Morgan Stanley discloses 6.1% stake in Voya Emerging Markets High Dividend Equity Fund (IHD)

Rhea-AI Filing Summary

Morgan Stanley and its affiliate Morgan Stanley Smith Barney LLC filed a Schedule 13G showing a significant ownership position in Voya Emerging Markets High Dividend Equity Fund. As of 12/31/2025, they beneficially owned 1,086,748 common shares of beneficial interest, representing 6.1% of the fund’s outstanding class.

The filing indicates shared dispositive power over these shares and is certified as being made in the ordinary course of business, not for the purpose of changing or influencing control of the fund. Both reporting persons are organized in Delaware and report from offices at 1585 Broadway in New York.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Voya Emerging Markets High Dividend Equity Fund

(Name of Issuer)

Common Shares of Beneficial Interest

(Title of Class of Securities)

92912P108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 92912P108

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,086,748.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,086,748.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 92912P108

1

Names of Reporting Persons

Morgan Stanley Smith Barney LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,086,748.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,086,748.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.1 %

12

Type of Reporting Person (See Instructions)

BD, IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Voya Emerging Markets High Dividend Equity Fund
(b)	Address of issuer's principal executive offices: 7337 EAST DOUBLETREE RANCH ROAD, STE 100, SCOTTSDALE, AZ, 85258
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Smith Barney LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares of Beneficial Interest
(e)	CUSIP No.: 92912P108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 6.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/12/2026

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	02/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What did Morgan Stanley disclose about its holdings in Voya Emerging Markets High Dividend Equity Fund (IHD)?

Morgan Stanley disclosed a significant stake in Voya Emerging Markets High Dividend Equity Fund. The Schedule 13G reports beneficial ownership of 1,086,748 common shares of beneficial interest, representing 6.1% of the fund’s outstanding class as of December 31, 2025, held in the ordinary course of business.

How large is Morgan Stanley’s percentage ownership of IHD according to this Schedule 13G?

Morgan Stanley reports holding 6.1% of IHD’s common shares of beneficial interest. This percentage is based on beneficial ownership of 1,086,748 shares as of December 31, 2025, and reflects a position large enough to require public disclosure under U.S. beneficial ownership rules.

Which entities are listed as reporting persons for the IHD Schedule 13G filing?

The filing lists two reporting persons: Morgan Stanley and Morgan Stanley Smith Barney LLC. Both entities are organized in Delaware and share the same principal business address at 1585 Broadway, New York, NY 10036, with their beneficial ownership and powers detailed on the cover pages.

Does Morgan Stanley state any intent to influence control of Voya Emerging Markets High Dividend Equity Fund?

Morgan Stanley states the securities were acquired and are held in the ordinary course of business. The certification explicitly notes they were not acquired and are not held for the purpose or effect of changing or influencing control of the issuer, consistent with a passive Schedule 13G filing.

What voting and dispositive powers does Morgan Stanley report over its IHD shares?

Morgan Stanley’s cover pages report shared dispositive power over 1,086,748 IHD shares and indicate shared voting power over a minimal number of shares. The filing aggregates these powers for the reporting entities while clarifying that some related Morgan Stanley units may have disaggregated reporting under SEC guidance.

Who signed the Schedule 13G for IHD on behalf of Morgan Stanley and its affiliate, and when?

The Schedule 13G was signed by Christopher O’Hara as Authorized Signatory for Morgan Stanley and by David Galasso as Authorized Signatory for Morgan Stanley Smith Barney LLC. Both signatures are dated February 12, 2026, certifying the accuracy and completeness of the ownership information.