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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 26
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SIGNATURE THOMAS C. SMITH
TITLE CHAIRMAN
Deloitte & Touche LLP
1040 NBC Center
Lincoln, NE 68508-1469
Telephone: 402-437-3110
Board of Directors
Stratus Fund, Inc.
Lincoln, Nebraska
In planning and performing our audit of the financial statements of Stratus
Fund, Inc. Growth, Government Securities, Capital Appreciation, Intermediate
Government Bond, and International Portfolios, (the Stratus Fund, Inc.
Portfolios) for the year ended June 30, 1998, on which we have issued our report
dated July 24, 1998, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of Stratus Fund Inc. Portfolios is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and its
operation, including controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of June 30, 1998.
This report is intended solely for the information and use of management, the
Board of Directors, and the Securities and Exchange Commission.
Lincoln, Nebraska
July 24, 1998
STRATUS FUND, INC.
PROXY FOR SPECIAL MEETING OF SHAREHOLDERS
DECEMBER 16, 1997
1. For the Fund, to approve a proposal to adopt Amended and Restated Articles of
Incorporation for the Fund to create a multiple class structure for each
portfolio of the Fund.
FOR 4,244,307 AGAINST 31,501 ABSTAIN 7,346
2. For the Fund, to eliminate or modify certain of the fundamental investment
limitations (the "Investment Limitations") applicable to all Portfolios of the
Fund as set forth in the Fund's Statement of Additional Information, as follows:
(a) To eliminate Investment Limitation No. 1 that prohibits each
Portfolio (except the International Portfolio) from purchasing any securities
other than those described under the caption "Investment Objectives and
Policies" in the Prospectus for each Portfolio.
FOR 4,241,471 AGAINST 36,212 ABSTAIN 5,471
(b) To amend and restate Investment Limitation No. 2 to provide an
exception to the diversification requirements stated therein to allow each
Portfolio to purchase securities of other investment companies to the extent
permitted by applicable law or exemptive order.
FOR 4,242,811 AGAINST 35,241 ABSTAIN 5,103
(c) To eliminate Investment Limitation No. 3 that prohibits each
Portfolio from investing more than 5% of its total assets, taken at market value
at the time of a particular purchase, in securities of issuers with operating
records, including any predecessors, of less than three years.
FOR 4,219,587 AGAINST 58,464 ABSTAIN 5,103
(d) To amend and restate Investment Limitation No. 4 to (i) provide an
exception to the diversification requirements stated therein to allow each
Portfolio to purchase securities of other investment companies to the extent
permitted by applicable law or exemptive order, and (ii) to allow each Portfolio
to purchase up to 5% of the voting securities, or up to 10% of the securities of
any class, of any issuer.
FOR 4,240,142 AGAINST 36,926 ABSTAIN 6,086
(e) To eliminate Investment Limitation No. 6 that prohibits each
Portfolio from purchasing securities of other investment companies, except in
certain limited situations, if Proposal No. 2(b) and 2(d) are approved.
FOR 4,229,342 AGAINST 48,013 ABSTAIN 5,799
(f) To amend and restate Investment Limitations No. 8 to make it clear
that obtaining short-term credit for clearance of purchases and sales of
securities does not constitute a purchase of securities on margin and to
allow short sales against the box which are permitted by law.
FOR 4,236,234 AGAINST 35,689 ABSTAIN 11,231
(g) To amend and restate Investment Limitations No. 10 to provide
flexibility to the investment adviser of each Portfolio to enter into
commodities contracts for hedging purposes, including futures contracts on
securities, securities indices and currencies and options on such contracts, and
to delete from Investment Limitation No. 7 the prohibition on purchasing or
selling commodities contracts.
FOR 4,230,769 AGAINST 46,902 ABSTAIN 5,483
(h) To eliminate Investment Limitation No. 14 that prohibits each
Portfolio from investing in securities with legal or contractual restrictions on
resale.
FOR 4,223,042 AGAINST 54,317 ABSTAIN 5,795
(i) To eliminate Investment Limitation No. 15 that prohibits each
Portfolio from purchasing or holding securities of any issuer if 5% of the
securities of such issuer are owned by the investment adviser or by directors
and officers of the Fund or the investment adviser owing individually more than
1/2 of 1% of its securities.
FOR 4,234,793 AGAINST 39,177 ABSTAIN 9,184
3. For the Fund, the election of directors set forth in the Proxy Statement.
FOR |x| WITHHOLD |_| FOR ALL EXCEPT |_|
Thomas C. Smith Michael S. Dunlap Stan Schrier
R. Paul Hoff Edson L. Bridges, III
4. For the Capital Appreciation Portfolio, to approve of an amendment to the
investment advisory agreement with Union Bank and Trust Company that would (i)
revise the incentive advisory fee schedule and (ii) change the stated index used
to determine the incentive fee from the S&P 500 Index to the Russell 2000 Index.
FOR 267,200 AGAINST 2,459 ABSTAIN 5,922
5. For the Growth Portfolio, to approve an amendment to the investment advisory
agreement with Union Bank and Trust Company to change the advisory fee from
0.50% of average daily net assets to 0.75% of average daily net assets.
FOR 1,481,297 AGAINST 241,237 ABSTAIN 10,013
6. For the Government Securities Portfolio, to change the investment objective
from "current income consistent with the preservation of capital" to "providing
high total return consistent with long term preservation of capital."
FOR 1,503,807 AGAINST 9,707 ABSTAIN 0
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 4
<NAME> GROWTH PORTFOLIO INSTITUTIONAL CLASS
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 49,632,467
<INVESTMENTS-AT-VALUE> 63,879,633
<RECEIVABLES> 71,481
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,951,114
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<OTHER-ITEMS-LIABILITIES> 70,024
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<PAID-IN-CAPITAL-COMMON> 44,509,407
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<SHARES-COMMON-PRIOR> 2,705,627
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<DIVIDEND-INCOME> 643,679
<INTEREST-INCOME> 234,557
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<EXPENSES-NET> 523,182
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<NET-CHANGE-FROM-OPS> 11,094,781
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<DISTRIBUTIONS-OF-GAINS> 5,694,496
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<GROSS-EXPENSE> 523,182
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<PER-SHARE-NAV-BEGIN> 17.07
<PER-SHARE-NII> .11
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<PER-SHARE-DIVIDEND> (.11)
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 4
<NAME> GROWTH PORTFOLIO RETAIL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 49,632,467
<INVESTMENTS-AT-VALUE> 63,879,633
<RECEIVABLES> 71,481
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,951,114
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<OTHER-ITEMS-LIABILITIES> 70,024
<TOTAL-LIABILITIES> 70,024
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,509,407
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,246
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,123,271
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,247,166
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<DIVIDEND-INCOME> 643,679
<INTEREST-INCOME> 234,557
<OTHER-INCOME> 0
<EXPENSES-NET> 523,182
<NET-INVESTMENT-INCOME> 355,054
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<APPREC-INCREASE-CURRENT> 2,638,991
<NET-CHANGE-FROM-OPS> 11,094,781
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42,586
<NUMBER-OF-SHARES-REDEEMED> 294
<SHARES-REINVESTED> 43
<NET-CHANGE-IN-ASSETS> 42,335
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 347,146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 523,182
<AVERAGE-NET-ASSETS> 54,841,761
<PER-SHARE-NAV-BEGIN> 15.86
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 2.66
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.52
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 5
<NAME> GOVERNMENT SECURITIES PORTFOLIO INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 29,657,131
<INVESTMENTS-AT-VALUE> 30,093,620
<RECEIVABLES> 459,040
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,552,660
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<OTHER-ITEMS-LIABILITIES> 45,814
<TOTAL-LIABILITIES> 45,814
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<OTHER-INCOME> 0
<EXPENSES-NET> 231,911
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<NET-CHANGE-FROM-OPS> 1,916,916
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 653,502
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 5
<NAME> GOVERNMENT SECURITIES PORTFOLIO RETAIL CLASS
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<PERIOD-TYPE> YEAR
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<PERIOD-END> JUN-30-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 3
<NAME> CAPITAL APPRECICATION PORTFOLIO INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
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<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,429,229
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,442
<TOTAL-LIABILITIES> 34,442
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,657,466
<SHARES-COMMON-STOCK> 637,538
<SHARES-COMMON-PRIOR> 472,542
<ACCUMULATED-NII-CURRENT> 248
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 714,191
<NET-ASSETS> 9,394,787
<DIVIDEND-INCOME> 42,483
<INTEREST-INCOME> 37,122
<OTHER-INCOME> 0
<EXPENSES-NET> 64,211
<NET-INVESTMENT-INCOME> 15,394
<REALIZED-GAINS-CURRENT> 474,396
<APPREC-INCREASE-CURRENT> (34,705)
<NET-CHANGE-FROM-OPS> 455,085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,226
<DISTRIBUTIONS-OF-GAINS> 461,511
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 236,491
<NUMBER-OF-SHARES-REDEEMED> 106,264
<SHARES-REINVESTED> 34,769
<NET-CHANGE-IN-ASSETS> 164,996
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,676
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 64,211
<AVERAGE-NET-ASSETS> 8,426,975
<PER-SHARE-NAV-BEGIN> 14.25
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .86
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (.72)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.39
<EXPENSE-RATIO> .76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 3
<NAME> CAPITAL APPRECICATION PORTFOLIO RETAIL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 8,706,373
<INVESTMENTS-AT-VALUE> 9,420,564
<RECEIVABLES> 8,665
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,429,229
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,442
<TOTAL-LIABILITIES> 34,442
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,657,466
<SHARES-COMMON-STOCK> 15,299
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 248
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 714,191
<NET-ASSETS> 9,394,787
<DIVIDEND-INCOME> 42,483
<INTEREST-INCOME> 37,122
<OTHER-INCOME> 0
<EXPENSES-NET> 64,211
<NET-INVESTMENT-INCOME> 15,394
<REALIZED-GAINS-CURRENT> 474,396
<APPREC-INCREASE-CURRENT> (34,705)
<NET-CHANGE-FROM-OPS> 455,085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,659
<NUMBER-OF-SHARES-REDEEMED> 360
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,299
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,676
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 64,211
<AVERAGE-NET-ASSETS> 8,426,975
<PER-SHARE-NAV-BEGIN> 13.21
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 1.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.39
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 2
<NAME> INTERMEDIATE GOVERNMENT BOND PORTFOLIO INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,907,330
<INVESTMENTS-AT-VALUE> 3,961,602
<RECEIVABLES> 82,446
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,044,048
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,108
<TOTAL-LIABILITIES> 6,108
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,098,817
<SHARES-COMMON-STOCK> 378,308
<SHARES-COMMON-PRIOR> 439,448
<ACCUMULATED-NII-CURRENT> 727
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 115,876
<ACCUM-APPREC-OR-DEPREC> 54,272
<NET-ASSETS> 4,037,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 271,049
<OTHER-INCOME> 0
<EXPENSES-NET> 51,838
<NET-INVESTMENT-INCOME> 219,211
<REALIZED-GAINS-CURRENT> 2,969
<APPREC-INCREASE-CURRENT> 50,307
<NET-CHANGE-FROM-OPS> 272,487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 217,970
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,917
<NUMBER-OF-SHARES-REDEEMED> 99,683
<SHARES-REINVESTED> 18,626
<NET-CHANGE-IN-ASSETS> (61,140)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 118,846
<GROSS-ADVISORY-FEES> 28,920
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,838
<AVERAGE-NET-ASSETS> 4,448,084
<PER-SHARE-NAV-BEGIN> 10.48
<PER-SHARE-NII> .52
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.60
<EXPENSE-RATIO> 1.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 2
<NAME> INTERMEDIATE GOVERNMENT BOND PORTFOLIO RETAIL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,907,330
<INVESTMENTS-AT-VALUE> 3,961,602
<RECEIVABLES> 82,446
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,044,048
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,108
<TOTAL-LIABILITIES> 6,108
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,098,817
<SHARES-COMMON-STOCK> 2,760
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 727
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 115,876
<ACCUM-APPREC-OR-DEPREC> 54,272
<NET-ASSETS> 4,037,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 271,049
<OTHER-INCOME> 0
<EXPENSES-NET> 51,838
<NET-INVESTMENT-INCOME> 219,211
<REALIZED-GAINS-CURRENT> 2,969
<APPREC-INCREASE-CURRENT> 50,307
<NET-CHANGE-FROM-OPS> 272,487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,947
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,825
<NUMBER-OF-SHARES-REDEEMED> 113
<SHARES-REINVESTED> 48
<NET-CHANGE-IN-ASSETS> 2,760
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 118,846
<GROSS-ADVISORY-FEES> 28,920
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,838
<AVERAGE-NET-ASSETS> 4,448,084
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> 1.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL PORTFOLIO INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 10,037,415
<INVESTMENTS-AT-VALUE> 11,579,681
<RECEIVABLES> 38,219
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,617,900
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,971
<TOTAL-LIABILITIES> 18,971
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,055,692
<SHARES-COMMON-STOCK> 976,082
<SHARES-COMMON-PRIOR> 929,464
<ACCUMULATED-NII-CURRENT> 498
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 473
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,542,266
<NET-ASSETS> 11,598,929
<DIVIDEND-INCOME> 184,669
<INTEREST-INCOME> 22,177
<OTHER-INCOME> 0
<EXPENSES-NET> 183,410
<NET-INVESTMENT-INCOME> 23,436
<REALIZED-GAINS-CURRENT> 476
<APPREC-INCREASE-CURRENT> 639,696
<NET-CHANGE-FROM-OPS> 663,608
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,988
<DISTRIBUTIONS-OF-GAINS> 131,684
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 219,737
<NUMBER-OF-SHARES-REDEEMED> 187,500
<SHARES-REINVESTED> 14,384
<NET-CHANGE-IN-ASSETS> 46,618
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 127,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183,410
<AVERAGE-NET-ASSETS> 11,125,530
<PER-SHARE-NAV-BEGIN> 11.22
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .64
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.75
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c)(2)(i) of Regulations S-k and S-B.
</LEGEND>
<CIK> 0000870156
<NAME> STRATUS FUND, INC.
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL PORTFOLIO RETAIL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 10,037,415
<INVESTMENTS-AT-VALUE> 11,579,681
<RECEIVABLES> 38,219
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,617,900
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,971
<TOTAL-LIABILITIES> 18,971
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,055,692
<SHARES-COMMON-STOCK> 10,652
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 498
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 473
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,542,266
<NET-ASSETS> 11,598,929
<DIVIDEND-INCOME> 184,669
<INTEREST-INCOME> 22,177
<OTHER-INCOME> 0
<EXPENSES-NET> 183,410
<NET-INVESTMENT-INCOME> 23,436
<REALIZED-GAINS-CURRENT> 476
<APPREC-INCREASE-CURRENT> 639,696
<NET-CHANGE-FROM-OPS> 663,608
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 149
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,724
<NUMBER-OF-SHARES-REDEEMED> 85
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 10,652
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 127,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183,410
<AVERAGE-NET-ASSETS> 11,125,530
<PER-SHARE-NAV-BEGIN> 10.33
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.75
<EXPENSE-RATIO> 1.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
