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Our Bureau

Kolkata , June 1

With effect from today, Franklin India International Fund will seek to standardise the valuation of securities.

On valuation day, all assets and liabilities in foreign currency will be valued in rupees, the company said. The rate quoted by Reuters at the time when the NAV of the US fund is calculated will be considered. If such rate is not available, the rate quoted by Bloomberg will be used. The rupee value of investments valued in the relevant manner and other assets and liabilities represented in US dollars will be obtained by multiplying the rate.

Franklin India International Fund provides unit holders access to a basket of US Government securities by buying units of Franklin US Government Securities Fund. The latter has been in existence since 1991.

Data released by the fund house indicate that the scheme in question has provided about 3.58 per cent in the last one year compared to 1.08 per cent or so delivered by the Franklin US Government Securities Fund. Returns since inception (December 2002), incidentally, are a negative 0.1 per cent, against the latter's 2.32 per cent.

It may be mentioned here that Lehman Intermediate Government (US) Index has delivered 0.99 per cent on a one-year basis, while its performance since December 2002 is 1.99 per cent.

For those who have invested in it, the fact that it allocates to units of a foreign fund remains one of its salient features. On May 31, its net asset value stood at Rs 10.17.

The last portfolio statement issued by Franklin Templeton MF shows that the fund is 79.88 per cent invested in units of Franklin US Government Fund, while the rest is parked in cash and other liquid assets.

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