5. INVESTMENTS

A summary of investments at December 31 is as follows:

		2002		2001
CF Industries, Inc.	$	249,502	$	248,502
Agriliance LLC	91,629		84,030
MoArk LLC	44,678		47,593
Ag Processing Inc	37,854		38,997
Advanced Food Products LLC	27,418		27,487
CoBank, ACB	22.061		21,549
Melrose Dairy Proteins, LLC	6,579		8,253
Universal Cooperatives	6,473		6,196
Prairie Farms Dairy, Inc.	5,092		4,754
PEC Mark II (Malta Cleyton)	-		7,681
Other-principally cooperatives and joint ventures	54,306		73,108
Total investments	$	545,592	$	568,130

During 2002, the Company sold its interest in PEC Mark II (Malta Cleyton), a Mexican feed joint venture, for $5.6 million in cash and a $2.0 million note receivable.

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.

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

		2002		2001
Net sales	$	4,322,237	$	4,850,747
Gross profit	435,321		463,220
Net income	45,839		34,194
Current assets	1,511,267		1,584,028
Non-current assets	362,352		379,327
Current liabilities	1.307.862		1,376,515
Non-current liabilities	201,321		234,088
Total equity	364,437		352,752

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