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Semi-Annual Report June 30, 2021

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Semi-Annual Report June 30, 2021 Semi-Annual Report June 30, 2021 Our Funds Daily Income Fund (HDIXX) Short-Term Government Securities Fund (HOSGX) Short-Term Bond Fund (HOSBX) Intermediate Bond Fund (HOIBX) Rural America Growth & Income Fund (HRRLX) Stock Index Fund (HSTIX) Value Fund (HOVLX) Growth Fund (HNASX) International Equity Fund (HISIX) Small-Company Stock Fund (HSCSX) Table of Contents Performance Evaluation Statements of Assets and Liabilities .................................74 Daily Income Fund ....................................................... 2 Statements of Operations ................................................76 Short-Term Government Securities Fund................... 4 Statements of Changes in Net Assets................................78 Short-Term Bond Fund................................................. 6 Financial Highlights Intermediate Bond Fund.............................................. 8 Daily Income Fund ....................................................... 84 Rural America Growth & Income Fund....................... 10 Short-Term Government Securities Fund................... 85 Stock Index Fund........................................................... 12 Short-Term Bond Fund................................................. 86 Value Fund..................................................................... 14 Intermediate Bond Fund.............................................. 87 Growth Fund.................................................................. 16 Rural America Growth & Income Fund....................... 88 International Equity Fund............................................ 18 Stock Index Fund........................................................... 89 Small-Company Stock Fund ........................................ 20 Value Fund..................................................................... 90 Expense Example ............................................................22 Growth Fund.................................................................. 91 International Equity Fund............................................ 92 Regulatory and Shareholder Matters................................24 Small-Company Stock Fund ........................................ 93 Liquidity Risk Management Program...............................35 Portfolio of Investments Notes to Financial Statements .........................................94 Daily Income Fund ....................................................... 36 Directors and Officers .....................................................103 Short-Term Government Securities Fund................... 37 Appendix--S&P 500 Index Master Portfolio Annual Report .......................................104 Short-Term Bond Fund................................................. 41 Intermediate Bond Fund.............................................. 49 Rural America Growth & Income Fund....................... 58 Stock Index Fund........................................................... 63 Value Fund..................................................................... 64 Growth Fund.................................................................. 66 International Equity Fund............................................ 68 Small-Company Stock Fund ........................................ 71 The investment commentaries on the following pages were prepared for each fund by its portfolio manager(s). The views expressed are those of the portfolio manager(s) on July , , for each fund as of June , . Since that date, those views might have changed. The opinions stated might contain forward-looking statements and discuss the impact of domestic and foreign markets, industry and economic trends, and governmental regulations on the funds and their holdings. Such statements are subject to uncertainty, and the impact on the funds might be materially different from what is described here. Past performance does not guarantee future results. Investors are advised to consider fund objectives, risks, charges and expenses before investing. The prospectus contains this and other information and should be read carefully before you invest. To obtain a prospectus, call .. or download a PDF at homesteadfunds.com. President’s Letter 2021 Semi-Annual Report July 16, 2021 Dear Shareholders: How far we have come since mid-year 2020! The U.S. economy is reopening as vaccination rates climb. And while we are seeing supply chain bottlenecks and labor shortages — especially in industries strained by the pandemic — consumers are spending and major market indexes have reached fresh highs this year-to-date. Stocks as an asset class outperformed the bond market thanks to strong positive company earnings revisions driving up equity valuations across all sectors. Through the end of the second quarter, the S&P 500 Stock Index was up 15.25% year to date. This compares to the Bloomberg Barclays Intermediate US Government/Credit Bond Index, which was down 0.90% year to date, as rising Mark Santero interest rates have pressured bond returns. Overall, we believe that the market CEO, President and Director remains focused on the trajectory of the economic recovery, inflation trend and yield curve. Political wrangling over the details of the infrastructure bill—which could dampen the level of fiscal support powering the economic recovery—and the emergence of the Delta variant could potentially be headwinds to the recovery. RE Advisers’ market outlook remains constructive, but we expect continued high levels of volatility. Long-term investors should be prepared to take healthy pullbacks in stride, realizing that episodic dips may present buying opportunities and help keep stock prices in line with earnings expectations. If you are unsure whether your portfolio allocations are consistent with your needs and risk tolerance, our representatives can help. We invite you to give us a call at 1.800.258.3030, option 2. In closing, we are very excited to announce the launch of the Homestead Rural America Growth & Income Fund which began operations on May 1, 2021. This balanced strategy (with exposure to both stocks and bonds) seeks long-term total return through capital appreciation and current income by investing in companies that are important to the economic development of rural America. The fund’s approach is true to our roots as investment managers for rural electric cooperatives and their employees and very much aligned with the mission of our parent organization, NRECA. Portfolio managers provide a summary of the fund’s start-up phase in this report and in future reports look forward to updating you on the progress being made in the portfolio and the successes that we expect to see over time in the rural economy. Sincerely, Mark D. Santero CEO, President and Director Homestead Funds Daily Income Fund Performance Evaluation | Prepared by the Fund’s Subadvisor, Invesco Advisers, Inc. Performance primarily driven by the Treasury’s desire to extend the weighted average maturity of its total outstanding debt and The fund earned a return of 0.00% for the six-month period to manage the Treasury’s General Account (TGA) ahead of ending June 30, 2021. The seven-day current annualized yield the expiration of the debt ceiling suspension at the end of was 0.01% as of June 30, 2021, unchanged from December 31, July. The TGA continued to trend lower, declining -51% from 2020. year-end 2020 ($1.7 trillion) through the end of June 2021 Market Conditions and Strategy ($851 billion), with the Treasury managing its drawdown in anticipation of meeting the cash balance target of During the six-month period ending June 30, 2021, the $450 billion at the end of July. Federal Open Market Committee (FOMC) kept short-term interest unchanged at the 0.00%-0.25% range. The launch of Outlook a post-pandemic economic recovery was set in motion by The Invesco Global Liquidity Team took over the day-to-day rounds of congressional fiscal stimulus packages as the U.S. management of the Daily Income portfolio on May 1, 2021. administration’s aggressive vaccination goals were nearly met Our investment strategy and targeted investment tenors are and the reopening of the U.S. got underway. The Federal built within our portfolio construction considerations of Reserve has held firm to the transitory inflationary theme, breakevens, supply dynamics and macro factors that affect unmoved by rising yields in longer rates and maintaining a the money market curve. The investment strategy has dovish tone on the current monetary policy. The current encompassed a barbell strategy, for a moderate weighted economic environment is proliferated by an abundance of average maturity portfolio positioning, finding relative value cash on balance sheets with expectations of short-term opportunities in a range-bound trading environment. The interest rates to remain low for a substantial period. portfolio has maintained a weighted average life position At the June FOMC meeting, the Fed increased the that reflects opportunistic floating rate note holdings that administered rates of Interest on Excess Reserves (IOER) and offer diversification and attractive discount margins. We the Fed Reverse Repo Program (RRP) by 5 basis points each believe that the fund is currently well positioned in this to 15 basis points and 5 basis points, respectively. This was current Fed monetary policy environment and encapsulates done to mitigate the significant downward pressure on a model that remains competitive but flexible enough to front-end rates given the supply-demand imbalance that has adjust
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