at any time is not considered by the Board
to be significant, given the large number of quoted investments held in the portfolio and the liquid
nature of the portfolio of investments.
The Investment Manager reviews liquidity at the time of making each investment decision and
monitors the evolving liquidity profile of the portfolio regularly.
The below table details the maturity profile of the Company’s financial liabilities as at 31 March
2022, based on the earliest date on which payment can be required and current exchange rates as at
the Balance Sheet date:
As at 31 March 2022
In one year
or less
£’000
More than
one year
and not
later than
two years
£’000
More than
two years
and not
later than
three years
£’000
More than
three years
£’000
Total
£’000
Fixed term loan
2,089 2,089
102,095 – 106,273
Revolving credit facility
51,117 –
– – 51,117
Other payables
7,117 –
– – 7,117
Total
60,323 2,089
102,095 – 164,507
Notes to the Financial Statements (continued)
96 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Notes to the Financial Statements (continued)
As at 31 March 2021
(a)
In one year
or less
£’000
More than
one year
and not
later than
two years
£’000
More than
two years
and not
later than
three years
£’000
More than
three years
£’000
Total
£’000
Fixed term loan 2,100
2,089
2,089
102,095
108,373
Revolving credit facility
471 –
– – 471
Other payables
2,887 –
– – 2,887
Total 5,458 2,089 2,089 102,095 111,731
(a)
Comparative figures for the year ended 31 March 2021 have been revised to exclude the capital gains tax provision
from other payables as it does not meet the definition of a financial liability. Also, finance costs related to the revolving
credit facility have been presented separately from other payables.
Counterparty and credit risk
Certain transactions in securities that the Company enters into expose it to the risk that the
counterparty will not deliver the investment (purchase) or cash (in relation to sale or declared
dividend) after the Company has fulfilled its responsibilities. The Company only buys and
sells through brokers which have been approved by the Investment Manager as an acceptable
counterparty. In addition, limits are set as to the maximum exposure to any individual broker that
may exist at any time. These limits are reviewed regularly. The amounts under trade and other
receivables and cash and cash equivalents shown in the Statement of Financial Position represent
the maximum credit risk exposure at the year end.
The Company has an ongoing contract with its custodian (JPMorgan Chase Bank) for the provision
of custody services.
As part of the annual risk and custody review, the Company reviewed the custody services
provided by JPMorgan Chase Bank and concluded that, while there are inherent custody risks in
investing in emerging markets, the custody network employed by TEMIT has appropriate controls
in place to mitigate those risks, and that these controls are consistent with recommended industry
practices and standards.
Securities held in custody are held in the Company’s name or to its accounts. Details of holdings
are received and reconciled monthly. Cash is actively managed by Franklin Templeton’s Trading
Desk in Edinburgh and is typically invested in overnight time deposits in the name of TEMIT with
an approved list of counterparties. Any excess cash not invested by the Trading Desk will remain
in a JPMorgan Chase interest bearing account. There is no significant risk on debtors and accrued
income or tax at the year end.
During the year, the Company participated in a securities lending programme through JPMorgan
as the lending agents. As at 31 March 2022, the market value of the securities on loan and the
corresponding collateral received were as follows:
31 March 2022 31 March 2021
Counterparty
Market value
of securities
on loan
£’000
Market value
of collateral
received
£’000
Market value
of securities
on loan
£’000
Market value
of collateral
received
£’000
Merrill Lynch International 2,908 4,047 – –
Citigroup 382 558 82 119
Morgan Stanley – – 7,820 10,581
UBS – – 3,285 4,055
Total 3,290 4,605 11,187 14,755
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 97

The maximum aggregate value of securities on loan at any time during the year was £17,002,296.
The collateral received comprised investment grade sovereign bonds and treasury notes and bonds.
Fair value
Fair values are derived as follows:
• Where assets are denominated in a foreign currency, they are converted into the sterling amount
using period end rates of exchange;
• Non-current financial assets on the basis set out in the annual accounting policies; and
• Cash at the denominated currency of the account.
Investments held by the Company are valued in accordance with the accounting policies. The carrying
value of the other financial assets and liabilities of the Company which is included in the Statement of
Financial Position is a reasonable approximation of the fair value.
The tables below analyse financial instruments carried at fair value by valuation method. The different
levels have been defined as follows:


liability, either directly (prices) or indirectly (derived from prices); and

inputs).
The hierarchy valuation of listed investments through profit and loss are shown below:
31 March 2022 31 March 2021
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Listed investments 2,103,727 – 20,803
(a)(b)
2,124,530 2,548,121 50,954 – 2,599,075
(a)
On 31 March 2021 the company listing for Brilliance China Automotive was suspended from the Hong Kong stock
exchange. For the 31 March 2021 Annual Report, given the suspension the previous published market price was not
deemed representative of fair value and was subsequently reduced by 10% based on facts and circumstances known at
that date, as a result the fair value of the Company’s holding at 31 March 2021 was £50,594,000 and the stock disclosed
as Level 2. As the stock remained suspended at 31 March 2022 the stock has been transferred from Level 2 to Level 3.
The closing value of the Company’s holding as at 31 March 2022 was £20,803,000. This valuation was based on a beta
model with the unobservable inputs shown in the table below.
(b)
Russian investments in Gazprom, LUKOIL, Sberbank of Russia, VK, and Yandex have been fair valued at zero as at
31 March 2022 as a result of trading being suspended on international stock exchanges. These investments have been
transferred from Level 1 to Level 3.
The following table presents the key unobservable inputs for Brilliance China Automotive’s beta
model as at 31 March 2022:
Description
Fair value
£’000
Unobservable
input
Weighted
average input
Reasonable
possible shift
+/-
Reasonable
possible
shift +
£’000
Reasonable
possible
shift -
£’000
Equities 20,803 Index movement -12% 4% 1,157 (1,157)
Unleveraged beta 1.19 0.5 (1,434) 1,434
Notes to the Financial Statements (continued)
98 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Notes to the Financial Statements (continued)
The following table presents the movement in Level 3 investments for the year ended:
31 March 2022
£000
31 March 2021
£000
Opening balance – –
Transfers from Level 1 into Level 3 149,593 –
Transfers from Level 2 into Level 3 50,954 –
Net losses on investments at fair value (179,744) –
Level 3 closing balance 20,803 –
The fixed term loan is shown at amortised cost within the Statement of Financial Position. If the
fixed term loan was shown at fair value the impact would be to decrease the Company’s net assets
by £390,000. The fair value of the Company’s fixed term loan at the year-end was £100,390,000
(2021: £102,560,000). The fair value of the fixed term loan is calculated by aggregating the expected
future cash flows which are discounted at a rate comprising the sum of SONIA rate plus a static
spread. The fixed term loan is considered to be classed as Level 2.
16 Significant holdings in investee undertakings
As at 31 March 2022 and 2021, TEMIT had no significant holdings of 3% or more of any issued
class of security within the portfolio.
17 Contingent liabilities
No contingent liabilities existed as at 31 March 2022 or 31 March 2021.
18 Contingent assets
No contingent assets existed as at 31 March 2022 or 31 March 2021.
19 Financial commitments
No financial commitments existed as at 31 March 2022 or 31 March 2021.
20 Capital management policies and procedures
The Company’s objective is to provide long-term capital appreciation for private and institutional
investors seeking exposure to global emerging markets, supported by a culture of both strong
customer service and corporate governance.
The Board monitors and regularly reviews the structure of the Company’s capital on an ongoing
basis. This review includes the investment performance and outlook, discount management
mechanisms including share buybacks, gearing and the extent to which revenue in excess of that
which is required to be distributed under the investment trust rules should be retained.
The Company’s investment policy allows borrowing of up to 20% of net assets, measured at the
time of borrowing.
As at 31 March 2022, the Company had share capital and reserves of £2,100,390,000 (31 March 2021:
£2,591,287,000).
21 Events after the reporting period
Subsequent to the year end, the Investment Manager rolled forward the £50 million revolving facility
drawdown and took this borrowing out for a further six months.
The only other material post balance sheet event is in respect of the proposed dividend, which has
been disclosed in Note 13.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 99

The Company engages in Securities Financing Transactions (as defined in Article 3 of Regulation
(EU) 2015/2365) as a result of its stock lending programme. In accordance with Article 13 of the
Regulation, the Company’s involvement in and exposures related to SFT for the accounting period
ended 31 March 2022 are detailed below.
Amount of securities on loan
The total value of securities on loan as a proportion of the Company’s total lendable assets, as at
the balance sheet date, was 0.2%. Total lendable assets represent the aggregate value of asset types
forming part of the Company’s securities lending programme.
Collateral
The following table sets out details of the non-cash collateral received by the Company by way of
title transfer collateral arrangements in securities lending transactions as at the balance sheet date:
Issuer
Type and
quality of
collateral
(a)
Currency Maturity Tenor
31 March
2022
£000
31 March
2021
£000
Commonwealth of Australia Sovereigns Australian dollar More than 1 year – 560
Federal Republic of Germany Sovereigns Euro More than 1 year 8 9
Federal Republic of Germany Sovereigns Euro Less than 1 year 24 11
French Republic Government Sovereigns Euro More than 1 year 865 8,500
French Republic Government Sovereigns Euro Less than 1 year 38 2
Government of Canada Sovereigns Canadian dollar Less than 1 year – 1,049
Kingdom of Belgium Government Sovereigns Euro More than 1 year 14 2,376
Kingdom of Belgium Government Sovereigns Euro Less than 1 year – 1
Kingdom of The Netherlands Government Sovereigns Euro More than 1 year 612 347
Republic of Austria Government Sovereigns Euro More than 1 year 85 8
Republic of Austria Government Sovereigns Euro Less than 1 year 20 –
Republic of Finland Government Sovereigns Euro More than 1 year 1 6
Republic of Finland Government Sovereigns Euro Less than 1 year 15 –
Republic of Switzerland Government Sovereigns Euro More than 1 year 29 –
United States Treasury Treasury bonds US dollar More than 1 year 1,170 75
United States Treasury Treasury notes US dollar More than 1 year 1,232 1,811
United States Treasury Treasury notes US dollar Less than 1 year 390 –
United Kingdom Government Sovereigns Sterling More than 1 year 102 –
Total non-cash collateral received 4,605 14,755
(a)
 
are considered investment grade or below investment grade. Investment grade securities are those issued by an entity
with a minimum investment grade credit rating from at least one globally recognised credit rating agency.
Securities Financing Transactions – Unaudited
100 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Re-use of collateral
Non-cash collateral received by way of title transfer collateral arrangements in relation to securities
lending transactions cannot be sold, re-invested or pledged. The Company has the right to sell or
re-pledge non-cash collateral received in circumstances such as default.
Collateral received
All collateral received by the Company in respect of securities lending transactions is held at the
Company’s custodian, JPMorgan Chase Bank.
Counterparties
The following table provides details of the counterparties (based on gross volume of outstanding
transactions) in respect of securities lending transactions as at the balance sheet date and their
country of incorporation.
Counterparty
Country of
incorporation
31 March 2022
£000
31 March 2021
£000
Merrill Lynch International United Kingdom 2,908 –
Citigroup United States of America 382 82
Morgan Stanley United States of America – 7,820
UBS Switzerland – 3,285
Total gross volume of outstanding transactions 3,290 11,187
Maturity tenor of securities on loan
The following table provides an analysis of the maturity tenor of securities on loan outstanding as
at the balance sheet date.
Maturity tenor of securities on loan
31 March 2022
£000
31 March 2021
£000
Open maturity
3,290 11,187
Total securities on loan 3,290 11,187
The above maturity tenor analysis has been based on the respective transaction contractual
maturity date. Open maturity transactions are those transactions that are recallable or terminable
on a daily basis.
Securities Financing Transactions – Unaudited (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 101

Investor Information
Notice of Meeting
Notice is hereby given that the Annual General Meeting (“AGM”) will be held on Thursday 14 July
2022 at 12 noon at Barber-Surgeons’ Hall, Monkwell Square, Wood St, Barbican, London EC2Y 5BL.
While we hope that shareholders will be able to attend, the Directors are aware that Government
guidance and regulation relating to the COVID-19 pandemic may change. If we are obliged to
change the arrangements for the AGM after publishing this Notice, details will be published
via a Stock Exchange announcement in London and New Zealand and on our website.
Shareholders who plan to attend the AGM are encouraged to check the website before travelling
www.temit.co.uk.
The AGM will transact the following business:
To consider and, if thought fit, to pass the following resolutions. Resolutions 1 to 7 will be
proposed as ordinary resolutions and resolutions 8 to 10 will be proposed as special resolutions.
Ordinary Business
1. To receive and adopt the Directors’ and Auditor’s Reports and Financial Statements for the year
ended 31 March 2022.
2. To approve the Directors’ Remuneration Report for the year ended 31 March 2022.
3. To declare a final dividend of 2.80 pence per share for the year ended 31 March 2022.
4. To appoint the Directors:
4.1To re-elect Paul Manduca as a Director.
4.2To re-elect Charlie Ricketts as a Director.
4.3To re-elect David Graham as a Director.
4.4To re-elect Simon Jeffreys as a Director.
4.5To re-elect Magdalene Miller as a Director.
5. To re-appoint Ernst & Young LLP as auditor of the Company, to act until the conclusion of the
next general meeting of the Company at which audited accounts are laid before the members.
6. To authorise the Directors to determine the auditor’s remuneration.
Special Business
As an Ordinary Resolution
7. That, in substitution for any existing authority, the Directors be generally and unconditionally
authorised to allot equity securities (as defined in Section 560 of the Companies Act 2006
(the “Act”)) pursuant to Section 551 of the Act, up to an aggregate nominal amount of £2,942,000
(being an amount equal to 5% of the existing issued share capital of the Company as at
31 May 2022, being the latest practicable date before the date of this notice), provided that this
authority shall, unless renewed, varied or revoked by the Company, expire at the conclusion
of the annual general meeting of the Company to be held in 2023 save that the Company may,
before such expiry, make offers or agreements which would or might require equity securities to
be allotted and the Directors may allot equity securities in pursuance of such offer or agreement
notwithstanding that the authority conferred by this resolution has expired.
102 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

Notice of Meeting (continued)
As a Special Resolution
8. That, in substitution for any existing authority, subject to the passing of resolution 7, the
Directors be given the general power pursuant to sections 570 and 573 of the Act to allot equity
securities (as defined by Section 560 of the Act) for cash pursuant to the authority conferred
by resolution 7, and/or to sell equity securities held as treasury shares for cash pursuant to
Section 727 of the Act, in each case as if Section 561(1) of the Act did not apply to any such
allotment or sale, provided that this power shall be limited to:

way of rights or other pre-emptive offer or issue, open for acceptance for a period fixed by the
directors, to holders of ordinary shares (other than the Company) on the register on any record
date fixed by the directors in proportion (as nearly as may be) to the respective number of
ordinary shares deemed to be held by them, subject to such exclusions or other arrangements
as the directors may deem necessary or expedient in relation to fractional entitlements, legal or
practical problems arising in any overseas territory, the requirements of any regulatory body or
stock exchange or any other matter whatsoever;

ordinary shares having an aggregate nominal value, not exceeding the sum of £2,942,000 (being
an amount equal to 5% of the existing issued share capital of the Company as at 31 May 2022,
being the latest practicable date before the date of this notice); and

the prevailing NAV per share at the time of issue.
The power granted by this resolution will expire on the conclusion of the annual general
meeting of the Company to be held in 2023 (unless renewed, varied or revoked by the
Company prior to or on such date) save that the Company may, before such expiry, make
offers or agreements which would or might require equity securities to be allotted or equity
securities held as treasury shares to be sold after such expiry and the Directors may allot and/
or sell equity securities held as treasury shares in pursuance of any such offer or agreement
notwithstanding that the power conferred by this resolution has expired.
9. That in substitution for any existing authority, the Company be and is hereby authorised in
accordance with Section 701 of the Companies Act 2006 to make market purchases (within
the meaning of Section 693(4) of the Companies Act 2006), of its ordinary shares in issue,
provided that:
(i) the maximum number of ordinary shares hereby authorised to be purchased shall not
exceed 14.99% of the Company’s issued ordinary share capital, excluding treasury shares,
at the date of the passing of this resolution;
(ii) the minimum price which may be paid for a share shall be the nominal value of an ordinary
share (excluding expenses);
(iii) the maximum price which may be paid (excluding expenses) for a share shall not be more
than the higher of: (a) an amount equal to 105 per cent of the average of the closing mid-
market price for the ordinary shares (as derived from the Daily Official List of the London
Stock Exchange) for the five business days immediately preceding the date of purchase;
and (b) the higher of the last independent trade price and the highest current independent
purchase bid price on the trading venue where the purchase is carried out;
(iv) unless renewed, the authority hereby conferred shall expire on the conclusion of the annual
general meeting of the Company to be held in 2023, save that the Company may, and prior
to such expiry, enter into a contract to purchase shares which will or may be completed
wholly or partly after such expiry; and
(v) shares will only be purchased at a price which is at a discount to the prevailing NAV per
share at the time of purchase.
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 103

10. That a general meeting, other than an annual general meeting, may be called on not less than
14 clear days’ notice, such authority to expire at the conclusion of the annual general meeting
in 2023.
By order of the Board
Paul Manduca
14 June 2022
Registered Office: 5 Morrison Street, Edinburgh, EH3 8BH
Notes:
1. THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any
doubt as to what action you should take, you are recommended to seek your own financial advice from your
stockbroker or other independent financial adviser authorised under the Financial Services and Markets Act
2000.
2. If you have sold or transferred all of your shares in the Company, please forward this document, together with
the accompanying documents, as soon as possible either to the purchaser or transferee or to the person who
arranged the sale or transfer so that they can pass these documents to the person who now holds the shares.
3. The Company specifies that only those members registered on the Company’s register of members at 6.30 pm
on 12 July 2022 shall be entitled to vote at the annual general meeting (the “Meeting”).
4. A member of the Company entitled to vote at the Meeting may appoint a proxy or proxies to vote thereat
instead of him. A proxy need not be a member of the Company.
5. A member may appoint more than one proxy provided that each proxy is appointed to exercise rights
attached to different shares held by that member. A member may not appoint more than one proxy to exercise
rights attached to one share. Please contact the Company’s registrar Equiniti, at Aspect House, Lancing,
West Sussex BN99 6DA to appoint more than one proxy. In the case of joint holders, the vote of the senior
holder who tenders a vote shall be accepted to the exclusion of the votes of the other joint holders. Seniority is
determined by the order in which the names of the joint holders appear in the Company’s register of members
in respect of the joint holding (the first named being the most senior).
6. The right to appoint a proxy does not apply to persons whose shares are held on their behalf by another
person and who have been nominated to receive communications from the Company in accordance with
Section 146 of the Companies Act 2006 (“nominated persons”). Nominated persons may have a right under an
agreement with the registered shareholder who holds the shares on their behalf to be appointed (or to have
someone else appointed) as a proxy. Alternatively, if nominated persons do not have such a right, or do not
wish to exercise it, they may have a right under such an agreement to give instructions to the person holding
the shares as to the exercise of voting rights.
7. A proxy form is enclosed with copies of this Report which are sent to registered shareholders. A member can
only appoint a proxy using the procedures set out in these notes and the notes to the proxy form.
8. A proxy form must be returned to the Company’s registrar, Equiniti, Aspect House, Lancing, West Sussex
BN99 6DA to arrive not later than 12 noon on 12 July 2022. New Zealand registered shareholders must return
a proxy form to Computershare, Private Bag 92119, Auckland 1142, New Zealand to arrive not later than
5.00pm on 11 July 2022 (New Zealand time).
9. A corporation which is a member can appoint one or more corporate representatives who may exercise, on
its behalf, all of its powers as a member provided that no more than one corporate representative exercises
powers over the same share.
10. As at 31 May 2022, the Company’s issued share capital was 1,177,147,811 shares of 5 pence each. Each share
carries the right to vote at an annual general meeting of the Company and, therefore, the total number of
voting rights in the Company as at 31 May 2022 was 1,177,147,811.
Notice of Meeting (continued)
104 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

11. Copies of the letters of appointment of the Directors of the Company and the Articles of Association are
available for inspection at the Company’s registered office at 5 Morrison Street, Edinburgh, EH3 8BH, and
online at www.temit.co.uk until the close of the meeting and at the Meeting (for 15 minutes prior to the
Meeting and during the Meeting).
12. Electronic proxy appointment for CREST members (for UK only). CREST members who wish to appoint a
proxy or proxies through the CREST electronic proxy appointment service may do so for the Meeting and
any adjournment(s) thereof by using the procedures described in the CREST Manual which can be viewed
at www.euroclear.com. CREST Personal Members or other CREST sponsored members, and those CREST
members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting
service provider(s), who will be able to take the appropriate action on their behalf. In order for a proxy
appointment or instruction made using the CREST service to be valid, the appropriate CREST message
(a “CREST Proxy Instruction”) must be properly authenticated in accordance with Euroclear UK & Ireland
Limited’s (“EUI”) specifications and must contain the information required for such instructions, as described
in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an
amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted
so as to be received by the issuer’s agent (RA19) by the latest time(s) for receipt of appointments specified
in the Notice of Meeting or, in the event of an adjournment of the Meeting, 48 hours before the adjourned
meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp
applied to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the
message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions
to proxies appointed through CREST should be communicated to the appointee through other means. CREST
members and, where applicable, their CREST sponsors or voting service providers should note that EUI does
not make available special procedures in CREST for any particular messages. Normal system timings and
limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of
the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored
member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service
provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of
the CREST system by any particular time. In this connection, CREST members and, where applicable, their
CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual
concerning practical limitations of the CREST system and timings. The Company may treat as invalid a
CREST Proxy Instruction in the circumstances set out in Regulation 35(5) (a) of the Uncertificated Securities
Regulations 2001.
13. Electronic proxy appointment for non-CREST members (for UK only). Shareholders who prefer to register
the appointment of their proxy electronically via the Internet can do so through the Equiniti website at
www.sharevote.co.uk where full instructions on the procedure are given. The personal Voting ID, Task
ID and Shareholder Reference Number printed in the voting pack will be required to use this electronic
proxy appointment system. Alternatively, shareholders who have already registered with Equiniti’s
on-line portfolio service, Shareview, can appoint their proxy electronically by logging on to their portfolio
at www.shareview. co.uk using their user ID and password. Once logged in, click “View” on the
“My Investments” page, click on the link to vote then follow the on screen instructions. A proxy appointment
made electronically will not be valid if sent to any address other than those provided or if received after
12 noon on 12 July 2022. Please note that any electronic communication found to contain a computer virus
will not be accepted.
14. Electronic proxy appointment for New Zealand registered shareholders. New Zealand registered investors
who prefer to register the appointment of their proxy electronically via the Internet can do so through
the Computershare website at www.investorvote.co.nz, and enter the Control Number to be provided
by Computershare, where full instructions on the procedure are given. Your CSN (Common Shareholder
Number) and postal code will be required to use this electronic proxy appointment system. A proxy
appointment made electronically will not be valid if sent to any address other than that provided or if received
after 5.00pm (New Zealand time) on 11 July 2022. Please note that any electronic communication found to
contain a computer virus will not be accepted. New Zealand registered investors cannot appoint more than
one proxy when registering the appointment of their proxy electronically.
Notice of Meeting (continued)
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 105

Notice of Meeting (continued)
15. A member of the Company may make a request in accordance with Section 527 of the Companies Act
2006 to have a statement published on the Company’s website setting out an audit concern. This allows a
member or members having a right to vote at the Meeting and holding at least 5% of the total voting rights
of the Company, or at least 100 members having a right to vote at the Meeting and holding, on average, at
least £100 of the paid up share capital, to make a request so that the Company must publish on its website a
statement setting out any matter that such members propose to raise at the Meeting relating to the audit of the
Company’s accounts (including the auditor’s report and the conduct of the audit) that are to be laid before the
Meeting. Where the Company is required to publish such a statement on its website: (i) it may not require the
members making the request to pay any expenses incurred by the Company in complying with the request;
(ii) it must forward the statement to the Company’s auditor no later than the time at which the statement is
made available on the Company’s website; and (iii) the statement may be dealt with as part of the business of
the Meeting. A member wishing to request publication of such a statement on the Company’s website must
send the request to the Company in hard copy form to the Company Secretary or by email to enquiries@
franklintempleton.co.uk. The request must either set out the statement in full or, if supporting a statement sent
by another member, clearly identify the statement which is being supported and be received by the Company
at least one week before the Meeting. Please note that any electronic communication found to contain a
computer virus will not be accepted.
16. Any member has the right to ask questions. Pursuant to Section 319A of the Companies Act 2006, the
Company must provide an answer to any question which is put by a member relating to the business being
considered, except if a response would not be in the interests of the Company or for the good order of the
Meeting or if to do so would involve the disclosure of confidential information. The Company may, however,
elect to provide an answer to a question within a reasonable period of days after the conclusion of the
Meeting. The answers to questions raised by shareholders will be provided on our website.
17. In accordance with Section 311A of the Companies Act 2006, the contents of this Notice of Meeting, details of
the total number of shares in respect of which members are entitled to exercise voting rights at the Meeting
and, if applicable, any members’ statements, members’ resolutions or members’ matters of business received
by the Company after the date of this notice will be available on the Company’s website, www.temit. co.uk.
18. You may not use any electronic address provided either in this Notice of Meeting or any related documents
(including the Form of Proxy) to communicate with the Company for any purposes other than those
expressly stated.
106 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

The Board and Manager aim to keep shareholders informed and release the following information
on the Company’s website:
Daily
• Daily net asset value
Monthly
• Factsheet
• Investment Manager commentary
• Portfolio breakdowns
• Portfolio holdings
• Performance details
Quarterly
• Portfolio report released on quarter ends out-with financial reporting cycles
Ad hoc
• Emerging markets updates
• PRIIPS Key Information Document (KID)
(a)
• Stock exchange announcements
You can also download important documents such as the latest Investor Disclosure Document and
Company Policies from our website www.temit.co.uk.
You can also subscribe to have the latest updates sent directly to your email account.
(a)
Packaged Retail and Insurance-based Investment Products Regulation (the ‘PRIIPs Regulation’) require that the
Manager prepare a Key Information Document (KID) in respect of the Company. Investors should note that the basis
for calculating potential returns, costs and risks are prescribed by the law and the Board is not responsible for the
information contained in the KID. Investment returns stated in the KID may not be those expected of the Company
and are not guaranteed.
Investor Communications
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 107

General Information
REGISTERED OFFICE
5 Morrison Street
Edinburgh
EH3 8BH UK
(Registered No. SC118022)
www.temit.co.uk
REGISTRAR – UK
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
UK
www.equiniti.com
Tel (UK) 0371 384 2505
Tel (overseas) +44 121 415 7047
REGISTRAR – NEW ZEALAND
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna Auckland 0622
NEW ZEALAND
enquiry@computershare.co.nz
Tel +649 488 8777
ALTERNATIVE INVESTMENT FUND
MANAGER AND COMPANY SECRETARY
(until 30 September 2021)
Franklin Templeton International Services S.à r.l.
8a rue Albert Borschette
L-1246
LUXEMBOURG
ALTERNATIVE INVESTMENT FUND
MANAGER AND COMPANY SECRETARY
(effective from 1 October 2021)
Franklin Templeton Investment
Trust Management Limited
5 Morrison Street
Edinburgh
EH3 8BH
UK
FINANCIAL ADVISER AND STOCKBROKER
Winterflood Securities Limited
The Atrium Building
Cannon Bridge House
25 Dowgate Hill London EC4R 2GA
UK
SOLICITOR
CMS Cameron McKenna Nabarro Olswang LLP
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN UK
SOLICITOR
Buddle Findlay
HSBC Tower
Level 18, 188 Quay Street
PO Box 1433
Auckland 1140
New Zealand
CUSTODIAN
JPMorgan Chase Bank
25 Bank Street
London
E14 5JP
UK
DEPOSITARY
J.P. Morgan Europe Limited
25 Bank Street
London
E14 5JP UK
AUDITOR
Ernst & Young LLP
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
UK
108 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

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Equiniti, the Registrar, offers an online or telephone service where you can buy shares in TEMIT

 
this list to be a recommendation of the services which these providers offer.
 

authorised Financial Adviser.
Financial advice
We strongly recommend that you take independent financial advice before making any
investment. If you have a financial adviser then they will advise you on the best way to invest
in TEMIT. If you currently do not have a financial adviser, there are a number of resources
online to help you. For investors based in the UK, websites such as www.unbiased.co.uk or
www.vouchedfor.co.uk will provide you with details of financial advisers in your area.
NAV publication and reference codes


the Financial Times.
Codes:
 
 
 

www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 109


If you are a UK shareholder and your shares are held in your own name on the Company’s share
register, you can request that any dividend payments are used to purchase further shares in the


calling
If you invest through a nominee or investment platform and wish to reinvest dividends you will
need to contact them directly to find out what arrangements they offer.
Financial calendar
 
 
AGM 
 
 2
 2
 2

110 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk


Net asset value total return
A measure showing how the net asset value
(“NAV”) per share has performed over a
period of time, considering both capital
returns and dividends paid to shareholders
in sterling terms. Total return measures allow
shareholders to compare performance between
investment trusts where the dividend yield
may differ.
To calculate total return, it is assumed that
dividends are reinvested into the assets of the
Company at the prevailing NAV on the day

page 1). The NAVs include income for the
current period (“cum-income”).
To calculate capital return, revenue earnings

Total return calculation 2022
(a)
2021
(a)
  
  
c) Effect of dividend reinvestment
(b)
3.2 
d) Adjusted closing (b+c)  
NAV total return {(d-a)/a} (17.3)% 54.5%
(a)
Comparative figures for the year ended 31 March


25 pence into five ordinary shares of 5 pence each on

(b)








Share price total return
A measure showing how the share price has
performed over a period of time, considering
both capital returns and dividends paid to
shareholders in sterling terms. Total return
measures allow shareholders to compare
performance between investment trusts where
the dividend yield may differ.
To calculate total return, it is assumed that
dividends are reinvested into the shares of the
Company at the prevailing share price on the

(see page 1).
To calculate capital return, revenue earnings

Total return calculation 2022
(a)
2021
(a)
  
 
202.4

(b)
3.1 
d) Adjusted closing (b+c)  
Share price total return {(d-a)/a} (21.2)% 59.5%
(a)
Comparative figures for the year ended 31 March


25 pence into five ordinary shares of 5 pence each on

(b)








Share price discount to net asset value (“NAV”)
A measure showing the relationship between
the share price and the NAV, which is

share (see page 2
Company’s share price was  pence and
the NAV per share was  pence, therefore
the discount was ( – )/ = 12.2%

If the share price is lower than the NAV per
share, the shares are said to be trading at a
discount. If the share price is higher than
the NAV per share, the shares are said to be
trading at a premium.
Gearing/net gearing
A term used to describe the process of
borrowing money for investment purposes
in
investments purchased using the borrowings



by an additional 5%, positive or negative, as a
result of borrowings (see page 2).
www.temit.co.uk Templeton Emerging Markets Investment Trust PLC 111

Net gearing calculation
2022
£’000
2021
£’000
  
b) Cash held  
  
Total gearing = {(a-b)/c} 1.1% 0.5%
Ongoing charges ratio



daily net asset values of the Company for the
period and has been prepared in accordance
with the AIC’s recommended methodology.

recur in the foreseeable future. As at 31 March

For periods where the AIFM fee changes
during the year, the latest fee rate is used for

the ongoing charges to the
Company.
Ongoing charges calculation
2022
£’000
2021
£’000
s  
b) Average net assets  
Ongoing charges (a/b) 0.97% 0.97%
Gross total return
Gross total return is net asset value total return
12).
Excess return
The difference between the gross total return
of TEMIT and the benchmark total return
(see page 12).
Residual return
A measure representing the difference between


amount results from several factors, most
significantly the difference between the actual
trade price of securities included in actual
performance and the end of day price used to
calculate attribution (see page 12).
Benchmark return



stocks which should not be taken as wholly
representative of the Company’s investment
universe. The Company’s investment strategy

there may be material divergence between
the Company’s performance and that of the
benchmark.
Although not an alternative performance
measure, total return of the benchmark is
calculated on a closing market value to closing
market value basis, assuming that all dividends
received were reinvested into the shares of the
relevant companies at the time at which the



Capital return of the benchmark is calculated
the same way as total return, but with no
dividend reinvestment assumed (see page 2).


112 Templeton Emerging Markets Investment Trust PLC www.temit.co.uk

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