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or agent of the Fund or otherwise hereunder. None of the activities and interests referred to in
<br /> this paragraph (d) shall be deemed to conflict with his duties and powers as Trustee, officer,
<br /> employee or agent of the 4M Fund.
<br /> (e) To the extent that any other provision of this Declaration of Trust conflicts
<br /> with, or is otherwise contrary to the provisions of, this Section 2.14, the provisions of this
<br /> Section 2.14 shall be deemed controlling.
<br /> (f) Notwithstanding the foregoing provisions of this Section 2.14, the Trustees
<br /> shall not have the power to engage in any transaction with any Affiliate that would be
<br /> inconsistent with the Laws of the State of Minnesota concerning conflicts of interest, including,
<br /> but not limited to, Minnesota Statutes, Sections 471.87 and 471.88, or any other Law limiting
<br /> the Participants' power to enter into such transaction, and the By-Laws of the 4M Fund may
<br /> contain provisions more restrictive than those set forth in this Section 2.14.
<br /> 2.15 Investment Program. The Trustees shall use their best efforts to obtain through the
<br /> Adviser or other qualified Persons a continuing and suitable investment program, consistent with
<br /> the investment policies and objectives of the 4M fund set forth in Article IV of this Declaration
<br /> of Trust, and the Trustees shall be responsible for reviewing and approving or rejecting the
<br /> investment program presented by the Adviser or such other Persons. Subject to the provisions
<br /> of Section 2.07-and Section 3.01 hereof, the Trustees may delegate functions arising under this
<br /> Section 2.15 to one or more of their number or to the Adviser.
<br /> 2.16 Power to Contract. Appoint. Retain and Emplox.
<br /> (a) Subject to the provisions of Section 2.07 and Section 3.01 hereof with respect
<br /> to delegation of authority by the Trustees, the Trustees shall have full and complete power to
<br /> appoint, employ, retain, or contract with any Person or suitable qualifications and high repute
<br /> (including one or more of themselves and any corporation, partnership, trust or other entity of
<br /> which one or more of them may be an Affiliate, subject to the applicable requirements of Section
<br /> 2.14 hereof) as the Trustees may deem necessary, or desirable for the transaction of the affairs
<br /> of the 4M Fund, including any Person or Persons who, under the supervision of the Trustees,
<br /> may, among other things: (i) serve as the 4M Fund's investment adviser and consultant in
<br /> connection with policy decisions made by the Trustees; (ii) serve as the 4M Fund's administrator
<br /> or co-administrator; (iii) furnish reports to the Trustees and provide research, economic and
<br /> statistical data in connection with the 4M Fund's investments; (iv) act as consultants,
<br /> accountants, technical advisers, attorneys, brokers, underwriters, corporate fiduciaries, escrow
<br /> agents, depositaries, custodians or agents for collection, insurers or insurance agents, registrars
<br /> for Shares or in any other capacity deemed by the Trustees to be necessary or desirable; (v)
<br /> investigate, select, and, on behalf of the 4M Fund, conduct relations with Persons acting in such
<br /> capacities and pay appropriate fees to, and enter into appropriate contracts with, or employ, or
<br /> retain services performed or to be performed by, any of them in connection with the investments
<br /> acquired, sold, or otherwise disposed of, or committed, negotiated,-or contemplated to be
<br /> acquired, sold or otherwise disposed of; (vi) substitute any other Person for any such Person;
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