0001193125-12-469915.txt : 20121114 0001193125-12-469915.hdr.sgml : 20121114 20121114132245 ACCESSION NUMBER: 0001193125-12-469915 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 EFFECTIVENESS DATE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRATUS FUND INC CENTRAL INDEX KEY: 0000870156 IRS NUMBER: 470741659 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06259 FILM NUMBER: 121202854 BUSINESS ADDRESS: STREET 1: 6801 S 27TH STREET CITY: LINCOLN STATE: NE ZIP: 68512 BUSINESS PHONE: 4024763000 MAIL ADDRESS: STREET 1: 6801 S 27TH STREET CITY: LINCOLN STATE: NE ZIP: 68508 FORMER COMPANY: FORMER CONFORMED NAME: APEX FUND INC DATE OF NAME CHANGE: 19910131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRATUS FUND INC CENTRAL INDEX KEY: 0000870156 IRS NUMBER: 470741659 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-37928 FILM NUMBER: 121202855 BUSINESS ADDRESS: STREET 1: 6801 S 27TH STREET CITY: LINCOLN STATE: NE ZIP: 68512 BUSINESS PHONE: 4024763000 MAIL ADDRESS: STREET 1: 6801 S 27TH STREET CITY: LINCOLN STATE: NE ZIP: 68508 FORMER COMPANY: FORMER CONFORMED NAME: APEX FUND INC DATE OF NAME CHANGE: 19910131 0000870156 S000008401 Stratus Growth Portfolio C000023037 Institutional Shares STPGX C000023038 Retail Shares STWAX 0000870156 S000008402 Stratus Government Securities Portfolio C000023039 Institutional Shares STGSX C000023040 Retail Shares STGAX 485BPOS 1 d428185d485bpos.htm 485BPOS 485BPOS

As filed with the Securities and Exchange Commission on November 14, 2012

1933 Act Registration No. 33-37928; 1940 Act Registration No. 811-6259

 

 

 

FORM N-1A

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933    x
   Pre-Effective Amendment No.    ¨
   Post-Effective Amendment No. 37    x

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

   Amendment No. 38    x

 

 

STRATUS FUND, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

P.O. Box 82535

Lincoln, Nebraska 68501-2535

(Address of Principal Executive Offices)

(888) 769-2362

(Registrant’s Telephone Number, including Area Code)

Jon C. Gross

Stratus Fund, Inc.

P.O. Box 82535

Lincoln, Nebraska 68501-2535

(Name and Address of Agent for Service)

 

 

Copies of all communications to:

Paul W. Scott

Ballard Spahr LLP

1225 17th Street, Suite 2300

Denver, Colorado 80202

 

 

Approximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective.

It is proposed that this filing will become effective (check appropriate box)

 

  x immediately upon filing pursuant to paragraph (b)

 

  ¨ on (date) pursuant to paragraph (b)

 

  ¨ 60 days after filing pursuant to paragraph (a)(i)

 

  ¨ on (date) pursuant to paragraph (a)(i)

 

  ¨ 75 days after filing pursuant to paragraph (a)(ii)

 

  ¨ on (date) pursuant to paragraph (a)(ii) of Rule 485.

If appropriate, check the following box:

  ¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Fund certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Lincoln, State of Nebraska, on the 14th day of November 2012.

 

STRATUS FUND, INC.
By:  

/s/ Jon C. Gross

  Jon C. Gross, President

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities and on the date indicated.

 

    

Signature

         

Title

  

Date

By:  

/s/ Jon C. Gross

Jon C. Gross

       Director, President (principal executive officer)  

November 14, 2012

By:  

/s/ Jeffrey Jewell

Jeffrey Jewell

       Vice President, Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer)   November 14, 2012

By:

  

/s/ Dr. Paul Hoff

Dr. Paul Hoff

       Director   November 14, 2012

By:

  

/s/ Edson L. Bridges III

Edson L. Bridges III

       Director   November 14, 2012

By:

  

/s/ Thomas C. Smith

Thomas C. Smith

       Director   November   1, 2012

By:

  

/s/ James DeMars

James DeMars

       Director   November 14, 2012

 

2

EXHIBIT INDEX

 

XBRL    Instance Document    EX-101.INS
XBRL    Taxonomy Extention Schema Document    EX-101.SCH
XBRL    Taxonomy Extention Definition Linkbase Document    EX-101.DEF
XBRL    Taxonomy Extention Labels Linkbase Document    EX-101.LAB
XBRL    Taxonomy Extention Presentation Linkbase Document    EX-101.PRE

 

3

EX-101.INS 2 sfi-20121026.xml XBRL INSTANCE DOCUMENT 0000870156 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:RetailClassSharesMember 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:InstitutionalClassSharesMember 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:RetailClassSharesMember 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:InstitutionalClassSharesMember sfi:C000023039Member 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:RetailClassSharesMember sfi:C000023040Member 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:RetailClassSharesMember sfi:C000023038Member 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:InstitutionalClassSharesMember 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:InstitutionalClassSharesMember sfi:C000023037Member 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:RetailClassSharesMember rr:AfterTaxesOnDistributionsMember sfi:C000023040Member 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:RetailClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember sfi:C000023040Member 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:RetailClassSharesMember sfi:MerrillLynchInterTermIndexMember 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:InstitutionalClassSharesMember rr:AfterTaxesOnDistributionsMember sfi:C000023039Member 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:InstitutionalClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember sfi:C000023039Member 2011-11-01 2012-10-31 0000870156 sfi:S000008402Member sfi:InstitutionalClassSharesMember sfi:MerrillLynchIntermediateTermIndexMember 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:InstitutionalClassSharesMember rr:AfterTaxesOnDistributionsMember sfi:C000023037Member 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:InstitutionalClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember sfi:C000023037Member 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:InstitutionalClassSharesMember sfi:SAndPIndexMember 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:RetailClassSharesMember rr:AfterTaxesOnDistributionsMember sfi:C000023038Member 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:RetailClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember sfi:C000023038Member 2011-11-01 2012-10-31 0000870156 sfi:S000008401Member sfi:RetailClassSharesMember sfi:SAndPFiveHundredIndexMember 2011-11-01 2012-10-31 pure iso4217:USD 2012-10-31 485BPOS STRATUS FUND INC 0000870156 false 2012-06-30 <b>Fund Summary &#150; Stratus Government Securities Portfolio</b> <u>Investment Objective</u> The Government Securities Portfolio seeks a high total return consistent with the preservation of capital. <u>Fees and Expenses of the Portfolio</u> This table describes the fees and expenses that you may pay if you buy and hold shares of the Government Securities Portfolio: <i>Shareholder Fees &nbsp;(fees paid directly from your investment)</i> <i>Annual Portfolio Operating Expenses</i> <i>(expenses that you pay each year as a percentage of your investment)</i> <i>Example</i> The following Example is intended to help you compare the cost of an investment in the Government Securities Portfolio with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. &nbsp;The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <u>Portfolio Turnover</u> The Government Securities Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). &nbsp;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the portfolio are held in a taxable account. &nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. &nbsp;During the most recent fiscal year, the Portfolio&#146;s turnover rate was 20.19 % of the average value of the Portfolio. <u>Principal Investment Strategies</u> The principal investment strategies for the Government Securities Portfolio include:<ul type="square"><li>Investing at least 80% of the Portfolio&#146;s assets in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities.</li></ul><ul type="square"><li>Investing the remainder of the Portfolio&#146;s assets in marketable debt obligations rated within one of the four highest debt rating categories, obligations of commercial banks, repurchase agreements and money market instruments.</li></ul><ul type="square"><li>Selecting securities that will provide a high total return consistent with the Portfolio&#146;s investment objective, taking into consideration both current income and the potential for appreciation of value. This may result in the Portfolio concentrating its investments in certain types of U.S. government securities, such as mortgage-backed securities issued or guaranteed by government agencies such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.</li></ul><ul type="square"><li>Normally maintaining an average dollar weighted maturity of between three and ten years.</li></ul><ul type="square"><li>Considering whether to sell a particular security when the security&#146;s price has reached or exceeded its estimated intrinsic value, the fundamentals of the security or the issuer are determined to no longer merit continued investment by the Portfolio, the expected risk and/or return profile of the security has materially adversely changed in the opinion of the Portfolio manager, the security is in an unattractive sector industry in the opinion of the Portfolio manager, or a more attractive investment opportunity is available.</li></ul> <u>Principal Investment Risks</u> The Government Securities Portfolio is subject to the following principal investment risks any one of which could cause you to lose money:<ul type="square"><li><i>Interest Rate Changes</i>. &nbsp;Interest rate increases can cause the price of a debt security to decrease.</li></ul><ul type="square"><li><i>Prepayment Risk</i>. &nbsp;If during periods of falling interest rates an issuer of a debt security held by the Portfolio repays a higher yielding bond before its maturity date, the Portfolio will reinvest these unanticipated proceeds at lower rates. &nbsp;As a result the Portfolio would experience a decline in income and lose the opportunity for additional price appreciation associated with falling interest rates.</li></ul><ul type="square"><li><i>Issuer-Specific Risk</i>. The value of an individual issuer&#146;s securities can be more volatile than the market as a whole and can perform differently than the market as a whole. &nbsp;Debt obligations rated within the lowest of the four highest debt rating categories have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weaker capacity of the issuer to make principal and interest payments than would be the case with higher rated securities. &nbsp;If after acquisition by the Portfolio, a change in the credit quality of a debt security causes the security to fall below investment grade, the investment adviser will consider selling the security if the sale will not have an adverse effect on the Portfolio.</li></ul><ul type="square"><li><i>Credit Risk</i>. &nbsp;If the issuer of a debt security fails to pay interest or principal in a timely manner, the Portfolio&#146;s return will be lower.</li></ul><ul type="square"><li><i>U.S. Government Agency Securities</i>. &nbsp;The Government Securities Portfolio invests in securities that are issued or guaranteed by the U.S. Treasury or by an agency or instrumentality of the U.S. Government, including the Government National Mortgage Association (&#147;Ginnie Mae&#148;), the Federal National Mortgage Association (&#147;Fannie Mae&#148;), the Federal Home Loan Mortgage Corporation (&#147;Freddie Mac&#148;), the Federal Home Loan Banks (&#147;FHLBs&#148;) and the Federal Farm Credit Bank (&#147;FFCB&#148;). &nbsp;U.S. Government securities may be backed by the full faith and credit of the U.S. Treasury, the right to borrow from the U.S. Treasury, or the credit of the agency or instrumentality issuing or guaranteeing the security. Securities issued by Ginnie Mae are supported by the full faith and credit of the U.S. Treasury. Obligations of the FHLBs, FFCB, Fannie Mae and Freddie Mac are backed by the credit of the agency or instrumentality issuing the obligation. &nbsp;In September 2008, the U.S. Treasury placed Fannie Mae and Freddie Mac under conservatorship and appointed the Federal Housing Finance Agency to manage their daily operations. &nbsp;The U.S. Government may not provide support for obligations of its agencies or instrumentalities if not obligated by law to do so.</li></ul><ul type="square"><li><i>Mortgage-Backed Securities</i>. &nbsp;The Government Securities Portfolio invests in securities that are issued or guaranteed by Ginnie Mae, Fannie Mae and Freddie Mac that are backed by pools of mortgage loans. Mortgage-backed securities are based upon different types of mortgage loans, and may include &#147;sub-prime,&#148; &#147;alt-A&#148; or other types of loans that carry greater repayment risks. &nbsp;Since mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac are not registered under the Securities Act of 1933, information about such securities may not be as readily available as for registered securities. &nbsp;Only those mortgage-backed securities that are issued by Ginnie Mae are backed by the full faith and credit of the U.S. Treasury. &nbsp;During periods of declining interest rates, prepayment of the mortgages underlying the securities can be expected to accelerate, shortening the estimated average life of the security, while increasing interest rates could extend the estimated average life of the securities. &nbsp;Because of the unpredictable payment characteristics, it is often not possible to predict accurately the average life or realized yield of a particular issue. &nbsp;If the Portfolio purchases a mortgage-backed security at a premium, it may experience a loss if there is a decline in the market value of the security, whether resulting from changes in interest rates or prepayments of the underlying mortgage loans.</li></ul><ul type="square"><li><i>Credit Quality</i>. &nbsp;The Government Securities Portfolio may invest up to 20% of its assets in debt obligations rated in one of the top four rating categories by nationally recognized rating organizations such as Moody&#146;s or Standard &#38; Poor&#146;s. &nbsp;Credit ratings evaluate the expectation that scheduled interest and principal payments will be made in a timely manner. &nbsp;They do not reflect any judgment of market risk and are not a recommendation to purchase, sell or hold securities. &nbsp;Conflicts of interest can arise in the securities rating process since issuers or underwriters make payments to the rating agencies to determine the credit ratings for securities they issue or underwrite. &nbsp;Downgrades in ratings of securities held by the Government Securities Portfolio may adversely affect the price of those securities.</li></ul><ul type="square"><li><i>Income Risk</i>. &nbsp;Falling interest rates will cause the Portfolio&#146;s income to decline.</li></ul>When you sell shares of the Portfolio, they could be worth less than what you paid for them. &nbsp;An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <u>Performance</u> The following information provides some indication of the risk of investing in the Government Securities Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5, and 10 years compared with those of a broad measure of market performance. &nbsp;Returns are based on past results (before and after taxes) and are not an indication of future performance. &nbsp;Sales charges are not included in the calculation of the returns shown in the bar chart below, and if they were included, the returns would be less than those shown. <center><i>Calendar Year Total Returns</i></center> During the periods shown in the chart for the Government Securities Portfolio, the highest return for a quarter was 3.89% (quarter ending December 31, 2008) and the lowest return for a quarter was &#150;1.37% (quarter ending June 30, 2004.<br/><br/>The year-to-date return as of June 30, &nbsp;2012 for the Government Securities Portfolio was 1.11%. <center><i>Average Annual Total Returns <br/>(For the periods ended December 31, 2011)</i></center> The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. &nbsp;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. If, within 6 months of their acquisition, you exchange shares of a Portfolio for shares of another Portfolio with a higher sales charge, you will pay the difference between the sales charges in connection with the exchange. The total annual portfolio operating expenses described in this table do not correlate to the ratio of expenses to average net assets given in the Financial Highlights for the Government Securities Portfolio appearing in this prospectus, which reflects the operating expenses of the Portfolio and does not include acquired fund fees and expenses. 0.2019 The Government Securities Portfolio is subject to the following principal investment risks any one of which could cause you to lose money: An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following information provides some indication of the risk of investing in the Government Securities Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5, and 10 years compared with those of a broad measure of market performance. <b>Fund Summary &#150; Stratus Government Securities Portfolio</b> Returns are based on past results (before and after taxes) and are not an indication of future performance. Sales charges are not included in the calculation of the returns shown in the bar chart below, and if they were included, the returns would be less than those shown. <u>Investment Objective</u> The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Government Securities Portfolio seeks a high total return consistent with the preservation of capital. <u>Fees and Expenses of the Portfolio</u> This table describes the fees and expenses that you may pay if you hold shares of the Government Securities Portfolio. &nbsp;You will not pay any sales charges in connection with the purchase of your shares. <b>Fund Summary &#150; Stratus Growth Portfolio</b> <i>Annual Portfolio Operating Expenses</i> <i>(expenses that you pay each year as a percentage of your investment)</i> 0.005 0.0042 <u>Investment Objective</u> highest return 2008-12-31 0.0389 lowest return 2004-06-30 -0.0137 year-to-date return 2012-06-30 <u>Fees and Expenses of the Portfolio</u> 0.0111 0.0002 <i>Shareholder Fees (fees paid directly from your investment)</i> <i>Annual Fund Operating Expenses</i> <i>(expenses that you pay each year as a percentage of your investment)</i> <i>Example</i> <u>Portfolio Turnover</u> 0.0635 0.012 0.0156 0.0094 0.0095 0.0378 0.0645 The Growth Portfolio seeks capital appreciation and income. 0.0617 This table describes the fees and expenses that you may pay if you buy and hold shares of the Growth Portfolio: 0.045 0 0.0355 0.0435 <i>Example</i> The following Example is intended to help you compare the cost of an investment in the Government Securities Portfolio with the cost of investing in other mutual funds. <br /><br />The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. &nbsp;The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. &nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0478 92 287 499 1109 <u>Portfolio Turnover</u> The Government Securities Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). &nbsp;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the portfolio are held in a taxable account. &nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. &nbsp;During the most recent fiscal year, the Portfolio&#146;s turnover rate was 20.19 % of the average value of the Portfolio. 0.2019 <u>Principal Investment Strategies</u> The principal investment strategies for the Government Securities Portfolio include:<ul type="square"><li> Investing at least 80% of the Portfolio&#146;s assets in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities.</li></ul><ul type="square"><li>Investing the remainder of the Portfolio&#146;s assets in marketable debt obligations rated within one of the four highest debt rating categories, obligations of commercial banks, repurchase agreements and money market instruments.</li></ul><ul type="square"><li>Selecting securities that will provide a high total return consistent with the Portfolio&#146;s investment objective, taking into consideration both current income and the potential for appreciation of value. &nbsp;This may result in the Portfolio concentrating its investments in certain types of U.S. government securities, such as mortgage-backed securities issued or guaranteed by government agencies such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.</li></ul><ul type="square"><li>Normally maintaining an average dollar weighted maturity of between three and ten years.</li></ul><ul type="square"><li>Considering whether to sell a particular security when the security&#146;s price has reached or exceeded its estimated intrinsic value, the fundamentals of the security or the issuer are determined to no longer merit continued investment by the Portfolio, the expected risk and/or return profile of the security has materially adversely changed in the opinion of the Portfolio manager, the security is in an unattractive sector industry in the opinion of the Portfolio manager, or a more attractive investment opportunity is available.</li></ul> <u>Principal Investment Risks</u> <b>Fund Summary &#150; Stratus Growth Portfolio</b> <u>Investment Objective</u> The Growth Portfolio seeks capital appreciation and income. <u>Fee and Expenses of the Portfolio</u> This table describes the fees and expenses that you may pay if you hold shares of the Growth Portfolio. You will not pay any sales charges in connection with the purchase of your shares. <i>Annual Fund Operating Expenses</i> <i>(expenses that you pay each year as a percentage of your investment)</i> <i>Example</i> The following Example is intended to help you compare the cost of an investment in the Growth Portfolio with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. &nbsp;The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. &nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be: <u>Portfolio Turnover</u> The Growth Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). &nbsp;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the portfolio are held in a taxable account. &nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. &nbsp;During the most recent fiscal year, the Portfolio&#146;s turnover rate was 20.22 % of the average value of the Portfolio. <u>Principal Investment Strategies</u> The principal investment strategies for the Growth Portfolio include:<ul type="square"><li>Investing primarily in a diversified portfolio of common stocks.</li></ul><ul type="square"><li>Selecting equity securities, the majority of which pay dividends.</li></ul><ul type="square"><li>Investing in medium and large capitalization companies. </li></ul><ul type="square"><li>Investing in companies the Adviser believes will have earnings that grow faster than inflation and faster than the economy in general and whose securities are attractively priced. &nbsp;The Adviser&#146;s strategies may involve active trading in the Portfolio&#146;s securities and may result in a higher portfolio turnover rate.</li></ul><ul type="square"><li>Considering whether to sell a particular security when the security&#146;s price has reached or exceeded its estimated intrinsic value, the fundamentals of the security or the issuer are determined to no longer merit continued investment by the Portfolio, the expected risk and/or return profile of the security has materially adversely changed in the opinion of the Portfolio manager, the security is in an unattractive sector industry in the opinion of the Portfolio manager, or a more attractive investment opportunity is available.</li></ul> 0.03 0.0075 0.0043 0 0.0118 0 118 368 637 1405 0 The Government Securities Portfolio is subject to the following principal investment risks any one of which could cause you to lose money:<ul type="square"><li><i>Interest Rate Changes</i>. &nbsp;Interest rate increases can cause the price of a debt security to decrease.</li></ul><ul type="square"><li><i>Prepayment Risk.</i> &nbsp;If during periods of falling interest rates an issuer of a debt security held by the Portfolio repays a higher yielding bond before its maturity date, the Portfolio will reinvest these unanticipated proceeds at lower rates. &nbsp;As a result the Portfolio would experience a decline in income and lose the opportunity for additional price appreciation associated with falling interest rates.</li></ul><ul type="square"><li><i>Issuer-Specific Risk.</i> &nbsp;&nbsp;The value of an individual issuer&#146;s securities can be more volatile than the market as a whole and can perform differently than the market as a whole. &nbsp;Debt obligations rated within the lowest of the four highest debt rating categories have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weaker capacity of the issuer to make principal and interest payments than would be the case with higher rated securities. &nbsp;If after acquisition by the Portfolio, a change in the credit quality of a debt security causes the security to fall below investment grade, the investment adviser will consider selling the security if the sale will not have an adverse effect on the Portfolio.</li></ul><ul type="square"><li><i>Credit Risk.</i> &nbsp;If the issuer of a debt security fails to pay interest or principal in a timely manner, the Portfolio&#146;s return will be lower.</li></ul><ul type="square"><li><i>U.S. Government Agency Securities</i>. &nbsp;The Government Securities Portfolio invests in securities that are issued or guaranteed by the U.S. Treasury or by an agency or instrumentality of the U.S. Government, including the Government National Mortgage Association (&#147;Ginnie Mae&#148;), the Federal National Mortgage Association (&#147;Fannie Mae&#148;), the Federal Home Loan Mortgage Corporation (&#147;Freddie Mac&#148;), the Federal Home Loan Banks (&#147;FHLBs&#148;) and the Federal Farm Credit Bank (&#147;FFCB&#148;). &nbsp;U.S. Government securities may be backed by the full faith and credit of the U.S. Treasury, the right to borrow from the U.S. Treasury, or the agency or instrumentality issuing or guaranteeing the security. &nbsp;Securities issued by Ginnie Mae are supported by the full faith and credit of the U.S. Treasury. &nbsp;Obligations of the FHLBs, FFCB, Fannie Mae and Freddie Mac are backed by the credit of the agency or instrumentality issuing the obligation. &nbsp;In September 2008, the U.S. Treasury placed Fannie Mae and Freddie Mac under conservatorship and appointed the Federal Housing Finance Agency to manage their daily operations. &nbsp;The U.S. Government may not provide support for obligations of its agencies or instrumentalities if not obligated by law to do so.</li></ul><ul type="square"><li><i>Mortgage-Backed Securities</i>. &nbsp;The Government Securities Portfolio invests in securities that are issued or guaranteed by Ginnie Mae, Fannie Mae and Freddie Mac that are backed by pools of mortgage loans. &nbsp;Mortgage-backed securities are based upon different types of mortgage loans, and may include &#147;sub-prime,&#148; &#147;alt-A&#148; or other types of loans that carry greater repayment risks. &nbsp;Since mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac are not registered under the Securities Act of 1933, information about such securities may not be as readily available as for registered securities. &nbsp;Only those mortgage-backed securities that are issued by Ginnie Mae are backed by the full faith and credit of the U.S. Treasury. &nbsp;During periods of declining interest rates, prepayment of the mortgages underlying the securities can be expected to accelerate, shortening the estimated average life of the security, while increasing interest rates could extend the estimated average life of the securities. &nbsp;Because of the unpredictable payment characteristics, it is often not possible to predict accurately the average life or realized yield of a particular issue. &nbsp;If the Portfolio purchases a mortgage-backed security at a premium, it may experience a loss if there is a decline in the market value of the security, whether resulting from changes in interest rates or prepayments of the underlying mortgage loans.</li></ul><ul type="square"><li><i>Credit Quality</i>. &nbsp;The Government Securities Portfolio may invest up to 20% of its assets in debt obligations rated in one of the top four rating categories by nationally recognized rating organizations such as Moody&#146;s or Standard &#38; Poor&#146;s. &nbsp;Credit ratings evaluate the expectation that scheduled interest and principal payments will be made in a timely manner. &nbsp;They do not reflect any judgment of market risk and are not a recommendation to purchase, sell or hold securities. &nbsp;Conflicts of interest can arise in the securities rating process since issuers or underwriters make payments to the rating agencies to determine the credit ratings for securities they issue or underwrite. &nbsp;Downgrades in ratings of securities held by the Government Securities Portfolio may adversely affect the price of those securities. </li></ul><ul type="square"><li><i>Income Risk.</i> &nbsp;Falling interest rates will cause the Portfolio&#146;s income to decline.</li></ul>When you sell shares of the Portfolio, they could be worth less than what you paid for them. &nbsp;An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.2326 0.2668 0.1341 0.0571 0.0735 The Government Securities Portfolio is subject to the following principal investment risks any one of which could cause you to lose money: 0.0779 -0.34 0.2361 0.0979 An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.039 <u>Performance</u> The following information provides some indication of the risk of investing in the Government Securities Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5 and 10 years compared to those of a broad measure of market performance. &nbsp;Returns are based on past results (before and after taxes) and are not an indication of future performance. The following information provides some indication of the risk of investing in the Government Securities Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5 and 10 years compared to those of a broad measure of market performance. 0.005 Returns are based on past results (before and after taxes) and are not an indication of future performance. 0.0042 0.0002 <center><i>Calendar Year Total Returns</i></center> 0.0094 <u>Principal Investment Risks</u> <center><i>Calendar Year Total Returns</i></center> During the periods shown in the chart for the Growth Portfolio, the highest return for a quarter was 13.76% (quarter ending September 30, 2009) and the lowest return for a quarter was -20.35% (quarter ending December 31, 2008). <br/><br/>The year-to-date return as of June 30, &nbsp;2012 for Growth Portfolio was 8.47 %. <center><i>Average Annual Total Returns <br/>(For the periods ended December 31, 2011 )</i></center> 0.0669 0.015 0.0161 0.0095 0.0379 0.0644 0.0617 0.0356 0.0425 0.0478 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. &nbsp;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 389 573 772 <u>Performance</u> During the periods shown in the chart for the Government Securities Portfolio, the highest return for a quarter was 3.89% (quarter ending December 31, 2008) and the lowest return for a quarter was -1.38% (quarter ending June 30, 2004).<br/><br/>The year-to-date return as of June 30, &nbsp;2012 for the Government Securities Portfolio was 1.09 %. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1346 highest return 0.0389 2008-12-31 lowest return After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0138 2004-06-30 0.0478 0.038 0.0323 0.0676 0.0505 0.0394 0.0338 0.0607 0.2022 0.039 0.0273 0.0236 0.0483 year-to-date return 0.0109 2012-06-30 <center><i>Average Annual Total Returns <br/>(For the periods ended December 31, 2011 )</i></center> 0.0478 0.038 0.0323 0.0676 0.0503 0.0393 0.0337 0.0607 0.0396 0.0277 0.0239 0.0483 The Growth Portfolio is subject to the following principal investment risks, any one of which could cause you to lose money:<ul type="square"><li><i>Stock Market Volatility</i>. &nbsp;Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. &nbsp;Different parts of the market can react differently to these developments.</li></ul><ul type="square"><li><i>Issuer-Specific Risks</i>. &nbsp;The value of an individual issuer&#146;s securities can be more volatile than the market as a whole and can perform differently than the market as a whole.</li></ul><ul type="square"><li><i>Growth Investing</i>. &nbsp;Growth stocks can perform differently than the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li></ul>When you sell your shares of the Portfolio, they could be worth less than what you paid for them. An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Growth Portfolio is subject to the following principal investment risks, any one of which could cause you to lose money: An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following information provides some indication of the risks of investing in the Growth Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5 and 10 years compared with those of a broad measure of market performance. &nbsp;Returns are based on past results (before and after taxes) and are not an indication of future performance. The following information provides some indication of the risks of investing in the Growth Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5 and 10 years compared with those of a broad measure of market performance. Returns are based on past results (before and after taxes) and are not an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. &nbsp;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0 0 0.0075 0.0043 0.0118 The following Example is intended to help you compare the cost of an investment in the Growth Portfolio with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. &nbsp;The Example also assumes that your investment has a 5% return each year and that the Portfolio&#146;s operating expenses remain the same. &nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be: 563 790 1036 1736 The Growth Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the portfolio are held in a taxable account. &nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#146;s performance. &nbsp;During the most recent fiscal year, the Portfolio&#146;s turnover rate was 20.22 % of the average value of the Portfolio. 0.2022 highest return 2009-09-30 <u>Principal Investment Strategies</u> 0.1376 lowest return year-to-date return -0.2035 2008-12-31 0.0847 2012-06-30 <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualFundOperatingExpensesStratusGovernmentSecuritiesPortfolioInstitutionalShares column period compact * ~</div> The principal investment strategies for the Growth Portfolio include:<ul type="square"><li>Investing primarily in a diversified portfolio of common stocks.</li></ul><ul type="square"><li>Selecting equity securities, the majority of which pay dividends.</li></ul><ul type="square"><li>Investing in medium and large capitalization companies.</li></ul><ul type="square"><li>Investing in companies the Adviser believes will have earnings that grow faster than inflation and faster than the economy in general and whose securities are attractively priced. &nbsp;&nbsp;The Adviser&#146;s strategies may involve active trading in the Portfolio&#146;s securities and may result in a higher portfolio turnover rate.</li></ul><ul type="square"><li>Considering whether to sell a particular security when the security&#146;s price has reached or exceeded its estimated intrinsic value, the fundamentals of the security or the issuer are determined to no longer merit continued investment by the Portfolio, the expected risk and/or return profile of the security has materially adversely changed in the opinion of the Portfolio manager, the security is in an unattractive sector industry in the opinion of the Portfolio manager, or a more attractive investment opportunity is available.</li></ul> <u>Principal Investment Risks</u> <div style="display:none">~ http://www.stratus.com/role/ScheduleExpenseExampleTransposedStratusGovernmentSecuritiesPortfolioInstitutionalShares column period compact * ~</div> The Growth Portfolio is subject to the following principal investment risks any one of which could cause you to lose money:<ul type="square"><li><i>Stock Market Volatility.</i>&nbsp; Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. &nbsp;Different parts of the market can react differently to these developments.</li></ul><ul type="square"><li><i>Issuer-Specific Risks.</i>&nbsp; The value of an individual issuer&#146;s securities can be more volatile than the market as a whole and can perform differently than the market as a whole.</li></ul><ul type="square"><li><i>Growth Investing</i>.&nbsp; Growth stocks can perform differently than the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li></ul>When you sell your shares of the Portfolio, they could be worth less than what you paid for them.&nbsp; An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Growth Portfolio is subject to the following principal investment risks any one of which could cause you to lose money: -0.039 -0.0421 -0.0421 0.0211 -0.0149 -0.02 -0.02 An investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.0025 0.015 0.0119 0.0102 0.0292 <u>Performance</u> The following information provides some indication of the risks of investing in the Growth Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5 and 10 years compared with those of a broad measure of market performance. &nbsp;Returns are based on past results (before and after taxes) and are not an indication of future performance. &nbsp;Sales charges are not included in the calculation of the returns shown in the bar chart below, and if they were included, the returns would be less than those shown. The following information provides some indication of the risks of investing in the Growth Portfolio by showing changes in the Portfolio&#146;s performance from year to year and by showing how the Portfolio&#146;s average returns for 1, 5, and 10 years compared with those of a broad measure of market performance. <div style="display:none">~ http://www.stratus.com/role/ScheduleAverageAnnualTotalReturnsTransposedStratusGovernmentSecuritiesPortfolioInstitutionalShares column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleShareholderFeesStratusGovernmentSecuritiesPortfolio column period compact * ~</div> Returns are based on past results (before and after taxes) and are not an indication of future performance. Sales charges are not included in the calculation of the returns shown in the bar chart below, and if they were included, the returns would be less than those shown. -0.2372 0.2673 0.137 0.0572 0.0751 0.0776 -0.3397 0.2354 0.0977 -0.0382 <center><i>Calendar Year Total Returns</i></center> During the periods shown in the chart for the Growth Portfolio, the highest return for a quarter was 13.76% (quarter ending September 30, 2009) and the lowest return for a quarter was &#150;20.39% (quarter ending December 31, 2008).<br/><br/>The year-to-date return as of June 30, &nbsp;2012 for the Growth Portfolio was 8.44 %. <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualFundOperatingExpensesStratusGovernmentSecuritiesPortfolio column period compact * ~</div> highest return 2009-09-30 0.1376 lowest return 2008-12-31 -0.2039 year-to-date return 2012-06-30 0.0844 <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualFundOperatingExpensesStratusGrowthPortfolioInstitutionalShares column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleExpenseExampleTransposedStratusGovernmentSecuritiesPortfolio column period compact * ~</div> <center><i>Average Annual Total Returns <br/>(For the periods ended December 31, 2011 )</i></center> -0.0382 -0.0413 -0.0413 0.0211 -0.0148 -0.02 -0.02 -0.0025 0.0149 0.0117 0.0101 0.0292 <div style="display:none">~ http://www.stratus.com/role/ScheduleExpenseExampleNoRedemptionTransposedStratusGovernmentSecuritiesPortfolio column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualTotalReturnsStratusGovernmentSecuritiesPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleAverageAnnualTotalReturnsTransposedStratusGovernmentSecuritiesPortfolio column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleExpenseExampleTransposedStratusGrowthPortfolioInstitutionalShares column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualTotalReturnsStratusGrowthPortfolioInstitutionalSharesBarChart column period compact * ~</div> The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. &nbsp;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.stratus.com/role/ScheduleAverageAnnualTotalReturnsTransposedStratusGrowthPortfolioInstitutionalShares column period compact * ~</div> The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. &nbsp;After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The total annual portfolio operating expenses described in this table do not correlate to the ratio of expenses to average net assets given in the Financial Highlights for the Government Securities Portfolio appearing in this prospectus, which reflects the operating expenses of the Portfolio and does not include acquired fund fees and expenses. <div style="display:none">~ http://www.stratus.com/role/ScheduleShareholderFeesStratusGrowthPortfolio column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualFundOperatingExpensesStratusGrowthPortfolio column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleExpenseExampleTransposedStratusGrowthPortfolio column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualTotalReturnsStratusGrowthPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleAverageAnnualTotalReturnsTransposedStratusGrowthPortfolio column period compact * ~</div> <div style="display:none">~ http://www.stratus.com/role/ScheduleAnnualTotalReturnsStratusGovernmentSecuritiesPortfolioInstitutionalSharesBarChart column period compact * ~</div> If, within 6 months of their acquisition, you exchange shares of a Portfolio for shares of another Portfolio with a higher sales charge, you will pay the difference between the sales charges in connection with the exchange 2012-10-26 2012-10-26 The total annual portfolio operating expenses described in this table do not correlate to the ratio of expenses to average net assets given in the Financial Highlights for the Government Securities Portfolio appearing in this prospectus, which reflects the operating expenses of the Portfolio and does not include acquired fund fees and expenses. If, within 6 months of their acquisition, you exchange shares of a Portfolio for shares of another Portfolio with a higher sales charge, you will pay the difference between the sales charges in connection with the exchange. 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