Evaluation and Approval of Advisory Contract

The funds' Senior Officer, who manages the process by which the funds' Board considers the funds' advisory fees, prepares an analysis to assist the Board in this regard, which is summarized in the "Evaluation and Approval of Advisory Contract" for each fund that may be accessed below.
Federated Product Name Current Year Evaluation Prior Year Evaluation
Absolute Return Fund    
Adjustable Rate Securities Fund    
Bank Loan Core Fund    
Bond Fund    
California Municipal Cash Trust    
Capital Income Fund    
Capital Reserves Fund    
Clover Small Value Fund    
Corporate Bond Strategy Portfolio    
Emerging Market Debt Fund    
Emerging Markets Core Fund    
Emerging Markets Equity Fund  
Equity Advantage Fund    
Equity Income Fund, Inc.    
Floating Rate Strategic Income Fund    
Fund for U.S. Government Securities    
Fund for U.S. Government Securities II    
Georgia Municipal Cash Trust    
Global Allocation Fund    
Global Strategic Value Dividend Fund    
Global Total Return Bond Fund    
Government Income Securities, Inc.    
Government Income Trust    
Government Money Fund II    
Government Obligations Fund    
Government Obligations Tax-Managed Fund    
Government Reserves Fund    
Government Ultrashort Duration Fund    
Hermes SDG Engagement Equity Fund  
High Income Bond Fund II    
High Income Bond Fund, Inc.    
High Yield Bond Portfolio    
High Yield Trust    
High-Yield Strategy Portfolio    
Institutional High Yield Bond Fund    
Institutional Money Market Management    
Institutional Prime 60 Day Fund    
Institutional Prime Obligations Fund    
Institutional Prime Value Obligations Fund    
Institutional Tax-Free Cash Trust    
Intermediate Corporate Bond Fund    
Intermediate Municipal Trust    
International Bond Strategy Portfolio    
International Dividend Strategy Portfolio    
International Leaders Fund    
International Small-Mid Company Fund    
International Strategic Value Dividend Fund    
Kaufmann Fund    
Kaufmann Fund II    
Kaufmann Large Cap Fund    
Kaufmann Small Cap Fund    
MDT All Cap Core Fund    
MDT Balanced Fund    
MDT Large Cap Growth Fund    
MDT Large Cap Value Fund    
MDT Mid Cap Growth Fund    
MDT Small Cap Core Fund    
MDT Small Cap Growth Fund    
Managed Tail Risk Fund II    
Managed Volatility Fund II    
Massachusetts Municipal Cash Trust    
Max-Cap Index Fund    
Michigan Intermediate Municipal Trust    
Mid-Cap Index Fund    
Mortgage Core Portfolio    
Mortgage Fund    
Mortgage Strategy Portfolio    
Muni and Stock Advantage Fund    
Municipal Bond Fund, Inc.    
Municipal High Yield Advantage Fund    
Municipal Obligations Fund    
Municipal Ultrashort Fund    
New York Municipal Cash Trust    
Ohio Municipal Income Fund    
Pennsylvania Municipal Cash Trust    
Pennsylvania Municipal Income Fund    
Prime Cash Obligations Fund    
Project and Trade Finance Tender Fund    
Project and Trade Finance Core Fund    
Prudent Bear Fund    
Quality Bond Fund II    
Real Return Bond Fund    
Short-Intermediate Duration Municipal Trust    
Short-Intermediate Total Return Bond Fund    
Short-Term Income Fund    
Strategic Income Fund    
Strategic Value Dividend Fund    
Tax-Free Obligations Fund    
Total Return Bond Fund    
Total Return Government Bond Fund    
Treasury Obligations Fund    
Trust for U.S. Treasury Obligations    
U.S. Government Securities Fund: 1-3 Years    
U.S. Government Securities Fund: 2-5 Years    
U.S. Treasury Cash Reserves    
Ultrashort Bond Fund    
Virginia Municipal Cash Trust