Bulldog Investors discloses 5.07% IHD stake in Voya Emerging Markets High Dividend Equity Fund

Rhea-AI Filing Summary

Voya Emerging Markets High Dividend Equity Fund reported that Bulldog Investors, LLP, along with Phillip Goldstein and Andrew Dakos, has filed a Schedule 13G disclosing a passive ownership stake. They collectively report beneficial ownership of 898,398 shares of common stock, representing 5.07% of the fund’s outstanding shares as of 12/31/2025.

The filing states that Bulldog Investors and its principals share voting and investment power over these shares and that the position was acquired and is held in the ordinary course of business, without the purpose or effect of changing or influencing control of the fund.

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 Stock

(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

Bulldog Investors, LLP

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 898,398.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 898,398.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

898,398.00

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)

5.07 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 92912P108

1

Names of Reporting Persons

Phillip Goldstein

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 898,398.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 898,398.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

898,398.00

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)

5.07 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 92912P108

1

Names of Reporting Persons

Andrew Dakos

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 898,398.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 898,398.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

898,398.00

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)

5.07 %

12

Type of Reporting Person (See Instructions)

IN

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,
Item 2.
(a)	Name of person filing: Bulldog Investors, LLP Phillip Goldstein Andrew Dakos
(b)	Address or principal business office or, if none, residence: Bulldog Investors, LLP: 250 Pehle Ave. Suite 708, Saddle Brook, NJ 07663 Phillip Goldstein: 250 Pehle Ave. Suite 708, Saddle Brook, NJ 07663 Andrew Dakos: 250 Pehle Ave. Suite 708, Saddle Brook, NJ 07663
(c)	Citizenship: Bulldog Investors LLP: Delaware Phillip Goldstein: UNITED STATES Andrew Dakos: UNITED STATES
(d)	Title of class of securities: Common Stock
(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: Bulldog Investors, LLP: 898,398 shares Phillip Goldstein: 898,398 shares Andrew Dakos: 898,398 shares
(b)	Percent of class: Bulldog Investors, LLP: 5.07 Phillip Goldstein: 5.07 Andrew Dakos: 5.07
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Bulldog Investors, LLP: 0 shares Phillip Goldstein: 0 shares Andrew Dakos: 0 shares
	(ii) Shared power to vote or to direct the vote: Bulldog Investors, LLP: 898,398 shares Phillip Goldstein: 898,398 shares Andrew Dakos: 898,398 shares
	(iii) Sole power to dispose or to direct the disposition of: Bulldog Investors, LLP: 0 shares Phillip Goldstein: 0 shares Andrew Dakos: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: Bulldog Investors, LLP: 898,398 shares Phillip Goldstein: 898,398 shares Andrew Dakos: 898,398 shares
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Clients of Bulldog Investors, LLP, and other accounts for which Messrs. Dakos and/or Goldstein are deemed to be the beneficial owners, are entitled to receive dividends and sales proceeds.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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.

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.

Bulldog Investors, LLP

Signature:	/s/ Andrew Dakos
Name/Title:	Andrew Dakos, Partner
Date:	02/13/2026

Phillip Goldstein

Signature:	/s/ Phillip Goldstein
Name/Title:	Phillip Goldstein
Date:	02/13/2026

Andrew Dakos

Signature:	/s/ Andrew Dakos
Name/Title:	Andrew Dakos
Date:	02/13/2026

FAQ

What stake in Voya Emerging Markets High Dividend Equity Fund (IHD) was disclosed?

The filing discloses that Bulldog Investors, Phillip Goldstein, and Andrew Dakos beneficially own 898,398 shares of IHD common stock, representing 5.07% of the fund’s outstanding shares as of 12/31/2025, crossing the 5% reporting threshold.

Who are the reporting persons in the IHD Schedule 13G filing?

The reporting persons are Bulldog Investors, LLP, Phillip Goldstein, and Andrew Dakos. Each reports beneficial ownership of 898,398 IHD shares and a 5.07% stake, with shared voting and dispositive power over the same block of common stock.

Is Bulldog Investors’ 5.07% position in IHD considered passive or activist?

The Schedule 13G certification states the IHD shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of the fund, indicating a passive investment posture under the Schedule 13G framework.

How much voting power do Bulldog Investors and its principals have in IHD?

Bulldog Investors, Phillip Goldstein, and Andrew Dakos each report 0 shares with sole voting power and 898,398 shares with shared voting power and shared dispositive power, reflecting coordinated control over that 5.07% ownership stake in IHD.

Who ultimately benefits from the IHD shares held by Bulldog Investors?

The filing notes that clients of Bulldog Investors, LLP and other accounts for which Messrs. Goldstein and Dakos are deemed beneficial owners are entitled to receive dividends and sale proceeds from the IHD shares, indicating the position is held on behalf of these clients.

What class of securities of IHD is reported in this Schedule 13G?

The Schedule 13G covers common stock of Voya Emerging Markets High Dividend Equity Fund, identified by CUSIP 92912P108. Bulldog Investors and its principals report beneficial ownership and shared voting and dispositive power over 898,398 common shares as of 12/31/2025.