diff --git a/docs/index.md b/docs/index.md
index 5101bd329..ccf7a7cd4 100644
--- a/docs/index.md
+++ b/docs/index.md
@@ -78,7 +78,7 @@ Right now we're over 58% of the way towards achieving that.
 </ul>
 <div style="clear: both; padding-bottom: 20px;"></div>
 
-*Many thanks to all our [awesome sponsors][sponsors], and in particular to our premium backers, [Rover](http://jobs.rover.com/), [Sentry](https://getsentry.com/welcome/), and [Stream](https://getstream.io/?utm_source=drf&utm_medium=banner&utm_campaign=drf).*
+*Many thanks to all our [wonderful sponsors][sponsors], and in particular to our premium backers, [Rover](http://jobs.rover.com/), [Sentry](https://getsentry.com/welcome/), and [Stream](https://getstream.io/?utm_source=drf&utm_medium=banner&utm_campaign=drf).*
 
 ---
 
@@ -243,6 +243,7 @@ General guides to using REST framework.
 * [3.1 Announcement][3.1-announcement]
 * [3.2 Announcement][3.2-announcement]
 * [3.3 Announcement][3.3-announcement]
+* [3.4 Announcement][3.4-announcement]
 * [Kickstarter Announcement][kickstarter-announcement]
 * [Mozilla Grant][mozilla-grant]
 * [Funding][funding]
@@ -368,6 +369,7 @@ OF THIS SOFTWARE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
 [3.1-announcement]: topics/3.1-announcement.md
 [3.2-announcement]: topics/3.2-announcement.md
 [3.3-announcement]: topics/3.3-announcement.md
+[3.4-announcement]: topics/3.4-announcement.md
 [kickstarter-announcement]: topics/kickstarter-announcement.md
 [mozilla-grant]: topics/mozilla-grant.md
 [funding]: topics/funding.md
diff --git a/docs/topics/3.4-announcement.md b/docs/topics/3.4-announcement.md
new file mode 100644
index 000000000..51120ac86
--- /dev/null
+++ b/docs/topics/3.4-announcement.md
@@ -0,0 +1,129 @@
+<style>
+.promo li a {
+    float: left;
+    width: 130px;
+    height: 20px;
+    text-align: center;
+    margin: 10px 30px;
+    padding: 150px 0 0 0;
+    background-position: 0 50%;
+    background-size: 130px auto;
+    background-repeat: no-repeat;
+    font-size: 120%;
+    color: black;
+}
+.promo li {
+    list-style: none;
+}
+</style>
+
+# Django REST framework 3.4
+
+The 3.4 release is the first in a planned series that will be addressing schema
+generation, hypermedia support, API clients, and finally realtime support.
+
+---
+
+## Funding
+
+The 3.4 release has been made possible a recent [Mozilla grant][moss], and by our
+[collaborative funding model][funding]. If you use REST framework commercially, and would
+like to see this work continue, we strongly encourage you to invest in its
+continued development by **[signing up for a paid plan][funding]**.
+
+The initial aim is to provide a single full-time position on REST framework.
+Right now we're over 60% of the way towards achieving that.
+*Every single sign-up makes a significant impact.*
+
+<ul class="premium-promo promo">
+    <li><a href="http://jobs.rover.com/" style="background-image: url(https://fund-rest-framework.s3.amazonaws.com/rover_130x130.png)">Rover.com</a></li>
+    <li><a href="https://getsentry.com/welcome/" style="background-image: url(https://fund-rest-framework.s3.amazonaws.com/sentry130.png)">Sentry</a></li>
+    <li><a href="https://getstream.io/?utm_source=drf&utm_medium=banner&utm_campaign=drf" style="background-image: url(https://fund-rest-framework.s3.amazonaws.com/stream-130.png)">Stream</a></li>
+</ul>
+<div style="clear: both; padding-bottom: 20px;"></div>
+
+*Many thanks to all our [awesome sponsors][sponsors], and in particular to our premium backers, [Rover](http://jobs.rover.com/), [Sentry](https://getsentry.com/welcome/), and [Stream](https://getstream.io/?utm_source=drf&utm_medium=banner&utm_campaign=drf).*
+
+---
+
+## Schemas & client libraries
+
+REST framework 3.4 brings built-in support for generating API schemas.
+
+We're able to provide this support in a format-independent manner by using
+[Core API][core-api], a Document Object Model for describing APIs.
+
+Taking this approach means that we're able to support numerous different
+output formats for our API schemas, and should also open the door to a range
+of auto-generated API documentation options in the future.
+
+Alongside the built-in schema support, we're also now providing the following:
+
+* A command line tool for interacting with APIs.
+* A Python client library for interacting with APIs.
+
+These API clients are dynamically driven, and able to interact with any API
+that exposes a supported schema format.
+
+You can read more about any of this new functionality in the following:
+
+* New tutorial section on [schemas & client libraries][tut-7].
+* Documentation page on [schema generation][schema-generation].
+* Topic page on [API clients][api-clients].
+
+It is also worth noting that Marc Gibbons is currently working towards a 2.0 release of
+the popular Django REST Swagger package, which will tie in with our new built-in support.
+
+---
+
+## Supported versions
+
+The 3.4.0 release adds support for Django 1.10.
+
+The following versions of Python and Django are now supported:
+
+* Django versions 1.8, 1.9, and 1.10.
+* Python versions 2.7, 3.2(\*), 3.3(\*), 3.4, 3.5.
+
+(\*) Note that Python 3.2 and 3.3 are not supported from Django 1.9 onwards.
+
+---
+
+## Deprecations and behavioral changes
+
+The 3.4 release includes very limited deprecation or behavioral changes, and
+should present a straightforward upgrade.
+
+#### Use fields or exclude on serializer classes.
+
+The following change in 3.3.0 is now escalated from "pending deprecation" to
+"deprecated". Its usage will continue to function but will raise warnings:
+
+`ModelSerializer` and `HyperlinkedModelSerializer` should include either a `fields`
+option, or an `exclude` option. The `fields = '__all__'` shortcut may be used
+to explicitly include all fields.
+
+#### Microsecond precision when returning time or datetime
+
+Using the default JSON renderer and directly returning a `datetime` or `time`
+instance will now render with microsecond precision (6 digits), rather than
+millisecond precision (3 digits). This makes the output format consistent with the
+default string output of `serializers.DateTimeField` and `serializers.TimeField`.
+
+This change *does not affect the default behavior when using serializers*,
+which is to serialize `datetime` and `time` instances into strings with
+microsecond precision.
+
+The serializer behavior can be modified if needed, using the `DATETIME_FORMAT`
+and `TIME_FORMAT` settings.
+
+The renderer behavior can be modified by setting a custom `encoder_class`
+attribute on a `JSONRenderer` subclass.
+
+[sponsors]: https://fund.django-rest-framework.org/topics/funding/#our-sponsors
+[moss]: mozilla-grant.md
+[funding]: funding.md
+[core-api]: http://www.coreapi.org/
+[tut-7]: ../../tutorial/7-schemas-and-client-libraries/
+[schema-generation]: ../../api-guide/schemas/
+[api-clients]: api-clients.md
diff --git a/docs/topics/api-clients.md b/docs/topics/api-clients.md
index 635fd8ae0..25b0c6145 100644
--- a/docs/topics/api-clients.md
+++ b/docs/topics/api-clients.md
@@ -59,7 +59,7 @@ exposes a supported schema format.
 To install the Core API command line client, use `pip`.
 
 Note that the command-line client is a separate package to the
-python client library `coreapi`. Make sure to install `coreapi-cli`.
+python client library. Make sure to install `coreapi-cli`.
 
     $ pip install coreapi-cli
 
diff --git a/mkdocs.yml b/mkdocs.yml
index b10fbefb5..0b89988b1 100644
--- a/mkdocs.yml
+++ b/mkdocs.yml
@@ -65,6 +65,7 @@ pages:
      - '3.1 Announcement': 'topics/3.1-announcement.md'
      - '3.2 Announcement': 'topics/3.2-announcement.md'
      - '3.3 Announcement': 'topics/3.3-announcement.md'
+     - '3.4 Announcement': 'topics/3.4-announcement.md'
      - 'Kickstarter Announcement': 'topics/kickstarter-announcement.md'
      - 'Mozilla Grant': 'topics/mozilla-grant.md'
      - 'Funding': 'topics/funding.md'
diff --git a/rest_framework/__init__.py b/rest_framework/__init__.py
index 6f02b8039..ab1a16597 100644
--- a/rest_framework/__init__.py
+++ b/rest_framework/__init__.py
@@ -8,7 +8,7 @@ ______ _____ _____ _____    __
 """
 
 __title__ = 'Django REST framework'
-__version__ = '3.3.3'
+__version__ = '3.4.0'
 __author__ = 'Tom Christie'
 __license__ = 'BSD 2-Clause'
 __copyright__ = 'Copyright 2011-2016 Tom Christie'
diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 3fcc85c3b..8c39202f4 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -1013,12 +1013,12 @@ class ModelSerializer(Serializer):
         if fields is None and exclude is None:
             warnings.warn(
                 "Creating a ModelSerializer without either the 'fields' "
-                "attribute or the 'exclude' attribute is pending deprecation "
+                "attribute or the 'exclude' attribute is deprecated "
                 "since 3.3.0. Add an explicit fields = '__all__' to the "
                 "{serializer_class} serializer.".format(
                     serializer_class=self.__class__.__name__
                 ),
-                PendingDeprecationWarning
+                DeprecationWarning
             )
 
         if fields == ALL_FIELDS:
diff --git a/rest_framework/settings.py b/rest_framework/settings.py
index 946b905c6..7ccdb3257 100644
--- a/rest_framework/settings.py
+++ b/rest_framework/settings.py
@@ -218,7 +218,7 @@ class APISettings(object):
         SETTINGS_DOC = "http://www.django-rest-framework.org/api-guide/settings/"
         for setting in REMOVED_SETTINGS:
             if setting in user_settings:
-                warnings.warn("The '%s' setting has been removed. Please refer to '%s' for available settings." % (setting, SETTINGS_DOC), DeprecationWarning)
+                raise RuntimeError("The '%s' setting has been removed. Please refer to '%s' for available settings." % (setting, SETTINGS_DOC))
         return user_settings