Item 77M - Merger

On December 28, 2006, U.S. Strategic Equity Portfolio acquired the net
assets of Equity Portfolio pursuant to a plan of reorganization
approved by Equity Portfolio shareholders on December 28, 2006.  The
acquisition was accomplished by a tax-free exchange of 4,357,985
Institutional Shares (valued at $51,729,353) and 974,199 Open Shares
(valued at $11,583,237) of U.S. Strategic Equity Portfolio for the
3,046,572 Institutional Shares and 680,270 Open Shares of Equity
Portfolio outstanding on December 28, 2006.  Equity Portfolios net
assets at that date, including $7,391,365 of unrealized appreciation
and $314,647 of accumulated realized net loss, were combined with
those of U.S. Strategic Equity Portfolio.  The aggregate net assets
of U.S. Strategic Equity Portfolio and Equity Portfolio immediately
before the reorganization were $66,320,519 and $63,312,590,
respectively. The aggregate net assets of U.S. Strategic Equity
Portfolio immediately after the reorganization were $129,633,109.