ELCA Mission Investment Fund Announces New Investment Rates

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.

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.