Item 77Q1(e)
1. The Master Investment Advisory Agreement dated December 15, 2005 between
the Registrant and Penn Street Investment Advisors, Inc. ("PSIA") is
incorporated herein by reference to Exhibit No. 23(d)(1) of Post-Effective
Amendment No. 18 to the Registrant's Registration Statement on Form N-1A
(File Nos. 033-95102/811-09078) as filed with the U. S. Securities and
Exchange Commission (the "SEC") on December 29, 2005 ("PEA No. 18").
2. The Sub-Advisory Agreement dated December 15, 2005 between PSIA, Valley
Forge Capital Advisors, Inc. and the Registrant, on behalf of the Penn
Street Sector Rotational Portfolio, is incorporated herein by reference to
Exhibit No. 23(d)(2) of PEA No. 18.
3. The Sub-Advisory Agreement dated December 15, 2005 between PSIA, Berkshire
Advisors, Inc. and the Registrant, on behalf of the Berkshire Advisors
Select Equity Portfolio, is incorporated herein by reference to Exhibit
Xx. 00(x)(0) xx XXX Xx. 00.
