First Lynch Securities offers its customers managed trading accounts, in which the brokerage firm exercisesitsdiscretion to buy and sell securities and commodities for the customers$$ accounts. Identify which of the following $$managed accounts$$ involve a securities transaction:

Alvine joins with investors Albert, Allen, and Aldo to pool their investments in one discretionary trading account in which First Lynch$$s fee is based on the profitability of the account.

Brady joins with investors Bertha, Beverly, and Betty in a pooled discretionary trading account in which First Lynch is paid a flat fee based on the amount of assets in the account.

Cristina gives her money to First Lynch$,$ which sets up a discretionary trading account for her. First Lynch$$s fee is based on the account$$s performance