SUB-ITEM 77Q1(E) INVESTMENT ADVISORY AGREEMENT The Investment Advisory Agreement between Registrant and Brown Investment Advisory Incorporated, Exhibit 23(d)(14), to the Registrant's Registrant Statement on Form N-1A is incorporated by reference as...

                                SUB-ITEM 77Q1(E)
                          INVESTMENT ADVISORY AGREEMENT

The  Investment  Advisory  Agreement  between  Registrant  and Xxxxx  Investment
Advisory  Incorporated,   Exhibit  23(d)(14),  to  the  Registrant's  Registrant
Statement  on Form  N-1A is  incorporated  by  reference  as filed  via XXXXX on
January 27, 2003, accession number 0001004402-03-000044).