Abstract.Formulas for the nef value of a homogeneous line bundle are derived and applied to the classification of homogeneous spaces with positive defect and to the classification of complete homogeneous real hypersurfaces of projective space.Let X be a smooth projective variety imbedded in FN by the sections of some very ample line bundle L. If the canonical bundle Kx is not numerically effective (nef), then there is a smallest rational number x = x(X, L) called the nef value of (X, L) such that Kx LZ is nef. The map xp : X -> Y defined by the sections of some power of Kx ® LZ is called the nef value morphism. In this paper a general formula is derived for the nef value of L when X is a homogeneous space equivariantly imbedded in P^ by the sections of 7, see Theorem 2.2. It is then an easy matter to tabulate the exact values for t(X , L) when Pic(X) =■ Z, see Corollary 2.4.As is shown in [2,3], there is a connection between the nef value, t(X , L), and the codimension of the variety X' c P^ of hyperplanes tangent to X, known as the dual or discriminant variety of X. The defect of (X, L) is defined to be def(X, L) = codim X' -1. Most smooth varieties have defect 0. If def(X, L) > 0, then the defect is determined by the nef valueMoreover, if Z is a general fiber of the nef value morphism xp : X -» Y, then def(X, L) = def(Z, Lz)-dim Y and Pic(Z) = Z. If the defect of X is greater than 1, then a smooth hyperplane section of X also has positive defect, see [7]. Up to such hyperplane sections and fibrations, the only known examples of smooth varieties with positive defect k are linear projective spaces, P" , k = n , the Pliicker imbedding of the Grassmann variety, Gr(2, 2m + 1), k = 2, and the 10-dimensional spinor variety S4 in P15, k = 4. These last examples are all homogeneous spaces. In fact, they are the only homogeneous projective varieties with def(X, L) > 0, along with products Xi x X2 built from them satisfying def(Xi) -dimX2 > 0, see [11]. The proof of the classification given in [11] is difficult and proceeds through many cases based on the type of the group. In §4 a simple proof is given based on the above relationship between the defect and the nef value. Only a few special cases arise which are handled