Traders discounted the heavy activity as the fund -- which closed for subscriptions yesterday -- as most of the trades were a result of individual investors transferring existing stock holdings into the fund.

The trading had some effect on prices, with most falling. The Exchange closed at 1151.81, down 5.41 points. Volume was worth $5.8 million.

Among the major trades were: Bank of Bermuda, $22, 49,923, unchanged at $22; Bank of Butterfield, down 12.5 cents at $32.50 on volume of 56,759; BF&M $6.25, down 25 cents on 42,553 shares; BF&M 9% shares, down 50 cents at $9.50 on volume of 15,478, Belco, down 87.5 cents at $20.125 on volum eof 96,638 and Belco 7% mortgage notes at $102 on volume of 500,000.