Hyperfine field spectra of thin Co/Pd multilayers have been determined by spin echo NMR. The main contribution to the spectra seems to arise from Co ions in a polyerystalline FCC phase. For the layers with thinnest Co sublayer thickness the centre of the spectrum shifts to lower hyperfine fields upon decreasing Co sublayer thickness. This is attributed to a decrease of the magnetic moment caused by stretching of the Co "lattice" due to neighbouring Pd atmos. An analysis of the integrated intensity in the hyperfine field region 19 T to 22 T shows a loss of signal equivalent to about one layer of Co per sublayer.