THREE sector funds covering infrastructure and communications, utilities and property are offered by Templeton-Franklin Investment Services (Asia). The Templeton Global Infrastructure and Communications Fund was mainly invested in the telecommunications industry at the end of July, with 22.3 per cent of its assets. Electrical and gas utility investments accounted for another 17.5 per cent, followed by the electrical and electronics industry with 10.9 per cent. At the end of July, the Infrastructure and Communications Fund had returned 5.3 per cent in the year to date and an annualised 0.7 per cent since its launch in September 1994. The Templeton Global Utilities Fund held 3.1 per cent of assets in Centrais Electricas Brasileiras, 2.6 per cent in Bellsouth and 2.5 per cent in each of Virginia Electric Power and New Zealand Electric Corp at the end of July. The biggest portion, about 39 per cent, was invested in the US, with 8 per cent each in Britain and Spain, 4.9 per cent in Brazil and 4.4 per cent in Hong Kong. The return on the first seven months of the year was 2.4 per cent, or an annualised 6.6 per cent since the fund was launched in July 1994. Templeton said demand for the products supplied by utility companies was insulated from the ups and downs of national economies, while demand tended to increase with rising incomes. The Templeton Global Property Securities Fund was launched in March this year, making it a relative newcomer to Templeton's stable here. At the end of July it was 19.6 per cent invested in Hong Kong, 17.2 per cent in the US, 7.8 per cent in Britain and 7.7 per cent in New Zealand. It held 42 per cent cash and just 58 per cent equities. Its main holdings were 5.2 per cent of the fund's assets in Asda Property Holdings, 4.3 per cent in Equity Residential Properties and 4.1 per cent in Metro Pacific Corp. The Property Securities Fund can invest in a wide range of industry sectors including real estate and property companies, real estate investment trusts, building material companies, banks, leisure and tourism companies and other related business services.