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    
Automated Cash Management Trust    
Automated Government Cash Reserves    
Bank Loan Core Fund    
Bond Fund    
California Municipal Cash Trust    
Capital Income Fund    
Capital Reserves Fund    
Clover Small Value Fund    
Clover Value Fund    
Connecticut Municipal Cash Trust    
Corporate Bond Strategy Portfolio    
Edward Jones Money Market Fund    
Emerging Market Debt Fund    
Emerging Markets Equity Fund    
Emerging Markets Fixed Income Core Fund    
Equity Income Fund, Inc.    
Floating Rate Strategic Income Fund    
Florida Municipal Cash Trust   N/A
Fund for U.S. Government Securities    
Fund for U.S. Government Securities II    
Georgia Municipal Cash Trust    
Global Allocation Fund    
Government Cash Series    
Government Income Securities, Inc.    
Government Income Trust    
Government Obligations Fund    
Government Obligations Tax-Managed Fund    
Government Reserves Fund    
Government Ultrashort Duration 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    
InterContinental Fund    
Intermediate Corporate Bond Fund    
Intermediate Municipal Trust    
International Bond Fund    
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    
Liberty U.S. Government Money Market Trust    
MDT All Cap Core Fund    
MDT Balanced Fund    
MDT Large Cap Growth Fund    
MDT Mid Cap Growth Strategies Fund    
MDT Small Cap Core Fund    
MDT Small Cap Growth Fund    
MDT Stock Trust    
Managed Risk Fund    
Managed Tail Risk Fund II    
Managed Volatility Fund N/A  
Managed Volatility Fund II    
Managed Volatility Strategy Portfolio    
Massachusetts Municipal Cash Trust    
Master Trust    
Max-Cap Index Fund    
Michigan Intermediate Municipal Trust   N/A
Michigan Municipal Cash Trust    
Mid-Cap Index Fund    
Minnesota Municipal Cash Trust    
Money Market Management    
Mortgage Core Portfolio    
Mortgage Fund    
Mortgage Strategy Portfolio    
Muni and Stock Advantage Fund    
Municipal Cash Series    
Municipal High Yield Advantage Fund    
Municipal Obligations Fund    
Municipal Securities Fund, Inc.    
Municipal Trust    
Municipal Ultrashort Fund    
New Jersey Municipal Cash Trust    
New York Municipal Cash Trust    
New York Municipal Income Fund    
North Carolina Municipal Cash Trust   N/A
Ohio Municipal Cash Trust   N/A
Ohio Municipal Income Fund   N/A
Pennsylvania Municipal Cash Trust   N/A
Pennsylvania Municipal Income Fund   N/A
Prime Cash Obligations Fund   N/A
Prime Cash Series   N/A
Prime Money Fund II    
Prime Obligations Fund   N/A
Prime Value Obligations Fund   N/A
Project and Trade Finance Core Fund    
Prudent Bear Fund    
Prudent DollarBear 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   N/A
Strategic Value Dividend Fund    
Tax-Free Money Market Fund    
Tax-Free Obligations Fund   N/A
Tax-Free Trust    
Total Return Bond Fund    
Total Return Government Bond Fund    
Treasury Cash Series   N/A
Treasury Obligations Fund    
Trust for U.S. Treasury Obligations   N/A
U.S. Government Securities Fund: 1-3 Years    
U.S. Government Securities Fund: 2-5 Years    
U.S. Treasury Cash Reserves   N/A
Ultrashort Bond Fund    
Unconstrained Bond Fund    
Virginia Municipal Cash Trust   N/A