5. INVESTMENTS

A summary of investments at December 31 is as follows:

		2001		2000
CF Industries, Inc.	$	248,502	$	248,502
Agriliance LLC	84,030		44,212
Ag Processing Inc	38,997		35,339
MoArk LLC	47,593		31,950
Advanced Food Products LLC	27,487		-
CoBank, ACB	21,549		20,618
Melrose Dairy Proteins, LLC	8,253		-
PEC Mark II (Malta Cleyton)	7,681		13,511
Universal Cooperatives	6,196		6,094
Prairie Farms Dairy, Inc.	4,754		5,710
Other-principally cooperatives and joint ventures	73,108		59,913
Total investments	$	568,130	$	465,849

During 2001, the Company made an additional cash investment of $27.7 million in MoArk LLC, an egg production and marketing company, of which $13.1 million was recorded as goodwill.

In a non-cash transaction, the Company contributed its aseptic processing assets of $24.5 million in exchange for a 35% equity investment in Advanced Food Products LLC.

Effective January 1, 2000, Land O'Lakes, Cenex Harvest States Cooperatives (CHS) and Farmland Industries, Inc. (Farmland) formed Agriliance LLC ("Agriliance"), a distributor of crop nutrients, crop protection products and other agronomic inputs and services. From formation through July 2000, Agriliance jointly managed the agronomy marketing operations of Land O'Lakes, CHS and Farmland.

In a series of transactions from January through July 2000, Land O'Lakes paid $57.0 million in cash and exchanged $11.2 million of property, plant and equipment and 50% ownership positions in Cenex/Land O'Lakes Agronomy Company and Agro Distribution, LLC for a 50% equity ownership interest in Agriliance. The other 50% ownership interest in Agriliance is held equally by CHS and Farmland and was obtained through similar exchanges of assets. In addition, Agriliance purchased from its respective owners the net working capital related to agronomy operations. Subsequent to July 2000, Land O'Lakes accounted for its ownership interest in Agriliance earnings under the equity method.

The Company retained its ownership in CF Industries, Inc., an interregional cooperative involved in the manufacture of crop nutrients, and its interest in an agronomy distribution business in Canada.

Also during 2000, Land O'Lakes made a cash investment of $28.5 million for 50% ownership interest in MoArk LLC.

Summarized financial information for the Company's three largest equity investments, which comprise most of the equity investments, is as follows:

		2001		2000
Net sales	$	4,726,434	$	1,151,794
Gross profit	449,995		103,730
Net income (loss)	45,935		(45,837		)
Current assets	1,571,554		1,724,209
Non-current assets	368,828		319,523
Current liabilities	1,400,215		1,628,362
Non-current liabilities	234,088		220,532
Total equity	306,079		194,838

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