Vanity Fair reports: as he funnels more of his own money into the campaign [$10.8 million in the last quarter], combined with his first attempts at running T.V. ads, it appears that Trump has begun shifting into a more focused, serious phase of his campaign.

If he wins the Republican nomination, however, Trump can expect an even steeper uphill climb to rival the finances of either Hillary Clinton or Bernie Sanders. According to Sunday’s F.E.C. disclosures, Clinton raised $33.1 million in the fourth quarter and spent $33 during that time period, though only $5.7 million came from small donors. Sanders raised $33 million in the last quarter as well — nearly all from small donors — and put up an impressive $20 million in January alone. [Continue reading…]