wfn.org | ELCA Mission Investment Fund Announces New Investment Rates

[News News <NEWS@ELCA.ORG>]

ELCA NEWS SERVICE

July 1, 2003

ELCA MISSION INVESTMENT FUND ANNOUNCES NEW INVESTMENT, RATES
03-139-FI

     CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the
Evangelical Lutheran Church in America (ELCA) has announced the
introduction of MissionFirst, a savings investment plan available to
members of ELCA congregations beginning July 1.  The MIF also announced
interest rates for its adjustable-rate and fixed-rate mission
investments.
     "The Mission Investment Fund developed the MissionFirst investment
to provide a way for investors to save for their future needs," said the
Rev. Arnold O. Pierson, MIF vice president.  "A MissionFirst investment
can be a key element of an investor's portfolio."
     A MissionFirst investment may be purchased with a minimum initial
investment of $25.  Features of the investment include:
 - an interest rate of 2.4 percent that is in effect from July 1 through
August 31;
 - the ability of investors to make additions of $25 or more to the
principal at any time;
 - one withdrawal of $25 or more from the principal per month;
 - an adjustable interest rate that is reviewed monthly. In setting the
interest rate, the MIF considers rates paid by other comparable
instruments and market conditions.
     The MissionFirst investment is available only to members of ELCA
congregations; it is not available to ELCA congregations, synods or
other institutions affiliated with the ELCA.
     The interest rates in effect July 1 through August 31, 2003, for
the MIF's fixed-rate and adjustable-rate mission investments are:

MissionPlus: 2.0 percent
This investment provides a checkbook that investors may use to write
checks in amounts of $250 or more.

MissionFuture4KIDZ: 3.4 percent
This investment can be purchased by adults for children from birth to
age 16.  The investment matures on the young person's 18th birthday when
it may be redeemed or reinvested in another Mission Investment.

MissionTermSelect - Adjustable Rate (unsecured investment obligations
issued by the Mission Investment Fund):
 -- 1 year term       2.0 percent
 -- 3 year term       2.6 percent
 -- 5 year term       3.4 percent
 -- 7 year term       4.0 percent

MissionTermSelect - Fixed Rate (unsecured investment obligations issued
by the Mission Investment Fund):
 -- 2 year term       2.7 percent
 -- 4 year term       3.7 percent
 -- 6 year term       4.7 percent

MissionAdvantage - Adjustable Rate (A MissionTermSelect investment that
may be held as a traditional or Roth Individual Retirement Account or
Coverdell Education Savings Account with Fifth Third Bank, Chicago,
Ill., as custodian; no stated term to maturity): 2.0 percent

MissionAdvantage - Fixed Rate (A MissionTermSelect investment that may
be held as a traditional or Roth Individual Retirement Account or
Coverdell Education Savings Account with Fifth Third Bank, Chicago,
Ill., as custodian):
 -- 2 year term       2.7 percent
 -- 4 year term       3.7 percent
 -- 6 year term       4.7 percent

     "The MIF provides investors with opportunities to earn interest on
the monies they entrust to the Fund as they help to build the Lutheran
church," Pierson said.	"ELCA congregations, their members, synods and
institutions affiliated with the ELCA are eligible to invest in the
Fund."
     Pierson said that with investors' funds, the MIF makes loans to
new ELCA mission congregations for purchases of land and construction of
initial church buildings.  The fund also makes loans to established ELCA
congregations for renovations or expansions of existing facilities,
relocations and purchases of land.  Nearly 500 loans are in effect
throughout the United States, Puerto Rico and the U.S. Virgin Islands.
     More than one-third of the ELCA's 10,851 congregations, thousands
of individual Lutherans and numerous ELCA-related organizations have
investments in the fund.  The MIF has total assets of more than $400
million.
-- -- --
     Mission Investments are securities that are sold only by means of
an offering circular, which is available from the Mission Investment
Fund.  Mission Investments are subject to certain risks.  See "Risk
Factors" following the introduction in the Offering Circular.  As
securities issued by a non-profit institution, the investments offered
by the Mission Investment Fund are not insured by FDIC, SIPC or any
federal or state regulatory agency.

EDITORS:  Additional information about the investments and loans the MIF
offers can be obtained by calling (800) 638-3522, ext. 2943, by sending
an e-mail to mif@elca.org or by accessing www.elca.org/ot/mif on the
ELCA Web site.

For information contact:
John Brooks, Director (773) 380-2958 or NEWS@ELCA.ORG
http://listserv.elca.org/archives/elcanews.html