Discretionary accounts are investment accounts that can open individuals that allow a broker to act on their behalf. The details of the agreement are defined in the discretionary disclosure and will indicate the parameters surrounding the trade on the account. The administrator will/or may proceed with the execution of securities, commodities, precious metals, currencies and other investment transactions for the client through brokers or traders whose manager reasonably believes they will provide the best execution. The manager will generally seek competitive commission rates, but will not necessarily seek the lowest possible commission on transactions for the fund or part of it. The client assumes that all intermediation transactions or a significant amount of intermediation transactions are made on behalf of the client via the account manager. When selecting brokers/traders for a given transaction, the manager may consider all relevant factors, including the execution capabilities required for the transaction, the importance of speed, efficiency or confidentiality, familiarity with the sources from which or to whom securities, commodities, precious metals or foreign currencies could be purchased or sold, as well as any other relevant issues. The manager can choose brokers/traders who offer research services or other transaction-related services. The client gives the trustee permission to conduct “agency-cross” transactions (i.e. transactions in which the manager acts as a broker for the part or part of the transaction) with respect to the fund to the extent permitted by law. The client recognizes that, in the course of such a transaction, the manager may receive compensation from the other party (the amount of which may vary) and that the manager as such has a sharing of loyalty and potentially conflicting responsibilities. In accordance with the best execution, transactions for the client can be addressed to brokers in exchange for research services that they make available to the manager. Such research will generally be used to serve all of the manager`s clients, but brokerage commissions will be paid by the client to pay for research that is not used in fund management. The manager may, at his sole discretion, lead the client to pay the brokers a higher commission than another qualified broker could charge to make the same transaction if the manager finds in good faith that the commission is reasonable in relation to the value of the brokerage and research service received.