It dropped by 50% in the first week of October, and in November it dropped another 66% from that level.
I can't figure out why the drop is so precipitous. There doesn't seem to be any news specific to this fund that accounts for it. The fund has a lot of holdings in commercial real estate (CRE), and retailers haven't been doing very well; a number of chains have gone bankrupt already and there will probably be more. Stores that go under leave empty spaces in malls, mall owners lose income, and commercial rent drops. So maybe this is just a symptom of the general economic conditions, with consumption dropping and indicators showing trouble.
I'm not going to sell just yet, I think. I bought it back when I worked at CNRI (meaning the 1998-2003 time frame), and this is an REIT that returns a monthly dividend that I've been plowing into a bond fund, so I don't really care what the actual share value is. Instead I'll wait and see how far the dividend drops; as long as it keeps returning something every month, RQI can stay.