Saba boosts influence at Voya Asia Pacific (IAE) with 15.06% stake and board nominee

Rhea-AI Filing Summary

Saba Capital Management and affiliates have updated their Schedule 13D on Voya Asia Pacific High Dividend Equity Income Fund, reporting a significant ownership position and an activist step. The group reports beneficial ownership of 1,618,753 common shares, representing 15.06% of the fund’s 10,750,335 shares outstanding as of 2/28/26.

Approximately $10,105,542 was paid to acquire these shares, using investor subscription capital, related appreciation, and routine margin borrowings. On May 6, 2026, a Saba-advised fund notified the fund of its intention to nominate Paul Kazarian as an independent trustee candidate at the 2026 annual shareholder meeting, signaling an effort to influence the fund’s board composition.

Insights

Closed-end fund governance analyst

Saba’s 15.06% stake and trustee nomination signal active governance engagement at this Voya fund.

Saba Capital and related entities report beneficial ownership of 1,618,753 common shares, or 15.06% of the fund’s 10,750,335 shares outstanding as of 2/28/26. They state that about $10,105,542 was paid to acquire this position using investor capital and margin borrowings.

The filing notes that on May 6, 2026 a Saba-advised fund submitted a notice of intent to nominate Paul Kazarian as an independent trustee candidate for election at the fund’s 2026 annual meeting. This move indicates a desire to influence the fund’s board and potentially its strategic direction or policies.

Future company disclosures around the 2026 annual meeting may clarify how shareholders respond to this nomination and whether the proposed trustee joins the board, which would shape how much influence this 15.06% holder ultimately exerts.

Key Figures

Beneficial ownership: 1,618,753 shares Ownership percentage: 15.06% Shares outstanding: 10,750,335 shares +3 more

6 metrics

Beneficial ownership 1,618,753 shares Common shares reported as beneficially owned

Ownership percentage 15.06% Portion of common shares outstanding as of 2/28/26

Shares outstanding 10,750,335 shares Common shares outstanding as of 2/28/26 per N-CSR

Total cost of stake $10,105,542 Amount paid to acquire the reported common shares

Date of event May 6, 2026 Date triggering this Schedule 13D/A amendment

Amendment number Amendment No. 3 Schedule 13D/A amendment sequence

Key Terms

Schedule 13D/A, beneficial owner, margin account borrowings, independent trustee, +1 more

5 terms

Schedule 13D/A regulatory

"This /A is being jointly filed by Saba Capital Management, L.P."

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

beneficial owner regulatory

"the beneficial owner of the Common Shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

margin account borrowings financial

"and margin account borrowings made in the ordinary course of business"

independent trustee financial

"its intention to nominate Paul Kazarian as an independent trustee candidate"

N-CSR regulatory

"as disclosed in the company's N-CSR filed 5/6/26"

A Form N-CSR is a regulatory filing that mutual funds and other registered investment companies send to the U.S. Securities and Exchange Commission and make available to shareholders; it includes the fund’s certified shareholder report with audited financial statements, performance data and management discussion. For investors, it’s like a fund’s official report card and financial statement combined — it helps you verify how the fund is performing, what risks and fees exist, and whether the manager’s explanations match the numbers.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Voya Asia Pacific High Dividend Equity Income Fund

(Name of Issuer)

Common Shares, $0.01 par value

(Title of Class of Securities)

92912J102

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/06/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 92912J102

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,618,753.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,618,753.00

11

Aggregate amount beneficially owned by each reporting person

1,618,753.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.06 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 10,750,335 shares of common stock outstanding as of 2/28/26, as disclosed in the company's N-CSR filed 5/6/26.

SCHEDULE 13D

CUSIP Number(s): 92912J102

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,618,753.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,618,753.00

11

Aggregate amount beneficially owned by each reporting person

1,618,753.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.06 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 10,750,335 shares of common stock outstanding as of 2/28/26, as disclosed in the company's N-CSR filed 5/6/26.

SCHEDULE 13D

CUSIP Number(s): 92912J102

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,618,753.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,618,753.00

11

Aggregate amount beneficially owned by each reporting person

1,618,753.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.06 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 10,750,335 shares of common stock outstanding as of 2/28/26, as disclosed in the company's N-CSR filed 5/6/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.01 par value
(b)	Name of Issuer: Voya Asia Pacific High Dividend Equity Income Fund
(c)	Address of Issuer's Principal Executive Offices: 7337 East Doubletree Ranch Road, Scottsdale, ARIZONA , 85258.
Item 1 Comment: This Amendment No. 3 amends Items 3, 4, and 5.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors 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 Common Shares reported herein. A total of approximately $10,105,542 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: On May 6, 2026, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital, submitted to the Issuer a notice of intent informing the Issuer of its intention to nominate Paul Kazarian as an independent trustee candidate for election to the Board at the Issuer's 2026 annual meeting of shareholders.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 10,750,335 shares of common stock outstanding as of 2/28/26, as disclosed in the company's N-CSR filed 5/6/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common 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.
(c)	No transactions in the Common Shares within the past sixty days.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	05/07/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	05/07/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	05/07/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

What stake does Saba Capital report in Voya Asia Pacific High Dividend Equity Income Fund (IAE)?

Saba Capital and related reporting persons disclose beneficial ownership of 1,618,753 common shares, representing 15.06% of the fund’s outstanding shares. The percentage is based on 10,750,335 shares outstanding as of February 28, 2026, from the fund’s N-CSR.

How much did Saba Capital pay for its IAE common shares stake?

The filing states that approximately $10,105,542 was paid to acquire the reported common shares. Funds came from investor subscription proceeds, capital appreciation on those investments, and ordinary-course margin account borrowings secured by positions in the accounts.

What governance action is Saba Capital taking at Voya Asia Pacific High Dividend Equity Income Fund (IAE)?

On May 6, 2026, a Saba-advised fund submitted a notice of intent to nominate Paul Kazarian as an independent trustee candidate. The nomination is for election to the fund’s Board at its 2026 annual meeting of shareholders.

Who are the reporting persons in this Schedule 13D/A for IAE?

The Schedule 13D/A is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They collectively report beneficial ownership of the same 1,618,753 common shares with shared voting and dispositive power.

How were the ownership percentages in the IAE Schedule 13D/A calculated?

The reported 15.06% ownership is calculated using 10,750,335 common shares outstanding as of February 28, 2026. This outstanding share count is taken from the fund’s N-CSR that was filed on May 6, 2026.

Has Saba Capital traded IAE shares recently according to this filing?

The filing explicitly states that there were no transactions in the common shares of the fund by the reporting persons within the past sixty days. This indicates the disclosed position reflects earlier accumulation rather than recent trading activity.