The fund is California Municipal bonds. If you have read about the situation in California you would know why this fund is tanking. Two and a half months ago it was at $14.90/share. The recent daily drops have been huge, pretty much unprecedented for this fund since it's inception some 27 years ago. California is in deep trouble and their have been suggestions that they might default on their state (municipal) bonds. They are also issuing even more bonds which isn't helping either.