The beat goes on ….
From Reuters November 3 - https://www.reuters.com/markets/us/us-money-market-funds-draw-biggest-weekly-inflow-seven-months-2023-11-03/
From Bloomberg November 9: -
”About $16.9 billion flowed into US money-market funds in the week through Nov. 8, according to Investment Company Institute data. Total assets increased to $5.712 trillion from $5.695 trillion the week prior.”

@hank: "mutual fund. One conceived back in the ”dark ages” (1986)."
How about 8/31/1976, the inception date of the first publicly available VFINX? 1986 could be a typo too.
In some retirement accounts, similar indexed funds existed even earlier.
BTW, Dave Ramsey made a fool of himself recently when he said on his show that 8% w/COLA withdrawals from all-stock funds were safe and berated others for being alarmists with only 4% w/COLA. He was shown to be incorrect almost immediately in that if one started with 8% w/COLA withdrawals in 01/2000 and an all-stock fund, money would have run out by now.

It occurs to me that the most widely admired, favored, tracked and discussed fund on this forum (over the years) is a mutual fund. One conceived back in the ”dark ages” (1986).
Dave Ramsey voices some opinions on investors and ETFs.
Excerpt - ”Ramsey sometimes gets painted with the ‘anti-ETF’ brush. But to be clear, Ramsey’s all in favor of using ETFs when used properly. For investors who can use ETFs as part of a long-term, buy-and-hold investment program, rather than as trading vehicles, Ramsey has nothing bad to say about them.”

QLTY AUM is missing at most sites (M*, Yahoo Finance, Nasdaq, Fido), including at GMO. But I downloaded its holdings as of 11/22/23 from GMO site, added up the market values of all holdings, and that is $8.01 million. May be this is what they mean by "daily disclosure".

That is how I have been calculating & reporting the AUM.
That means it received about $5M net inflows on 11/21 (minus change in price which I think was very small). Some progress but am still stumped by the lukewarm institutional enthusiasm, given how much GMO brand is in the press and their mutual funds’ high minimums.

QLTY AUM is missing at most sites (M*, Yahoo Finance, Nasdaq, Fido), including at GMO. But I downloaded its holdings as of 11/22/23 from GMO site, added up the market values of all holdings, and that is $8.01 million. May be this is what they mean by "daily disclosure".

Resource needs are different for OEFs and ETFs.
When you buy OEF from a fund firm directly, the administration part (account opening, transactions tracking, yearly 1099, etc) is the responsibility of the fund firm.
3rd party brokerage platforms developed in 1980s, with TFs first, now lots of NTFs, that shift all that work to the 3rd party. Of course, they don't do this for free, but charge platform-fees of 25-50 bps to be on the platform (those are paid for CDs too). Big firms that have their own fund administration arms (Fidelity, Vanguard) don't offer their funds via these 3rd party platforms. Moreover, some Vanguard funds have lower ERs than what these platforms charge, so that is a nonstarter. But retail customers like the convenience of consolidation with these 3rd party platforms, and NTFs and commission-free trading were just gravy. It is also liked by fund boutique firms who can just start 1 or more funds with a handful of portfolio managers, and not much else.
12b-1 fees came into play to make these arrangements explicit, but not all funds use them.
Vanguard went through an interesting transformation recently when it forced all its retail customers to switch from mutual fund a/c to brokerage a/c (still at Vanguard), but it has to maintain the old mutual fund platform anyway for 401k/403b/457, 529, etc.
With ETFs, there is not even the option of in-house fund administration. Customers can only buy those from 3rd party brokers. Of course, brokers do that with stocks and bonds and do charge for their services somehow - explicitly, or hidden in quotes (e.g. for bonds), or make money by lending your securities (from margin a/c).
A recent development is the active equity ETFs. After lot of resistance and delays, the nontransparent-active came first (and were failures), then came semitransparent-active ETFs (those got traction), and now many are just going for transparent-active ETFs. The issue of frontrunning based on daily holdings disclosure looks like a dud. People may do that for Warren Buffett or Carl Icahn, but not for run-of-the-mill fund managers.

I feel increasingly every year we are living in the movie Elysium (2013) with Matt Damon.

+1.

Anybody care to opine on whether an ETF or conventional mutual fund run by the same company / team is a better long term bet? Of course fees are usually lower for an ETF. That’s a big deal. But a conventional mutual fund has a more stable investor base. Might make it easier to manage, providing more latittude for managers. Also, as an investor in a mutual fund with tighter trading restrictions you may feel more committed and less likely to bail out early forsaking bigger gains. Time is more on your side, so to speak, in a mutual fund.
And than I wonder if the institution administering the funds really applies the same level of resources to operating an ETF that might well be pulling in only half the fees that their longer running mutual funds do? Perhaps there are some good comparisons now that ETFs have been around a while, Some 5 / 10 year returns of “companion” mutual funds and ETFs? Indexing is one thing. I’d expect passively managed funds to have similar outcomes. It’s the actively managed ETFs vs mutual funds I’m wondering more about.

https://www.sec.gov/Archives/edgar/data/889284/000139834423020930/fp0086050-1_497.htm
497 1 fp0086050-1_497.htm
Filed pursuant to 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED NOVEMBER 21, 2023
TO THE CLASS A, CLASS C, AND INSTITUTIONAL SHARES SUMMARY PROSPECTUS, THE CLASS A AND CLASS C SHARES PROSPECTUS, THE INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS, AND THE STATEMENT OF ADDITIONAL INFORMATION,
EACH DATED FEBRUARY 1, 2023, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary in the Class A, Class C, and Institutional Shares Summary Prospectus, the Class A and Class C Shares Prospectus, the Institutional and Class R6 Shares Prospectus (collectively, the “Prospectuses”), and the Statement of Additional Information (“SAI”) each dated February 1, 2023, with respect to Sterling Capital SMID Opportunities Fund:
Sterling Capital SMID Opportunities Fund
The Board of Trustees of Sterling Capital Funds has given approval to a proposal by Sterling Capital Management LLC (“Sterling Capital”), the investment adviser to Sterling Capital SMID Opportunities Fund (the “Acquired Fund”), to effect the merger of the Acquired Fund into the Sterling Capital Mid Value Fund (“Acquiring Fund”) (the “Merger”) on or about January 26, 2023 (the “Merger Date”).
The Merger is expected to be a tax-free reorganization for federal income tax purposes. On the Merger Date, any investment in the Acquired Fund will, in effect, be exchanged for an investment with an equal aggregate net asset value in the Acquiring Fund. Therefore, as a result of the Merger, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund. Acquired Fund shareholders will not pay any sales charges, purchase premiums, or redemption fees as a result of the Merger. Prior to the consummation of the Merger, the Acquired Fund expects to reposition certain of its portfolio holdings and expects that it will dispose of approximately 50% of its investments and invest the proceeds of such dispositions in securities currently held by the Acquiring Fund, or in other securities, cash and/or cash equivalents. Accordingly, the Acquired Fund may no longer be implementing its investment strategy in the time period leading up to the Merger. The Acquired Fund will incur transaction costs in connection with this repositioning, and the repositioning is expected to result in the recognition of net capital gains and the distribution of net capital gains to Acquired Fund shareholders. These distributions would be taxable to shareholders. You can find information about the Acquiring Fund and its investment policies and risks, including a prospectus, summary prospectus and Statement of Additional Information, online at sterlingcapital.com/investments/mutual-funds/. You can also get this information at no cost by emailing a request to [email protected], by calling 1-800-228-1872 or by asking your financial representative.
Acquired Fund shareholders will receive shares of the Acquiring Fund’s corresponding share class as part of the Merger. Each Fund’s Class C Shares are subject to a Contingent Deferred Sales Charge (CDSC) of 1.00% on such shares held for less than two years. Each Fund’s Class A Shares purchased in the amount of $1 million or more for which a front-end sales load waiver was received at the time of purchase also are subject to a CDSC of 1.00% on such shares held for less than two years. Class A Shares and Class C Shares received as a result of the Merger will continue to be subject to the CDSC schedule of the shares of the Acquired Fund you originally purchased.
Shareholder approval of the Merger is not required. At any time before the close of the Merger, you may redeem your shares as described in the Prospectuses. Such redemptions may be taxable transactions.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
-1-
STAT-SUP-1123

...will be liquidated.
https://www.sec.gov/Archives/edgar/data/1618627/000139834423020960/fp0086061-1_497.htm
THE RBB FUND TRUST
The Energy & Minerals Group EV, Solar & Battery Materials (Lithium, Nickel, Copper, Cobalt)
Futures Strategy ETF (the “Fund”)
(NYSE Arca, Inc.: CHRG)
November 21, 2023
Supplement to the Prospectus and Statement of Additional Information, each dated December 31, 2022,
as supplemented (the “Registration Statement”)
The Board of Trustees (the “Board”) of The RBB Fund Trust (the “Trust”), based upon a recommendation from The Energy & Minerals Group Advisors, LLC, the investment adviser to the Fund, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interest of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on or about December 15, 2023 (the “Liquidation Date”). Accordingly, the Board approved a Plan of Liquidation and Termination (the “Plan”) that sets forth the manner in which the Fund will be liquidated. The Liquidation Date may be changed without notice at the discretion of the Trust’s officers. Shares of the Fund are listed on the NYSE Arca, Inc. (the “Exchange”).
Effective as of December 11, 2023, the Fund will cease following its investment objective and begin liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the policies and strategies stated in the Fund’s Registration Statement. The Fund is anticipated to be invested almost exclusively in cash and other liquid assets by December 13, 2023.
The Fund will no longer accept orders for new creation units after the close of business on December 11, 2023, and trading in shares of the Fund will be halted on the Exchange prior to market open on December 15, 2023. Until market close on December 14, 2023, the Fund’s shareholders may sell their shares of the Fund on the Exchange and may incur the usual and customary brokerage commissions associated with the sale of Fund shares. During the time between market close on December 14, 2022 and the Liquidation Date, the Fund’s shareholders may only be able to sell their Fund shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
Pursuant to the Plan, as soon as practicable after the Liquidation Date, the Fund will distribute pro rata to all remaining shareholders of record as of the close of business on the Liquidation Date (“Shareholders”), all of the remaining assets of the Fund in complete cancellation and redemption of all of the outstanding shares of the Fund (“Liquidation Distributions”). These Liquidation Distributions are taxable events. Shareholders should contact their tax advisor to discuss the income tax consequences. In addition, these Liquidation Distributions to Shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing and liquidating the Fund, if any. Once the Liquidation Distributions are complete, the Fund will terminate. Proceeds from the Liquidation Distributions will be sent to Shareholders promptly after the Liquidation Date.
Please retain this Supplement for future reference.

Stillers said, ”Then, after upwards of 5 grueling hours of upper echelon chit-chat, and an uncountable number of lost balls, strokes and cigarettes, one of them stiffs me for the standard $1 tip, instead tossing me four bits. I head to the highway to hitch-hike home with my measly $7, while they toss back a few in the club bar before jumping in their Cadillacs and Jags.”
Too funny. When I caddied in the ’50s /’60s at a pretty exclusive club the standard fare for 9-holes was $1.50. So everyone, of course, gave us $2.00. Well, everyone that is except Ol’ Houston - who always paid just $1.75. Can still see him methodically counting those quarters out! We kids dreaded the assignment. Geez - drove a big white Chrysler Imperial - top of the line. And paid a 25-cent tip!

I feel increasingly every year we are living in the movie Elysium (2013) with Matt Damon.

Continuing to add minimum amounts to current positions in OSTIX and RSIVX. Waiting to see tomorrow’s 1-y and 2-y treasury auction on Wednesday. Hesitant to step foot in the secondary market for 2 and 3-y treasuries, though I’d like to lock-in these rates. Missed what appears to have been the peak last month.

@FD1000: thanks for your comment about Liberty Mutual. I had been a long-time Amica customer, but left them when I found they were completely inflexible on the premium. LM offered a decent deal to grads of my university, so I switched. After 15 years, I’m still satisfied but 2023 sticker shock lingers. Time to call a customer rep to see if they have some flexibility.

Be sure to ask for 'Bee-bu.' :)

@FD1000: thanks for your comment about Liberty Mutual. I had been a long-time Amica customer, but left them when I found they were completely inflexible on the premium. LM offered a decent deal to grads of my university, so I switched. After 15 years, I’m still satisfied but 2023 sticker shock lingers. Time to call a customer rep to see if they have some flexibility.

David's point is spot-on. To this day I can't understand how people will buy $110 candy bars or $1200 sweaters or a $300 white t-shirt. Heck ... I have a $100 credit to Saks every year from Amex (2x$50) but I pretty much just use it for some (small) tin of dessert goodies to send my partner b/c otherwise all I could probably purchase with it from them is a single pair of socks or a basic keychain. Insanity!
I guess if you have f-you levels of money and/or are a money-hoarder, you evolve into that bubble and being out-of-touch is the unfortunate norm.

@David_Snowball
You know, we read and hear comments similar to yours almost every day. But I had not yet read or heard words strung together anywhere near as well as you just did. Thank you!
If I may add..
My family was as close as you can come to being dirt poor. I started collecting bottles for 2/5-cent refunds as soon as I could walk (some say crawl) and elevated to top caddy at the local, private country club until I got my first real job flipping burgers at 16.
Wednesday was ladies day at the club. I was one of the few brave souls to regularly show to tote their bags, circa late-60's-early 70's, when women had not yet (to be kind) elevated their games to bearable. They were far more interested then in golf serving as a weekly fashion show of sorts, with expert outfit color-coordination being far more important than a stinking par or bogey.
Off #1 tee we go, both drives of the owners of my two bags out there well over 75 yards on the otherwise easy opening Par 4. We get to the balls, they ask me, "What should I hit from here?" I (in my mind) deadpan, "Lady, just keep hitting that one 'til i tell you when to stop."
Then, after upwards of 5 grueling hours of upper echelon chit-chat, and an uncountable number of lost balls, strokes and cigarettes, one of them stiffs me for the standard $1 tip, instead tossing me four bits. I head to the highway to hitch-hike home with my measly $7, while they toss back a few in the club bar before jumping in their Cadillacs and Jags.
So, long-winded I know, but in answer to your question, NO!
I learned at a very young age that they "honestly and truly ha(ve) no f'ing clue what life outside the compound is like."
That said, if the woman who stiffed me on any given Wednesday ever had cause to check the inventory of new balls in her golf bag, she might question if she could have lost that many balls on her own! Caddies play golf, too, you know! Or do you?

Our local success story, Zingerman’s, is said to be offering the “Rolls Royce” of turkeys at $250 for a bird 7-11 pounds. A larger one is, natch, even dearer. I read no further in the news article because it seemed pointless to exacerbate my stunned outrage. As previously noted, who the F are the customers for such baubles?

I do wonder, a propos Mark's point, about the effects of the chasm that now separates America's corporate elite from ... you know, lesser beings. In 2021, post-pandemic, the median CEO salary topped $20 million, up nearly 2000% since '78 and about 254X the average worker's salary.
One commentator this week observed that these aren't people for whom "first class tickets" and "luxury resorts" are meaningful terms; they're "private jets" and "secret islands."
When Wharton business school students were surveyed about how much money the average American makes, something like a third of them offered six-figure answers. (Ummm ... its just north of $50k.)
I read "The Cheapskates's Guide to Holiday Presents" in the WSJ on Friday. The first was a $150 sweater and the second was $110 for 10 chocolate bars; admittedly a lot less than the $1200 men's sweater and thousand dollar shirts a week earlier, but in what world ...?
Long ago the elder President Bush (1992) was decried as out-of-touch for he had no idea of what things like milk or bread cost, and being gobsmacked by a laser scanner at a checkout. But I really wonder, sometimes, if our difficulties might not be exacerbated by the fact that the elite - the 700+ billionaires among us - honestly and truly has no f'ing clue what life outside the compound is like?