I'm early-mid 50s, considering an early out offer. At the moment I don't need that much, but that won't last forever and I want to plan on needing more—say, a total income of about $3-3500/mo before taxes—and just save/invest the excess (which my current status seems to support)—$325K of my 401K is parked in the federal gov. MM "TSP G Fund", waiting for the inevitable market crash (well, at least a 30-40% haircut...though given the runup in the last year, maybe more like 50-60%! :)
Plus, in 4-5 years I will be eligible for a pre-SS pension supplement of about 1200mo/14,400yr, which would last until I'm 62 and SS kicks in (again, which I don't plan on touching until I'm 67-70, unless life shortening/defining chronic/terminal health conditions become an issue).

Or maybe they want to get rid of their small retail investors?
You know the ones that drive up admin costs by trading mutual funds, or buying NTF D shares without paying a brokerage fee and then turning around and doing a share conversion to I class. These things all drives up admin costs of the funds.
Pimco doesn’t really need the small time investor. Like you said they have a huge advisor and institutional channel.
So the small investors can:
1) put up the money for I class shares
2) go through an advisor
3) buy the loaded A shares (for the new investors, not the converted D share investors ).
4) buy the etf BOND which is a more tax efficient structure than the mutual fund.
Once the small investors get converted to A shares, if they ever sell completely out they will have to start paying a Load for new A class shares purchases.
As for the expense increase for A & D shares, it also applied to I class shares and other share classes.
Pimco is doing this to increase their fee revenue and eliminating expenses (aka the small time investor)
This is my perspective on it and it will be interesting to see what eventually happens to the A class shares...

FYI: Industrial automation, an aging society, self-driving cars, infrastructure and water:
Regards,
Ted
https://www.marketwatch.com/story/invest-in-5-megatrends-that-can-pay-off-without-a-bull-market-in-stocks-2018-01-27/print

If you're really interested in this type of security, here's a good primer I found from Orrick Herrington & Sutcliffe: An Introduction to Pension Obligation Bonds and Other Post-Employment Benefits.
I would have thought that governments could segregate the market investments and use them as securities for the bonds (much as CEFs use their portfolios as securities for the bonds/preferred stock they circulate to achieve leverage). I was wrong, but there are still some other ways to back up the debt (albeit not often used, and probably not likely here).
Regarding Franklin and Oppenheimer, I don't think it's fair to lump them together. Franklin had a single fund that was designed to be tax free in every state. So it had to invest in munis from territories (PR, US VI, Guam, etc.), and the elephant in the room is Puerto Rico. No real way around investing in the territories, as clearly disclosed in the prospectus of the fund designed to do that.
Oppenheimer Rochester funds take on risk simply for the sake of juicing returns. So they load their state-specific funds with territory bonds, notably PR. ISTM this is very different. Check out the top ten funds (by percentage of AUM) invested in PR in mid 2015: the Franklin Double Tax Free Income Fund (FPRTX), followed by nine Oppenheimer Rochester funds, mostly single state, with a couple of national muni funds:
https://www.usatoday.com/story/money/markets/2015/06/30/puerto-rico-bond-funds-exposure/29515913/

Thanks @Ted.
Peak to trough, the Russell and Midcap Indexes lost more than 20% in 2015-16, and the equal weight S&P lost 18%.
Close enough for me.

FYI: It has been almost nine years since the last U.S. bear market, as defined by a 20 percent or more decline in the S&P 500 Index. That’s the second-longest stretch without one since 1928, according to Yardeni Research Inc. Only the period from December 1987 to March 2000 was longer.
Regards,
Ted
https://www.bloomberg.com/gadfly/articles/2018-01-25/move-over-groundhog-the-bear-holds-a-lot-of-market-answers

Load fund companies, including PIMCO, have always had a problem offering their funds without a load. If they simply sold A shares noload direct to the public they'd alienate their commission-based broker dealers. So they came up with many different ways of making it seem that they were protecting their sales force.
Offering multiple share classes was one way to do that. Selling only through brokerages (with added 12b-1 fees) or wrap accounts was another. Back in 2011 Prof. Snowball noted the PIMCO was doing that: "For what it's worth, you need to look for "D" class shares [for noload retail purchases] and you need to have a brokerage (Schwab, Scottrade ...) account. PIMCO does not sell directly to the public.."
https://mutualfundobserver.com/discuss/discussion/1534/pimco
Recently, several fund companies have started selling A shares (or F-1 for American Funds) NTF through selected brokerages. PIMCo's just following this trend. At the same time, A shares continue to be sold with front end loads through other channels. Because of that, it's not going to dump A shares. Why not get rid of D shares instead?
PIMCO recently adjusted its fees on its Income Fund, perhaps in anticipation of this. According to the latest prospectus, D shares had been cheaper than A shares (0.82% vs. 0.88%). At the beginning of October, PIMCO raised the fees on both A and D shares, but raised the D shares more (0.11% vs. 0.06%) to equalize the share costs. Coincidence? You decide.
In short, by increasing D share fees on funds where they were below A share fees and migrating customers to A shares, PIMCO can easily simply its lineup and reduce its costs while simultaneously increasing the fees it collects. I fully expect the A shares to be available NTF, if not through all discount brokers then at least some strategically selected ones, just as American Funds initially rolled out NTF F-1 shares through just Schwab and Fidelity.

FYI: Any time the stock market reaches all-time highs, the contributing factors are varied and their influences are impossible to measure. What we do know is that American companies for several years now have enjoyed steadily increasing profits, which are finally resulting in lower unemployment figures.
Offsetting the exhilarating “high” we feel these days should be the question, “What’s next?” For many, the answer is to mix some bonds into the portfolio. While this would seem to make sense in this day and age, the concept developed only as late as 1929. Walter Morgan, a young accountant for wealthy individuals, felt that something better than timing the market would offer a better mousetrap for people wanting to benefit from strong markets while, at the same time, limiting their downside.
Regards,
Ted
https://www.mercurynews.com/2018/01/25/balanced-fund-investing-only-half-the-freak-out-during-a-stock-market-slide/
M* Snapshot VWELX:
http://www.morningstar.com/funds/xnas/vwelx/quote.html
Lipper Snapshot VWELX:
https://www.marketwatch.com/investing/fund/vwelx
VEWLX Is Ranked #3 In The (50/70 Equity)) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/allocation-50-to-70-equity/vanguard-wellington-fund/vwelx

https://www.sec.gov/Archives/edgar/data/1697268/000139834418001012/fp0030652_497.htm
497 1 fp0030652_497.htm
Berwyn Fund
(Ticker Symbol: BERWX)
A series of The Chartwell Funds
Supplement dated January 26, 2018, to the
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”),
each dated July 17, 2017, as supplemented.
*** Important Notice Regarding Proposed Fund Reorganization ***
Based on a recommendation by Chartwell Investment Partners, LLC, the advisor to the Berwyn Fund, the Board of Trustees of the Trust has approved a proposed reorganization (the “Reorganization”) of the Berwyn Fund into the Chartwell Small Cap Value Fund, subject to the approval of the shareholders of the Berwyn Fund.
In order to accomplish the Reorganization, the Board approved a Plan of Reorganization (the “Plan”). The Plan provides for the acquisition of substantially all of the assets of the Berwyn Fund by the Chartwell Small Cap Value Fund in exchange solely for shares of the Chartwell Small Cap Value Fund, which would be distributed pro rata by the Berwyn Fund to the holders of the shares in complete liquidation of the Berwyn Fund. Shareholders of the Berwyn Fund will become shareholders of the Chartwell Small Cap Value Fund, receiving shares of the Chartwell Small Cap Value Fund equal in value to the shares of the Berwyn Fund held by the shareholders immediately prior to the Reorganization. The effect of the Reorganization will be that the Berwyn Fund’s shareholders will become shareholders of the Chartwell Small Cap Value Fund. The Reorganization is intended to qualify as a tax-free transaction for federal income tax purposes.
*****
The Trust will call a shareholder meeting at which shareholders of the Berwyn Fund will be asked to consider and vote on the Plan. If shareholders of the Berwyn Fund approve the Reorganization, the Reorganization is expected to take effect in the second quarter of 2018.
Shareholders of the Berwyn Fund will receive a combined prospectus/proxy statement with additional information about the shareholder meeting, the proposed Reorganization and the Chartwell Small Cap Value Fund. Please read the proxy materials carefully, as they will contain a more detailed description of the proposed Reorganization.
Please file this Supplement with your records.

From etfdb.com site:
http://etfdb.com/type/sector/technology/#etfs&sort_name=ytd_percent_return&sort_order=desc&page=1

From etf.com site:

http://www.etf.com/channels/technology-etfs
This link is noted as "Global Tech".
http://www.etf.com/Equity_Global_Technology

Hopefully, an interesting read for you.
Comments?
https://www.cnbc.com/2018/01/26/where-investors-who-manage-their-own-millions-see-market-value-in-2018.html

PONDX and PONAX have exactly the same net exp. ratio .90% plus 12-b1 fee .25%. No savings to the customer on this one that I can see.

A few years ago the fund was closed and shortly thereafter it entered a period of extreme volatility. It can be a difficult fund to hold onto (speaking from experience). We'll see how many of 2017's new investors stick around should things get dicey once again.

Conversion. At a meeting held on November 14, 2017, for each series of PIMCO Funds (the “Trust”) that offers
Class D shares (each, a “Fund”), the Board of Trustees of the Trust approved the automatic conversion of the
Fund’s Class D shares into Class A shares of the same Fund, and concurrent closure of the Fund’s Class D shares.
https://www.sendd.com/yourproof_new1.cfm?uuid=3DBD907F-5056-817E-2004F20592E6960B&[email protected]

FYI: The bull market may now be facing its ultimate threat: Tom Brady and the New England Patriots.
That’s because the Patriots are 5 ½ point favorites to win the Super Bowl on Feb. 4 and the venerable Super Bowl Indicator is bearish whenever the victorious team traces its roots — as can the Patriots — back to the original American Football League.
Regards,
Ted
https://www.marketwatch.com/story/why-a-patriots-win-in-super-bowl-lii-could-be-bearish-for-the-stock-market-2018-01-22/print

I have a regular account and have being making zero fee recurrent invest in TF mutual funds regularly for years. However, short term investment withdraws (less than 180 days) will be subject to penalty fees.

I wouldn't worry to much about the dollar @Hank . Sounds Like the president has a handle on the direction he would like to steer it. And I can guarantee you one of his thoughts will be correct.
In 2017:

President-elect Donald Trump told the Wall Street Journal in a story published this week that the dollar was "too strong."

and in 2018:

“... and ultimately I want to see a strong dollar,”

Dynamic Multifactor sounds a lot cooler than just Momentum Factor. I think that one will certainly get more people to buy (says the marketing team).
They do make it sound so "this will certainly work to enhance your returns". Don't they? They may be right or they may be wrong.

Why OMOM?
1. Delivers exposure to companies in the Russell 1000 that exhibit relatively higher price momentum.
2. Provides direct access to the momentum factor, which has historically been a driver of equity risk and return.
3. Can be used to help manage factor exposure and risk within a diversified portfolio.

Why OMFL?
1. Provides access to a portfolio of U.S. large- and mid-cap stocks that score well for exposure to specific factors, including momentum, value, quality, size and low volatility.
2. Seeks to maximize exposure to these factors, which have historically driven long-term returns that outperform the broad market.
3. Capitalizes on the cyclicality of factor performance by employing a dynamic overlay that looks at leading economic indicators and market sentiment to determine the current market environment and then increases exposure to the factors that fare best in that environment.

Ameritrade runs the self directed account in my 401k. In it, the short term redemption fee is only charged when the fund is sold in under 90 days. So they have such capabilities, the question is whether the Scottrade transfer accounts will be coded in such a fashion.

What keeps running through my mind is that the market, with all the extra slush and perceived future slush, has reset it's baseline on value. I am picturing a sort of forward leading inflation that will lead to domestic inflation corrections. People have always talked about "just inflate our way out of it".

Yup - Beginning to look like the days of worrying about deflation are ending. Those of us who recall shopping in the 70s may remember the stock-boys in groceries busily marking-up the prices on bread, ketchup or beer while we shopped. Bread might be 29-cents when you walked in the door and 33-cents by the time you walked out.
The tip off is the slumping dollar. Translates into higher prices for consumers.
Here’s a blurb re rising lumber prices. http://missoulian.com/news/local/lumber-prices-have-timber-mills-cheering-but-home-builders-passing/article_9eae1c30-1a8e-541e-bc4d-a5e9f2011339.html
I think Bloomberg reported a 24-year high in lumber on Friday - but I’m unable to confirm that.
Anybody altering their investment approach in response to this potential sea change?