As financial markets recover from the sharp March drawdown, buoyed by monetary and fiscal support, some investors may be looking to lighten their positioning. In this article we expand upon our margin-of-safety CEF approach to identify funds that have remained resilient through this drawdown and allow income investors to remain invested through this recovery while at the same time tilting towards a more cautious allocation. In particular we highlight the following funds which have shown robust NAV returns over the past year, have a term structure and are trading at relatively cheap discounts versus their