Cash Sweep Program Overview

Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other

federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and

are subject to investment risks, including possible loss of the principal amount invested.

RBC Wealth Management, a division of RBC Capital

Markets, LLC (“we,” “us” or “RBC WM”) is registered as

both a broker-dealer and investment adviser with the

U.S. Securities and Exchange Commission (“SEC”). This

document is provided for informational purposes only

and is not a recommendation. It provides an overview

of the variety of cash sweep options we offer.

The deposit of checks, the sale of securities and other

activity generate cash balances in your account. You

have the option to have cash balances in your account

automatically deposited in an insured Deposit Account,

Deposit Account at the RBC Three World Financial Center

Branch, invested in a money market mutual fund or

cash investment alternative (collectively, “Cash Sweep

Option”). The use of different Cash Sweep Options

may vary by account type. You should consider the

investment objectives, risks, charges and expenses

of a Cash Sweep Option carefully before investing.

Refer to Client Account Agreement & Disclosures

containing this and other information about the Cash

Sweep Options available by contacting your RBC WM

Financial Advisor. Please read the prospectus and

other related disclosures carefully before investing to

make sure the Cash Sweep Option is appropriate for

your goals and risk tolerance. For more information,

please see the Cash Management section on our

public website at www.rbcwm.com/disclosures.

You may choose from a variety of competitive Cash

Sweep Options depending on your account type, including

a Federal Deposit Insurance Corporation (“FDIC”) or

Securities Investor Protection Corporation (“SIPC”)

covered cash sweep. Subject to availability of funds, all

accounts will sweep on a daily basis, regardless of the

dollar amount in cash balances.

Not all Cash Sweep Options or considerations outlined

below will apply to you. The Cash Sweep Options available

to you and considerations for making a cash sweep

election will vary and be dependent upon your specific

circumstances. There may be additional factors for you

to consider that are not listed below. Please consult

with your Financial Advisor for more information and

to discuss alternative sweep options, which may offer a

higher dividend yield or interest with a greater or lesser

expense ratio. Neither RBC WM nor its affiliates provide

legal, accounting or tax advice. All legal, accounting or tax

decisions regarding your accounts and any transactions

or investments entered into in relation to such accounts,

should be made in consultation with your independent

advisors. No information, including but not limited

to written materials, provided by RBC WM should be

construed as legal, accounting or tax advice.

Cash Sweep

Program Overview

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Cash Sweep Options

Information as of March 31, 2024. Rates subject to change and may change without notice, please contact your Financial

Advisor for current rates.

Sweep Products and

cash investment

alternative (CIP)

RBC Insured Deposits RBC Cash Plus Credit Interest

Program (CIP)

RBC BlueBay U.S.

Government Money

Market Fund – Inst’l

Class 2 (TIMXX)

Federated Hermes

Treasury Obligations

Fund – AS Shares

(TOAXX)

Management Fee n/a n/a n/a 0.10% 0.15%

Distribution 12b-1 Fee

n/a n/a n/a 0.15% 0.00%

Shareholder Services

Expenses

n/a n/a n/a 0.00% 0.00%

Other Expenses n/a n/a n/a 0.03% 0.43%

Total Waiver of Fund Fees n/a n/a n/a 0.00% (0.03%)

Total Fees and Expenses n/a n/a n/a 0.28% 0.55%

2023 Calendar Year Return

n/a

n/a 4.92% 4.67%

7-Day Effective Yield

n/a

5.26% 4.88%

Annual Percentage Yield

(APY)

0.85–5.22%

1.11–5.38%

0.25% n/a n/a

FDIC insurance coverage

Up to $5,000,000 per

client ($498,000 for

Retirement Accounts)

none none none none

SIPC protection

none none Up to $250,000 Up to $500,000 Up to $500,000

The above cash sweep options, excluding Federated Hermes Treasury Obligations Fund, are offered by us or our

affiliates. Performance data quoted represents past performance. Past performance does not guarantee future results.

The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed,

may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the

performance quoted. Performance shown reflects contractual fee waivers. Without such waivers total returns would

be reduced.

1. Fund Company: RBC Funds Trust. RBC Global Asset Management (U.S.) Inc. is the Investment Adviser for the RBC Funds Trust.

2. Fund Company: Federated Hermes Funds. Federated Investment Management Company is the Investment Adviser for Federated Hermes Funds.

3. Distribution and Shareholder Servicing Fees – Mutual funds pay us fees for the distribution and servicing of their shares (also called “12b-1 fees”) which are used to

finance distribution activities intended primarily to result in the sale of additional fund shares. 12b-1 fees are disclosed in the investment fund’s prospectus, and are

imposed through the mutual fund expenses which are deducted from fund assets and reflected in the net asset values of the mutual funds.

4. Federated Investment Management Company (“Adviser”) and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees

and/or reimburse expenses so that the total annual fund operating expenses (excluding acquired fund fees and expenses, interest expense, extraordinary expenses and

proxy-related expenses paid by the Fund, if any) paid by the Fund’s AS class (after the voluntary waivers and/or reimbursements) will not exceed 0.55% (the “Fee Limit”)

up to but not including the later of (the “Termination Date”): (a) October 1, 2024; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its affiliates

currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit

increased prior to the Termination Date with the agreement of the Fund’s Board of Trustees.

5. The full return on an investment, including dividends, capital gain distributions, and changes in net asset value, and is expressed as a percentage of the initial investment.

6. Annual Percentage Yield is variable and subject to change at any time without notice.

7. See “Program Interest Rates” under “RBC Insured Deposits” on our public website at www.rbcwm.com/disclosures.

8. See “Program Interest Rates” under “RBC Cash Plus” on our public website at www.rbcwm.com/disclosures.

9. Average and effective yields reflect any applicable fee waivers or expense reimbursements in effect for the period shown. Without such fee waivers or expense

reimbursements, the Fund’s yield would be reduced.

10. The 7-day effective yield is an annualized net yield that describes the amount one is expected to earn over a one-year period assuming that the dividends are reinvested

at the average rate of the last seven days.

11. The 7-day effective yield only applies specifically to Money Market Mutual Funds.

12. Aggregate FDIC insurance coverage may differ based on account type. See FDIC insurance coverage section below or contact your Financial Advisor for more information.

13. See SIPC Protection section below or contact your Financial Advisor for more information.

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Eligibility and restrictions

• RBC WM Financial Advisors may not exercise discretion when establishing a Cash Sweep Option at account opening or

when changing Cash Sweep Options.

• Retirement accounts, including qualified plan accounts, are required to be enrolled in an eligible sweep vehicle at all

times.

• Foreign Currency will not invest under the Cash Sweep Option.

Sweep Products and

cash investment

alternative (CIP)

RBC Insured

Deposits

RBC Cash

Plus

Credit Interest

Program (CIP)

RBC BlueBay U.S.

Government Money

Market Fund – Inst’l

Class 2 (TIMXX)

Federated Hermes

Treasury Obligations

Fund – AS Shares

(TOAXX)

Standard and RBC Cash

Management accounts

Eligible Eligible Eligible Unavailable for

new accounts

Unavailable

Retirement accounts

(Advisory and

Non-Advisory)

Eligible Unavailable Unavailable Unavailable for

new accounts

Eligible as secondary

sweep for RBC Insured

Deposits

Advisory non-retirement

accounts

Eligible Eligible Eligible Unavailable for

new accounts

Unavailable

Qualified plan accounts

(Advisory and

Non-Advisory)

Unavailable Unavailable Unavailable Unavailable for

new accounts

Eligible

Considerations when choosing a Cash Sweep Option

When choosing a Cash Sweep Option, it is important to consider the following:

• Your needs, goals, risk tolerance, investment time horizon and liquidity requirements.

• Yields may differ between the Cash Sweep Options.

• The Cash Sweep Options have different types of protection/insurance coverage. See SIPC Protection and FDIC

insurance coverage sections below for additional details.

• Money market mutual funds have investment risk of various degrees and are not guaranteed or insured as to principal.

1. The RBC BlueBay U.S. Government Money Market Fund is managed by RBC Global Asset Management (U.S.) Inc. (“RBC GAM-U.S.”), an affiliate of RBC CM. For amounts

invested in shares of the RBC BlueBay U.S. Government Money Market Fund, RBC GAM-U.S. will receive fees for managing and servicing the fund (including management

and other fees). RBC GAM-U.S. will also pay RBC CM 12b-1 fees. Mutual funds pay RBC CM fees for the distribution and servicing of their shares (also called “12b-1 fees”)

which are used to finance distribution activities intended primarily to result in the sale of additional fund shares. Information regarding the current yield for the RBC

BlueBay U.S. Government Money Market Fund is available at www.rbcgam.com, or by contacting your Financial Advisor. See the “Cash Sweep Program Overview” on our

public website at www.rbcwm.com/disclosures for more information on yields and eligibility.

2. Federated Hermes Treasury Obligations Fund (TOAXX) is available as the primary sweep for qualified plan accounts and as secondary sweep for retirement accounts

participating in RBC Insured Deposits with cash balances in excess of the available FDIC Insurance amount of $498,000.

Page 3 of 7 Cash Sweep Program Overview, continued

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Benefits and risks

The available Cash Sweep Options are subject to different

risks and account protection.

RBC Insured Deposits are deposited with our Program

Banks consisting of RBC affiliate banks and additional

unaffiliated banks up to applicable limits, as discussed

in the RBC Insured Deposits program disclosures. For all

Accounts cash balances in RBC Insured Deposits in excess

of such applicable limits will be swept to a “Designated

Excess Investment”. The Designated Excess Investment

for Retirement Accounts will be shares of the Federated

Hermes Treasury Obligations Fund (“Federated Money

Market Fund”). The Designated Excess Investment for

other Accounts will be Deposit Accounts at one or more

banks at which your funds will be deposited without

regard to the Deposit Limit (each, an “Excess Bank”).

Currently, the Primary Excess Bank is City National Bank

(“CNB”), an RBC Affiliate Bank. Shares of the Federated

Money Market Fund in your Retirement Account are

protected by the SIPC. Deposit Accounts will earn

the interest rate based on the total assets across all

accounts within your household (“Household Assets”),

as well as total balances of all Deposit Accounts within

your household (the “Total Bank Sweep Balances”). For

information on current interest rates and segments, please

see the Cash Management section of our public website

at www.rbcwm.com/disclosures or contact your Financial

Advisor. RBC Insured Deposits are not subject to market

risk and potential value loss but are subject to the risk of

a bank’s failure. In the event a bank fails, deposits at each

Program Bank are eligible for FDIC insurance protection

up to applicable limits. See FDIC insurance coverage

section below for details. Monies held in the RBC Insured

Deposits are not covered by SIPC.

Each Program Bank, except RBC Affiliate Banks, will

pay RBC CM a fee determined by RBC CM equal to a

percentage of the average daily deposit balance in the

Deposit Accounts at the Program Bank. The fee paid

to RBC CM will range between 0% and Federal Funds

Effective Rate plus 75 basis points (0.75%) annually on

some of the Deposit Accounts. In the case of the RBC

Affiliate Banks, RBC CM will receive a fee per Account of

$20.00 annually. For Retirement Accounts, RBC Affiliate

Banks will not pay RBC CM a per account fee. You do not

pay these fees directly to RBC WM, but the amount of

fees received by RBC CM will affect the interest rate you

earn on your deposits. RBC WM may waive or reduce

its Program Bank fees based on market conditions. The

benefits of these waivers vary across program interest

rate tier levels. These fees can vary among Program

Banks. This fee is not shared with your financial advisor.

RBC Cash Plus is a Deposit Account at the RBC Three

World Financial Center Branch (the “Branch”) located

in New York, a U.S. branch of Royal Bank of Canada, a

Canadian bank. Funds on deposit at the Branch are not

insured by the FDIC, SIPC or any governmental agency of

the United States, Canada or any other jurisdiction. The

Deposit Accounts are obligations of the Branch only, and

are not obligations of RBC Capital Markets, LLC (“RBC

CM”), or any of its affiliates or its business divisions,

including RBC WM. The payment of principal and interest

on Deposit Accounts at the Branch is subject to the

creditworthiness of Royal Bank of Canada. In the event

of the failure of the Branch, clients participating in the

program will become general unsecured creditors of Royal

Bank of Canada.

Interest rates will be established periodically by the

Branch based on a variety of factors including economic

and business conditions. The Branch will pay RBC WM a

fee determined by RBC WM and the Branch of 0.10% of

total deposits placed with the Branch through the Program

annually. You do not pay this fee directly to RBC WM, but

the amount of fees received by RBC WM will affect the

interest rate you earn on your deposits. RBC WM reserves

the right to increase, decrease or waive all or part of this

fee. This fee is not shared with your financial advisor.

Interest Rates on the Deposit Accounts in RBC Insured

Deposits and RBC Cash Plus are determined by segments

and may change daily. The applicable Interest Rate

Segment will be based on the total assets across all

Accounts within your household (“Household Assets”) as

well as balances of all Deposit Accounts in your household

(the “Total Bank Sweep Balances”). An Account’s Total

Bank Sweep Balances and Household Assets will be

determined monthly, and your Deposit Account balances

will earn the applicable interest rate for the following

month. For additional details related to Interest Rate

Segments, see the Client Account Agreement & Disclosures

on our website at www.rbcwm.com/disclosures. For

information on current interest rates, please see the Cash

Management section of our public website at www.rbcwm.

com/disclosures or contact your Financial Advisor.

Credit Interest Program (“CIP”) represents our direct

obligation to repay the invested amount, on demand, plus

interest. We invest Credit Interest Program assets and

periodically adjust the interest rate payable on Credit

Interest Program accounts. The spread between interest

earned by us from our investments and the rate paid to

Credit Interest Program account holders is favorable to us.

Cash invested in this program is protected by SIPC up to

$250,000 per account on claims for cash.

We invest and use these balances as free credit balances

for our benefit. We will earn more on these balances

than the rate we pay to you. We use these funds in the

ordinary course of our brokerage business, subject to the

requirements of Rule 15c3-3 under the Securities Exchange

Act of 1934. Under these arrangements, we generally earn

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interest or a return based on short-term market interest

rates prevailing at the time.

Money Market Mutual Funds in the cash sweep invest in

high quality, short-term securities and seek to maintain a

stable value but are subject to market risks and potential

value loss. Prior to, or at the same time your available

funds are first swept into an available Money Market Fund,

you will be furnished with the appropriate prospectus,

which should be read carefully. You could lose money

by investing in the Fund. Although the Fund seeks to

preserve the value of your investment at $1.00 per

share, it cannot guarantee it will do so. An investment

in the Fund is not insured or guaranteed by the FDIC or

any other government agency. The Fund’s sponsor has

no legal obligation to provide financial support to the

Fund, and you should not expect that the sponsor will

provide financial support to the Fund at any time. They

are not bank accounts and not subject to FDIC insurance

protection. They are instead covered by SIPC. See SIPC

Protection below or contact your Financial Advisor for

more information. For amounts invested in an unaffiliated

money market fund, the third-party money market fund

pays RBC WM service fees in the form of a recordkeeping

fee and a shareholder servicing fee. This provides us

with an incentive to use third-party money market funds

that pay us such fees instead of other funds that do not.

These money market funds typically pay you a lower

yield than money market funds that do not pay us these

recordkeeping or shareholder servicing fees.

SIPC protection

Protects against the custodial risk (and not a decline in

market value) when a brokerage firm fails by replacing

missing securities and cash up to a limit of $500,000, of

which $250,000 may be cash. Monies held in RBC Insured

Deposits or RBC Cash Plus are not covered by SIPC.

FDIC insurance coverage

We offer RBC Insured Deposits (the “Program”) to

automatically deposit, or “sweep”, available cash balances

in your securities account at RBC WM (“Account”) into

deposit accounts (“Deposit Accounts”) at participating

depository institutions (“Program Banks”), whose deposits

are FDIC-insured. The Program Banks are set forth on a

Priority List. Two of the Program Banks on a Priority List

may be RBC Bank (Georgia), N.A. and City National Bank,

affiliates of RBC CM (the “RBC Affiliate Banks”).

FDIC insurance covers Deposit Account balances at

a Program Bank up to $250,000 per depositor in each

recognized insurable capacity (e.g., individual, joint, IRA,

etc.), subject to FDIC rules for aggregate deposits. RBC CM

has established a limit on the amount of your available

cash balances that will be deposited into the Deposit

Accounts at each Program Bank reflecting the FDIC limit

(the “Deposit Threshold”). The total amount of FDIC

insurance coverage available to you through the Program

will be determined by the number of Program Banks

on your Priority List and the amount of FDIC insurance

coverage available to you at each Program Bank (“Total

Program Coverage”). If your Deposit Account balances

reach the Deposit Threshold for each Program Bank on

your Priority List, additional available cash balances in

your Account will be automatically invested in shares of

a money market fund. Please see “Program Banks” under

RBC Insured Deposits on our public website at

www.rbcwm.com/disclosures.

For all Accounts except Retirement Accounts, the Program

is intended to provide you with Total Program Coverage

of up to $5,000,000 ($10 million for accounts held jointly

by two or more persons) per depositor, per insurable

capacity depending on the number of Program Banks

on your Priority List. The amount of FDIC insurance is

not guaranteed and in some cases your Total Program

Coverage may be less than $5,000,000. Your Total

Program Coverage depends on the number of Program

Banks available and the Program Banks’ capacity to

accept Daily Program Deposits. If there are not enough

Program Banks that are willing and able to accept

deposits up to the FDIC limits, your Total Program

Coverage will be less than $5,000,000 and there

may be no FDIC insurance available if no Program

Banks participate.

For retirement accounts, the Program is intended to

provide you with Total Program Coverage of up to

$498,000. Deposit Accounts that you hold in your Account

in the same insurable capacity will be aggregated for

purposes of your Total Program Coverage. The amount

of FDIC insurance coverage is not guaranteed and in

some cases your Total Program Coverage may be less

than the up to $498,000 listed above. Only the two

RBC Affiliate Banks serve as Program Banks for Retirement

Accounts. Your Total Program Coverage depends on the

willingness and ability of these two RBC Affiliate Banks

to accept Daily Program Deposits. If these RBC Affiliate

Banks are not willing and able to accept deposits up

to the FDIC limits, your Total Program Coverage will be

less than $498,000 and there may be no FDIC insurance

coverage available if neither of the affiliate Program

Banks participate.

Deposit balances in excess of the Deposit Limit will not

be covered by FDIC insurance. Funds deposited in the

insured sweep and held by the Program Banks are not

eligible for SIPC coverage. Shares of a money market

mutual fund held in a securities account are covered by

SIPC up to applicable limits, and are not FDIC insured.

Any deposits, including certificates of deposit, that you

maintain in the same insurable capacity directly with

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a Program Bank or through an intermediary (such as

RBC CM or another broker), regardless of the number of

Accounts, will be aggregated with funds in your Deposit

Accounts at the Program Banks for purposes of the FDIC

insurance limit.

FDIC insurance protects your Deposit Account balances

in the event of the failure of any Program Bank. You are

responsible for monitoring the total amount of deposits

that you have with each Program Bank, including an

Excess Bank (described below), in order to determine the

extent of FDIC insurance coverage available to you. Your

Deposit Accounts will not be protected by SIPC.

Funds in excess of the Total Program Coverage

For all Accounts other than Retirement Accounts, if your

Deposit Account balances in the Program Banks reach

your Total Program Coverage, funds in excess of the Total

Program Coverage will be automatically deposited in a

Designated Excess Investment. The Designated Excess

Investment will be Deposit Accounts at one or more banks

at which your funds will be deposited without regard to the

Deposit Limit (each, an Excess Bank). All Excess Funds will

be placed at the Primary Excess Bank without limit and

without regard to the Deposit Limit unless you designate

the Primary Excess Bank as ineligible to receive your funds

or the Primary Excess Bank is unavailable to receive your

Excess Funds. In such cases, your Excess Funds will be

placed at one or more other Excess Banks, which may be

RBC Affiliate Banks. Your Priority List will designate the

Primary Excess Bank. Currently, the Primary Excess Bank

is CNB, an RBC Affiliate Bank.

For Retirement Accounts, Deposit Account balances in

excess of the $498,000 Total Program Coverage will be

automatically invested in shares of the Federated Hermes

Treasury Obligations Fund, which is not affiliated with RBC

CM, unless you designate the Federated Hermes Treasury

Obligations Fund as ineligible. You may access the most

recent Federated Hermes Treasury Obligations Fund

prospectus by contacting your Financial Advisor or by

accessing Federated’s website at www.federatedinvestors.

com/products/mutual-funds/treasury-obligations/as.do.

Before investing, you should consider carefully a fund’s

investment objectives, risks, charges, and expenses.

This and other information is in the prospectus, please

read the prospectus carefully before investing.

If you elect to designate the Federated Hermes Treasury

Obligations Fund as ineligible to receive your excess

funds, available cash balances that exceed the Total

Program Coverage will be swept into a designated “Excess

Bank”, which will accept funds without limitation and

without regard to the FDIC insurance limit. In instances

where Program Banks are unwilling or unable to accept

additional deposits, the Total Program Coverage for your

Deposit Accounts will be less than the stated amounts.

In such cases, the Total Program Coverage will be your

Deposit Account balances eligible for FDIC insurance and

any excess amounts will be treated as funds in excess of

Total Program Coverage and invested as described above.

If additional FDIC insurance is later made available, RBC

CM will attempt to rebalance the Deposit Accounts in

order to reach the listed Total Program Coverage. Such

rebalancing will include moving amounts out of the excess

funds investment and into a Program Bank. Deposit

balances in excess of the Deposit Limit will not be

covered by FDIC insurance.

Other considerations

RBC WM offers a limited number of automated cash

sweep options and eligibility restrictions may apply to

certain Cash Sweep Options. You may receive higher

rates by investing directly in money market funds or

cash equivalents other than what are available as Cash

Sweep Options, however, those investments must be

directed by you, may be subject to transaction-based

fees, and will not be made automatically. For more

information about the cash sweep options available to

you, please see the Client Account Agreement, information

under “RBC Cash Plus” and “RBC Insured Deposits” at

www.rbcwm.com/disclosures, and the prospectus of the

Federated Hermes Treasury Obligations Fund managed by

Federated Investment Management Company.

RBC WM has a conflict of interest in selecting, offering

and/or recommending its available Cash Sweep Options

because we and/or our affiliates will receive compensation

or benefits from your cash balances swept to those Cash

Sweep Options and the amount of compensation we

receive varies by sweep option. This creates a conflict of

interest for us because it provides an incentive for us to

offer these Cash Sweep Options, to recommend depositing

cash into these Cash Sweep Options, and to recommend

depositing cash into those Cash Sweep Options which pay

us more compensation.

Our sweep programs for otherwise uninvested cash create

a conflict of interest for us because we have an incentive

for you to maintain and direct otherwise uninvested cash

in your account to deposits of our affiliated banks, where

they can use such deposits to generate additional revenue.

We also receive revenue for your cash deposits directed

to third-party banks or our affiliates through our sweep

programs. This creates an incentive for us to recommend

or direct investments that result in cash being invested

through our sweep programs. By being designated as the

Primary Excess Bank in the RBC Insured Deposits program,

CNB, an RBC Affiliate Bank, will receive substantial

additional deposits to use in its business to increase its

profitability. Please see the Cash Management section of

our public website at www.rbcwm.com/disclosures.

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Additional information

Please see the Cash Management section on our public

website at www.rbcwm.com/disclosures for information.

There you will also find additional information about the

securities we may recommend to you in your brokerage

or advisory account, as well as conflicts of interest, is

included in our “Client Relationship Summary,”

“Brokerage Disclosure Document” and our “Advisory

Disclosure Documents”, which are available at

www.rbcwm.com/disclosures.

Page 7 of 7 Cash Sweep Program Overview, continued