there have been a lot of small decreases in many closed end funds as old issues get retired and replaced with new ones with lower interest. so it is possible for sure. these cef's have been on a tear since 1/2011 and rising rates in general could hurt them more. the market for their securities are not as liquid as they used to be and there has been massive selling in munibond funds overall. i am not a buyer here but tax free yield is tempting with recent sell off. if it went down to a .07 monthly dist, on $12, that is 7% tax free here in PA..