There's a difference in operation in the volume- and tone department: when I cut back treble and bass settings on mine completely down to zero, the master volume remains unaffected, irrespective of the level of volume that was dialed in. I sometimes do this -in combination with my Boss GE-10 Equalizer- to get a certain vintage 'studio sound' for solo electric guitar a-la Hank Marvin and to cut through the mix much better …I have no problem leaving the heavier tones to the Bass player!

My band mate wanted to try the same thing on his amp and to our amazement we discovered that when he cuts back his treble-, mid- and bass settings, the master volume is killed…completely, as in dead! i.e. his tone knobs work also as volume knobs!

Did Fender design it this way or could it be due to faulty wiring? He did have a repair on it at one time…perhaps a "Friday repair"?
I find it strange; my other Fender amp (Custom Vibrolux Reverb RI -tube) operates in the same way as my solid state Princeton 112 –leaving the volume level unaltered -at any given chosen setting.
Thus far, I have not yet managed to find an answer googling on the internet and paging through owners’ manuals, online.
I guess I need some amp education…anybody?