1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 1997
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from ------------ to -----------
Commission File Number: 333-17007
---------
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
Iowa Farm Bureau Federation and Affiliated Companies 401(k) Savings Plan
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
FBL Financial Group, Inc.
5400 University Avenue
West Des Moines, Iowa 50266
<PAGE>
INFORMATION PROVIDED
1. Financial statements and schedules of the Iowa Farm Bureau Federation and
Affiliated Companies 401(k) Savings Plan prepared in accordance with
financial reporting requirements of Employee Retirement Income Security
Act of 1974 are incorporated herein by reference and are attached hereto
as Exhibit 1.
2. A written consent of Independent Auditors is attached hereto as Exhibit 2
and is incorporated herein by this reference.
<PAGE>
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: June 26, 1998
By /s/ Edward M. Wiederstein
--------------------------
Edward M. Wiederstein
Trustee
By /s/ Richard D. Harris
---------------------
Richard D. Harris
Trustee
IOWA FARM BUREAU FEDERATION AND
AFFILIATED COMPANIES 401(k) SAVINGS PLAN
By: Iowa Farm Bureau Federation
(Administrator of the Plan)
By /s/ Edward M. Wiederstein
-------------------------
Edward M. Wiederstein
President
By /s/ Richard D. Harris
---------------------
Richard D. Harris
Secretary and Treasurer
Exhibit 1
FINANCIAL STATEMENTS AND SCHEDULES
IOWA FARM BUREAU FEDERATION AND AFFILIATED COMPANIES 401(k) SAVINGS PLAN
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Financial Statements
and Schedules
Years ended December 31, 1997, 1996 and 1995
CONTENTS
Report of Independent Auditors.................................................1
Audited Financial Statements
Statements of Net Assets Available for Plan Benefits...........................2
Statements of Changes in Net Assets Available for Plan Benefits................3
Notes to Financial Statements..................................................4
Schedules
Line 27(a) - Schedule of Assets Held for Investment Purposes..................11
Line 27(d) - Schedule of Reportable Transactions..............................12
<PAGE>
Report of Independent Auditors
The Board of Directors
Iowa Farm Bureau Federation
We have audited the accompanying statements of net assets available for plan
benefits of the Iowa Farm Bureau Federation and Affiliated Companies 401(k)
Savings Plan as of December 31, 1997 and 1996, and the related statements of
changes in net assets available for plan benefits for each of the three years in
the period ended December 31, 1997. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan at
December 31, 1997 and 1996, and the changes in its net assets available for plan
benefits for each of the three years in the period ended December 31, 1997, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
held for investment purposes at December 31, 1997 and schedule of reportable
transactions for the year then ended are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The supplemental schedules have
been subjected to the auditing procedures applied in our audit of the 1997
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the 1997 financial statements taken as a whole.
The information presented in the schedules of assets held for investment
purposes and reportable transactions assume cost to be equal to current value as
historical cost information is not available. Disclosure of cost information,
which is not considered material to the financial statements taken as a whole,
is required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974.
/s/ Ernst & Young LLP
Des Moines, Iowa
May 18, 1998
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Statements of Net Assets Available for Plan Benefits
DECEMBER 31
1997 1996
---------------------------------
ASSETS
Investments:
Mutual funds, at fair value:
FBL Series Fund, Inc.:
High Grade Bond Portfolio $ 232,311 $ 211,859
High Yield Bond Portfolio 306,352 238,734
Managed Portfolio 1,360,349 1,005,085
Money Market Portfolio 48,083 51,648
Blue Chip Portfolio 1,214,649 722,226
Growth Common Stock Portfolio 2,808,449 2,550,253
---------------------------------
5,970,193 4,779,805
FBL Money Market Fund, Inc. 140,880 57,815
---------------------------------
Total investments in mutual funds 6,111,073 4,837,620
Flexible premium deferred annuities 3,735,072 3,774,829
FBL Financial Group, Inc. common stock 3,246,585 2,022,479
Notes receivable from participants 709,933 592,745
---------------------------------
TOTAL INVESTMENTS AND NET ASSETS AVAILABLE
FOR PLAN BENEFITS $13,802,663 $11,227,673
=================================
SEE ACCOMPANYING NOTES.
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Statements of Changes in Net Assets
Available for Plan Benefits
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1997 1996 1995
--------------------------------------------
<S> <C> <C> <C>
Additions:
Investment income:
Interest $ 281,559 $ 307,156 $ 314,291
Dividends 633,765 101,967 177,406
Net unrealized and realized gains on
investments 1,211,853 1,213,023 628,494
--------------------------------------------
2,127,177 1,622,146 1,120,191
Contributions:
Employees 635,753 548,285 501,033
Employer 499,702 306,004 --
Rollovers from other plans 77,865 142,604 15,298
--------------------------------------------
Total additions 3,340,497 2,619,039 1,636,522
Deductions - benefits paid to participants (765,507) (348,256) (265,194)
--------------------------------------------
Net additions 2,574,990 2,270,783 1,371,328
Net assets available for plan benefits at
beginning of year 11,227,673 8,956,890 7,585,562
--------------------------------------------
Net assets available for plan benefits at
end of year $ 13,802,663 $ 11,227,673 $ 8,956,890
===========================================
SEE ACCOMPANYING NOTES.
</TABLE>
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Notes to Financial Statements
December 31, 1997
1. SIGNIFICANT ACCOUNTING POLICIES
Investments in FBL Series Fund, Inc., FBL Money Market Fund, Inc. and common
stock of FBL Financial Group, Inc. are stated at fair market value, based on the
latest quoted market price. Investments in flexible premium deferred annuities,
which are considered fully benefit-responsive contracts, are valued at contract
value (including earnings attributed to the investment). Contract value
approximates fair value.
Notes receivable from participants are stated at the unpaid principal balance
plus accrued interest, which approximate fair value. The interest rate is 1-1/2%
above the FBL Flexible Premium Deferred Annuity Rate and was 7.75% during the
year ended December 31, 1997 and ranged from 7.75% to 8.35% and 8.10% to 8.60%
during the years ended December 31, 1996 and 1995, respectively
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
2. DESCRIPTION OF THE PLAN
Iowa Farm Bureau Federation and Affiliated Companies 401(k) Savings Plan (the
Plan) is a defined contribution plan which covers substantially all employees of
Iowa Farm Bureau Federation and affiliated companies (the Companies) and is
designed to provide retirement benefits. Participants are allowed to contribute
from 1% to 15% of their salaries, after tax, to the Plan, subject to certain
limitations described in the plan document. The Companies may contribute a
discretionary matching contribution equal to a percentage not to exceed the
aggregate amount of compensation contributed to each participant's deferral
account for each plan year. Effective January 1, 1996, the Companies approved a
plan amendment which provides profit sharing for agency managers and assistant
agency managers through employer contributions to the Plan. All amounts are 100%
vested. The Plan also allows for participants to borrow money from the Plan
subject to certain provisions.
In addition, the Companies provide a supplemental early retirement plan. During
1997, the supplemental plan combined with the basic defined benefit retirement
plan and the combined plan provides employees 70% of average monthly
compensation after age 55 with 30 years of service. Because total contributions
to the supplemental early retirement plan, and the Plan would likely exceed the
25% of taxable compensation limitation, the Companies discontinued pre-tax
contributions to the 401(k) plan effective January 1, 1994 and implemented a
401(m) amendment to the plan. The 401(m) amendment will only allow after-tax
dollar contributions. See Note 6.
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
On termination of service, the participant may elect to receive either a
lump-sum amount equal to the value of the account or equal installment payments
over a period of time not to exceed the life expectancy of the participant.
The foregoing description of the Plan provides only general information. A more
complete description of the Plan's provisions may be obtained from the plan
administrator.
3. INVESTMENTS
Contributions are invested in the mutual funds, flexible premium deferred
annuities sponsored by or offered by the Companies or common stock of FBL
Financial Group, Inc. Participants may elect which portfolios of the mutual
funds to invest their contributions. The portfolios invest primarily in common
stock, fixed income, high quality corporate bonds, debt securities of the United
States Government and short-term money markets. Participants electing to have
contributions deposited into the Flexible Premium Deferred Annuities receive
interest at a rate determined by the Board of Directors of Farm Bureau Life
Insurance Company, with a guaranteed rate of 3%. These rates vary based upon the
investment experience of the general account of Farm Bureau Life Insurance
Company. The interest rate credited to these contributions was 6.25% during the
year ended December 31, 1997 and ranged from 6.25% to 6.85% and 6.60% to 7.10%
during the years ended December 31, 1996 and 1995, respectively. During the
years ended December 31, 1997, 1996 and 1995, the average yield on the Flexible
Premium Deferred Annuities was 6.25%, 6.65% and 6.84%, respectively.
Participants who elect to purchase stock in the Company do so at the closing
market price on the trade date.
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
Changes in net assets available for plan benefits for each investment option are
as follows:
<TABLE>
<CAPTION>
HIGH GRADE HIGH YIELD MONEY
BOND BOND MANAGED MARKET BLUE CHIP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net assets available for plan
benefits at January 1, 1995 $ 185,448 $ 229,548 $ 622,588 $ 56,870 $ 384,796
Interest and dividend income 12,910 19,065 38,250 2,281 4,046
Net unrealized and realized
gains on investments 11,408 8,147 118,477 -- 121,697
Contributions:
Employees 8,835 16,258 82,854 7,328 38,453
Rollovers from other plans 341 751 3,434 1,330 751
Benefits paid to participants (2,527) (18,708) (25,378) (525) (18,218)
Transfers between funds 9,117 (8,707) (15,042) (1,287) (15,505)
--------------------------------------------------------------------------
Net assets available for plan
benefits at December 31, 1995 225,532 246,354 825,183 65,997 516,020
Interest and dividend income 13,289 17,907 29,356 2,037 3,529
Net unrealized and realized
gains (losses) on investments (1,860) 9,748 106,246 -- 109,081
Contributions:
Employees 13,883 18,650 93,830 7,631 53,842
Employer 1,922 9,692 67,123 -- 83,182
Rollovers from other plans 1,212 774 33,410 3,462 18,209
Benefits paid to participants (5,586) (3,559) (30,159) (5,221) (23,266)
Transfers between funds (36,533) (60,832) (119,904) (22,258) (38,371)
--------------------------------------------------------------------------
Net assets available for plan
benefits at December 31, 1996 211,859 238,734 1,005,085 51,648 722,226
Interest and dividend income 12,942 19,862 126,382 1,883 5,982
Net unrealized and realized
gains (losses) on investments 6,043 8,099 (15,418) -- 191,968
Contributions:
Employees 14,560 23,712 92,175 9,522 74,355
Employer 2,307 19,956 96,606 -- 135,613
Rollovers from other plans -- 2,208 16,758 -- 10,501
Benefits paid to participants (2,355) (3,824) (60,422) (962) (35,727)
Transfers between funds (13,045) (2,395) 99,183 (14,008) 109,731
--------------------------------------------------------------------------
Net assets available for plan
benefits at December 31, 1997 $ 232,311 $ 306,352 $ 1,360,349 $ 48,083 $ 1,214,649
==========================================================================
</TABLE>
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
FBL
GROWTH FLEXIBLE FINANCIAL NOTES
COMMON FBL MONEY PREMIUM GROUP, INC. RECEIVABLE
STOCK MARKET FUND, DEFERRED COMMON FROM
PORTFOLIO INC. ANNUITIES STOCK PARTICIPANTS TOTAL
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net assets available for plan
benefits at January 1, 1995 $ 1,620,314 $ 69,154 $ 3,918,338 $ $ 498,506 $ 7,585,562
Interest and dividend income 97,744 3,110 280,358 -- 33,933 491,697
Net unrealized and realized
gains on investments 368,765 -- -- -- -- 628,494
Contributions:
Employees 161,425 11,276 174,604 -- -- 501,033
Rollovers from other plans 5,056 -- 3,635 -- -- 15,298
Benefits paid to participants (79,269) (2,139) (118,430) -- -- (265,194)
Loans made to participants -- -- (353,300) -- 353,300 --
Loan repayments -- -- 306,160 -- (306,160) --
Transfers between funds (19,610) (11,045) 62,079 -- -- --
---------------------------------------------------------------------------------------------
Net assets available for plan
benefits at December 31, 1995 2,154,425 70,356 4,273,444 -- 579,579 8,956,890
Interest and dividend income 27,671 2,540 268,960 5,638 38,196 409,123
Net unrealized and realized
gains on investments 384,965 -- -- 604,843 -- 1,213,023
Contributions:
Employees 173,441 11,670 159,267 16,071 -- 548,285
Employer 76,094 -- 59,660 8,331 -- 306,004
Rollovers from other plans 17,746 -- 65,721 2,070 -- 142,604
Benefits paid to participants (77,415) (2,755) (200,295) -- -- (348,256)
Loans made to participants -- -- (412,000) -- 412,000 --
Loan repayments -- -- 437,030 -- (437,030) --
Transfers between funds (206,674) (23,996) (876,958) 1,385,526 -- --
---------------------------------------------------------------------------------------------
Net assets available for plan
benefits at December 31,
1996 2,550,253 57,815 3,774,829 2,022,479 592,745 11,227,673
</TABLE>
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED
<TABLE>
<CAPTION>
FBL
GROWTH FLEXIBLE FINANCIAL NOTES
COMMON FBL MONEY PREMIUM GROUP, INC. RECEIVABLE
STOCK MARKET DEFERRED COMMON FROM
PORTFOLIO FUND,INC. ANNUITIES STOCK PARTICIPANTS TOTAL
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Interest and dividend income $ 430,481 $ 3,085 $ 234,579 $ 33,148 $ 46,980 $ 915,324
Net unrealized and realized
gains (losses) on
investments (232,728) -- -- 1,253,889 -- 1,211,853
Contributions:
Employees 193,170 7,318 138,235 82,706 -- 635,753
Employer 123,637 -- 48,230 73,353 -- 499,702
Rollovers from other plans 15,820 -- 25,624 6,954 -- 77,865
Benefits paid to participants (232,118) (830) (403,233) (26,036) -- (765,507)
Loans made to participants -- -- (599,900) -- 599,900 --
Loan repayments -- -- 529,692 -- (529,692) --
Transfers between funds (40,066) 73,492 (12,984) (199,908) -- --
-----------------------------------------------------------------------------------------------
Net assets available for plan
benefits at December 31,
1997 $ 2,808,449 $ 140,880 $ 3,735,072 $ 3,246,585 $ 709,933 $ 13,802,663
===============================================================================================
</TABLE>
The fair values of individual investments that represent 5% or more of the
Plan's net assets are as follows:
DECEMBER 31
1997 1996
------------------------
FBL Series Fund, Inc.:
Managed Portfolio (102,668 shares in 1997 and
75,798 shares in 1996) $1,360,349 $1,005,085
Blue Chip Portfolio (33,397 shares in 1997 and
24,700 shares in 1996) 1,214,649 722,226
Growth Common Stock Portfolio (208,807 shares
in 1997 and 173,369 shares in 1996) 2,808,449 2,550,253
Flexible premium deferred annuities 3,735,072 3,774,829
Common stock of FBL Financial Group, Inc.
(80,564 shares in 1997 and 80,957 shares in 1996) 3,246,585 2,022,479
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Notes to Financial Statements (continued)
4. INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated April 30, 1998, stating that the Plan is qualified under Section 401(a) of
the Internal Revenue Code of 1986 (the "Code") and, therefore, is exempt from
taxation. Once qualified, the Plan is required to operate in conformity with the
Code and ERISA to maintain its tax-exempt status. The administrator is not aware
of any course of action or series of events that have occurred that might
adversely affect the Plan's qualified status.
5. ADMINISTRATIVE AND OPERATING EXPENSES
The Companies pay all administrative and operating expenses of the Plan.
6. SUBSEQUENT EVENT
Effective January 1, 1998, the Companies approved a plan amendment which
discontinues 401(m) post-tax contributions and implements a 401(k) amendment to
the Plan. The 401(k) amendment will only allow before-tax dollar contributions.
7. YEAR 2000 ISSUE (UNAUDITED)
The Companies have developed a plan to modify their internal information
technology to be ready for the year 2000 and have begun converting critical data
processing systems. The project also includes determining whether third party
service providers have reasonable plans in place to become year 2000 compliant.
The Companies currently expect the project to be substantially complete by
December 31, 1998. The Companies do not expect this project to have a
significant effect on plan operations.
<PAGE>
Schedules
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Line 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1997
<TABLE>
<CAPTION>
IDENTITY OF ISSUER, DESCRIPTION OF INVESTMENT
BORROWER, INCLUDING MATURITY DATE, CURRENT
OR SIMILAR PARTY RATE OF INTEREST COST* VALUE
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FBL Series Fund, Inc. Investments in mutual fund as
follows:
High Grade Bond Portfolio $ 232,311 $ 232,311
High Yield Bond Portfolio 306,352 306,352
Managed Portfolio 1,360,349 1,360,349
Money Market Portfolio 48,083 48,083
Blue Chip Portfolio 1,214,649 1,214,649
Growth Common Stock Portfolio
2,808,449 2,808,449
FBL Money Market Fund, Inc.
Money market mutual fund 140,880 140,880
Farm Bureau Life Insurance Company Flexible premium deferred annuities
3,735,072 3,735,072
FBL Financial Group, Inc. Class A common stock 3,246,585 3,246,585
Various participants Notes receivable, 7.75% to 10.25%,
due through December 2001
709,933 709,933
--------------------------------------
Total investments $13,802,663 $13,802,663
======================================
</TABLE>
The issuers of all of the investments above are considered as
parties-in-interest to the Plan.
* Cost is assumed to equal current value as historical cost information is not
available for all types of investments.
<PAGE>
Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan
Line 27(d) - Schedule of Reportable Transactions
Year ended December 31, 1997
<TABLE>
<CAPTION>
NUMBER OF
TRANSACTIONS IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET
- -----------------------------------------------------------------------------------------------------
CATEGORY (III) - ANY TRANSACTIONS INVOLVING SECURITIES OF THE SAME ISSUE, WHEN
AGGREGATED, EXCEEDS 5% OF PLAN ASSETS.
<S><C> <C> <C>
69 FBL Series Fund, Inc.* Purchases of Blue Chip Portfolio
24 FBL Series Fund, Inc.* Sales of Blue Chip Portfolio
66 FBL Series Fund, Inc.* Purchases of Growth Common Stock Portfolio
66 FBL Series Fund, Inc.* Sales of Growth Common Stock Portfolio
116 Farm Bureau Life Insurance Company* Purchases of Flexible Premium Deferred
Annuity
161 Farm Bureau Life Insurance Company* Sales of Flexible Premium Deferred Annuity
67 FBL Financial Group, Inc.* Purchases of FBL Financial Group common
stock
21 FBL Financial Group, Inc.* Sales of FBL Financial Group common stock
98 Various participants* Issuance of notes receivable
12 Various participants* Repayments (net of interest) of notes
receivable
</TABLE>
THERE WERE NO CATEGORY (i), (ii) OR (iv) TRANSACTIONS DURING THE YEAR ENDED
DECEMBER 31, 1997.
* Indicates party-in-interest to the Plan.
Cost information is not available. Purchases include expenditures for securities
and realized and unrealized gains/losses during the year. Sales represent
proceeds received upon sale of securities.
<PAGE>
CURRENT VALUE NET GAIN
PURCHASE PRICE SELLING PRICE COST OF ASSET OF ASSET (LOSS)
- --------------------------------------------------------------------------------
$ 544,047 $ - $ 544,047 $ 544,047 $ -
- 51,624 51,624 51,624 -
677,666 - 677,666 677,666 -
- 419,470 419,470 419,470 -
1,192,707 - 1,192,707 1,192,707 -
- 1,232,464 1,232,464 1,232,464 -
1,617,410 - 1,617,410 1,617,410 -
- 393,304 393,304 393,304 -
599,900 - 599,900 599,900 -
- 482,712 482,712 482,712 -
Exhibit 2
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 333-17007) pertaining to the Iowa Farm Bureau Federation and Affiliated
Companies 401(k) Savings Plan of our report dated May 18, 1998, with respect to
the financial statements and schedules of the Iowa Farm Bureau Federation and
Affiliated Companies 401(k) Savings Plan included in this Annual Report (Form
11-K) for the year ended December 31, 1997.
/s/ Ernst & Young LLP
Des Moines, Iowa
June 25, 1998
