Fund Descriptions
Stock Index Fund

BlackRock Fund Advisors (formerly Barclays Global Fund Advisors) acts as the investment advisor to the S&P 500 Stock Master Portfolio, in which the Homestead Stock Index Fund invests all of its investable assets. The Fund is designed to track the Standard & Poor's 500 Stock Index, which tracks 500 large U.S. companies and is possibly the most widely used index of the U.S. stock market.

Performance

The tables below show the Fund’s average annual and year-to-date total returns for various holding periods compared to its benchmark index. An index is a collection of securities intended to represent some slice of the total securities market.

The bar chart shows the Fund's annual return in each of the last 10 years or for each year since the Fund's inception. This indicates how widely performance has varied year-by-year.

Stock Index Fund Historical Annual Total Returns

The total returns shown above represent past performance which does not guarantee future results. Investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted.  Performance information for the Stock Index Fund reflects its investment experience in the S&P 500 Index Master Portfolio (renamed “S&P 500 Stock Master Portfolio” on 12/01/09) from October 15, 2007, to period end. Prior to October 15, 2007, the Stock Index Fund invested all of its assets in a different master portfolio.

Portfolio Composition

The following tables show how the Stock Index Fund is diversified and what its top holdings are.

Stock Index Fund Industry Diversification
On 09/30/11 Information technology 19.4% Financials 13.4% Health care 12.0% Consumer discretionary  11.6% Energy  11.5% Consumer staples  10.8% Industrials  10.2% Utilities  4.0% Materials  3.4% Telecommunication services  3.3% Short-term and other assets  0.4% Total 100%

 

Stock Index Fund Top Ten Holdings
% of Total Investment at 09/30/11 Apple Inc. 3.4% Exxon Mobil Corp. 3.4% International Business Machines Corp. 2.0% Microsoft Corp. 1.8% Chevron Corp. 1.8% Johnson & Johnson 1.7% The Proctor & Gamble Co. 1.7% AT&T, Inc. 1.6% General Electric Co. 1.6% Pfizer, Inc. 1.3% Total  20.3%

Fund assets on 12/31/11

$61,844,000

Comparison of Growth

This line graph is a comparison of the change in value of a $10,000 investment in the Fund and the Standard & Poor’s 500 Stock Index.

Stock Index Fund Growth of $10,000

The Stock Index Fund’s average annual total returns are net of any fee waivers and reimbursements. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.

Distributions

If this Fund has declared income or capital gains distributions in the current year, they will be listed in the table below.  See Track Earnings Distributions for the Fund's distribution schedule.

Stock Index Fund 2012 Earnings Distributions
Distribution Type Declaration Date $/Per Share                  N/A N/A N/A

Stock Index Fund 2011 Earnings Distributions
Distribution Type Declaration Date $/Per Share Ordinary Income 12/31/11 $0.1432

Share Price History

This table shows how widely the Fund’s share price has fluctuated over time.

Stock Index Fund Share Price History

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year End $8.55 $6.55 $8.29 $9.03 $9.30 $10.57 $10.94 $6.64  $8.24  $9.31  $9.32 Year High $10.24 $8.73 $8.34 $9.14 $9.59 $10.76 $11.78 $10.79  $8.45   $9.45  $10.14 Year Low $7.20 $5.81 $5.97 $7.98 $8.50 $9.17 $10.26 $5.65  $5.00  $7.61  $8.23