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of whom are obtained by the Adviser or the Administrator, as the Trustees may, in their sole <br /> discretion, deem to be necessary or desirable, for the efficient management of the 4M Fund, <br /> without regard to whether such authority is normally granted or delegated by Trustees or other <br /> fiduciaries. The Trustees may appoint one or more persons to serve jointly as Co-Advisers and <br /> one or more persons to serve jointly as Co-Administrator. The same person may serve <br /> simultaneously as the Administrator and as the Adviser, but no person serving as the <br /> Administrator or as the Adviser may serve as the Custodian. Piper Capital Management, Inc., <br /> a subsidiary of Piper Jaffray Companies, Inc., a corporation organized and existing under the <br /> Laws of the State of Delaware, is appointed as the initial Administrator and Adviser for the 4M <br /> Fund. Marquette Bank Minneapolis is appointed as the initial Custodian for the 4M Fund. The <br /> Trustees shall appoint a Technical Advisory Board to assist the Trustees in the development of <br /> policies and the overseeing and reviewing of the activities of the 4M Fund. The Technical <br /> Advisory Board shall be made up of such individuals as the Trustees deem advantageous to the <br /> Fund. The composition of the Technical Advisory Board may be changed from time to time in <br /> the discretion of the Trustees. <br /> 3.02 Duties of the Adviser. The duties of the Adviser shall be those set forth in the <br /> Investment Advisory Agreement to be entered into between the 4M Fund and the Adviser. Such <br /> duties may be modified by the Trustees, from time to time, by the amendment of the Investment <br /> Advisory Agreement. Subject to Article IV hereof, the Trustees may authorize the Adviser to <br /> effect purchases, sales, or exchanges of the 4M Fund Property on behalf of the Trustees or may <br /> authorize any officer, employee, agent or Trustee to effect such purchases, sales, or exchanges <br /> pursuant to recommendations of the Adviser, all without further action by the Trustees. Any <br /> and all of such purchases, sales, and exchanges shall be deemed to be authorized by all the • <br /> Trustees. The Investment Advisory Agreement may authorize the Adviser to employ other <br /> persons to assist it in the performance of its duties. The Investment Advisory Agreement shall <br /> provide that it may be terminated at any time without cause and without the payment of any <br /> penalty by the 4M Fund on sixty (60) days written notice to the Adviser. <br /> 3.03 Duties of the Administrator. The duties of the Administrator shall be those set forth <br /> in the Administration Agreement to be entered into between the 4M Fund and the Administrator. <br /> Such duties may be modified by the Trustees, from time to time, by the amendment of the <br /> Administration Agreement. The Administration Agreement may authorize the Administrator to <br /> employ other persons to assist it in the performance of its duties. The Administration <br /> Agreement shall provide that it may be terminated at any time without cause and without the <br /> payment of any penalty by the 4M Fund on sixty (60) days written notice to the Administrator. <br /> 3.04 Duties of Custodian. The duties and qualifications of the Custodian shall be those <br /> set forth in Article II herein. <br /> 14 <br />