Saba takes 7.36% stake and eyes IHD board seat

Saba Capital Management and related reporting persons filed Amendment No. 5 to their Schedule 13D on Voya Emerging Markets High Dividend Equity Fund.

Rhea-AI Filing Summary

Saba Capital Management and related reporting persons filed Amendment No. 5 to their Schedule 13D on Voya Emerging Markets High Dividend Equity Fund. They report beneficial ownership of 1,305,586 common shares, representing 7.36% of the fund’s 17,735,861 shares outstanding as of 2/28/26.

The filing states approximately $7,534,686 was paid to acquire these shares using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. On May 6, 2026, a Saba-advised fund notified the issuer of its intention to nominate Paul Kazarian as an independent trustee candidate at the fund’s 2026 annual shareholder meeting.

Insights

Closed-end fund governance analyst

Saba discloses a 7.36% stake and proposes an independent trustee for IHD.

The reporting group, led by Saba Capital Management and Boaz Weinstein, holds 1,305,586 common shares of Voya Emerging Markets High Dividend Equity Fund, equal to 7.36% of shares outstanding as of 2/28/26. The aggregate purchase cost is about $7,534,686.

The filing highlights that Saba-accompanied funds financed purchases through investor capital, appreciation, and standard margin borrowings, with positions in margin accounts pledged as collateral. No share transactions occurred in the past sixty days, suggesting the current stake has been stable recently.

An important development is Saba Capital Master Fund, Ltd. notifying the fund on May 6, 2026 of its intention to nominate Paul Kazarian as an independent trustee candidate at the 2026 annual meeting. This step signals an active role in fund governance, with any impact depending on shareholder voting outcomes and the fund’s response.

Key Figures

Beneficial ownership: 1,305,586 shares Ownership percentage: 7.36% Shares outstanding: 17,735,861 shares +3 more

6 metrics

Beneficial ownership 1,305,586 shares Common shares of IHD reported as beneficially owned

Ownership percentage 7.36% Portion of IHD common shares outstanding as of 2/28/26

Shares outstanding 17,735,861 shares IHD common shares outstanding as of 2/28/26 from N-CSR

Total purchase cost $7,534,686 Approximate amount paid to acquire reported IHD shares

Schedule 13D amendment number Amendment No. 5 Latest amendment to Saba’s 13D on IHD

Event date 05/06/2026 Date of event requiring the Schedule 13D/A filing

Key Terms

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

5 terms

Schedule 13D/A regulatory

"This Amendment No. 5 amends Items 3, 4, and 5."

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 candidate 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.

FAQ

What ownership stake does Saba Capital report in Voya Emerging Markets High Dividend Equity Fund (IHD)?

Saba Capital and related reporting persons report beneficial ownership of 1,305,586 common shares of IHD, representing 7.36% of the fund’s outstanding shares. This percentage is based on 17,735,861 shares outstanding as of February 28, 2026, per the fund’s N-CSR filing.

How much did Saba Capital pay to acquire its IHD shares?

The filing states that Saba-related funds paid a total of approximately $7,534,686 to acquire the IHD common shares reported. Funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings secured by positions in those accounts.

What governance action is Saba taking at Voya Emerging Markets High Dividend Equity Fund (IHD)?

On May 6, 2026, a Saba-advised fund notified IHD of its intention to nominate Paul Kazarian as an independent trustee candidate for election to the board at the fund’s 2026 annual meeting of shareholders, indicating an active stance on fund governance.

Have Saba-related funds traded IHD shares recently according to this Schedule 13D/A?

The Schedule 13D/A states that there were no transactions in the common shares within the past sixty days. This suggests the disclosed 1,305,586-share position has been maintained without recent buying or selling activity over that period.

How is Saba Capital’s percentage ownership in IHD calculated in this filing?

The reported 7.36% ownership is calculated using 17,735,861 IHD common shares outstanding as of February 28, 2026. That outstanding share figure is taken from the fund’s N-CSR filed on May 6, 2026, as referenced in the Schedule 13D/A.

Who are the reporting persons in the IHD Schedule 13D/A Amendment No. 5?

The joint filers are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They share voting and dispositive power over 1,305,586 IHD common shares but indicate the filing is not an admission of beneficial ownership for all purposes.

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Accepted by SEC EDGAR 05/08/2026 - 05:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Voya Emerging Markets High Dividend Equity Fund

(Name of Issuer)

Common Shares, $0.01 par value

(Title of Class of Securities)

92912P108

(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): 92912P108

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 1,305,586.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,305,586.00

11

Aggregate amount beneficially owned by each reporting person

1,305,586.00

12

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

13

Percent of class represented by amount in Row (11)

7.36 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 17,735,861 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): 92912P108

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 1,305,586.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,305,586.00

11

Aggregate amount beneficially owned by each reporting person

1,305,586.00

12

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

13

Percent of class represented by amount in Row (11)

7.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 17,735,861 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): 92912P108

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 1,305,586.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,305,586.00

11

Aggregate amount beneficially owned by each reporting person

1,305,586.00

12

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

13

Percent of class represented by amount in Row (11)

7.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 17,735,861 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 Emerging Markets High Dividend Equity Fund
(c)	Address of Issuer's Principal Executive Offices: 7337 East Doubletree Ranch Rd, Suite 100, Scottsdale, ARIZONA , 85258.
Item 1 Comment: This Amendment No. 5 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 $7,534,686 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 17,735,861 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.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.

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