I've waffled about reducing PRBLX for general portfolio allocations this year but not pulled the trigger yet.
This situation inclines me to do that just on principle since WFC is their #1 position, at least until this thing blows over -- granted, a 5% allocation won't move the needle much on the fund's performance, but still. I like the rest of the fund's holdings/positioning, so not doing anything out of haste, obviously. I thought PRBLX and PRWCX would be a nice combination, but maybe I'll just fold some/all of PRBLX into PRWCX and call it a day. *shrug*

The more I read about the history and etiology of the WF churning,
http://blogs.wsj.com/moneybeat/2016/09/16/from-gr-eight-to-gaming-a-short-history-of-wells-fargo-and-cross-selling/
the more I am thinking I am going to bail completely out of PRBLX, 100%. I expect such a fund, that makes such whoop over its DD in the SR space, to at least read the financial press and raise a fuss as warranted. Must think about this and sleep on it. Jeez louise.

FYI: How do you stack up against the typical person who owns mutual funds?
Mutual fund owners tend to reflect a cross-section of America. They're doing OK in terms of income and wealth, but they are not in Donald Trump's or Hillary Clinton's swanky neighborhood.
The median value of mutual funds owned by U.S. families was $120,000 in 2015, the most recent year for which the Investment Company Institute has data. The ICI is a mutual fund industry trade group.
Regards,
Ted
http://www.investors.com/etfs-and-funds/mutual-funds/how-do-you-compare-to-the-typical-mutual-fund-owner/

The more I read about the history and etiology of the WF churning,
http://blogs.wsj.com/moneybeat/2016/09/16/from-gr-eight-to-gaming-a-short-history-of-wells-fargo-and-cross-selling/
the more I am thinking I am going to bail completely out of PRBLX, 100%. I expect such a fund, that makes such whoop over its DD in the SR space, to at least read the financial press and raise a fuss as warranted. Must think about this and sleep on it. Jeez louise.

Not exactly the same animal, but RIV from RiverNorth has been operating since last December as a CEF of CEFs. Presently it trades at about a 2.7% discount. RIV can hold ETFs, but it does not seem to now. NAV has risen about 6%, but the price only 1%. While M* estimates the distribution rate at 8.5%, most of what the fund has paid out is in ST and LT CG, and some income.

Sometimes as early as the 1840s, William Henry Harrison said something that approached " the rich get richer and the poor get poorer". The industrial revolution had already started and it was hoped that major poverty would be eliminated. The data discussed in this exchange prove otherwise.
I thank you all for bringing the wealth distribution stats more fully into focus for me. I live in an affluent neighborhood in an affluent town and don''t often, if ever, come face-to-face with poverty and its victims. That's my shortfall.

If you look at the size of the middle class world wide since WWII it is usually large, historically speaking.
The theme of history is income inequality. The abnormality is recent history. Economically, the future world will look more like pre-industrial revolution world then post WWII - Rich, small fragile middle class and the rest poor.

Hi Guys,
Sometimes as early as the 1840s, William Henry Harrison said something that approached " the rich get richer and the poor get poorer". The industrial revolution had already started and it was hoped that major poverty would be eliminated. The data discussed in this exchange prove otherwise.
I thank you all for bringing the wealth distribution stats more fully into focus for me. I live in an affluent neighborhood in an affluent town and don''t often, if ever, come face-to-face with poverty and its victims. That's my shortfall.
The data that you guys referenced highlight the many shortcomings of wealth distribution in the USA. I was not aware that household wealth has basically stagnated since 2000 and the distribution has become even more distorted. The bottom 40% have lost ground while only the top 40% have gained ground, and only the elite 10% has done so significantly. We can do better than that although economic opportunity has never been equally distributed. Education is not the only cause for this distortion.
Thank you for calling my attention to these sorrowful statistics. I learned much.. Unlike a few others on this exchange, I do trust them. The detail contained in these government surveys and releases is truly amazing.
Best Wishes.

Surprise, surprise, surprise..... only a matter of time..... the first actively managed ETFs that will invest primarily in CEFs.
http://www.businesswire.com/news/home/20160928005849/en/Trust-Launches-Trust-CEF-Income-Opportunity-ETFs

First Trust Advisors L.P. (“First Trust”) has launched two new exchange-traded funds (“ETFs”) that invest primarily in closed-end funds (“CEFs”), the First Trust CEF Income Opportunity ETF (Nasdaq: FCEF), and the First Trust Municipal CEF Income Opportunity ETF (Nasdaq: MCEF). Both funds seek to provide income by investing primarily in CEFs. FCEF has a secondary objective of total return. Furthermore, MCEF invests primarily in CEFs that invest in municipal debt securities and will seek to provide income that is exempt from regular federal income tax.

Ken Fincher will be the PM responsible for the day-to-day management of each fund’s investment portfolio.

Nuveen
http://www.nuveen.com/Home/Documents/Default.aspx?fileId=49964
AMG
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=9&cad=rja&uact=8&ved=0ahUKEwj08d2H8rLPAhVJID4KHff5C74QFghVMAg&url=https://ip.amgfunds.com/income_cap_gain_distributions&usg=AFQjCNEOsnwXZ-IV2U0VkOsy6tlfTaRBNg&sig2=DZhWnvnDgkAFLla_167f2g&bvm=bv.134052249,d.dmo
Eaton Vance
https://funds.eatonvance.com/tax-information.php
First Eagle
https://www.feim.com/sites/default/files/media/ckeditor/1/lit_forms/2016_Preliminary_Capital_Gains_and_Income_Distributions.pdf
T.Rowe
https://www4.troweprice.com/gis/fai/us/en/funds/tax-center.html
Neuberger Berman
http://www.nb.com/pages/public/en-us/tax-information.aspx
Longleaf
http://longleafpartners.com/sites/default/files/categories/Documents/Longleaf-Partners-Funds-Capital-Gain-Distribution-Estimate-2016.pdf
Dimensional Funds (DFA)
https://my.dimensional.com/tools/materials/50298/
Doubleline
http://www.doublelinefunds.com/wp-content/uploads/2016_DLFunds-EstimatedCapitalGains10-13-2016.pdf
Meridian
http://meridianfund.com/news/meridian-funds-announces-preliminary-year-end-distribution-estimates/
Fidelity
https://www.fidelity.com/mutual-funds/information/year-end
Pimco
https://www.pimco.com/resources/tax-center

@davidrmoran - you beat me to some of the links (and comments). Though I do agree with the sentiment that I wouldn't trust much written by a Fool. Which is why one wants to go to the source.
Here are a couple more links:
Age vs. household wealth: Table A1 of the CB publication Distribution of Household Wealth in the U.S.: 2000 to 2011
The actual source of the data is SIPP (Survey of Income and Program Participation).
https://www.census.gov/programs-surveys/sipp/about.html

From Link:
"Our counsel remains as it has been: avoid those assets that will be broken in the coming de-leveraging while keeping a “steady as she goes” attitude towards the future purchase of those assets that will merely bend when the flood comes."
TCW Insights -Trading Secrets
Manager Interview (TGLMX) with M*:
morningstar.com/Cover/videoCenter.aspx?id=321043

Like virtually all other bonds, munis have enjoyed the many years of lower rates. I check individual muni prices regularly, and seldom if ever find an investment-grade muni that is not selling 2-3% above par. While I won't say there is a bubble, it is clear that the easy money was made over the last 10-20 years. Most managers will tell you they would be happy to be able to pay investors their coupon and just hold NAV steady in coming years. We are quite cautious with all bonds right now, using shorter-duration funds and going with short-to-intermediate term funds. And bond fund expenses are a critical component. A fund that charges 75-100 bps or more has a huge headwind facing them as rates move higher. M* lists 222 short-term muni funds, with fully one-third of them having expenses of 75 bps or higher, some higher than 150 bps. Of course, these funds were SOLD to investors by banks and other commission-driven entities.

So, will there be one internal investigation, or two? This short Reuters report is worded slightly different than the Chicago Trib description.
https://www.fidelity.com/news/article/top-news/201609272228RTRSNEWSCOMBINED_KCN11X2NW_1

A special committee of the bank's independent directors will lead an investigation into the retail bank's sales practices, helped by the board’s human resources committee and the law firm Shearman & Sterling LLP, according to the statement.
The investigation may lead to further compensation changes or employment actions, the company said. "We are deeply concerned by these matters, and we are committed to ensuring that all aspects of the Company’s business are conducted with integrity, transparency, and oversight," Stephen Sanger, the board's lead independent director, said in a statement.

These disasters usually just drip on and on, unless senior management takes immediate responsibility ( remember this scandal has been known to CA newspapers for three years) and accepts appropriately severe personal punishment.
Stumpf did none of this, and deserves to loose all of his salary and delayed compensation since the process began... Of course he wont, not will the chief of retail banking, who will be allowed to retire on a little less..
We can hope that the AGs and DOJ go after them for conspiracy and fraud and, having ignored the criminal implications of the 2008 crisis, decide that enough is enough and file criminal charges.
As far as your or my investment in WFC I would ( and did ) sell now. Nothing good is going to come out of this for months to come and the stock will likely drop 10 0r 15% as the true legal and distraction costs start to mount

That's a HUGE start, imho....you know how banks hate doing this kind of punishing these days. Wonder if Berkshire Hathaway pressured them into doing anything? I hate to keep mentioning them, but they are the bank's largest single shareholder, so it's not beyond the realm of possibility imho.

A start:
http://www.chicagotribune.com/business/ct-wells-fargo-scandal-20160927-story.html

Hi VF...I also had a position in SCMFX, a 25% foothold which I then sold in June after a 12 month holding period....it just didn't feel right, though that's a rather nebulous reason to be sure.
Funds are going into VETAX, which appears to be solid, and NTF through Schwab.

A start:
http://www.chicagotribune.com/business/ct-wells-fargo-scandal-20160927-story.html

https://www.sec.gov/Archives/edgar/data/1014913/000089271216001910/ffi497.htm
497 1 ffi497.htm
Filed pursuant to Rule 497(e)
Registration No. 333-07305
FRONTIER FUNDS, INC.
Frontier Silk Invest New Horizons Fund
Institutional Class Shares (FSNHX)
Service Class Shares (FNHSX)
Supplement dated September 27, 2016, to the Prospectus dated May 25, 2016
Effective immediately after 3:00 P.M. Central Time on September 27, 2016, the Frontier Silk Invest New Horizons Fund (the “Fund”) will reopen to new investments. Accordingly, this supplement supersedes and replaces the information provided in the supplement dated August 24, 2016, which indicated that shares of the Fund were not currently being offered for sale.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Hi Guys,
In a convoluted way, the subpar performance of Harvard's investments as directed by high paid professional teams should make us relatively uninformed amateurs happy. In the investment universe we can compete and win against heavy weight pros. That is not possible in a football contest. A professional football team would easily wipe us off the field.
There are several lessons embedded in Harvard's bad luck. Note that I said bad luck. Investing results are dependent upon luck, skill, and timing. And even the skill set is not fully dependable. What works in one timeframe may be a disaster in another period. I'm sure Harvard hired the very best team of pros with very distinguished performance records. Yet it was not enough.
What is enough? Perhaps keeping costs under tight control by being simple is a key characteristic. Exotic options like those pursued by Hedge fund operatives are a double edged sword, sometimes yielding oversized returns, but sometimes generating heart-stopping losses. Such is the current Harvard situation.
"Some you win, and some you lose, and the winners all grin and the losers say deal the cards again." That line is from a song called "The Devil" by singer/songwriter Hoyt Axton.
EDIT: If you like folk music you might give Hoyt Axton and the referenced song a try at:
https://www.google.com/search?sclient=tablet-gws&site=&source=hp&q=hoyt+acton+the+devil+song&oq=hoyt+acton+the+devil+song&gs_l=tablet-gws.3..30i10k1.3959.22310.0.26966.25.25.0.0.0.0.236.4092.0j22j3.25.0.foo,bruas=1,brua=1,brapml=1...0...1c.1.64.tablet-gws..0.25.4084...0j0j0i131k1j0i10k1j0i13k1j0i22i30k1.RmPaam7eSFk
Best Wishes to both the winners and losers. Over time places will change. There is considerable merit to a diversified portfolio of Index products. That's keeping things simple while controlling costs.

https://www.sec.gov/Archives/edgar/data/1376720/000139834416018968/fp0021776_497.htm
497 1 fp0021776_497.htm
STEWART CAPITAL MID CAP FUND
(a series of Stewart Capital Mutual Funds)
Supplement dated September 27, 2016 to
the Prospectus and Statement of Additional Information dated May 1, 2016
The Board of Trustees of Stewart Capital Mutual Funds has concluded that it is in the best interests of Stewart Capital Mid Cap Fund (the “Fund”) and the Fund’s shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on or before December 31, 2016. You will be notified in writing of the date selected (the “Redemption Date”).
Effective immediately, the Fund will not accept any new investments and will no longer pursue its stated investment objective. The Fund will liquidate its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any required distributions of income and capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
Prior to or on the Redemption Date, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Fund Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Dividends, Distributions and Taxes” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO THE REDEMPTION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THE REDEMPTION DATE AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund at (877) 420-4440.
This Supplement and the existing Prospectus dated May 1, 2016, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated May 1, 2016, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by visiting www.stewartcap.com or calling the Fund at (877) 420-4440.

Yeah, this communication from P sounds thoughtful but feels more like small beer.
The latest about the laidoff / fired / retained is extremely troubling.
http://www.nytimes.com/2016/09/27/business/dealbook/wells-fargo-workers-claim-retaliation-for-playing-by-the-rules.html