Most of these stocks were picked up in first tranche of disinvestment.Cantriple holdings are also subject to the restructuring exercise undertaken by the fund over the last three years, resulting in over 90 per cent of its investments being in liquid stocks.

During the year 1998-99, 98.99 per cent of the scheme's holdings were churned over. Next year, the fund would face redemptions of nearly Rs 600 crore following the terminationof `Canstar 80L', `Canstar CG', Candouble and Canstock.

Hegde said he would consider the option of converting these schemes also into open-end. However, he added ``it's too early to say now.''Earlier last month, two growth schemes, Canbonus and Canexpo were converted into open-ended schemes.

The NAV of Canbonus was Rs 16.27 as on March 31, 1999 and currently stands at Rs 10.17. The compounded annual rate of growth of the scheme works out to 6.45 per cent, he said.

Canexpo scheme, a sectoral fund investing in companies with large export-oriented earnings, was converted into an open-ended scheme with effect from May 15. Its NAV registered Rs 12.99 with a CARG of 5.36 per cent and currently stands at Rs 12.64.

As on March 31, the scheme had divested its holding in all B-group scrips and had turned around 86 per cent of all equity investments in the A-group, he added.

Canbank mutual fund's tax saving scheme, Canpep 93, was also converted in mid-May. The tax saving scheme has around 91 per cent of itsinvestments in group-A stocks of which 92 per cent are in the top 20 stocks, he stated.