INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
(Herein called Investors Life)
SEPARATE ACCOUNT I
FINANCIAL STATEMENTS
June 30, 2000
(Unaudited)
This report is submitted for the general information of owners of Investors Life
Insurance Company of North america Separate Account I variable annuity
contracts. This report is not authorized for distribution to prospective
purchasers of such contracts unless it is accampanied by a current prosepectus.
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
COMBINED BALANCE SHEET
Period Ended June 30, 2000
(Unaudited)
ASSETS
Investments at Market Value (Notes 1 and 2):
Portfolios of Putnam Capital Manager Trust:
Putnam Variable Trust Money Market
1,122,843 qualified shares (Cost $1,122,843) $ 1,122,843
1,976,621 non-qualified shares (Cost $1,976,621) 1,976,621
Putnam Variable Trust Income (formerly U.S. Government and High Quality Bond)
154,594 qualified shares (Cost $2,176,285) 1,841,210
413,145 non-qualified shares (Cost $5,510,927) 4,920,557
Putnam Variable Trust Growth and Income
616,454 qualified shares (Cost $15,154,627) 14,305,719
92,522 shares owned by Investors Life (Cost $2,274,512) 2,147,102
269,240 non-qualified shares (Cost $6,558,791) 6,249,054
92,757 shares owned by Investors Life (Cost $2,259,607) 2,152,898
Putnam Variable Trust Voyager
19,664 qualified shares (Cost $677,947) 1,164,312
51,059 shares owned by Investors Life (Cost $1,760,322) 3,023,198
20,325 non-qualified shares (Cost $694,648) 1,203,306
51,003 shares owned by Investors Life (Cost $1,743,123) 3,019,528
__________
Total Assets $ 43,126,348
<PAGE>
==========
CONTRACT OWNERS' EQUITY
Contract Owners' Equity (Notes 3 and 6):
Putnam Variable Trust Money Market
474,692 qualified accumulation
units outstanding ($2.3654120 Per Unit ) $ 1,122,843
841,677 non-qualified accumulation
units outstanding ($2.3484320 Per Unit ) 1,976,621
Putnam Variable Trust Income (formerly U.S. Government and High Quality Bond)
514,941 qualified accumulation
units outstanding ($3.5755740Per Unit) 1,841,210
1,391,914 non-qualified accumulation
units outstanding ($3.5351010Per Unit) 4,920,557
Putnam Variable Trust Growth and Income
1,702,193 qualified accumulation
units outstanding ($8.4042870Per Unit) 14,305,719
255,477 Investors Life equity ($8.4042870Per Unit) 2,147,102
866,242 non-qualified accumulation
units outstanding ($7.2139820Per Unit) 6,249,054
298,434 Investors Life equity ($7.2139820Per Unit) 2,152,898
Putnam Variable Trust Voyager
192,563 qualified accumulation
units outstanding ($6.0463960Per Unit) 1,164,312
500,000 Investors Life equity ($6.0463960Per Unit) 3,023,198
199,254 non-qualified accumulation
units outstanding ($6.0390560Per Unit) 1,203,306
500,000 Investors Life equity ($6.0390560Per Unit) 3,019,528
________
Contract Owners' Equity $ 43,126,348
========
The accompanying notes are an integral part of these financial statements
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
INDIVIDUAL STATEMENTS OF OPERATIONS
Period Ended June 30, 2000
(Unaudited)
Putnam Putnman
Variable Trust Variable Trust
Money Money
Market Market
Qualified Non-Qualified
Investment Income:
Dividends $ 31,733 $ 56,570
Expenses:
Mortality risk and expense fees
guarantees (Notes 1 and 3) 6,821 12,168
____________ _____________
Investment income - net 24,912 44,402
_____________ _____________
Net Realized and Unrealized Gain
(Loss) on Investments:
Net realized capital gain distributions 0 0
___________ _____________
Net realized gain (loss) on investments:
Proceeds from sale of shares 115,926 172,188
Cost of shares sold 115,926 172,188
_____________ _____________
Net realized gain (loss) on investments 0 0
_____________ _____________
Net unrealized gain (loss) on investments 0 0
_____________ _____________
Net realized and unrealized gain (loss)
on investments 0 0
______________ _____________
Net Increase (Decrease) in Net Assets
from Investment Operations $ 24,912 $ 44,402
============== ==============
The accompanying notes are an integral part of these financial statements
Putnam Variable Putman Variable
Trust Income Trust Income
formerly U.S. formerly U.S.
Gov and Gov and
High Quality Bond) High Quality Bond)
Qualified Non-Qualified
Investment Income:
Dividends $ 128,302 $ 365,748
Expenses:
Mortality risk and expense
fees guarantees (Notes 1 and 3) 11,248 31,734
_______________ ________________
Investment income - net 117,054 334,014
________________ ________________
Net Realized and Unrealized Gain (Loss)
on Investments:
Net realized capital gain distributions 0 0
________________ ________________
Net realized gain (loss) on investments:
Proceeds from sale of shares 147,325 701,373
Cost of shares sold 145,259 704,899
________________ ________________
Net realized
gain (loss) on investments 2,066 (3,526)
________________ ________________
Net unrealized
gain(loss) on investments (92,011) (264,471)
________________ ________________
Net realized and unrealized
gain (loss) on investments (89,945) (267,997)
________________ ________________
Net Increase (Decrease)
in Net Assets from
Investment Operations $ 27,109 $ 66,017
=================== ===================
The accompanying notes are an integral part of these financial statements
<PAGE>
Putnam Variable Putnam Variable
Trust Growth Trust Growth
and Income and Income
Qualified* Non-Qualified*
Investment Income:
Dividends $ 587,913 $ 331,877
Expenses:
Mortality risk and expense
fees guarantees (Notes 1 and 3) 103,774 57,085
_____________ _____________
Investment income - net 484,139 274,792
_____________ _____________
Net Realized and Unrealized
Gain (Loss) on Investments:
Net realized capital gain distributions 1,320,449 745,395
_____________ _____________
Net realized gain (loss)
on investments:
Proceeds from sale of shares 2,301,836 1,778,438
Cost of shares sold 1,624,416 1,309,649
_____________ _____________
Net realized gain (loss)
on investments 677,420 468,789
____________ _____________
Net unrealized gain (loss)
on investments (3,089,712) (1,817,800)
_____________ _____________
Net realized and unrealized
gain (loss) on investments (1,091,843) (603,616)
_____________ _____________
Net Increase (Decrease) in Net Assets
from Investment Operations $ (607,704) $ (328,824)
================ ================
*Includes shares owned by Investors Life
The accompanying notes are an integral part of these financial statements
Putnam Putnam
Variable Trust Variable Trust
Voyager Voyager
Qualified * Non-Qualified*
Investment Income:
Dividends $ 122,521 $ 119,470
Expenses:
Mortality risk and expense
fees guarantees (Notes 1 and 3) 25,100 24,633
_____________ ____________
Investment income - net 97,421 94,837
_____________ ____________
Net Realized and Unrealized
Gain (Loss) on Investments:
Net realized capital gain distributions 410,827 400,597
____________ ____________
Net realized gain (loss)
on investments:
Proceeds from sale of shares 118,512 39,780
Cost of shares sold 44,428 15,301
____________ ____________
Net realized gain (loss)
on investments 74,084 24,479
_____________ ____________
Net unrealized gain (loss)
on investments (544,321) (474,952)
_____________ ____________
Net realized and unrealized
gain (loss) on investments (59,410) (49,876)
_____________ ____________
Net Increase (Decrease) in Net Assets
from Investment Operations $ 38,011 $ 44,961
============ ===============
* Includes shares owned by Investors Life
The accompanying notes are an integral part of these financial statements
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
INDIVIDUAL STATEMENTS OF CHANGES IN TOTAL ASSETS
Period Ended June 30, 2000
(Unaudited)
Putnam Putnam
Variable Trust Variable Trust
Money Money
Market Market
Qualified Non-Qualified
Investment Operations:
Investment income-net $24,912 $44,402
Realized capital gain distributions 0 0
Net realized gain (loss) on investments 0 0
Net unrealized gain (loss) on investments 0 0
_____________ ______________
Net increase (decrease) in net
assets from investment operations 24,912 44,402
______________ ______________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 1,041 85
Net contract surrenders
and transfers out (Note 3) (71,798) (108,905)
Benefit payments to annuitants (4,080) (25,132)
___________ ___________
Net increase (decrease)
from accumulation unit transactions (74,837) (133,952)
______________ ______________
Net Increase (Decrease) in Net Assets ($49,925) ($89,550)
Net Assets:
Net assets at December 31, 1999 1,172,768 2,066,171
______________ ______________
Net assets at June 30, 2000 $1,122,843 $1,976,621
================= =================
* Includes shares owned by Investors Life
Year Ended December 31, 1999
Putnam Putnam
Variable Trust Variable Trust
Money Money
Market Market
Qualified Non-Qualified
Investment Operations:
Investment income-net $42,903 $75,418
Realized capital gain distributions 0 0
Net realized gain (loss) on investments 0 0
Net unrealized gain (loss) on investments 0 0
______________ ______________
Net increase (decrease) in
net assets from investment operations 42,903 75,418
______________ ______________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 3,522 134
Net contract surrenders
and transfers out (Note 3) (190,069) (109,670)
Benefit payments to annuitants (9,154) (48,256)
___________ ___________
Net increase (decrease)
from accumulation unit transactions (195,701) (157,792)
______________ ______________
Net Increase (Decrease) in Net Assets ($152,798) ($82,374)
Net Assets:
Net assets at December 31, 1998 1,325,566 2,148,545
______________ ______________
Net assets at December 31, 1999 $1,172,768 $2,066,171
================= =================
* Includes shares owned by Investors Life
<PAGE>
Putnam Variable Putnam Variable
Trust Income Trust Income
Fund (formerly Fund (formerly
U.S. Govmnt and U.S. Govmnt and
High Quality Bond) High Quality Bond)
Qualified Non-Qualified
Investment Operations:
Investment income-net $ 117,054 $ 334,014
Realized capital gain distributions 0 0
Net realized gain (loss) on investments 2,066 (3,526)
Net unrealized gain (loss) on investments (92,011) (264,471)
______________ ______________
Net increase (decrease) in net
assets from investment operations 27,109 66,017
______________ ______________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 754 400
Net contract surrenders
and transfers out (Note 3) (124,754) (620,397)
Benefit payments to annuitants (11,793) (42,314)
______________ ______________
Net increase (decrease)
from accumulation unit transactions (135,793) (662,311)
______________ ______________
Net Increase (Decrease) in Net Assets (108,684) (596,294)
Net Assets:
Net assets at December 31, 1999 1,949,894 5,516,851
______________ ______________
Net assets at June 30, 2000 $ 1,841,210 $ 4,920,557
================= =================
* Includes shares owned by Investors Life
Year Ended December 31, 1999
Putnam Variable Putnam Variable
Trust U.S. Trust U.S.
Government and Government and
High Quality Bond High Quality Bond
Qualified Non-Qualified
Investment Operations:
Investment income-net $ 143,009 $ 313,121
Realized capital gain distributions 15,104 33,714
Net realized gain (loss) on investments 41,093 56,341
Net unrealized gain (loss) on investments (282,576) (596,956)
______________ ______________
Net increase (decrease) in net
assets from investment operations (83,370) (193,780)
______________ ______________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 2,647 532
Net contract surrenders transfers out (Note 3) (764,398) (608,753)
Benefit payments to annuitants (18,177) (94,181)
______________ ______________
Net increase (decrease)
from accumulation unit transactions (779,928) (702,402)
______________ ______________
Net Increase (Decrease) in Net Assets (863,298) (896,182)
Net Assets:
Net assets at December 31, 1998 2,813,192 6,413,033
______________ ______________
Net assets at December 31, 1999 $ 1,949,894 $ 5,516,851
================= =================
* Includes shares owned by Investors Life
<PAGE>
Putnam Variable Putnam Variable
Trust Growth Trust Growth
and Income and Income
Qualified * Non-Qualified *
Investment Operations:
Investment income-net $ 484,139 $ 274,792
Realized capital gain distributions 1,320,449 745,395
Net realized gain (loss) on investments 677,420 468,789
Net unrealized gain (loss) on investments (3,089,712) (1,817,800)
______________ ______________
Net increase (decrease)
in net assets from investment operations (607,704) (328,824)
_____________ ______________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 46,778 570
Net contract surrenders
and transfers out (Note 3) (2,046,286) (1,633,801)
Benefit payments to annuitants (44,724) (33,557)
______________ ______________
Net increase (decrease) from
accumulation unit transactions (2,044,232) (1,666,788)
______________ ______________
Net Increase (Decrease) in Net Assets (2,651,936) (1,995,612)
Net Assets:
Net assets at December 31, 1999 19,104,757 10,397,564
______________ ______________
Net assets at June 30, 2000 $ 16,452,821 $ 8,401,952
================= =================
* Includes shares owned by Investors Life
Year Ended December 31, 1999
Putnam Variable Putnam Variable
Trust Growth Trust Growth
and Income and Income
Qualified * Non-Qualified *
Investment Operations:
Investment income-net $ 276,460 $ 145,248
Realized capital gain distributions 1,232,297 654,519
Net realized gain (loss) on investments 1,348,223 563,438
Net unrealized gain (loss) on investments (2,650,900) (1,270,668)
______________ ______________
Net increase (decrease) in
net assets from investment operations 206,080 92,537
______________ ______________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 225,501 760
Net contract surrenders
and transfers out (Note 3) (2,884,977) (1,158,315)
Benefit payments to annuitants (103,795) (132,264)
______________ ______________
Net increase (decrease)
from accumulation unit transactions (2,763,271) (1,289,819)
______________ ______________
Net Increase (Decrease) in Net Assets (2,557,191) (1,197,282)
Net Assets:
Net assets at December 31, 1998 21,661,948 11,594,846
______________ ______________
Net assets at December 31, 1999 $ 19,104,757 $ 10,397,564
================= =================
* Includes shares owned by Investors Life
<PAGE>
Putnam Putnam
Variable Trust Variable Trust
Voyager Voyager
Qualified * Non-Qualified *
Investment Operations:
Investment income-net $ 97,421 $ 94,837
Realized capital gain distributions 410,827 400,597
Net realized gain (loss) on investments 74,084 24,479
Net unrealized gain (loss) on investments (544,321) (474,952)
______________ ___________
Net increase (decrease)
in net assets from investment operations 38,011 44,961
______________ ___________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 74,392 120,859
Net contract surrenders
and transfers out (Note 3) (107,152) (1,066)
Benefit payments to annuitants (6,230) 0
______________ ___________
Net increase (decrease)
from accumulation unit transactions (38,990) 119,793
______________ ___________
Net Increase (Decrease) in Net Assets 979 164,754
Net Assets:
Net assets at December 31, 1999 4,186,531 4,058,080
______________ ___________
Net assets at June 30, 2000 $ 4,187,510 $ 4,222,834
================= ===============
* Includes shares owned by Investors Life
Year Ended December 31, 1999
Putnam Putnam
Variable Trust Variable Trust
Voyager Voyager
Qualified * Non-Qualified *
Investment Operations:
Investment income-net $ (33,004) $ (32,206)
Realized capital gain distributions 243,942 233,561
Net realized gain (loss) on investments 95,883 36,343
Net unrealized gain (loss) on investments 1,199,690 1,224,694
______________ ___________
Net increase (decrease) in net
assets from investment operations 1,506,511 1,462,392
______________ ___________
Accumulation Unit Transactions:
Net contract considerations
and transfers in (Note 3) 112,768 31,423
Net contract surrenders
and transfers out (Note 3) (162,479) (37,677)
Benefit payments to annuitants (9,464) 0
______________ ___________
Net increase (decrease) from
accumulation unit transactions (59,175) (6,254)
______________ ___________
Net Increase (Decrease) in Net Assets 1,447,336 1,456,138
Net Assets:
Net assets at December 31, 1998 2,739,195 2,601,942
______________ ___________
Net assets at December 31, 1999 $ 4,186,531 $ 4,058,080
================= ===============
* Includes shares owned by Investors Life
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS
June 30, 2000
Note 1. Organization
Investors Life Insurance Company of North America ("Investors Life") established
Investors Life Insurance Company of North America - Separate Account I (the
"Separate Account") as a unit investment trust registered under the Investment
Company Act of 1940, as amended. Operations of the Separate Account commenced on
September 15, 1982. The Separate Account currently has four Divisions each
corresponding to a portfolio of Putnam Variable Trust (formerly known as Putnam
Capital Manager Trust). Prior to the substitution of shares of Putnam Variable
Trust for shares of CIGNA Annuity Funds Group as the underlying funding vehicle
for the Separate Account (the "Substitution"), the Separate Account contained
five divisions. The Substitution was effective as of April 18, 1995, following
approvals of the Substitution by the U.S. Securities and Exchange Commission and
the contractholders having their contract values determined by the affected
portfolios of the CIGNA Annuity Funds Group. In connection with the
Substitution, the Equity Division was merged with the Growth and Income
Division; thereafter, the Equity Division was renamed the Growth and Income
Division II. Each Division contains two subdivisions, one for the allocation of
tax qualified and one for the allocation of non-tax qualified net payments made
under variable annuity contracts.
Net purchase payments to the Separate Account may be allocated to one or more of
the following classes of shares of the Putnam Variable Trust: Putnam Variable
Trust Money Market Fund, Putnam Variable Trust Income Fund (formerly Putnam
Variable Trust U.S. Government and High Quality Bond Fund), Putnam Variable
Trust Growth and Income Fund or Putnam Variable Trust Voyager Fund. The contract
owners' equity of each subdivision of the Separate Account is affected by the
investment results of the appropriate portfolio(s) of shares of Putnam Variable
Trust designated for the subdivision and the mortality risk and expense fees
guarantees assessed on the Separate Account assets (See Note 3), and the
administrative charge deductions.
Under the current provisions of the Internal Revenue Code (the "Code"),
transfers of contract values from one division of the Separate Account to
another division are not subject to current taxation. There can be no assurance
that future changes in the Code will not subject such transfers to current
taxation.
Note 2. Significant Accounting Policies
Following is a summary of the significant accounting policies of the Separate
Account: (a) the market value of the investments is based on closing bid prices
(net asset value) at June 30, 2000; (b) investment transactions are accounted
for on the trade date and income is recorded on the ex-dividend date; (c) the
cost of investments sold is determined on the specific identification method.
See Notes 4 and 5 with respect to income taxes.
<PAGE>
Note 3. Contract Owner Transactions
Net contract considerations represent gross contributions under variable annuity
contracts less deductions by Investors Life for any applicable premium taxes.
Net contract considerations for the six-month period June 30, 2000, were $60,231
after deductions for premium taxes of $0. Contract owners have limited rights to
transfer their contract values between Separate Account Divisions. For the
six-month period June 30, 2000, the total of all transfers was $184,646.
Contract surrender benefits amounted to $4,714,158. Annuity benefits amounted to
$167,830. Investors Life charges a fee to each Separate Account subdivision for
assuming the mortality risk and expense fees guarantees. The daily equivalent of
the annual charge of 1.2% is made against the average net value of the Separate
Account.
Note 4. Income Taxes
Investors Life is taxed as a life insurance company under the Code. The Separate
Account is taxed as a part of Investors Life. Under the current provisions of
the Code, no federal income taxes are payable by Investors Life with respect to
the operations of the Separate Account when such operations are used to
determine the contract values of the Separate Account. Investors Life retains
the right to make adjustments for taxes to Separate Account assets should future
changes in the Internal Revenue Code so warrant.
Note 5. Diversification Requirements
Under the provisions of Section 817(h) of the Code, a variable annuity contract,
other than a contract issued in connection with certain types of employee
benefit plans, will not be treated as an annuity contract for federal tax
purposes for any period for which the investments of the segregated asset
account on which the contract is based are not adequately diversified. The Code
provides that the "adequately diversified" requirement may be met if the
underlying investments satisfy either a statutory safe harbor test or
diversification requirements set forth in regulations issued by the Secretary of
Treasury.
The Internal Revenue Service has issued regulations under section 817(h) of the
Code. Investors Life believes that the Separate Account satisfies the current
requirements of the regulations.
<PAGE>
Note 6. Accumulation Unit Transactions:
Period Ending June 30, 2000
The changes in the number of accumulation units (the measure of ownership in the
Separate Account) during the period ended June 30, 2000 and units outstanding at
June 30, 2000 were as follows:
Putnam Putnam
Variable Trust Variable Trust
Money Money
Market Market
Qualified Non-Qualified
Units outstanding at December 31, 1999 506,682 899,105
Units purchased and transfers in 461 37
Benefits, surrenders and transfers out (32,451) (57,465)
__________ _____________
Units outstanding at June 30, 2000 474,692 841,677
=========== =============
* Includes shares owned by Investors Life
Putnam Variable Putnam Variable
Trust Income Trust Income
Fund (formerly Fund (formerly
U.S. Govmnt and U.S. Govmnt and
High Quality Bond ) High Quality Bond)
Qualified Non-Qualified
Units outstanding at December 31, 1999 552,995 1,582,528
Units purchased and transfers in 224 114
Benefits, surrenders and transfers out (38,278) (190,728)
_______________ _______________
Units outstanding at June 30, 2000 514,941 1,391,914
=============== ===============
* Includes shares owned by Investors Life
Putnam Variable Putnam Variable
Trust Growth Trust Growth
and Income and Income
Qualified Non-Qualified
Units outstanding at December 31, 1999 2,193,483 1,390,750
Units purchased and transfers in 7,313 79
Benefits, surrenders and transfers out (243,126) (226,153)
_____________ _____________
Units outstanding at June 30, 2000 1,957,670 1,164,676
============= =============
* Includes shares owned by Investors Life
<PAGE>
Putnam Putnam
Variable Trust Variable Trust
Voyager Voyager
Qualified * Non-Qualified *
Units outstanding at December 31, 1999 698,305 677,689
Units purchased and transfers in 13,336 22,055
Benefits, surrenders and transfers out (19,078) (490)
___________ ___________
Units outstanding at June 30, 2000 692,563 699,254
============ ===========
* Includes shares owned by Investors Life
The accumulation units for eight of the subdivisions include units applicable to
contract owners who are "on benefit annuitants." At June 30, 2000 the number of
accumulation units, the aggregate value of the subdivisions' equity and the
number of monthly annuity units and value per unit of "on benefit annuitants"
are as follows:
Accumulation Aggregate
Units Value
Putnam Variable Trust
Money Market, Qualified 38,096 $90,113
Putnam Variable Trust
Money Market, Non-Qualified 209,553 $492,122
Putnam Variable Trust
Growth and Income II, Qualified 121,579 $1,021,785
Putnam Variable Trust
Growth and Income II, Non-Qualified 79,301 $572,076
Putnam Variable Trust
Income Fund, Qualified 70,533 $252,196
Putnam Variable Trust
Income Fund, Non-Qualified 205,271 $725,653
Putnam Variable Trust
Voyager, Qualified 27,153 $164,178
Putnam Variable Trust
Voyager, Non-Qualified 2,271 $13,715
<PAGE>
Monthly Annuity
Annuity Units Unit Value
Putnam Variable Trust
Money Market, Qualified 825 $0.7920473
Putnam Variable Trust
Money Market, Non-Qualified 6,730 $0.7924110
Putnam Variable Trust
Growth and Income II, Qualified 5,524 $1.7373172
Putnam Variable Trust
Growth and Income II, Non-Qualified 6,025 $1.8652332
Putnam Variable Trust
Income Fund, Qualified 1,517 $1.2803246
Putnam Variable Trust
Income Fund, Non-Qualified 8,264 $1.2784062
Putnam Variable Trust
Voyager, Qualified 462 $1.5577107
Putnam Variable Trust
Voyager, Non-Qualified 107 $1.0000000
