Nervous investors rushed to redeem United States fund portfolios as more than 300 funds resumed trading in Hong Kong after a one-week suspension. Some clients had given orders to fund houses last week to request funds be redeemed once the suspension was lifted, according to managers. While some investors redeemed funds for cash, others tried to switch from US securities funds to currency funds, gold funds or energy-sector funds. About 700 of 1,800 funds authorised by the Securities and Futures Commission had been suspended from trading following the attacks in the US last Tuesday. The suspension was due mainly to US stock markets being closed for four days last week, making it difficult for managers to calculate prices for funds with US exposure. With the US markets reopening on Monday, 300 funds resumed trading yesterday. A Hong Kong Investment Funds Association spokesman said the remaining 400 funds were expected to resume trading today or tomorrow. The spokesman said while there was redemption activity, it was not as heavy as it might have been in the past because many investors had switched to more conservative options in the past year, such as money-market and guaranteed funds. 'Also, more have opted for more diversified portfolios, such as global funds rather than single country funds,' he said.