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	New Subadviser New Subadviser	Current Year Evaluation Current Year	Prior Year Evaluation Prior Year
Adjustable Rate Fund
Bank Loan Core Fund
California Municipal Cash Trust
Capital Income Fund
Capital Reserves Fund
Clover Small Value Fund
Conservative Microshort Fund
Conservative Municipal Microshort Fund
Core Bond Fund
Corporate Bond 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
Global Allocation Fund
Global Equity Fund
Global Total Return Bond Fund
Government Income Fund
Government Income Securities, Inc.
Government Money Fund II
Government Obligations Fund
Government Obligations Tax-Managed Fund
Government Reserves Fund
Government Ultrashort Fund
High Income Bond Fund II
High Yield Bond Core Fund
High Yield Strategy Portfolio
Inflation Protected Securities Fund
Institutional High Yield Bond Fund
Institutional Money Market Management
Institutional Prime Obligations Fund
Institutional Tax-Free Cash Trust
Intermediate Corporate Bond Fund
Intermediate Municipal Fund
International Bond Strategy Portfolio
International Dividend Strategy Portfolio
International Equity Fund
International Growth Fund
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 Core ETF
MDT Large Cap Growth ETF
MDT Large Cap Growth Fund
MDT Large Cap Value ETF
MDT Large Cap Value Fund
MDT Market Neutral Fund
MDT Mid Cap Growth Fund
MDT Small Cap Core ETF
MDT Small Cap Core Fund
MDT Small Cap Growth Fund
Managed Volatility Fund II
Max-Cap Index Fund
Mid-Cap Index Fund
Mortgage Core 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
Opportunistic High Yield Bond Fund
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
SDG Engagement Equity Fund
SDG Engagement High Yield Credit Fund
Short Duration Corporate ETF
Short Duration High Yield ETF
Short-Intermediate Government Fund
Short-Intermediate Municipal Fund
Short-Intermediate Total Return Bond Fund
Short-Term Government Fund
Short-Term Income Fund
Strategic Income Fund
Strategic Value Dividend Fund
Sustainable High Yield Bond Fund, Inc.
Tax-Free Obligations Fund
Total Return Bond ETF
Total Return Bond Fund
Total Return Government Bond Fund
Treasury Obligations Fund
Trust for U.S. Treasury Obligations
U.S. SMID Fund
U.S. Strategic Dividend ETF
U.S. Treasury Cash Reserves
Ultrashort Bond Fund