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.

Evaluation and Approval of Advisory Contract
Name Current Year Evaluation Current Year Prior Year Evaluation Prior Year
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
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 Global Equity Fund
Hermes Global Small Cap Fund
Hermes International Equity Fund
Hermes SDG Engagement Equity Fund
Hermes SDG Engagement High Yield Credit 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 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 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 Core Fund
Project and Trade Finance Tender 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