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Annual Report December 31, 2020

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Annual Report December 31, 2020 Annual Report December 31, 2020 Our Funds Daily Income Fund (HDIXX) Short-Term Government Securities Fund (HOSGX) Short-Term Bond Fund (HOSBX) Intermediate Bond Fund (HOIBX) 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...................................66 Daily Income Fund......................................................... 2 Statements of Operations .................................................68 Short-Term Government Securities Fund .................... 4 Statements of Changes in Net Assets .................................70 Short-Term Bond Fund.................................................. 6 Financial Highlights Intermediate Bond Fund ............................................... 8 Daily Income Fund.........................................................75 Stock Index Fund............................................................10 Short-Term Government Securities Fund ....................76 Value Fund ......................................................................12 Short-Term Bond Fund..................................................77 Growth Fund...................................................................14 Intermediate Bond Fund ...............................................78 International Equity Fund .............................................16 Stock Index Fund............................................................79 Small-Company Stock Fund..........................................18 Value Fund ......................................................................80 Expense Example .............................................................20 Growth Fund...................................................................81 International Equity Fund .............................................82 Regulatory and Shareholder Matters .................................22 Small-Company Stock Fund..........................................83 Liquidity Risk Management Program ................................33 Report of Independent Registered Notes to Financial Statements...........................................84 Public Accounting Firm ....................................................34 Directors and Officers.......................................................93 Portfolio of Investments Other Tax Information ......................................................96 Daily Income Fund.........................................................35 Appendix--S&P 500 Index Short-Term Government Securities Fund ....................37 Master Portfolio Annual Report.........................................97 Short-Term Bond Fund..................................................40 Intermediate Bond Fund ...............................................48 Stock Index Fund............................................................57 Value Fund ......................................................................58 Growth Fund...................................................................60 International Equity Fund .............................................62 Small-Company Stock Fund..........................................64 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 January , , for each fund as of December , . 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 2020 Annual Report January 14, 2021 Dear Shareholders: As we can all attest, 2020 was an extremely challenging year. After the initial economic shock of the springtime shutdown resulting from the COVID-19 pandemic, the U.S. economy recovered substantially from March and April lows. November’s momentous news of two effective vaccines buoyed hopes and signaled a light at the end of the tunnel. The news came on the heels of another development: the outcome of the U.S. presidential election. Along with the critically important support from the Federal Reserve and fiscal stimulus packages, these factors drove markets higher with stocks closing the year at record highs. Bond markets posted moderate gains, capping off a strong year. U.S. Treasury rates Mark Santero remained at historic lows, with modestly higher yields for longer-dated bond CEO, President and Director issues. The Federal Reserve’s near-zero rates are likely to remain in place for years. Smart policy moves both at home and abroad were crucial to the initial recovery, but their impact isn’t done yet. We believe both monetary and fiscal policies continue to be integral to supporting the economy and the investment markets. We are forecasting a rebound in the U.S. economy once vaccine distribution has gathered momentum. When Americans gain confidence about their safety, we anticipate that they’ll return to pre-COVID-19 activities. We are seeking to position the Homestead Funds accordingly, and we invite you to read the following manager letters for more detail. At Homestead Funds, we took steps to build out our virtual engagement platforms in 2020. While we certainly miss traveling and seeing many of our clients face-to-face, our representatives are now even better able to meet with you online or over the phone. We have also redoubled our communications efforts. You’ll find new materials in our resource library — recorded presentations, market commentary and other papers — that will give you our perspective on the markets and economy and insights for managing your accounts. We invite you to be in touch with us online at homesteadfunds.com or give us a call at 1.800.258.3030, option 2. We appreciate your trusting us to manage your money and would welcome the opportunity to speak with you about your financial planning goals. Sincerely, Mark D. Santero CEO, President and Director Homestead Funds Daily Income Fund Performance Evaluation | Prepared by the Fund’s Investment Advisor, RE Advisers Corporation Performance Investment Advisor: RE Advisers Corporation The fund earned a return of 0.19% for the full year of 2020. Marc Johnston, CFP,ChFC, CAIA The seven-day current annualized yield was 0.01% as of Money Market Portfolio Manager December 31, 2020, unchanged from June 30, 2020. Even with the Federal Reserve lowering the federal funds rate band BA, General Arts, Villanova University; in March by 1.50% to between 0.00% and 0.25% to help ease MBA, Northeastern University conditions in the markets due to the COVID-19 pandemic, the fund still earned enough interest income to cover its expenses and provide income to its shareholders until April 20, 2020. After that point, RE Advisers waived its Outlook management fee for the rest of the year to assist the fund in maintaining a positive yield. We sought to mitigate the effects We believe the performance of the economy will very much of this low-yield environment on the fund by adjusting the depend on the course of the virus, the quickness and mixture of the portfolio to take advantage of changes in the efficiency with which new vaccines can be deployed, and our yield curve and market returns available on cash and success at reopening businesses in a prudent manner. We government securities. believe the recent enactment of a $900 billion stimulus bill was a step in the right direction toward providing the support Market Conditions the economy needs to continue to heal. In addition, with a change of power in Washington, D.C., we believe it is very The heavy toll on business activities and employment likely much more federal stimulus will be spent on economic resulting from the measures put in place to control the revival. In our view, the economy still faces considerable risks pandemic greatly affected the U.S. economy. Both have over the near and medium term; however, despite the continued to recover but remain well below their levels at the challenges, we expect the economy to grow and the beginning of the year. Real gross domestic product declined unemployment rate to decline in 2021. Consensus estimates at a rate of 5.0% and 31.4% in the first and second quarters of for 2021 project the economy to grow at a yearly rate of 4.2% 2020, respectively, before rapidly turning to a 33.4% growth and the unemployment rate to fall to 5.0% by year-end. rate in the third quarter. Estimates for the fourth quarter Inflation is likely to remain muted, and monetary policy will project growth of approximately 4.6%. The unemployment remain very accommodative, in our view. The Fed has rate, which surged in April to 14.7%, had decreased to 6.7% pledged to maintain its current pace of asset purchases and by December. However, job gains faltered in December as the projects that interest rates will remain near zero through virus’s surge in the fourth quarter snapped the hiring streak 2022. the
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