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including any Person or Persons who, under the supervision of the Trustees, may, among other
<br />things: (i) serve as the 4M Fund's investment adviser and consultant in connection with policy
<br />decisions made by the Trustees; (ii) serve as the 4M Fund's administrator or co -administrators; (iii)
<br />furnish reports to the Trustees and provide research, economic and statistical data in connection
<br />with the 4M Fund's investments; (iv) act as consultants, accountants, technical advisers, attorneys,
<br />brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians or agents for
<br />collection, insurers or insurance agents, registrars for Shares or in any other capacity deemed by
<br />the Trustees to be necessary or desirable; (v) investigate, select, and, on behalf of the 4M Fund,
<br />conduct relations with Persons acting in such capacities and pay appropriate fees to, and enter into
<br />appropriate contracts with, or employ, or retain services performed or to be performed by, any of
<br />them in connection with the investments acquired, sold, or otherwise disposed of, or committed,
<br />negotiated, or contemplated to be acquired, sold or otherwise disposed of; (vi) substitute any other
<br />Person for any such Person, (vii) act as attorney-in-fact of agent in the purchase or sale or other
<br />disposition of investments, and in the handlin$, prosecuting or other enforcement of any lien or
<br />security securing investments; and (viii) assist in the performance of such ministerial functions
<br />necessary in the management of the 4M Fund as may be agreed upon with the Trustees.
<br />(b) The manner of employing, engaging, compensating, transferring, or discharging
<br />any Person as an employee of the 4M Fund shall be subject to Minnesota Law. For purposes of
<br />the preceding sentence, •employee of the 4M Fund" shall not include independent contractors such
<br />as the Adviser, the Administrator, the Custodian, counsel or independent accountants and their
<br />respective employees.
<br />2.17 insurance. The Trustees shall have full and complete power to purchase and pay
<br />for, entirely out of 4M Fund Property, insurance policies insuring the 4M Fund and the Trustees,
<br />officers, employees and agents of the 4M Fund individually against all claims and liabilities of every
<br />nature arising by reason of holding or having held any such office or position, or by reason of any
<br />action alleged to have been taken or omitted by the 4M Fund or any such Person as Trustee,
<br />officer, employee and : agent, including any action taken or omitted that may be determined to
<br />constitute negligence, whether or not the 4M Fund would have the power to indemnify such Person
<br />against such liability.
<br />2.19 SSI. The Trustees shall have full and complete power to adopt and use a seal for
<br />the 4M Fund, but, unless otherwise required by the Trustees, it shall not be necessary for the seal
<br />to be placed on, and its absence shall not impair the validity of, any document, instrument or other
<br />paper executed and delivered by or on behalf of the 4M Fund.
<br />2.19 I1dumnifieUka In addition to the mandatory indemnifuation provided for in
<br />Section 5.3 hereof. the Trustees shall have full and complete power, to the extent permitted by
<br />applicable Laws, to indemnify or enter into agreements with respect to indemnification with any
<br />Person with whom the 4M Fund has dealings, including, without limitation, the Adviser, the
<br />Administrator, and the Custodian, to such extent as the Trustees shall determine.
<br />2.20 Rgmedies, Notwithstanding any provision in this Declaration of Trust, when the
<br />Trustees deem that there is a significant risk that an obligor to the 4M Fund sway default or is in
<br />default under the terms of any obligation to the 4M Fund, the Trustees shall have full and
<br />complete power to pursue any remedies permitted by Law which, in their sole judgment, are in the
<br />interests of the 4M Fund, and the Trustees shall have full and complete power to enter into any
<br />investment, commitment or obligation of the 4M Fund molting from the pursuit of such remedies
<br />as are necessary or desirable to dispose of property acquired in the pursuit of such remedies.
<br />2.21 Information_ State, ent. The Trustees shall have full and complete power to
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