Securities Act File #: 33340337
Investment Company Act File #: 811-8307
UNITES STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. ____
Post-Effective Amendment No. 1 X
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 _
Amendment No.
(Check appropriate box or boxes)
Ensign Investors, Inc.
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(Exact Name of Registrant as Specified in Charter)
9921 S. Treasure Circle, South Jordan, Utah 84095
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code (801) 253-9647
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Stanley M. Wells, 9921 S. Treasure Circle, South Jordan, Utah 84095
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(Name and Address of Agent for Service)
Approximate Date of Proposed Public Offering
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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)
_ on (date) pursuant to paragraph (a) of rule 485
Title of Securities Registered: Ensign Investors Value Fund
Shares of Common Stock
Item 32. Undertakings
(b) post-effective amendment, presenting financial statements within four to
six months from the effective date of this registration will be filed within
six months from the effective date of this registration.
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
May 31, 1999
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<S> <C>
Assets:
Investment securities, at value (cost $335,188) $402,804
Interest and dividends receivable 655
Receivable for investments sold 24,275
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Total Assets 427,734
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Liabilities:
Current liabilities - related party accounts payable 431
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Net assets applicable to outstanding capital shares -
authorized 500,000,000 shares of $0.10 par value;
outstanding 376,883 shares $427,303
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Net asset value per share $ 1.13
<CAPTION>
Schedule of Investments in Securities
May 31, 1999
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Principal
Amount or Market
Shares Value Percent
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<S> <C> <C> <C>
Common Stock, 86%
Retail: 6%
Albertson's, Inc. 200 $ 10,700
Autozone, Inc. 500 14,468
Building and Construction: 5%
Clayton Homes, Inc. 1,700 19,444
Medical/Dental Supplies: 6%
Stryker Corp. 400 23,800
Consumer Products: 14%
Newell Company 600 24,300
Gillette Co. 300 15,300
Diebold, Inc. 500 14,062
Leggett & Platt 300 7,912
Business Information Services: 2%
Reuters Group Plc. 120 9,975
Diversified Operations: 9%
Federal Signal Corp. 900 21,544
Johnson Controls 200 12,613
Dover Corp. 100 3,769
Telecommunications: 8%
Andrew Corp. 1,200 18,600
L.M. Ericsson Telephone Co. 600 16,163
Transportation: 6%
Air Express International Corp. 1,000 25,000
Computer Services: 2%
Automatic Data Processing, Inc. 200 8,237
Pharmaceutical: 3%
Bristol Meyers Squibb 200 13,750
Scientific and Technical Inst.: 3%
Emerson Electric Co. 200 12,775
High-Tech: 5%
Intel Corp. 400 21,625
Chemicals: 4%
RPM, Inc. 1,100 15,263
Oil & Gas Operations: 8%
Questar Corp. 200 3,812
Nabors Industires, Inc. 600 12,000
Schlumberger Ltd. 300 18,056
Regional Banks: 1%
Zions Bancorporation 100 6,375
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Total common stock, (cost $315,401) 349,534
Real Estate Trust: 5%
Equity Residential Properties Trust 200 9,587
Washington Real Estate Trust 600 10,650
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Total real estate trust (cost $19,788) 20,237
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Temporary Investments: 8%
Cash Funds 33,033
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Total investments, (cost $368,222) 100%
<CAPTION>
Statement of Income
Five Months Ended
May 31, 1999
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<S> <C>
Investment Income:
Income:
Interest $ 101
Dividend 2,659
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2,760
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Expenses:
Investment advisory fee 1,831
Custodian fee 576
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2,407
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Net investment income $ 353
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Realized and unrealized gain (loss) on investments:
Realized gain from securities transactions:
Proceeds from sales $65,305
Cost of securities sold 49,600
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Net realized gain on investments 15,705
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Change in net unrealized appreciation of investments:
Beginning of year 29,823
End of period 34,593
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Increase in net unrealized appreciation of investments 4,770
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Net gain on investments 20,475
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Net increase in net assets resulting
from operations $20,828
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<CAPTION>
Statement of Changes in Net Assets
Five Months Ended May 31, 1999
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<S> <C>
Increase in assets from operations:
Net investment income $ 353
Net realized gain from investments 15,705
Change in net unrealized appreciation of investments 4,770
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Net increase in net assets resulting from operations 20,828
Distributions to shareholders 0
Capital share transactions:
Sale of 3,263 shares to investors 3,737
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Increase in net assets 24,565
Net assets, beginning of year 402,738
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Net assets, end of period (including undistributed net
investment income of $353) $427,303
</TABLE>
Notes to Financial Statements
1. Management and advisory fees with related parties:
The Company has a contract with Wells Investment Services, Inc. (Wells)
wherein Wells acts as investment advisor to the Company.
Under the Advisory and Service Contract, the Company pays the advisor a monthly
fee computed on the average daily net assets of the Fund at the annual rate of
1.0% of the average daily net assets of the Fund up to $50 million, plus 0.75%
of the next $450 million, and 0.5% of the excess over 500 million. The fee is
calculated daily and paid at the end of each month after services have been
rendered. The Advisor has voluntarily agreed to limit total expenses to 1.5%
of the Company's average net assets computed on a daily basis. The Company
paid $1,831 to Wells during the first five months of 1999.
The president of Wells is also president of the Company. Eighty-one percent of
the outstanding capital stock of Wells is owned by such officer.
2. Accumulated undistributed investment income:
As of May 31, 1999, net investment income of $353 had not been distributed to
the Company's shareholders.
3. None of the Company's financial instruments are held for trading purposes.
The Company estimates that the fair value of all financial instruments at May
31, 1999, does not differ materially from the aggregate carrying values of its
financial instruments recorded in the accompanying balance sheet. The
estimated fair value amounts have been determined by the Company using
available market information and appropriate valuation methodologies.
Considerable judgement is necessarily required in interpreting market data
to develop the estimates of fair value, and accordingly, the estimates are not
necessarily indicative of the amounts that the Company could realize in a
current market exchange.
4. Ratios:
Expenses to average net assets % (annualized) 1.41
Net investment income to average net assets % (annualized) 0.21
Portfolio turnover % 7.53
Number of shares outstanding at end of period 376,882
