On May 14, 2021, Saba Capital Management, L.P. announced that it has entered into an agreement (the Standstill Agreement) with Eaton Vance Management pursuant to which, among other things, and subject to certain conditions, that the Company will conduct a tender offer (the Tender Offer) to purchase for cash 60% of its outstanding common shares at a price equal to 99% of the Fund's net asset value per share with such Tender Offer to be completed not prior to the date that a new investment advisory agreement for the Fund with the Adviser is approved by the vote of a majority of the outstanding voting securities of the Company.