Title: ELCA Mission Investment Fund Announces New Interest Rates
ELCA NEWS SERVICE

July 20, 2001

ELCA MISSION INVESTMENT FUND ANNOUNCES NEW INTEREST RATES
01-199-FI

     CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the
Evangelical Lutheran Church in America (ELCA) has announced new interest
rates effective July 1 for its adjustable-rate and fixed-rate unsecured
investment obligations.
     "The MIF offers investment opportunities through which ELCA
members, congregations and ELCA-related institutions earn interest on
their financial resources while helping to build the church," said the
Rev. Arnold O. Pierson, MIF vice president for marketing.
     More than one-third of the ELCA's 10,851 congregations and
thousands of individual Lutherans and ELCA-related organizations earn
interest on their investments in the MIF. With the funds invested by
investors, the MIF makes low-interest loans to ELCA mission
congregations for the purchase of land and construction of first church
buildings and short-term loans to existing ELCA congregations.
     The ELCA Mission Investment Fund has assets of more than $350
million and is the second-largest church-related loan fund in the United
States. About 600 loans are currently in effect throughout the United
States, Puerto Rico and the U.S. Virgin Islands.

Adjustable-Rate Investments
     Interest rates on adjustable-rate investments are determined on
Jan. 1 and July 1 each year. The rates for adjustable-rate MIF
investments from July 1 through Dec. 31, 2001, are:

MissionPlus: 3.7 percent
This investment is payable on demand and also provides a checkbook which
investors can use to write checks for minimum amounts of $500.

MissionFuture: 5.0 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.

MissionTerm (unsecured investment obligations issued by the Mission
Investment Fund):
-- 1 year term 4.0 percent
-- 3 year term 4.7 percent
-- 5 year term 5.0 percent
-- 10 year term 5.4 percent

MissionTerm Investments Held for IRA Accounts:
Adjustable-rate investments can be held in Traditional, Education or
Roth Individual Retirement Accounts (IRA) with Fifth Third Bank as
custodian.
-- 3 year term 4.7 percent
-- 5 year term 5.0 percent
-- 10 year term 5.4 percent

Fixed-Rate Investments
     Interest rates for the Mission Investment Fund's fixed-rate
investments are reviewed each quarter. The rate remains in effect
throughout the term of an investment. The interest rates for new
investments in effect from July 1 to Sept. 30, 2001, are:

MissionTerm:
-- 2 year term 4.7 percent
-- 4 year term 5.0 percent
-- 6 year term 5.3 percent

MissionTerm Investments Held for IRA Accounts:
Fixed-rate investments can be held in Traditional, Education or Roth
Individual Retirement Accounts (IRA) with Fifth Third Bank as custodian.
-- 2 year term 4.7 percent
-- 4 year term 5.0 percent
-- 6 year term 5.3 percent

     As securities issued by a non-profit religious institution, the
securities are not insured by FDIC, SIPC or any federal or state
regulatory agency. The securities are sold only by means of the
Offering Circular which can be obtained from the MIF.

EDITORS: Additional information about the ELCA Mission Investment Fund
can be obtained by calling (800) 638-3522, ext. 2943, by sending e-mail
to [log in to unmask] or by accessing http://www.elca.org/ot/mif on the ELCA
Web site.

For information contact:
John Brooks, Director (773) 380-2958 or [log in to unmask]
http://listserv.elca.org/archives/elcanews.html