Thanks for all the info.  I guess it is hard to be certain why the fund dropped big.   Perhaps as stated above, narrowing the gap on NAV.  CA muni bonds have had a huge haircut lately, last few days see a modest recovery.  Eyeing NKL this morning but was too afraid to pull the tricker as everbody was talking about higer interest rate by the end of the year (after the election). 

mP