Statement of Half-Yearly Results to 30 Sept 22

Templeton Emerging Markets Investment Trust PLC ("TEMIT" or "the Company")
Unaudited Half Yearly Report to 30 September 2022
Legal Entity Identifier 5493002NMTB70RZBXO96

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 £1.9 billion as at 30 September 2022.
From its launch to 30 September 2022, TEMIT's net asset value ("NAV") total return was +3,481.8% compared
to the benchmark total return of +1,652.7%.

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 six months to 30 September 2022

Net asset value total
return (cum-income)
(a)

-8.3%
(2021: -7.5%)

Share price total
return
(a)

-8.5%
(2021: -9.8%)

MSCI Emerging Markets
Index total return
(a)(b)

-7.4%
(2021: -1.0%)

Interim dividend for
the financial year 2023
2.00p
(Interim dividend for
the financial year 2022:
1.00p)

Cumulative total return to 30 September 2022 (%)
(a)



6 Months 1
Year
3
Years
5
Years
10 Years
Net asset value (cum-income) -8.3 -18.0 -2.4 6.6 58.3
Share price -8.5 -20.1 -3.3 6.3 53.7
MSCI Emerging Markets Index -7.4 -12.8 4.8 11.8 66.5

(a)
A glossary of alternative performance measures is included on pages 37 and 38 of the full Half Yearly Report.
(b)
Source: MSCI. The Company's benchmark is the MSCI Emerging Markets Index, with net dividends
reinvested.

Chairman's Statement

Market overview and investment performance
The difficult market conditions that I described in the most recent Annual Report continued during the six-month
period under review. The news continues to be dominated by the Russian invasion of Ukraine and its ramifications,
particularly the impact on commodity prices. While governments around the world have sought to contain the
effect, particularly on fuel and food prices, there is a risk that inflation will become entrenched as workers
naturally seek to counterbalance the effects of price rises with wage rises, which can form an inflationary spiral.
In the developed world, central banks have sought to counter inflation expectations with increased interest rates
but controlling demand while not stifling growth is very difficult to achieve. While events in Ukraine have
overshadowed commodity and equity markets, there were also concerns over Chinese growth in light of the

government's interventions in private companies and continued pursuit of lockdowns to control the spread of
COVID-19.

The Net Asset Value ("NAV") of TEMIT's shares was volatile over the period. While by the end of August the
shares had recorded a small positive return, a very difficult September followed. This resulted in a net asset value
total return of -8.3%, compared with -7.4% for the benchmark index for the six months to 30 September 2022.
From 30 September 2022 to 6 December 2022, it has been heartening to see a small recovery in markets. TEMIT's
NAV total return over this period was 6.0% compared with 1.7% for the benchmark index.

Revenue and dividend
Net revenue earnings for the period under review amounted to 4.16 pence per share. As I have noted in the past,
it is too early to predict revenues for the full year but the majority of TEMIT's earnings are typically received in
the first half of the accounting year. Brazil's national oil and gas company Petroleo Brasileiro, in which the
Investment Manager invested in January, rose on the back of surging oil prices, which led to strong results for the
second quarter of 2022 and a dividend yield of around 20% in the same quarter. Petroleo Brasileiro's long-life oil
reserves, together with its strategy of deleveraging its balance sheet and exiting non-core assets allow for a
particularly strong dividend payout.

An interim dividend of 2.00 pence per share will be paid by TEMIT on 27 January 2023 to shareholders on the
register on 16 December 2022. This is an increase of 1.00 pence per share compared with last year's interim
dividend. This increase in the interim dividend recognises that there was a large imbalance between the interim
and final dividend in recent years and shareholders should note that this increase in the interim dividend does not
imply any intention to change the final dividend.

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. As well as the fixed borrowing, throughout the period £50 million was drawn
under the revolving credit facility which was subsequently repaid in October. The Investment Manager continues
to take a cautious view on the deployment of borrowing in light of market circumstances. As at 30 September
2022, there was significant cash in the portfolio and, net of this cash, the portfolio was not geared. I would once
again 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
Our managers remain very active in promoting TEMIT's shares to a wide variety of existing and potential investors
and have continued with their efforts to promote the Company despite the turbulent markets. The Board was
delighted that TEMIT won the award in the "Emerging Markets Equity - Active" category in the prestigious AJ
Bell Fund and Investment Trust Awards in September 2022. This was the third consecutive year that we have won
this award. The award is made on the basis of voting by private investors from a shortlist of open-ended funds,
ETFs and investment trusts drawn up by investment experts.

The market conditions that I describe above naturally led to pressure on the discount as investors sought safe
havens. The Board remains consistent in its view that share buybacks are a key tool in managing the balance
between supply and demand for the shares. As set out in the most recent Annual Report, selling pressure changed
dramatically following the Russian invasion of Ukraine and this has subsequently continued. In total over the six
months to 30 September 2022, £18.4 million was spent on share buybacks and, as all buybacks were at a discount
to the prevailing NAV, this resulted in an increase in the NAV of 0.15% to the benefit of remaining shareholders.

First Stewardship Report launched
I set out in the most recent Annual Report that 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. In order to explain in more detail their approach to this
important topic, our inaugural Stewardship Report for TEMIT was published in June and is available on our
website at www.temit.co.uk. This Report sets out in detail the approach to investing your Company's assets
sustainably and includes TEMIT-specific case studies as well as data highlighting the depth of engagement with
companies. I encourage you to download a copy if you have not already done so. The Investment Manager has
also provided a brief update of its stewardship activities as part of the Investment Manager's Report.

The Board

As previously announced, Beatrice Hollond retired from the Board at this year's Annual General Meeting and
Simon Jeffreys assumed the position of Senior Independent Director.

On 17 October 2022 we announced the appointment of Abigail Rotheroe as a director effective 1 November 2022.
Abigail has over 20 years of investment experience, most recently as the Investment Director at Snowball Impact
Management, a sustainable and impact-focused asset manager. Previously Abigail has managed retail and
institutional Asia Pacific portfolios in Hong Kong and London for Schroders, HSBC Asset Management Hong
Kong and Columbia Threadneedle Investments. She is a CFA Charterholder and has experience in manager
selection, sustainability, and impact measurement.

Management fee reduction
As previously announced, with effect from 1 July 2022 the fee paid to Franklin Templeton was reduced to:

• 1.0% of the first £1 billion of net assets;
• 0.75% of net assets between £1 billion and £2 billion; and
• 0.5% of net assets over £2 billion.

Annual General Meeting
The Board was pleased to welcome shareholders to the AGM again in July, having been obliged to hold the
previous two years' AGMs behind closed doors. All resolutions at the AGM were duly carried by a large majority
and I would like to thank shareholders for their continuing support. I recognise that some shareholders are unable
to attend meetings in person and if you have any questions, please send these by email
to temitcosec@franklintempleton.com or via www.temit.co.uk./investor/contact-us.





Outlook
It is likely that economic and market turbulence will continue for some time and the risk of further political and
economic shocks remains elevated, not least as Russia's war on Ukraine continues. The effects of high inflation,
the resulting increases in interest rates and strains on currency exchange rates are foremost in many investors'
minds. Uncertainties also continue in China where growth and sentiment are being impacted by the continued
zero-COVID policy of the government which is currently resulting in widespread social unrest. We will continue
to focus on the Chinese government's "common prosperity" agenda which has potential effects on the profitability
of some companies and on overall economic growth. Geopolitical concerns, and particularly relations between
China and United States, also remain a key issue.

At the time of writing the value of the US dollar against a basket of other currencies has moved down from the
high levels reached in September and equity markets are showing some signs of recovery. Commentators often
say that markets attempt to look 12-18 months into the future and it is possible that they are beginning to reflect
an eventual economic recovery. Our aim is to produce attractive returns over the long term. Countries making up
the emerging markets currently contribute a large proportion of the world's economic growth, and this appears
likely to continue. The markets in which our Investment Manager seeks opportunities have many advantages,
including relatively young and growing populations, growing wealth and expanding economies. Further, many of
the companies in which we are able to invest are highly innovative, and in some cases have world leading products
and are able to leapfrog their competitors in developed markets. As I said in the recent Annual Report, your Board
remains optimistic for emerging market equities over the long term, and this view is based on both the
opportunities presented and the resources which our Investment Manager deploys on shareholders' behalf.

Paul Manduca
Chairman
8 December 2022





Interim Management Report

Principal risks
The Company predominantly invests directly in the stock markets of emerging markets. The principal categories
of risks facing the Company, determined by the Board and described in detail in the Strategic Report within the
Annual Report and Audited Accounts, are:

• Market and geo-political;
• Pandemic;
• Cyber;
• Concentration;
• Sustainability and climate change;
• Foreign currency;
• Portfolio liquidity;
• Counterparty and credit;
• Operational and custody;
• Key personnel; and
• Regulatory.

The Board has provided the Investment Manager with guidelines and limits for the management of principal risks.
The key emerging risk faced by the Company during the year to 31 March 2022 was the Russian invasion of
Ukraine, and this was highlighted under geo-political and liquidity risks. The Board and Investment Manager are
aware that the economic challenges continue to be the key issue affecting investment markets around the world,
including the ongoing zero-COVID policy in China and its impact on economic growth as well as the continued
tensions between United States and China over trade and Taiwan. There have been no further changes to the
principal and emerging risks reported in the Annual Report and, in the Board's view, these principal and emerging
risks are equally applicable to the remaining six months of the financial year as they were to the six months under
review.

Related party transactions
There were no transactions with related parties during the period other than the fees paid to the Directors and the
AIFM.

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 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 continuing
ramifications of the Russian invasion of Ukraine, the impact of the ongoing zero-COVID policy in China and the
potential impact of the growing United States-China tensions around trade and Taiwan, the Directors are 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 these Financial Statements, and are satisfied that
the going concern basis is appropriate in preparing the Financial Statements.

Statement of Directors' Responsibilities
The Disclosure Guidance and Transparency Rules of the UK Listing Authority require the Directors to confirm
their responsibilities in relation to the preparation and publication of the Interim Management Report and
Financial Statements.

Each of the Directors, who are listed on page 35 of the full Half Yearly Report, confirms that to the best of their
knowledge:

(a) the condensed set of Financial Statements, for the period ended 30 September 2022, have been prepared in
accordance with the UK adopted International Accounting Standard (IAS) 34 "Interim Financial Reporting";
and
(b) the Half Yearly Report includes a true and fair view of the assets, liabilities, financial position and profit or
loss of the Company and a review of the information required by:

(i) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events
that have occurred during the first six months of the financial year and their impact on the condensed set
of Financial Statements, and a description of the principal risks and uncertainties for the remaining six
months of the year; and
(ii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that
have taken place in the first six months of the current financial year and that have materially affected the
financial position or performance of the entity during that period, and any changes in the related party
transactions described in the last annual report that could do so.





The Half Yearly Report was approved by the Board on 8 December 2022 and the above Statement of Directors'
Responsibilities was signed on its behalf by

Paul Manduca
Chairman
8 December 2022






Investment Manager's Report

Review of performance
Emerging markets collectively declined over the six months under review as market sentiment remained weak.
Rising inflation rates and the continuation of central bank interest rate increases depressed consumer and investor
sentiment, although Asian emerging markets experienced lower rates of increases than elsewhere. The MSCI
Emerging Markets Index returned -7.4% for the six-month period under review, whilst TEMIT delivered a net
asset value total return of -8.3% (all figures are total return in sterling). Full details of TEMIT's performance are
on page 1 of the full Half Yearly Report.

All regions declined during the period but Latin America was the best relative performer, as positive performance
in Chile limited the region's decline. Asia was the worst performing region during the six-month period despite
strong returns in India, as tech-heavy South Korea and Taiwan, as well as China, were largely responsible for the
region's lagging performance.

China was TEMIT's largest market exposure, although the portfolio remained underweight relative to the
benchmark. China was amongst the region's strongest markets during the first three months of the period, but
regional lockdowns related to the country's zero-COVID policy, continued regulatory uncertainty and a reeling
real estate market weighed on equity performance in the second three months of the period. For the six months,
Chinese equities declined significantly as it dealt with a slowing economy and weak investor sentiment. However,
we believe that China's government remains committed to fostering innovation as an economic growth engine,
and that we will see more regulatory clarity towards the end of the year and hope that the government will also
look to plan an exit from the current zero-COVID policy.

TEMIT's second-largest market position was in South Korea, where the portfolio was significantly overweight
versus the benchmark. South Korea experienced the largest emerging market decline, as its technology-heavy
market continued to struggle throughout the period. An export powerhouse, several South Korean exporters are
of global importance, supplying vital hardware. World-leading semiconductor and battery makers are benefitting
from the secular trends of increased computing power and greener mobility-some of which have accelerated as
we emerge from the COVID-19 pandemic. South Korea's advantages in innovation and intellectual property are
also evident, whilst the country's internet sector has also been thriving. However, the downtrend in the global
technology sector continues to weigh and an accompanying de-rating of sector valuations affected South Korea
in the third quarter of 2022.

The Taiwanese market also depressed the relative performance of TEMIT as its technology sector experienced
lower demand and higher costs. TEMIT's overweight allocation to Taiwan is largely attributable to exposure to
the island's semiconductor industry, chief amongst which was Taiwan Semiconductor Manufacturing ("TSMC"),
which is also the portfolio's largest holding. Technology's role as a key economic engine has only strengthened
during the pandemic. As technology has advanced, 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. Historically, many chip designers outsourced manufacturing to key
Taiwanese companies such as TSMC with specialised manufacturing prowess and lower costs. Some of these
manufacturers are now counted amongst the largest foundries globally and can partner with, and produce chips
for, clients anywhere in the world. This collaboration, rather than direct competition, is a key advantage of their
business model. Over time, their advantage has shifted from primarily cost-based to one of intellectual property,
with fewer competitors able to progress to the next level of technology. Although we see a promising long term
for the sector, a confluence of factors makes the short term less certain. At the start of the period, concerns around
component shortages and the durability of a price and demand recovery gave way to reduced demand, triggered
in part by higher global interest rates and inflation. However, we maintain a positive long-term view on Taiwan's
semiconductor industry. Despite growing geopolitical concerns around China's stated desire to absorb Taiwan,
we expect the current status quo to remain for the time being.

Although underweight relative to the benchmark, India was TEMIT's fourth largest exposure at the end of
September 2022. India was also a relative outperformer, benefitting from a decline in oil prices in the third quarter
of the year. Over the longer-term, we expect to see continued growth in Indian earnings due to positive
demographics for higher consumption, rising penetration in segments like finance and health care, and growth in
digitalisation. India is also benefitting from the "China+1" strategy amongst manufacturers. This strategy sees
companies establish an additional manufacturing base outside China to mitigate some of the supply chain risks
encountered during COVID-19. We remain focused on being selective and identify bottom-up opportunities based
on our assessment of a company's growth, quality and earnings sustainability.





Investment strategy, portfolio changes and performance attribution
The following sections show how different investment factors (stocks, sectors and geographies) accounted for the
Company's performance over the period.

We continue to emphasise our investment process 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.

Our investment style remains resolutely centred on finding good quality companies with sustainable earnings
power and whose shares trade at a discount relative to their intrinsic worth. We see high levels of leverage as a
risk and we seek to avoid companies with weak balance sheets.

We continue to utilise our research-based, active approach to help us to find companies which have high standards
of corporate governance, respect their shareholder base and understand the local intricacies that may determine
consumer trends and habits. Utilising our large team of analysts, we aim to maintain close contact with the board
and senior management of existing and potential investments and believe in engaging constructively with our
investee companies.

Whilst the immediate outlook is uncertain, this approach should help us best navigate the challenging market and
economic backdrop. Over time, we expect the long-term fundamentals of our holdings to remain intact.

Performance attribution analysis %

Six months to 30 September 2022 2021 2020 2019 2018
Net asset value total return
(a)


(8.3) (7.5) 31.3 6.3 (1.5)
Expenses incurred

0.5 0.5 0.5 0.5 0.6
Gross total return
(a)


(7.8) (7.0) 31.8 6.8 (0.9)
Benchmark total return
(a)


(7.4) (1.0) 24.4 2.2 (1.8)

Excess return
(a)


(0.4) (6.0) 7.4 4.6 0.9
Stock selection

2.9 (4.3) 2.5 2.6 (0.2)
Sector allocation

(2.2) (1.4) 4.0 1.6 (0.5)
Currency

(1.1) (0.5) 0.5 0.4 1.1
Share buyback impact

0.1 0.0 0.3 0.2 0.7
Residual return
(a)


(0.1) 0.2 0.1 (0.2) (0.2)
Total Investment Manager contribution (0.4) (6.0) 7.4 4.6 0.9
Source: FactSet and Franklin Templeton.
(a)
A glossary of alternative performance measures is included on pages 37 and 38 of the full Half Yearly Report.

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 30.1

1.8
Daqo New Energy

China/Hong Kong

Information
Technology
51.2

0.8
Petroleo Brasileiro

Brazil

Energy 37.3

0.7
Bajaj Holdings & Investments
(b)


India

Financials 42.8

0.5
Genpact
(b)(c)


United States

Information
Technology
19.0

0.5
Banco Santander Mexico
(b)


Mexico

Financials 26.7

0.5
Prosus
(b)


China/Hong Kong

Consumer
Discretionary
16.1

0.4
Unilever
(b)(c)


United Kingdom

Consumer Staples 17.1

0.3
Itaú Unibanco

Brazil

Financials 7.9

0.3
Guangzhou Tinci Materials
Technology

China/Hong Kong

Materials (1.1)

0.3


(a)
For the period 31 March 2022 to 30 September 2022.
(b)
Security not included in the MSCI Emerging Markets Index as at 30 September 2022.
(c)
This security, listed on a stock exchange in a developed market, has significant exposure to operations from
emerging markets.





ICICI Bank is an Indian bank engaged in retail, corporate and treasury services. The bank reported first quarter
fiscal 2023 earnings which were ahead of expectations, led by a sharp increase in non-interest income and an
increase in net interest margins. Momentum from a favourable quarterly report announced in late July and good
economic datapoints boosted returns. The bank's healthy capital adequacy ratios and strong franchise place it in a
good position to capitalise on the growth opportunity in the Indian economy.

Daqo New Energy, the Chinese producer of polysilicon for the solar industry, experienced a sharp increase in its
share price during the period. The company raised its annual production volume target and is positive on the
outlook for polysilicon prices. Investors are attracted to the company given its focus on renewable energy which
is forecast to continue growing significantly in the coming years.

Brazil's national oil and gas company Petroleo Brasileiro ("Petrobras") rose on the back of surging oil prices,
which led to strong results for the second quarter of 2022 and a dividend yield of around 20% in the same quarter.

Petrobras' long-life oil reserves, together with its strategy of deleveraging its balance sheet and exiting non-core
assets allow for a strong dividend payout.

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
NAVER South Korea Communication Services (43.7)(1.2)
Taiwan Semiconductor
Manufacturing
Taiwan Information Technology (24.3)(1.0)
Samsung Electronics South Korea Information Technology (23.4)(0.8)
MediaTek Taiwan Information Technology (28.7)(0.7)
Meituan
(b)
China/Hong Kong Consumer Discretionary 25.2(0.4)
China Merchants Bank China/Hong Kong Financials (21.3)(0.3)
Cognizant Technology
Solutions
(c)(d)

United States Information Technology (24.0)(0.3)
Soulbrain
(c)
South Korea Materials (28.0)(0.3)
Americanas Brazil Consumer Discretionary (45.8)(0.3)
Alibaba China/Hong Kong Consumer Discretionary (18.2)(0.2)

(a)
For the period 31 March 2022 to 30 September 2022.
(b)
Security not held by TEMIT as at 30 September 2022.
(c)
Security not included in the MSCI Emerging Markets Index as at 30 September 2022.
(d)
This security, listed on a stock exchange in a developed market, has significant exposure to operations from
emerging markets.

NAVER declined in the third quarter after it fell short of consensus second quarter earnings estimates. The
company operates South Korea's largest search engine, and offers e-commerce, fintech and digital content services.
Its share price has been on a declining trend due to slower growth in the post-COVID environment. Concerns that
expansion into unprofitable new businesses with lower margins also negatively impacted market sentiment.
However, we believe that NAVER is in a good position to build a thriving ecosystem integrating e-commerce,
payments and digital content based on its solid foundation in search and advertising.

After losing ground in August due to lower chip demand throughout the industry, TSMC shares took another hit
in late September when Apple reported lower demand for its new iPhone 14. TSMC is the world's largest foundry
semiconductor manufacturer. The company's share price has been under pressure, despite solid second quarter
results which saw management increase third quarter sales guidance. The company is a beneficiary of the
digitisation trend, and of increased penetration of semiconductors in consumer goods ranging from cars to
domestic appliances. Nevertheless, it cannot escape the short-term downtrend in the global technology sector and
the accompanying de-rating of sector valuations.

Samsung Electronics is one of the largest memory semiconductor manufacturers in the world. The company
experienced downward pressure in its share price in the period under review as rising inventory levels have
converged with increased global economic uncertainty, resulting in an inventory adjustment amongst customers.
In addition to the already weakening demand in PC and mobile segments, there are concerns over the outlook for
server demand. Consensus estimates amongst analysts for sales in 2023 peaked in May and have been trending
lower since then. We partially reduced our overweight exposure during the period.





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
Financials (3.5)2.4Consumer Discretionary 1.9(1.1)
Energy 8.60.3Communication
Services
(14.6)(0.8)
Real Estate (10.5)0.1Information Technology (20.7)(0.5)

Utilities 8.0(0.3)

Industrials (3.3)(0.3)

(a)
For the period 31 March 2022 to 30 September 2022.

Favourable stock selection and a significant overweight position in the financial sector added to TEMIT's
performance relative to the benchmark. ICICI Bank, mentioned above, was the primary contributor to the sector.
The energy sector also contributed to relative results, despite an underweight that detracted, thanks to strong
performance from Petrobras (discussed above). Real estate was the only other sector in the portfolio to post a
positive result during the period, thanks to modest contributions from both an underweight position and stock
selection.

Stock selection in the consumer discretionary sector weighed on relative performance, where Americanas,
Alibaba, and a lack of exposure to benchmark holding Meituan were all amongst the top 10 detractors in the
portfolio. The communication services sector, where stock selection weighed on results, also had a negative
impact. NAVER (discussed above) was the key detractor in the communication services sector. A significant
overweight position in information technology hindered relative returns, although stock selection helped
mitigate some of the negative effect. TSMC and Samsung Electronics (discussed above) were the heaviest
decliners relative to the benchmark in the information technology sector.

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 (2.6)0.9 South Korea (21.9)

(1.4)
India 8.90.7 Taiwan (18.0)

(1.1)
South Africa (19.9)0.7 Saudi Arabia
(c)
3.2

(0.5)
Mexico (6.1)0.4 China/Hong Kong (5.6)

(0.4)
United Kingdom
(b)
-0.3 Indonesia 15.9

(0.2)

(a)
For the period 31 March 2022 to 30 September 2022.
(b)
No companies included in the MSCI Emerging Markets Index in this country as at 30 September 2022.
(c)
No companies held by TEMIT in this country as at 30 September 2022.

A significant overweight position in the underperforming South Korean market hurt relative results. Key stocks
included NAVER and Samsung Electronics, discussed earlier. In Taiwan, selections including the portfolio's
largest holding, TSMC, hindered performance, while MediaTek had a lesser negative effect. A slight overweight
in the market also hurt relative returns. China, as discussed above, also detracted, although a slight underweight
helped mute underperformance. Lack of exposure to Meituan, a food-delivery platform, and an overweight in
China Merchants Bank were the top detractors.

Brazil was the major positive contributor to relative performance. An overweight exposure and favourable stock
selection had a positive impact, and Petrobras (discussed above and also overweighted) contributed significantly.
An overweight in top-performing ICICI Bank (discussed above) led India to an outsized positive result during
the period, as did off-benchmark exposure to Bajaj Holdings & Investments. Stock selection and an underweight
in South Africa also delivered positive results led by an off-benchmark investment in Massmart.





Portfolio changes by sector

Total return in sterling
Sector
31 March
2022
market
value £mPurchases £m
Sales
£m
Market
movement
£m
30 September
2022 market
value
£m
TEMIT
%
MSCI
Emerging
Markets
Index %
Information
Technology
73727(102)(137) 525(17.4) (20.7)
Financials 47351(46)24 5026.3 (3.5)
Consumer
Discretionary
26630(30)(22) 244(7.8) 1.9
Communication
Services
21218(11)(47) 172(23.3) (14.6)
Materials 20810(34)(31) 153(13.8) (12.8)
Industrials 6228(1)(7) 82(7.9) (3.3)
Consumer Staples 825(16)10 8114.4 7.7
Energy 3625(1)(2) 5833.7 8.6
Health Care 337(2)(5) 33(11.4) (7.2)
Real Estate 16-(6)- 10(8.8) (10.5)
Utilities -10(11)2 117.6 8.0
Total Investments 2,125211(260)(215) 1,861


Sector asset allocation
As at 30 September 2022

Sector weightings vs benchmark (%)


TEMIT
MSCI Emerging Markets
Index
Information Technology 28.218.2
Financials 26.922.6
Consumer Discretionary 13.114.0
Communication Services 9.39.7
Materials 8.28.7
Industrials 4.45.8
Consumer Staples 4.36.6
Energy 3.25.3
Health Care 1.83.9
Real Estate 0.52.0
Utilities 0.13.2


Portfolio changes by country

Total return in sterling

Country
31 March
2022 market
value £m
Purchases
£m
Sales
£m
Market
movement
£m
30 September
2022 market
value
£m
TEMIT
%
MSCI
Emerging
Markets
Index %
China/Hong Kong 60563(74)(50)544 (7.7)(5.6)
South Korea 48711(67)(107)324 (22.4)(21.9)
Taiwan 36319(15)(93)274 (23.8)(18.0)
India 18844(47)46231 22.08.9
Brazil 21029(18)(15)206 2.2(2.6)
Other 27245(39)4282 --
Total Investments 2,125211(260)(215)1,861






Geographic asset allocation
As at 30 September 2022

Country weightings vs benchmark (%)
(a)



TEMIT
MSCI Emerging Markets
Index
China/Hong Kong 29.231.4
South Korea 17.410.7
Taiwan 14.713.7
India 12.415.3
Brazil 11.15.7
United States
(b)
3.9-
Thailand 2.62.1
Mexico 2.02.3
United Kingdom
(b)
1.8-
Indonesia 1.02.2
Hungary 0.80.2
South Africa 0.73.4
Chile 0.60.6
Peru 0.50.2
Cambodia
(b)
0.4-
Philippines 0.30.7
Pakistan
(b)
0.3-
Kenya
(b)
0.3-
United Arab Emirates 0.01.4
Russia
(b)(c)
0.0-

(a)
Other countries included in the benchmark are Colombia, Czech Republic, Greece, Kuwait, Malaysia, Poland,
Qatar, Romania, Saudi Arabia, Singapore and Turkey.
(b)
Countries not included in the MSCI Emerging Markets Index.
(c)
All companies held by TEMIT in this country are valued at zero.

Portfolio investments by fair value
As at 30 September 2022

Holding Country Sector Trading
(a)

Fair value
£'000
% of
net
assets
Taiwan Semiconductor
Manufacturing
Taiwan Information Technology NT 194,25910.4
ICICI Bank India Financials PS 128,8056.9
Samsung Electronics South Korea Information Technology PS 108,7805.8
Alibaba
(b)
China/Hong Kong Consumer Discretionary PS 102,7445.5
Tencent China/Hong Kong Communication
Services
IH 74,6104.0
MediaTek Taiwan Information Technology IH 63,1473.4
Petroleo Brasileiro
(c)
Brazil Energy IH 53,2422.9
Banco Bradesco
(c)(d)
Brazil Financials IH 51,3322.7
NAVER South Korea Communication
Services
IH 50,5082.7
China Merchants Bank China/Hong Kong Financials IH 49,0442.6
TOP 10 LARGEST
INVESTMENTS

876,47146.9
LG South Korea Industrials NT 48,9442.6
Itaú Unibanco
(c)(d)
Brazil Financials IH 48,2332.6
Genpact
(e)
United States Information Technology IH 44,1242.4
Guangzhou Tinci Materials
Technology
China/Hong Kong Materials PS 43,7402.3
Prosus
(f)
China/Hong Kong Consumer Discretionary PS 40,0172.1
Vale Brazil Materials IH 38,6042.1
Samsung Life Insurance South Korea Financials NT 36,3882.0
Banco Santander Mexico
(d)
Mexico Financials NH 33,5491.8
Unilever
(e)
United Kingdom Consumer Staples PS 33,0481.8
Daqo New Energy
(d)
China/Hong Kong Information Technology PS 30,7101.6
TOP 20 LARGEST
INVESTMENTS

1,273,82868.2
Cognizant Technology Solutions
(e)
United States Information Technology NT 28,6411.5
Techtronic Industries China/Hong Kong Industrials IH 28,2451.5
HDFC Bank India Financials NH 27,9451.5
Kasikornbank Thailand Financials NT 25,3291.3
Bajaj Holdings & Investments India Financials PS 23,0881.2
Soulbrain South Korea Materials IH 21,6271.2
POSCO South Korea Materials NT 21,1531.1
Uni-President China China/Hong Kong Consumer Staples IH 20,3781.1
Ping An Insurance China/Hong Kong Financials IH 19,4751.0
Tata Consultancy Services India Information Technology PS 18,6871.0
TOP 30 LARGEST
INVESTMENTS

1,508,39680.6
Astra International Indonesia Consumer Discretionary PS 18,4651.0
Brilliance China Automotive
(g)
China/Hong Kong Consumer Discretionary NT 18,3661.0
Zomato India Consumer Discretionary NH 17,0690.9
Fila South Korea Consumer Discretionary NT 16,6330.9
Baidu China/Hong Kong Communication
Services
IH 16,2930.9
Hon Hai Precision Industry Taiwan Information Technology PS 16,0930.8

Holding Country Sector Trading
(a)

Fair value
£'000
% of
net
assets
Infosys Technologies India Information Technology IH 15,4630.8
Gedeon Richter Hungary Health Care NT 14,4950.8
Tencent Music Entertainment
(d)
China/Hong Kong Communication
Services
PS 14,2690.8
NetEase China/Hong Kong Communication
Services
PS 14,2520.8
TOP 40 LARGEST
INVESTMENTS

1,669,79489.3
China Resources Cement China/Hong Kong Materials PS 12,4510.7
Ping An Bank China/Hong Kong Financials NT 12,3400.6
Banco Santander Chile
(d)
Chile Financials NH 10,7000.5
Intercorp Financial Services Peru Financials IH 9,2530.5
Americanas Brazil Consumer Discretionary IH 9,1830.5
Kiatnakin Phatra Bank Thailand Financials NT 8,9520.5
Keshun Waterproof
Technologies
China/Hong Kong Materials PS 8,9000.5
LegoChem Biosciences South Korea Health Care IH 8,1220.4
Massmart South Africa Consumer Staples PS 8,0160.4
Thai Beverage Thailand Consumer Staples NT 7,6390.4
TOP 50 LARGEST
INVESTMENTS

1,765,35094.3
NagaCorp Cambodia Consumer Discretionary PS 6,8730.4
LG Chem South Korea Materials PS 6,7930.4
H&H Group China/Hong Kong Consumer Staples IH 6,4090.3
Star Petroleum Refining Thailand Energy NH 6,1450.3
BDO Unibank Philippines Financials NT 5,8850.3
Netcare South Africa Health Care IH 5,7400.3
MCB Bank Pakistan Financials NT 4,9930.3
COSCO SHIPPING Ports China/Hong Kong Industrials IH 4,9390.3
East African Breweries Kenya Consumer Staples NT 4,9130.3
Wuxi Biologics China/Hong Kong Health Care PS 4,8990.3
TOP 60 LARGEST
INVESTMENTS

1,822,93997.5

China Resources Land China/Hong Kong Real Estate PS 4,7930.3

Longshine Technology Group China/Hong Kong Information Technology PS 4,7810.3

Greentown Service Group China/Hong Kong Real Estate PS 4,7600.2

Nemak Mexico Consumer Discretionary NT 4,4170.2

XP Inc Brazil Financials NT 4,3840.2

Hankook Tire South Korea Consumer Discretionary NT 3,3380.2

JD.com China/Hong Kong Consumer Discretionary NT 2,6050.1

Weifu High-Technology China/Hong Kong Consumer Discretionary NT 2,4610.1

KT Skylife South Korea Communication
Services
NT 2,1790.1

BAIC Motor China/Hong Kong Consumer Discretionary NT 1,8760.1

TOP 70 LARGEST
INVESTMENTS

1,858,53399.3

Holding Country Sector Trading
(a)

Fair value
£'000
% of
net
assets

TOTVS Brazil Information Technology PS 8850.1

Dubai Electricity and Water
Authority
United Arab
Emirates
Utilities NH 8170.0

Chervon Holdings China/Hong Kong Consumer Discretionary PS 2790.0

Yandex
(h)
Russia Communication
Services
NT --

LUKOIL
(h)
Russia Energy NT --

VK
(h)(i)
Russia Communication
Services
NT --

Sberbank of Russia
(h)
Russia Financials NT --

TOTAL INVESTMENTS

1,860,51499.4

NET ASSETS

11,2470.6

TOTAL NET ASSETS

1,871,761100.0

(a)
Trading activity during the year: (NH) New Holding, (IH) Increased Holding, (PS) Partial Sale and (NT) No
Trading.
(b)
Company is listed on the Hong Kong and New York stock exchanges.
(c)
Preferred shareholders are entitled to dividends before ordinary shareholders.
(d)
US listed American Depository Receipt.
(e)
This company, listed on a stock exchange in a developed market, has significant exposure to operations from
emerging markets.
(f)
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.
(g)
Trading of this company's shares on the Hong Kong stock exchange has been suspended since 31 March 2021.
Shares resumed trading on 5 October 2022.
(h)
This company is fair valued at zero as a result of its trading being suspended on international stock exchanges.
(i)
UK listed Global Depository Receipt.

Portfolio summary

As at 30 September 2022
All figures are a % of the net assets


Commun
ication
Services
Consum
er
Discreti
onary
Cons
umer
Staple
s
Ene
rgy
Finan
cials
Hea
lth
Car
e
Indust
rials
Inform
ation
Techno
logy
Mate
rials
Re
al
Est
ate
Utili
ties

Tota
l
Equi
ties
Net
assets/(liab
ilities)
(a)

30
Septe
mber
2022
Total
31
Ma
rch
202
2
Tot
al
Brazil -0.5- 2.9 5.5-- - 2.1--11.0-11.010.0
Cambodia -0.4- - --- - ---0.4-0.40.4

Chile --- - 0.5-- - ---0.5-0.5-
China/Hon
g Kong
6.58.91.4 - 4.3 0.3 1.8 1.9 3.40.5-29.0-29.028.8
Egypt --- - --- - ------0.1
Germany --- - --- - ------0.1
Hungary --- - - 0.8 - - ---0.8-0.80.7
India -0.9- - 9.6-- 1.8 ---12.3-12.39.1
Indonesia -1.0- - --- - ---1.0-1.00.9
Kenya --0.3 - --- - ---0.3-0.30.2
Mexico -0.2- - 1.8-- - ---2.0-2.01.6
Pakistan --- - 0.3-- - ---0.3-0.30.4
Peru --- - 0.5-- - ---0.5-0.50.5
Philippines --- - 0.3-- - ---0.3-0.30.3
Russia
(b)
--- - --- - ---0.0-0.00.0
South
Africa
--0.4 - - 0.3 - - ---0.7-0.70.6
South
Korea
2.81.1- - 2.0 0.4 2.6 5.8 2.7--17.4-17.423.2
Taiwan --- - --- 14.6 ---14.6-14.617.3
Thailand --0.4 0.3 1.8-- - ---2.5-2.52.1
United
Arab
Emirates
--- - --- - --0.1 0.1-0.1-
United
Kingdom
--1.8 - --- - ---1.8-1.81.4
United
States
--- - --- 3.9 ---3.9-3.93.4
Net
assets/(liab
ilities)
(a)

--- - --- - ----0.6 0.6(1.1
)
30
Septembe
r 2022
Total
9.313.04.3 3.2 26.61.8 4.4 28.0 8.20.5 0.199.40.6 100.0-
31 March
2022 Total
10.212.73.8 1.7 22.61.5 2.9 35.1 9.90.7-101.
1
(1.1)-100.
0


(a)
The Company's net assets/(liabilities) are the total of net current assets plus non-current liabilities per the
Statement of Financial Position on page 25 of the full Half Yearly Report.
(b)
All companies held by TEMIT in this country are valued at zero.

Market capitalisation breakdown
(%)
Less than
£1.5bn
£1.5bn to
£5bn
£5bn to
£25bn
Greater than
£25bn
Net assets/
(liabilities)
(a)
30 September 2022 5.79.525.458.8 0.6
31 March 2022 7.78.016.568.9 (1.1)






30 September31 March

Split between markets
(b)
(%) 20222022
Emerging markets 93.095.6
Developed markets
(c)
5.74.9
Frontier markets 0.70.6
Net assets/(liabilities)
(a)
0.6(1.1)

Source: FactSet Research System, Inc.
(a)
The Company's net assets/(liabilities) are the total of net current assets plus non-current liabilities per the
Statement of Financial Position on page 25 of the full Half Yearly Report.
(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 United Kingdom and United States which have
significant exposure to operations from emerging markets.

Environmental, Social and Governance
We continue to embed governance and sustainability factors into our fundamental bottom-up research and remain
active owners across our holdings. This involves integrating Environmental, Social and Governance ("ESG")
factors into our stock thesis, engaging with investee companies on material ESG issues and actively voting on
behalf of our investors. In addition, we monitor the potential ESG externalities that may be exhibited by our
investee companies, including TEMIT's portfolio carbon footprint where our portfolio managers seek to
understand the carbon risk profile. We provide below a short summary of our process over the six-month period
under review.

Integrating ESG factors
During the six months, we purchased shares in HDFC Bank. HDFC Bank is India's largest private sector bank
by advances and remains one of the fastest growing banks with consistent market share gains while also
maintaining high profitability and strong asset quality. Considering its ESG practices, the bank remains one of the
best governed banks in India. The senior management team are well respected within the industry, remuneration
is in line with industry best practices, and the bank's Employee Stock Option Plan ("ESOP") ensures alignment
with shareholders. Post the CEO change, governance and control mechanisms remain a critical focus to us. In
addition, the bank's internal policies and outcomes on environmental and social issues are strong with no material
red flags. The bank has policies in place to consider environmental and social impacts in its underwriting process.
For large long-term loans, the bank has put in place a Social and Environmental Management System ("SEMS")
framework that assesses and considers numerous parameters such as social impact and emissions. We believe the
bank is well positioned to manage its operational ESG footprint.

Climate change

TEMIT Carbon Footprint vs. MSCI EM Index - 30 September 2022
(a)



Carbon Emissions
(tCO2e/$M invested)
Carbon Intensity
(tCO2e/$M sales)
Weighted Average Carbon
Intensity (tCO2e/$M
sales)
Portfolio 269.2 369.3 216.1
Benchmark 296.6 384.8 345.1

(a)
Source: MSCI ESG as at 11 October 2022, portfolio coverage 94% (79% reported, 15% estimated); MSCI EM
coverage 100% (77% reported, 23% 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.
The TEMIT Portfolio Carbon Emissions are 9.2% lower than the MSCI Emerging Markets benchmark, Carbon
Intensity is 4.0% lower and Weighted Average Carbon Intensity ("WACI") is 37.4% lower. TEMIT's portfolio

carbon risk is concentrated amongst a small number of companies, with the top five companies in terms of carbon
intensity representing 7.6% of the portfolio and accounting for 71.5% of the total portfolio WACI.

Active ownership
As investors with a significant presence in emerging markets, our investment team's active ownership efforts are
a key part of the overall approach to stewardship. Over the six-month period, we have engaged with several of
our investee companies on material governance and sustainability issues. For example we (i) reached out to KT
Skylife to recommend that the company adopts a more transparent and attractive dividend payout policy; (ii) had
an in-depth dialogue with Genpact where the conversation was focused on learning more around the company's
ESG strategy, its alignment with UN Sustainable Development Goals ("SDGs") from a product/services
perspective, its thoughts on net-zero commitment and its management of human capital; and (iii)
engaged Soulbrain across multiple areas to request clarification on topics such as executive remuneration, whilst
also encouraging improved disclosure on ESG issues. These discussions help us to gain a number of fundamental
and sustainability insights. We believe that our engagement efforts are key to developing both a detailed
understanding of companies and improving outcomes for shareholders as well as stakeholders more broadly.

We look forward to sharing a more detailed account of our stewardship practices in the next Annual Report and
dedicated Stewardship Report.

Outlook for markets
Inflation remains a multi-layered challenge for policymakers. Whilst the shift from easier policies during the
pandemic to tighter policies in a supply chain-constrained world may previously have taken place at a slower pace
than required, there is no doubt that central banks have fully reasserted their inflation fighting credentials. By mid-
November 2022, the US Federal Reserve had raised interest rates six times this year, by a cumulative 3.75% to
4.00%, the highest level since January 2008. Inflation in the euro area meanwhile rose to a record 10.6% in
October 2022, which is likely to lead to further interest rate increases by the European Central Bank.

Interest rate increases in emerging markets ("EMs") have been less than developed markets ("DMs"), reflecting
more subdued inflationary pressures, helped largely by significantly less fiscal expansion during lockdowns.
Using real interest rates as a proxy for the monetary policy stance, markets such as Brazil are experiencing tight
monetary policy, whereas policy in the US and Euro Area remain loose. This has implications for the timing of
eventual interest rate cuts, with Brazil likely to join China in cutting rates in 2023. In isolation, this would be
positive for investors. However, we acknowledge the challenging global backdrop and the need to see an
improvement in global growth and/or a weaker US dollar to enable the positive impact of lower interest rates to
filter through to the market in these countries.

The Chinese property market continues to struggle, which is impacting domestic growth as well as demand for
key commodities involved in construction, including cement and steel. A 40% decline in new real estate
construction starts as well as single-digit growth in infrastructure investment have contributed to the weakness in
growth.

Slower global growth, a strong US dollar, global supply chain woes as well as domestic economic factors have
created headwinds for EMs. Nevertheless, we believe in their long-term growth potential, as economic growth in
EMs has continued to outpace that in DMs. EMs are home to companies with exposure to new technologies
driving future sustainable economic growth. From solar and electric vehicle battery producers to semiconductor
designers and manufacturers, the acceleration of innovation in EM is driving our confidence in the asset class.
Despite the current challenges, we continue to see opportunities to invest in companies with a technological edge
which are investing to drive growth.

Chetan Sehgal
Lead Portfolio Manager
8 December 2022



Independent Review Report
to the members of Templeton Emerging Markets Investment Trust plc

Conclusion

We have been engaged by Templeton Emerging Markets Investment Trust plc ('the Company') to review the
condensed set of Financial Statements in the Half Yearly Report for the six months ended 30 September 2022
which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes
in Equity, Statement of Cash Flows, and related notes 1 to 8. We have read the other information contained in the
Half Yearly Report and considered whether it contains any apparent misstatements or material inconsistencies
with the information in the condensed set of Financial Statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial
Statements in the Half Yearly Report for the six months ended 30 September 2022 is not prepared, in all material
respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review
of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the
Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual Financial Statements of the Company are prepared in accordance with UK
adopted international accounting standards. The condensed set of Financial Statements included in this Half
Yearly Report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim
Financial Reporting".

Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the
Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that management have identified material
uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events
or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors
The directors are responsible for preparing the Half Yearly Report in accordance with the Disclosure Guidance
and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the Half Yearly Report, 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 review of the financial information
In reviewing the Half Yearly Report, we are responsible for expressing to the Company a conclusion on the
condensed set of Financial Statements in the Half Yearly Report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in
the Basis for Conclusion paragraph of this report.

Use of our report
This report is made solely to the company in accordance with guidance contained in International Standard on
Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent
Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the
conclusions we have formed.

Ernst & Young LLP
Edinburgh
8 December 2022

Statement of Comprehensive Income
For the six months to 30 September 2022

For the six months to
30 September 2022
(unaudited)
For the six months to
30 September 2021
(unaudited)
Year ended
31 March 2022
(audited)

Note
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Net losses on
investments
and foreign
exchange

Net losses on
investments at
fair value

-(215,485)(215,485)- (204,001)(204,001)-(460,585)(460,585)
Net losses on
foreign
exchange

-(69) (69)- (25) (25)-(168)(168)
Income

Dividends

55,693-55,69332,203-32,20354,020-54,020
Other income

877-877127-127250-250


56,570(215,554)(158,984)32,330 (204,026)(171,696)54,270(460,753)(406,483)
Expenses

AIFM fee
(a)


(2,674)(6,239)(8,913)(3,312) (7,727) (11,039)(6,316)(14,738) (21,054)
Other expenses

(985)-(985)(1,144)-(1,144)(2,338)-(2,338)


(3,659)(6,239)(9,898)(4,456) (7,727) (12,183)(8,654)(14,738) (23,392)
Profit/(loss)
before finance
costs and
taxation 52,911(221,793)(168,882)27,874 (211,753)(183,879)45,616(475,491)(429,875)
Finance costs
(a)


(550)(1,285)(1,835)(388) (904)(1,292)(858)(1,998)(2,856)
Profit/(loss)
before
taxation
52,361(223,078)(170,717)27,486 (212,657)(185,171)44,758(477,489)(432,731)
Tax expense 5 (3,448)(3,130)(6,578)(1,984) (4,695)(6,679)(4,081)(5,596)(9,677)
Profit/(loss)
for the period 48,913(226,208)(177,295)25,502 (217,352)(191,850)40,677(483,085)(442,408)
Profit/(loss)
attributable to
equity holders
of the
Company 48,913(226,208)(177,295)25,502 (217,352)(191,850)40,677(483,085)(442,408)
Earnings per
share
2 4.16p(19.25)p (15.09)p 2.16p (18.40)p (16.24)p3.44p(40.90)p(37.46)p

(a)
70% of the annual Alternative Investment Fund Manager ("AIFM") fee and 70% of the finance costs have
been allocated to the capital account.

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 are an integral part of the Financial Statements.



Statement of Financial Position
As at 30 September 2022

Note
As at
30 September
2022
(unaudited)
£'000
As at
30 September
2021
(unaudited)
£'000
As at
31 March
2022
(audited)
£'000
Non-current assets

Investments at fair value through profit or loss

1,860,514 2,440,769 2,124,530
Current assets

Trade and other receivables

8,190 7,852 16,928
Cash and cash equivalents

167,115 40,748 125,855
Total current assets 175,305 48,600 142,783
Current liabilities

Other payables

(53,875) (14,506) (57,718)
Total current liabilities (53,875) (14,506) (57,718)
Net current assets 121,430 34,094 85,065
Non-current liabilities

Capital gains tax provision

(10,183) (8,814) (9,205)
Other payables falling due after more than one year

(100,000) (100,000) (100,000)
Total assets less liabilities 1,871,761 2,366,049 2,100,390
Share capital and reserves

Equity Share Capital 3 63,515 64,244 64,136
Capital Redemption Reserve

19,154 18,425 18,533
Capital Reserve

1,221,595 1,735,220 1,466,197
Special Distributable Reserve

433,546 433,546 433,546
Revenue Reserve

133,951 114,614 117,978
Equity Shareholders' Funds 1,871,761 2,366,049 2,100,390
Net Asset Value pence per share
(a)


160.5 200.3 178.2

(a)
Based on shares in issue excluding shares held in treasury.



Statement of Changes in Equity
For the six months to 30 September 2022 (unaudited)


Note
Equity
Share
Capital
£'000
Capital
Redemption
Reserve
£'000
Capital
Reserve
£'000
Special
Distributable
Reserve
£'000
Revenue
Reserve
£'000
Total
£'000
Balance at 31 March
2021

64,25318,4161,952,886 433,546 122,186 2,591,287
(Loss)/profit for the
period

--(217,352) -25,502(191,850)
Equity dividends
4 --- - (33,074) (33,074)

Purchase and
cancellation of own
shares 3 (9)9(314) --(314)
Balance at 30
September 2021
64,24418,4251,735,220 433,546 114,614 2,366,049
(Loss)/profit for the
period

--(265,733) -15,175(250,558)
Equity dividends
4 --- - (11,811) (11,811)
Purchase and
cancellation of own
shares

(108)108(3,290) --(3,290)
Balance at 31 March
2022 64,13618,5331,466,197 433,546 117,978 2,100,390
(Loss)/profit for the
period

--(226,208) -48,913(177,295)
Equity dividends
4 --- - (32,940) (32,940)
Purchase and
cancellation of own
shares 3 (621)621(18,394) --(18,394)
Balance at 30
September 2022
63,51519,1541,221,595 433,546 133,951 1,871,761



Statement of Cash Flows
For the six months to 30 September 2022


For the
six months to
30 September
2022
(unaudited)
£'000
For the
six months to
30 September
2021
(unaudited)
£'000
For the
year to
31 March
2022
(audited)
£'000
Cash flows from operating activities

Loss before taxation
(a)
(170,717) (185,171)(432,731)
Adjustments to reconcile loss before taxation to
cash generated from operations:

Bank and deposit interest income recognised (873) (14)(130)
Dividend income recognised (55,693) (32,203)(54,020)
Finance costs
(a)
1,835 1,2922,856
Net losses on investments at fair value 215,485 204,001460,585
Net losses on foreign exchange
(b)(c)
69 25168
(Increase)/decrease in debtors
(a)
(52) 3816
Decrease in creditors
(a)
(210) (185)(614)
Cash generated from operations
(a)(b)
(10,156) (12,217)(23,870)
Bank and deposit interest received 873 14130
Dividends received 59,855 39,12957,522
Bank overdraft interest paid - -(2)
Tax paid
(a)
(3,244) (3,548)(6,250)
Net cash inflow from operating activities
(b)
47,328 23,37827,530
Cash flows from investing activities

Purchases of non-current financial assets (214,314) (349,022)(600,482)

Sales of non-current financial assets
(b)
262,619 315,873613,417
Net cash inflow/(outflow) from investing
activities
(b)

48,305 (33,149)12,935
Cash flows from financing activities

Equity dividends paid (32,940) (33,074)(44,885)
Purchase and cancellation of own shares (19,677) (314)(2,041)
Draw down from revolving credit facility - -50,000
Bank loans interest and fees paid (1,687) (1,280)(2,728)
Net cash (outflow)/inflow from financing
activities
(54,304) (34,668)346
Net increase/(decrease) in cash 41,329 (44,439)40,811
Cash at the start of the period 125,855 85,21285,212
Net losses on foreign exchange
(c)
(69) (25)(168)
Cash at the end of the period 167,115 40,748125,855

(a)
The Company has used the Loss before taxation as a starting point in the Statement of Cash Flows for the
period ended 30 September 2022 and year ended 31 March 2022. Comparative figures for the period ended 30
September 2021 have been updated to adjust the presentation in line with IAS 8.
(b)
Net losses on foreign exchange related to the Sales of non-current financial assets for the comparative figures
have been reclassified for the consistency of the presentation.
(c)
Net losses on foreign exchange related to cash and cash equivalents have been shown separately as part of the
reconciliation of the cash and cash equivalents in line with IAS 8 requirements.




Reconciliation of liabilities arising from bank loans

Liabilities
as at
31 March
2022
£'000
Cash flows
£'000


Profit &
Loss
£'000
Liabilities
as at
30 September
2022
£'000
Revolving credit facility 50,000-- 50,000
Interest and fees payable
249(662)794 381
Fixed term loan 100,000-- 100,000
Interest and fees payable
352(1,025)1,041 368
Total liabilities from bank loans 150,601(1,687)1,835 150,749

Liabilities
as at
31 March
2021
£'000
Cash flows
£'000


Profit &
Loss
£'000
Liabilities
as at
30 September
2021
£'000
Revolving credit facility --- -
Interest and fees payable
120(239)243 124
Fixed term loan 100,000-- 100,000
Interest and fees payable
355(1,041)1,049 363
Total liabilities from bank loans 100,475(1,280)1,292 100,487

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
Interest and fees payable
120 (628)757249
Fixed term loan 100,000 --100,000
Interest and fees payable
355 (2,100)2,097352
Total liabilities from bank loans 100,475 47,2722,854150,601



Notes to the Financial Statements
For the six months to 30 September 2022

1 Basis of preparation

The Half Yearly Report for the six months to 30 September 2022 has been prepared in accordance with the UK
adopted International Accounting Standard ("IAS") 34, "Interim Financial Reporting".

The Company has adopted the Statement of Recommended Practice ("SORP") for investment trusts issued by the
Association of Investment Companies ("AIC") in July 2022 insofar as the SORP is compatible with UK adopted
International Accounting Standards. The accounting policies applied in these half yearly Financial Statements are
consistent with those applied in the Company's Financial Statements for the year ended 31 March 2022 and have
been applied consistently to all periods presented in these interim Financial Statements.

The financial information contained in this interim statement does not constitute statutory accounts as defined in
section 434 of the Companies Act 2006. The financial information for the half years ended 30 September 2022
and 30 September 2021 has not been audited. The figures and financial information for the year ended 31 March
2022 are extracted from the published accounts and do not constitute the statutory accounts for that period. Those
accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors,
which was unqualified and did not include a statement under sections 498(2) or 498(3) of the Companies Act
2006.

As at 30 September 2022, the Company had net current assets of £121,430,000 (31 March 2022: net current assets
£85,065,000). The Directors have a reasonable expectation that the Company has sufficient resources to continue
in operational existence for the foreseeable future. Accordingly the Financial Statements have been prepared on a
going concern basis for the period to 31 March 2024, which is at least 12 months from the date of approval of
these Financial Statements.

2 Earnings per share

For the
six months to
30 September
2022
£'000
For the
six months to
30 September
2021
£'000
For the
year to
31 March
2022
£'000
Revenue profit 48,91325,50240,677
Capital loss (226,208)(217,352) (483,085)
Total (177,295)(191,850) (442,408)
Weighted average number of shares in issue 1,175,330,8681,181,225,7861,181,093,110
Revenue profit per share 4.16p2.16p3.44p
Capital loss per share (19.25)p(18.40)p (40.90)p
Total loss per share (15.09)p(16.24)p (37.46)p

3 Equity share capital

For the six months to
30 September 2022
For the six months to
30 September 2021
For the year
31 March 2022
Ordinary shares in issue £'000Number£'000Number
(a)
£'000 Number
(a)
Opening ordinary shares of 5
pence
58,9451,178,896,98559,0621,181,228,65559,0621,181,228,655
Purchase and cancellation of own
shares
(621)(12,413,292)(9)(175,000)(117)(2,331,670)
Closing ordinary shares of 5 pence 58,3241,166,483,69359,0531,181,053,65558,9451,178,896,985


For the six months to
30 September 2022
For the six months to
30 September 2021
For the year
31 March 2022
Ordinary shares held in
treasury £'000Number £'000 Number
(a)
£'000 Number
(a)
Opening ordinary shares of 5
pence
5,191 103,825,895 5,191 103,825,8955,191 103,825,895
Closing ordinary shares of 5
pence 5,191 103,825,895 5,191 103,825,8955,191 103,825,895
Total ordinary shares in issue
and held in treasury at the
end of the year
63,5151,270,309,588 64,244 1,284,879,55064,136 1,282,722,880

(a)
Comparative figures for the year ended 31 March 2021 (i.e. number of ordinary shares in issue and number of
ordinary shares held in treasury as at 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.

In the six months to 30 September 2022, 12,413,292 shares were bought back for cancellation for a total
consideration of £18,394,000 (30 September 2021: 175,000 shares were bought back for cancellation for a total
consideration of £314,000). All shares bought back in the period were cancelled, with none being placed in
treasury (30 September 2021: no shares were placed into treasury).

4 Dividends

For the six
months to
30 September
2022
For the six
months to
30 September
2021
For the year
31 March
2022

Rate
(pence) £'000
Rate
(a)
(pence)£'000Rate
(a)
(pence) £'000
Declared and paid during the period:

Dividend on shares:

Final dividends for the years ended 31
March 2022 and 31 March 2021 2.80 32,9402.8033,0742.80 33,074
Interim dividend for the six months
ended 30 September 2021 ----1.00 11,811
Total 2.80 32,9402.8033,0743.80 44,885


(a)
Comparative figures for the year ended 31 March 2021 (i.e. final dividend per share declared and paid 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.

On 8 December 2022 the Board declared an interim dividend of 2.00 pence per share for the financial year 2023
(financial year 2022: 1.00 pence per share interim dividend). This dividend has not been accrued in the Financial
Statements for the six months ended 30 September 2022 as dividends are recognised when the shareholder's right

to receive the payment is established. For the 2023 interim dividend this would be the ex-dividend date of 15
December 2022.

5 Taxation

The total tax expense of £6.58 million (30 September 2021: £6.68 million) consists of a revenue tax expense of
£3.45 million (30 September 2021: £1.98 million) and a capital tax expense of £3.13 million (30 September 2021:
£4.70 million). The revenue tax expense relates to irrecoverable overseas tax on dividends. The capital tax expense
consists of £0.91 million (30 September 2021:
£3.94 million) expense arising from an increase in the provision for deferred tax on unrealised gains on holdings
in India and a £2.22 million expense arising from tax on realised gains on holdings in India (30 September 2021:
£0.76 million tax on realised gains on holdings in India and Pakistan).

6 Costs of investment transactions

During the period, expenses were incurred in acquiring or disposing of investments. The following costs of
transactions are included in the gains/(losses) on investments at fair value:

For the six
months to
30 September
2022
£'000
For the six
months to
30 September
2021
£'000
For the year to
31 March
2022
£'000
Purchase expenses 282452749
Sales expenses 5285341,209
Total 8109861,958

7 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;
- Investments held by the Company on the basis set out in the annual accounting policies;
- Cash at the denominated currency of the account; and
- Other financial assets and liabilities at the carrying value which 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:

Level 1 Quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2 Inputs other than quoted prices included with level 1 that are observable for the asset or liability, either
directly (prices) or indirectly (derived from prices); and

Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The hierarchy valuation of listed investments through profit and loss are shown below:


30 September
2022
£'000
30 September
2021
£'000
31 March
2022
£'000
Level 1 1,842,148 2,414,193 2,103,727
Level 2 - --
Level 3 18,366
(a)(b)
26,576
(a)
20,803
(a)(b)
Total 1,860,514 2,440,769 2,124,530

(a)
Trading of Brilliance China Automotive shares on the stock exchange has been suspended since 31 March
2021, and as a result, the stock was fair valued using a beta model (which applies an index movement to
observed trade prices) with unobservable inputs shown in the table below. As of 30 September 2021, this
holding was disclosed as Level 3 and continues to be classified as Level 3 at 30 September 2022.
(b)
Russian investments in Gazprom, LUKOIL, Sberbank of Russia, VK, and Yandex were fair valued at zero as
at 31 March 2022 as a result of trading being suspended on international stock exchanges. These investments
were transferred from Level 1 to Level 3 during the financial year ending 31 March 2022. As at 30 September
2022 these investments, except Gazprom which was sold in April 2022, continue to be fair valued at zero and
classified as Level 3.

The following table presents the key unobservable inputs for Brilliance China Automotive's beta model as at 30
September 2022:

Description
Fair
value
£'000
Unobservable
input
Weighted
average input
Reasonable
possible shift
+/-
Reasonable
possible
shift +
£'000
Reasonable
possible
shift -
£'000
Equities 18,366 Index movement-4%4%599(671)

Unleveraged beta0.880.5(338)338

Shares of Brilliance China Automotive resumed trading on 5 October 2022 (see Note 8 for more details).

The following table presents the movement in Level 3 investments for the period:

30 September
2022
£'000
30 September
2021
£'000
31 March 2022
£'000
Opening balance 20,803--
Transfers from Level 1 into Level 3 --149,593
Transfers from Level 2 into Level 3 -50,95450,954
Disposal proceeds - sale of Level 3 asset
(a)
(617)--
Net losses on investments at fair value (1,820)(24,378) (179,744)
Level 3 closing balance 18,36626,57620,803

(a)
Represents the sale of the holding in Gazprom on 25 April 2022.
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:
30 September
2022
£'000
30 September
2021
£'000
31 March 2022
£'000
Fixed term loan at amortised cost 100,000100,000100,000
Fixed term loan at fair value 97,100102,280100,390
Increase/(decrease) in net assets 2,900(2,280)(390)

The fair value of the fixed term loan included in the table above 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 has been transferred by novation from Scotiabank Europe plc to The Bank of Nova Scotia,
London Branch with effective date 28 September 2022. All other contractual terms and conditions remained the
same.

8 Events after the reporting period

Revolving credit facility

On 19 October 2022, the Company fully repaid the £50 million revolving facility drawdown included under the
current liabilities in the Statement of Financial Position.

Brilliance China Automotive trading
Trading in Brilliance China Automotive shares on the stock exchange has been suspended since 31 March 2021,
and as a result, the stock was fair valued using a beta model. The fair value as at 30 September 2022 was £18.4
million. The company announced it has fulfilled all the resumption recommendations set out by the Hong Kong
stock exchange and therefore shares resumed trading on 5 October 2022. As at 5 December 2022, the market
value was £42.9 million.

The Half Yearly Report for the six months to 30 September 2022 was approved by the Board on 8 December
2022. A copy of the report is available on our website www.temit.co.uk.

The PDF of the Half Yearly Report will be uploaded and available for viewing on the National Storage
Mechanism, posted to the website www.temit.co.uk/resources/literature and may also be requested during
normal business hours from Client Dealer Services at Franklin Templeton Investment Management Limited on
freephone 0800 305 306.

For further information please e-mail temitcosec@franklintempleton.com or contact Client Dealer Services at
Franklin Templeton on free phone 0800 305 306, +44 (0) 20 7073 8690 for overseas investors, or e-
mail enquiries@franklintempleton.co.uk .