13D Filing: Saba Capital and Delaware Enhanced Global Dividend & Income Fund (DEX)

This Amendment No. 1 (“Amendment No. 1”) amends the
statement on Schedule 13D filed on January 10, 2018 (the “Original
Schedule 13D”, and as amended hereby, the “Schedule 13D”) with respect to
the common stock (the “Shares”), of Delaware Enhanced Global Dividend
& Income Fund (the “Issuer“). Capitalized terms used herein and
not otherwise defined in this Amendment No. 1 have the meanings set forth
in the Original Schedule 13D. This Amendment No. 1 amends Items 3, 4, 5
and 7 as set forth below.

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Funds for the purchase of the Shares were derived from
the subscription proceeds from investors in the funds managed by Saba
Capital and the capital appreciation thereon and margin account borrowings
made in the ordinary course of business. In such instances, the positions
held in the margin accounts are pledged as collateral security for the
repayment of debit balances in the account, which may exist from time to
time. Since other securities are held in the margin accounts, it is not
possible to determine the amounts, if any, of margin used to purchase the
Shares reported herein. A total of $20,686,057 was paid to acquire the
Shares reported herein.

PURPOSE OF TRANSACTION

The Reporting Persons have engaged, and may continue to
engage, in discussions with management and the Board of Directors of the
Issuer regarding the long-term performance of the Issuer and the trading
of the Shares at a discount to the Issuer’s net asset value. On March 7,
2018, Saba Capital sent a letter to the Issuer containing a stockholder
proposal under Rule 14a-8 requesting that the Board of Directors consider
authorizing a self-tender for all outstanding Shares of the Issuer at or
close to net asset value; provided, however, if more than 50% of the
Issuer’s outstanding Shares are submitted for tender, the tender offer
should be cancelled and the Issuer should be liquidated or converted into
an open-end mutual fund. A copy of the letter is attached as Exhibit 1.

INTEREST IN SECURITIES OF THE ISSUER

See rows (11) and (13) of the cover pages to this
Schedule 13D for the aggregate number of Shares and percentages of the
Shares beneficially owned by each of the Reporting Persons. The
percentages used herein are calculated based upon 15,829,048 shares of
common stock outstanding as of November 30, 2017, as disclosed in the
company’s Certified Shareholder Report Form N-CSR filed February 2,
2018.

See rows (7) through (10) of the cover pages to this
Schedule 13D for the number of Shares as to which each Reporting Person
has the sole or shared power to vote or direct the vote and sole or shared
power to dispose or to direct the disposition.