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

July 18, 2002

ELCA MISSION INVESTMENT FUND ANNOUNCES NEW INTEREST RATES
02-166-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
investments.
     "ELCA congregations, their members and ELCA-related institutions
that invest in the Fund earn interest on their financial resources while
they help to build the church," said the Rev. Arnold O. Pierson, MIF
vice president for marketing.
     With the funds provided by investors, the MIF makes loans to
mission congregations for purchases of land and construction of initial
church buildings.  The MIF also makes loans to established ELCA
congregations for the renovation or expansion 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 ELCA Mission Investment Fund.  The fund has total
assets of nearly $400 million.

ADJUSTABLE-RATE INVESTMENTS
     The interest rates for adjustable-rate Mission Investments from
July 1 through Dec. 31, 2002, are:

MissionPlus: 2.0 percent
This investment provides a checkbook which investors can use to write
checks in amounts of $500 or more.

MissionFuture: 4.3 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       2.5 percent
 --  3 year term       3.6 percent
 --  5 year term       4.3 percent
 -- 10 year term       5.0 percent

MissionTerm Investments held as Individual Retirement Accounts (IRA) or
Coverdell Education Savings Accounts (CESA): An adjustable-rate
MissionTerm investment can be held as a Traditional or Roth IRA or a
CESA with Fifth Third Bank as custodian:
 --  3 year term       3.6 percent
 --  5 year term       4.3 percent
 -- 10 year term       5.0 percent

FIXED-RATE INVESTMENTS
     Interest rates for the Mission Investment Fund's fixed-rate
investments are reviewed monthly.  The interest rate that is in effect
at the beginning of a term remains in effect  throughout the term of an
investment.  Interest rates for fixed-rate investments, in effect July
1-31, 2002, are:

MissionTerm:
 -- 2 year term       3.6 percent
 -- 4 year term       4.3 percent
 -- 6 year term       5.0 percent

MissionTerm Investments Held as IRA or CESA Accounts:
 -- 2 year term       3.6 percent
 -- 4 year term       4.3 percent
 -- 6 year term       5.0 percent

-- -- --
     The securities are sold only by means of the Offering Circular,
which can be obtained 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 religious institution, the investments are not insured by
FDIC, SIPC or any federal or state regulatory agency.

EDITORS:  Additional information about the ELCA Mission Investment Fund
can be obtained by calling (800) 638-3522, ext. 2943, by sending an
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