Investment Objective and Strategy

Is this fund a good choice for me?
The Stock Index Fund may be appropriate if your goal is to grow your savings over the next several years by investing in large, well-known U.S. companies while closely tracking the performance of the overall U.S. stock market. You’re also comfortable with temporary — yet sometimes dramatic — fluctuations in your account balance based on the performance of the underlying stocks.

Investment objective and strategy
The fund seeks to match, as closely as possible, before expenses, the performance of the Standard & Poor’s 500 Index, which emphasizes stocks of large U.S. companies. The fund is a feeder fund, meaning it invests its assets in the S&P 500 Index Master Portfolio, a separate series of an unaffiliated trust called the Master Investment Portfolio.


Total Returns

As of 6/30/2023

Calendar-Year Total Returns

Growth of $10,000

The line chart compares the change in value of a $10,000 investment in the fund and the Standard & Poor’s 500 Index over a 10-year period. The chart represents past performance, which is no guarantee of future results. Current performance may be higher or lower than that shown above. Returns and the principal value of your investment will fluctuate such that shares, when redeemed, may be worth more or less than their original cost. The 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.

Industry Rankings

For the month ending 06/30/2023


Category Large Blend

*Overall, out of 1,280 funds, according to risk-adjusted return


Classification S&P 500 Index

1Overall, out of 12,489 funds, according to historical loss avoidance

Share Price History

As of 09/29/2023

The chart plots daily share prices for the last 10 years. The interactive calendar will retrieve the share price for any business day since the fund's inception.


Sector Weightings (% of Total Equity Holdings)

As of 6/30/2023

Top 10 Holdings (% of Total Equity Holdings)

As of 6/30/2023

Apple, Inc. 7.7%
Microsoft Corp. 6.8%
Alphabet, Inc. 3.6%, Inc. 3.1%
NVIDIA Corp. 2.8%
Tesla Inc. 1.9%
Meta Platforms, Inc. 1.7%
Berkshire Hathaway, Inc. 1.6%
UnitedHealth Group Inc. 1.2%
Exxon Mobil Corp. 1.2%
Total 31.6%

Portfolio holdings are subject to change without notice.

Portfolio Characteristics

As of 6/30/2023

Net Assets $218,760,761
Number of Holdings Fully invested in BlackRock S&P 500 Master Portfolio


Income and/or capital gains distributions for this fund, if any, are listed in the table below for the current and previous calendar year. Mutual funds are required to pass through to their shareholders substantially all of the interest income and capital gains earned by the fund during the year. These distributions are paid on a regular schedule as shown in the table below.

2023 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Long-Term Capital Gains 6/29/23 6/30/23 $0.0014
Ordinary Income 6/29/23 6/30/23 $0.0044
Short-Term Capital Gains 6/29/23 6/30/23 $0.0025

2022 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Long-Term Capital Gains 6/29/22 6/30/22 $0.0913
Ordinary Income 6/29/22 6/30/22 $0.0036
Short-Term Capital Gains 6/29/22 6/30/22 $0.0086
Long-Term Capital Gains 12/14/22 12/15/22 $0.0456
Ordinary Income 12/14/22 12/15/22 $0.3362
Short-Term Capital Gains 12/14/22 12/15/22 $0.0467

The record date is the date on which you must be a shareholder in order to receive a portion of the fund’s distribution.

The declaration date, typically the business day after the record date, is the date the amount of the distribution is announced and deducted from fund assets. On this day, the amount of the distribution is deducted from fund assets and calculated as a per share amount to be passed through to shareholders. The fund’s share price will decline by the amount of the distribution (plus or minus any share price change related to market activity). The following business day, shareholders will see their portion of the distribution posted to their account as either a cash dividend or dividend reinvestment.

Portfolio Management

BlackRock Fund Advisors

BlackRock Fund Advisors is not affiliated with Homestead Funds, Homestead Advisers Corp., Homestead Financial Services Corp. or NRECA.

Equity securities generally have greater price volatility than fixed-income securities and are subject to issuer risk and market risk. The Stock Index Fund pursues its objective by investing substantially all of its assets in another pooled investment vehicle (a “master fund”). The ability of the Stock Index Fund to meet its investment objective is directly related to the ability of the master fund to meet its investment objective. Index funds may hold securities of companies that present risks that an investment advisor researching individual securities might otherwise seek to avoid and are subject to tracking error risk.