On January 23, 2017, Saba Capital Management, L.P. announced that on January 20, 2017, it has entered into a settlement agreement with First Trust High Income Long/Short Fund whereby Saba Entities and Saba Capital agreed to withdraw the proposal submitted by Saba Capital to the Company for inclusion in the Company’s proxy statement for its 2017 annual meeting of shareholders, and whereby the parties agreed, among other things, and subject to certain conditions, that the Board of Trustees of the Company would prior to or during the week of June 15, 2017 cause the Company to commence a tender offer to purchase for cash 15% of its outstanding shares subject to certain terms and conditions. In addition, the Saba Capital stated that it has agreed to tender 100% of its then-owned shares of the Company in the tender offer.